JANU AR Y F E B RU A R Y M A R C H A P R IL M A Y JUNE

Transcription

2012
Contents
Stampen Media Group in brief 4
Message from the CEO 8
The year in brief 10
Industry and business development 12
Interview with Peter Hjörne and his daughters 18
New appointments 20
Environment and social responsibility 22
Spotlight 24
Interview with CFO Eva Arvidsson 26
Overview of Stampen Media Group 28
The Board of Directors and Management Team 30
Excerpts from the Annual Report 35
STAMPEN MEDIA GROUP · 2012
3
This is Stampen Media Group
Stampen Media Group is one of Sweden’s largest media groups and aims to fuel
developments in the media industry. The Stampen Media Group is comprised of
several major media divisions, the Nordic region’s largest printing group V-TAB and
Stampen Media Partner, with strong positions within digital media, communication
services and outdoor advertising. Annual sales amount to over SEK 5 billion.
STAMPEN MEDIA GROUP IN FIGURES
INCOME STATEMENT, SEK MILLION
2012
2011
2010
2009
2008
Income
5,391
5,603
5,196
5,072
5,096
87
420
289
214
269
Operating income (EBITA)
Operating income (EBIT)
74
409
273
214
269
Net financial items
25
-65
-137
-41
-115
Profit after financial items (EBT)
99
343
136
173
154
KEY RATIOS
2012
2011
2010
2009
2008
Growth, % *
-3.0
4.0
6.3
-0.3
5,8
Operating margin (EBIT), %
Cash flow from operating activities SEK MILLION
1.4
7.3
5.2
4.2
5,3
245
573
402
271
315
Return on equity, %)* *
6.2
14.8
3.7
8.4
9,4
Equity/assets ratio, %
33.3
35.2
32.0
33.4
31,4
2012
2011
2010
*Excluding Other Income.
* *Profit/loss after tax as a percentage of average equity and non-controlling interests.
OPERATING INCOME (EBITA) BY BUSINESS AREA, SEK MILLION
Göteborgs-Posten
Mediebolaget Västkusten
Promedia
19
75
76
-21
25
44
48
80
55
GISAB
69
85
79
V-TAB
75
22
69
Stampen Media Partner
Other operations*
Stampen Media Group total
30
7
11
-133
127
-44
87
420
289
*Operating income for other operations includes Group adjustments and IFRS adjustments which have not been allocated
to the appropriate business area. As of December 2012, the net impact of IFRS adjustments was zero; as of December 2011,
adjustments amounted to SEK 6.3 million.
4
STAMPEN MEDIA GROUP
Further information regarding the business
areas can be found on pages 28–29 and in
the Administration Report on pages 36–43.
Mediebolaget
Västkusten
(MBVK) includes five local
media divisions as well
as the business group
Gratistidningar (free
newspaper segment).
Göteborgs-Posten
Göteborgs-Posten (GP) is
Sweden’s second-largest
morning newspaper, with
around 700,000 daily readers
via various channels.
Stampen
Media Partner
drives Stampen’s expansion
in the Lifestyle Media,
Editorial Media, Mobile Media,
Experience Media and
Outdoor Media segments.
Liberala Tidningar
The business area Liberala
Tidningar* includes
the Promedia (12 local
newspapers) and Mitt i (31
local newspapers distributed
to households) divisions.
V-TAB
V-TAB is the largest printing
group in the Nordic region, a
market leader in the coldset
printing market and one of
the biggest players within
heatset printing.
*At the beginning of 2012, the business areas Promedia and Mitt-i newspapers (formerly GISAB) merged to form a
single business area.
DID YOU KNOW... Local newspapers produced by Mitt i reach a million
Stockholmers. Some 450 new blogs are started every day on Devote.se.
Stampen Media Group is made up of 50 companies, all of which work
with communication. Our newspapers have never had as many readers
as they do now.
5
This is Stampen Media Group
The economic situation and cutbacks overshadowed the fact that
Stampen’s brand attracted more Swedes via more channels
than ever before. A total of 4 million people use our media every week.
Preferences change on a daily basis; it might be print one day,
and digital the next. This means that we have to continuously expose ourselves
to new challenges by inviting feedback from our consumers and providing
guidance to our advertisers, so that together we can
be well-positioned to handle the structural transformation that is
taking us into the future at breakneck speed.
The Group underwent management changes at the end of 2012/start of 2013.
Pelle Mattisson, former CEO of Stampen Media Partner, became
the new President and CEO of the Group, taking over from Tomas Brunegård
who left after many years of distinguished service. Early in 2013 we also
made a decision to call ourselves Stampen Media Group instead of just
Stampen. Our change of name clarifies our position in the market and offers
a pointed demonstration of our broad offering.
Stampen maintains a focus on issues that bring people together
and combines journalism with interactivity. While our objective
remains the same, our conviction to it is stronger than ever:
to create a close community based on everyday life that advances our
society today and in the future.
6
FOCUS AREAS
Internationalisation
Stampen continues to maintain a growth strategy. As part of our
strategy we aim to grow beyond Sweden, and we are always ready to
consider investment opportunities as occasions arise.
In 2012 we acquired Forma Publishing Group (including the OTW
Group and Susamuru Oy) and Hello There Holding AB.
Mobility
Stampen’s vision is to be the market leader in Sweden
in the area of mobility, and to earn a significant share of its income
from the mobile channel. Specifically, Stampen Mobility
aims for all the companies in the Group to have the right expertise,
key figures, mobile services, advertising format and income
models in the area of mobility.
People
We are focusing on five key areas as part of our vision for
creating the perfect workplace by 2020. These areas include working
environment, improved communication, professional development,
leadership and a functioning organisation under the name “The
Stampen Ecosystem”. A plan of action has been drawn up within each
area, detailing clear guidelines and objectives.
7
Message from the CEO
Local production a key
factor for Stampen
Strong brands, continued investment in growth media and
increased collaboration between Stampen’s various businesses
are some of new CEO Pelle Mattisson’s trump cards in meeting
the challenges of the rapidly changing world of media.
After six years as CEO of Stampen Media Partner,
Pelle Mattisson took over from Tomas Brunegård
as President and CEO of the Stampen Media
Group at the beginning of 2013.
“I am passionate about what we do,” says
Mattisson. “Stampen’s aim goes beyond traditional
enterprise; we encourage participation in society
and are committed to making things better.”
Mattisson has been on the group management
team for as many years, which has given him a sound
knowledge of the business right from the start.
“Stampen now reaches some 4 million people,
more than ever before, in a broad spectrum of
channels: from girls and young women via the
digital site Devote, to our faithful local printed
newspaper readers,” he says. “The fundamental
idea is to be available in all the channels used by
our target groups.”
Mattisson takes over following a fairly tough
year, which saw a drop in both sales and profit.
“We were affected by both the economic situation and a structural shift,” he says. “The situation
right now remains tough in financial terms, and
structural changes are continuing, with one Swedish krona in print not quite equating one krona in
digital channels.
“The solution is to focus on local, relevant content and to continue to develop digital offerings.
Combating structural changes by making cutbacks
will get us nowhere.”
He highlights the fact that Stampen has a unique
approach with its focus on locally produced media
8
and strong local brands, in a world where an increasing number of global players are jostling for position.
“Stampen’s business concept has been to offer
‘complete coverage of your local area’ in printed
format, once a day,” says Mattisson. “The concept remains the same but now it’s happening with
more target groups through several different channels, 24 hours a day, a development that is a huge
improvement for both the end consumer and the
advertiser. Meanwhile, the local advertising market has evolved. Up until the 1990s, local media
companies were alone in offering reach; today
there is considerable competition.”
When local news is conveyed digitally, consumers look for a share in the savings that media companies make on printing and distribution costs.
“This means that while sales within certain areas can drop, profit doesn’t go the same way because
we’re reducing our costs at a faster rate,” he says.
“At the same time we shouldn’t forget that printed
newspapers play a key role in the mix; they offer a
clear choice and flow, which provides an overview
and encourages more in-depth reading, something
that suits people particularly well on weekends.”
Mattisson wants to “increase the focus on the
common strategic agenda.” In practice, this means
more collaboration between the three newspaper
divisions.
“There is also strategic collaboration between
the newspapers and Stampen Media Partner within the digital arena and with V-TAB in print,” says
Mattisson.
Pelle Mattisson
«Stampen has a
purpose that goes
beyond traditional
enterprise.»
Pelle Mattisson
Career: Business Area Manager Stampen
Media Partner; Partner Cordial Business
Advisers; Investment Director Antfactory;
CEO Adera Stockholm; Business Strategy
Consultant Accenture; Executive
Assistant MTG.
Interests: Sports parent (hockey, football
and gymnastics); training; interior decor
and gardening; summerhouse on island
of Tjörn.
Leadership style: Trust, clarity and
accessibility – encourage confidence,
set objectives and offer support and you’ll
get results. And don’t forget a good dose
of laughter along the way!
Knowledge brought over from previous role: The digital format has been in
Stampen Media Partner’s DNA from the
very start. This should be just as clear
for the entire Stampen Media Group as
well. Stampen Media Partner also has
an entrepreneurial culture that is highly appropriate as the digital offering is further developed within the rest of Stampen.
The year in brief
E
Y
M
A
JUN
New Newspaper Manager NT
Mattias Carlson is appointed Newspaper
Manager and responsible publisher of
Norrtelje Tidning.
Acquisition of OTW
APRI
L
Stampen Media Partner continues to
expand and acquires OTW, a comprehensive editorial partner with a focus
on the Internet, newspapers and TV.
Ownership changes
RCH
Mediabolaget Västkusten becomes
a wholly-owned subsidiary, and
Lidköpingspress AB is a new minority
shareholder of Stampen AB.
Acquisition of Hello There
MA
Stampen Media continues to expand
with the acquisition of Hello There, a
leading player in game-based marketing and internal communication.
R
R
A
U
Y
Stampen Lifestyle Media
created and CEO appointed
FE
JANU
A
B
RY
10
The companies Familjeliv, Devote,
Bröllopstorget, SvenskaFans and Odla.nu
come together to form a joint business
area under the name Stampen Lifestyle
Media and appoints Fredric Gunnarsson
Managing Director. Stampen Sports
Media becomes a division within
Lifestyle, and includes Dobb Productions, SvenskaFans and FANTV.
J U LY
AU
GU
ST
New Newspaper Manager
for Mitt i
Thomas Nyhlén is appointed Newspaper
Manager of the Mitt i newspapers.
SEP
TEMBE
New Editor-in-chief
Göteborgs-Posten
Cecilia Krönlein is appointed new Editorin-chief and responsible publisher of GP.
New CEO for Stampen
R
Pelle Mattisson is appointed new
President and CEO of Stampen Media
Group as of 1 January 2013.
O C TO B
New CEO for Stampen Media
Partner
ER
Martin Alsander takes on the role of
CEO of Stampen Media Partner, starting
1 January 2013.
SBS radio sold
NO
V
Stampen sells its holdings in SBS Radio
AB.
Sweet joins Stampen
M
BE
R
D EC
EMBE
R
E
Group buying site Dealie, which is
owned by Göteborgs-Posten and Mktmedia, acquires Sweet Interactive AB.
The company operates within mobile
marketing via the coupon service
Sweet, which is an app with offers from
advertisers, known as mobile discount
coupons.
11
Marie Erlandsson, Private Market Manager
Hallands Nyheter and Hallandsposten.
Mobile media market growth.
Developments in the media market
are progressing faster than ever.
There’s no doubt about that.
The fact that the key words are
‘local’ and ‘mobile’ is becoming
increasingly evident every day.
Industry and business development
Major opportunities
for local brands
Strong local brands, established customer relationships
and good local editorial material. All these factors guarantee
success outside of the traditional printed newspaper, but
readers need to be offered content via the channels they use.
No-one can have failed to notice that 2012 was
another demanding year for paid newspapers. Not
just in Sweden, but in the entire western world.
One solution to this on-going issue is to provide
digital versions of printed newspapers.
“We’ve been pleasantly surprised by the
response,” says Marie Erlandsson, Private Market Manager for Hallands Nyheter and Hallandsposten, referring to the enthusiasm customers
have shown in signing up for digital newspapers.
“The aim was for 50 percent to activate the digital
newspaper in 2013; after just one month, we had
30 percent on board.”
“The structural transformation, with falling circulation figures for printed newspapers, is continuing,
and 2012 was no exception,” says Bosse Svensson,
Business Development Manager at Stampen.
“There’s nothing surprising about that. The strong
underlying trend is mobility, resulting in the sharp
increase in reading on smartphones and tablets.”
He points out that discussions regarding paper
versus digital channels have, in effect, been going
on since the Internet boom at the end of the 1990s.
Those who surmised then that printed newspapers
had plenty of life in them yet were right, he says.
“But as the financial crisis hit in 2008, everyone probably began to realise that there was both
an economic and a structural crisis,” says Svensson. “It’s perfectly evident now that no-one
can live another 15 years on printed newspapers
alone.”
He implies that Stampen is far better prepared
for the transition to mobile than it was for the
transition to the Internet.
“But we can’t really say yet what the commercial solutions of the future will be,” says Svensson.
“What we do know is that people are willing to
pay for local news, that our reach is expanding and
that we have strong local brands.”
Tomas Niklasson, who works at Stampen
Marknad and Mktmedia, explains that Stampen’s
newspaper division must achieve a position as “the
digital media agency for small and medium-sized
companies in need of geographically-defined communication.”
Per Holmkvist, founder of Mobiento and a member of Stampen’s mobility team, shares this opinion.
“Clearly the strong customer relationships we
have established on local markets open up major
opportunities,” says Holmkvist. “I think it’s also
partly about identity, about making the move from
being a local newspaper to becoming a local media
company.”
In February 2013, Hallands Nyheter and
Hallandsposten launched a payment solution that
readers can use to select whether they want their
paper in printed form, digital format or a combination of both. At the same time, most of the online
content was locked.
Erlandsson explains that the strategy is to be
able to offer readers good content in any channel
they want. It may even benefit the printed editions
through readers experiencing a greater overall
value from the various services.
13
“We’ve locked about 80 percent of the content;
it’s just general information, such as TT texts, that
is open to everyone,” says Erlandsson. “Despite
that, we’ve hardly noticed any decline in traffic to
the websites. We believe we’re getting more relevant traffic logging in, with more readers from the
local area.”
Göteborgs-Posten (GP) has launched several different digital products and services for which the
paper takes payment.
“We also have a few more niche services, such as
iPhonetips via our mobile app and GP Bild, which
is news based on images,” says Cecilia Ingman,
Circulation Manager at GP.
As with the newspapers in Halland, GP now also
offers digital services as a package together with
the printed newspaper.
“From 15 January this year we’ll be offering
three different subscription alternatives,” says
Erlandsson. “The first is ‘7 days’, where you get the
printed newspaper seven days a week and access
to eGP and GP+. The ‘Weekend’ option means
that you only get the printed newspaper Friday to
Sunday and access to eGP and GP+ for the whole
week. The final option allows you to subscribe to
our news via only our digital channels. The new
media market is not a problem, but the transition
to it may be,” says Svensson.
The fact that readers are moving from paper to
digital channels also affects Stampen’s printing
division, V-TAB.
“The surest way of measuring this development is paper volumes, which in
Sweden have dropped by 20 percent from
2008 to 2012,”says Peder Schumacher,
CEO of V-TAB. “We believe that daily papers may continue to fall, but the
market will gradually level out. Daily
papers are not about to disappear.”
But in other markets, V-TAB is
growing.
Bosse Svensson
“We’ve seen a 20 percent growth in
direct marketing and periodicals from 2011
until now, and there’s potential for continued
growth here,” says Schumacher.
Schumacher is positive about the outlook for
V-TAB. The company’s strengths lie in its size; it is
the largest company on the market in both
Sweden and the Nordic region. 
«I’m convinced
that people are
willing to pay for
local journalism.»
Unique news
– a crucial factor
Free newspapers are a growing part of Stampen’s
newspaper business. Digital developments may not
be as significant for this area as they are for daily
newspapers, but local journalism is equally important.
For several years now Mitt i newspapers have
been Stampen’s most profitable business. In fact,
2012 was the company’s second best year after
2011, with an operating margin of over 20 percent.
With digital developments continuously progressing, what does the future have in store for free
newspapers?
“It’s very rare for us to have news that is up-tothe-minute, that needs to be published immediately online,” says Thomas Nyhlén, Newspaper
Manager for Mitt i Stockholm. “It’s more about
discussion than the latest news. Neither the Internet nor mobile phones has advertising space that
makes the channels genuinely interesting for us.”
But the basic principle is the same: the business
must have good, unique and local editorial content.
“Our success is built on having our own local
news that cannot be found in other media,” says
Nyhlén. “We have continually expanded our editorial team and are now effectively producing all
texts and photographs in-house.
“We’re not as dependent on the general economic situation. We are affected more by structural changes among our retail advertisers. Marketing trends are also significant, such as the baker in
a suburb deciding that Facebook is the place to be.
In 2012 we also saw a price war in the Stockholm
advertising market, a game of chicken that was
largely of the industry’s own making.”
But readers haven’t noticeably switched to the
digital world. On the contrary, Mitt i Stockholm
stampen media group · 2012
achieved over 1 million in circulation figures for
the first time last year.
Anders Nilsson, responsible for free newspapers
at Mediebolaget Västkusten, proffers a similar
picture:
“We had a good 2012. Established newspapers,
such as Varbergsposten and Björklövet, did well.
Now we’ve got new papers that need a bit of time
to get going. Our original plan was to achieve sales
of SEK 40 million from free newspapers in 2014.
We’re already in the region of SEK 70 million and
we’ve got nine titles on the market. In 2013 we’ll
be working on consolidating our business. We
don’t face the same baptism by fire that paid newspapers do; we work with smaller advertisers and
it’s primarily about taking money from direct marketing. I’m optimistic about 2013.”
Reach is a vital in the battle with direct marketing.
“We access 100 percent of households and have
a reach of 60–80 percent,” says Nilsson. “Compare that with just over 30 percent of people who
decline delivery of direct marketing material to
their homes.”
Nilsson does not see any great advantage in digital channels over printed newspapers for readers
or advertisers.
“Our main task is not to deliver the news every day,” he says. “We need to provide local material
that cannot be found anywhere else. The Internet
and mobile phones do not offer an alternative way
for free newspapers to distribute news.” 
15
Mobile media is a
fastgrowing segment
The changing trend towards consumers accessing more
and more information on smartphones and tablets has
consequences for Stampen Media Partner, which focuses a
great deal on mobile channels and moving images.
Globally, an ever-increasing amount of people
use their smartphones and tablets to consume information.
“From the start, Stampen Media Partner was
about Stampen’s desire to reduce its dependency on print,” says Stampen Media Partner’s newly appointed President, Martin Alsander. “We
focused on Lifestyle Media and communication
agencies that work with companies’ own channels.
But there’s nothing to suggest that we can only
operate in this segment of the media.”
An abiding strategy within Stampen Media Partner has always been to buy companies that have
already made some market headway; there has
been no investment in start-ups.
“We’ve been good at growing with entrepreneurs,” says Alsander. “What we need to do now is
develop what we already have, particularly within
mobile channels and moving images, in our editorial communication. We’re seeing the same thing
with websites that we saw with paper; readers are
switching to a new channel.”
There is also mobile communication expertise
within the Group through Mobiento, which is one
of the top companies in the industry worldwide.
The changing habits of readers are also affecting
the role of mobile marketing.
“It’s gone from being a marginal aspect of the
product to being an integral part of it,” says Per
Holmkvist, founder of Mobiento. “One example is the mobile app ‘Volvo on call’ for Volvo
Volvo On Call Cars, which allows you to find your car, access the
case video. dashboard and turn on the car heater using your
16
iPhone or Android phone. These days an increasing number of companies are thinking mobile first
in relation to their marketing.”
He adds that 60–70 percent of Swedes now have
a smartphone and forecasts indicate that figure
will rise to 90 percent by 2015. It’s a channel that
will soon reach everyone.
Movement towards mobile channels also has consequences for Lifestyle Media companies. Tomas
Dahl, Head of Business Development and New
Business at Familjeliv.se, points out that as media
consumption moves over to mobile, it will create
fresh challenges for the advertising market.
“If you only offer display advertising, then the
long-term equation won’t look good,” says Dahl.
“We’ll be seeing a great deal of innovation and
integrated partnerships with our customers in this
area as well. We should be able to offer a wealth of
different options, whether it’s in print, online, on
mobile phones or via events, etc.
“We need a new approach that challenges traditional, ingrained patterns in editorial and sales/
marketing, as there is content that is neither purely advertising space or purely editorial. Instead we
need to work together and make the most of each
other’s experience. You have to tear down some
walls between the editorial and marketing teams.”
Dahl is not concerned about the impact this will
have on journalistic integrity:
“Today’s media consumers are capable of telling
the difference between editorial and other content.” 
«We’ve experienced
rapid growth through
acquisitions. What
we need to do now
is develop what we
already have.»
Martin Alsander
Generation shift
Next generation
ready to step up
The three Hjörne sisters, Josefin, Cecilia and Louise, are
growing into their ownership roles at Stampen. A long-term
approach and respect for traditions are just two of their core
values, and all three are keen to make bold moves to face
future challenges.
A new generation
is on the rise in the
Hjörne newspaper
family, and this time
it’s three young women who are taking up
their positions and
driving the media
group forward.
Josefin, Cecilia and
Louise have made it
Louise Hjörne clear that the fourth
generation of Hjörnes
is ready to take on the responsibility of ownership.
“The procedure has been the same with us as
with previous generations,” says Josefin HjörneMeyer, the eldest of the three. “We were asked if
we wanted to come on board and get involved in
the company. And naturally with that comes a considerable amount of responsibility.”
The sisters are gradually becoming part of
Stampen in various ways: Josefin sits on Stampen’s
Board of Directors; Cecilia is on the board of
Göteborgs-Posten; and the youngest sister, Louise,
is on the board of Stampen Media Partner.
Peter Hjörne believes it is important that the
handover to the next generation is done in a way
that benefits both the company and family members.
“It’s about handling the generational shift in a
responsible and professional manner, so that you
demonstrate consideration for the company and
for your children,” says Peter.
18
His daughters feel that they have received excellent treatment since making their Stampen debut.
“We’ve had nothing but positive signals from everyone we’ve met,” says Cecilia. “At the same time
we have of course piqued the curiosity of some.
‘What’s it like?’ is a question we are often asked.”
The fact that Stampen remains a family business is regarded as an advantage by the third and
fourth generation of Hjörnes. This form of ownership involves long-term commitment to the business and means that knowledge and experiences
are carried through to the next generation.
“The fact that we are a family business means
that we share a special pride in what we do, and
we want to protect the Group and its traditions,”
says Louise.
In addition to his ownership role Peter has, in
the past, taken on an operative role partly through
his position as chief political editor for GöteborgsPosten, from which he has since stepped down.
The three Hjörne daughters have no such plans as
yet. Instead they want to focus on their ownership
roles and on acting as a support to the operative
directors when it comes to tackling the challenges
faced by Stampen in the future.
“The entire industry is in a state of flux and it’s
important for us to focus on the positive and be
bold about trying new things,” says Josefin. “From
an ownership perspective it is important that we
support the Group management team, trust the
fact that they know what they’re doing and make
any adjustments that are needed.” 
Cecilia Hjörne (above), Peter Hjörne
and Josefin Hjörne-Meyer
«It’s important that
we support the
Group management
team and trust the
fact that they know
what they’re doing.»
Josefin Hjörne-Meyer
New appointments
Stampen Media
Group’s growth
strategy continued in
2012, with acquisitions
of OTW and Hello
There. Meanwhile
several of the Group’s
companies have
appointed new
managers. The new
companies and new
managers share a
common focus: digital
channels.
«We have to realise
that our readers are
switching to digital
media, and we can’t
be left behind.»
Mattias Carlsson, Editor-in-chief,
Norrtelje Tidning
20
Martin Alsander
CEO, Stampen Media Partner
Mattias Carlsson
New Editor-in-chief,
Norrtelje Tidning
Oskar Eklund
CEO, Hello There
What attracted you to the
job?
“It was the Group’s clear focus
on growth. Stampen has
had an aggressive acquisition strategy throughout the 2000s, and there are
few media groups in Sweden
that have been as focused
as Stampen in recent years.
I believe most people get
inspired by coming on board
and establishing something
new and big.”
What’s your view on
leadership? What’s the
most important attribute of
a good manager?
“At the end of the day, leadership is about seeing what
needs to be done and gaining the endorsement of others
to get it done. In practice that
means you have to have effective and close relationships
with employees and businesses. People need to have job
satisfaction and enjoy their
work to perform well. But there
also needs to be clarity and
meaning to their work.”
What’s the outlook for 2013?
“The key issue this year is that
we’re starting to identify synergies and partnerships between
our businesses. All companies
within Stampen Media Partner
are, in principle, entrepreneurial companies that have been
acquired, and we must get
everyone to feel that we can
draw on each other’s expertise
and that we’re working towards
a common goal.”
What attracted you to the
job?
“It was partly that I already
felt an affinity with Roslagen
as we have a summerhouse
here, and partly having the
opportunity to lead a smaller,
local paper that is genuinely
close to its readership.”
How was 2012 for Norrtelje
Tidning?
“As far as I was concerned it
was mostly about settling into
the job, as I didn’t start until
August. For the paper, it was
a stable year in terms of circulation figures, but a tougher advertising market than
we had anticipated at the
start of 2012.”
What’s the outlook for
2013?
“I think it could be quite a
good year. We got off to a
good start and put a great
deal of work into developing
our online and mobile digital
channels.”
How does the newspaper
plan to improve its performance over digital channels?
“Essentially it’s about getting
all employees to think digital.
We have to realise that our
readers are switching to digital media, and we can’t be left
behind.”
What’s your view of the fact
that Stampen Media Group
is the new owner of Hello
There?
“Fundamentally we’re a
media company so in terms
of ownership Stampen Media
Group, with all its other exciting media companies, feels
like the right way to go.”
How was 2012 for Hello
There?
“It was a good year, with lots
of interesting game-based
assignments from clients in
the automotive, telecommunications and consumer goods
industries, to name a few.
The overwhelming majority
focused on marketing campaigns, and we’ve seen several million downloads of the
games from the App Store
and Google Play in a relatively short period.”
2013?
“We believe that 2013 will be a
good year as companies and
organisations start seeing
the potential of using games
for educational and marketing purposes. We released
the first game on 2 January
this year.”
What are your most important challenges in the long
term?
“To remain at the technological and creative forefront, which requires tenacity,
inquiring minds and an appetite for experimentation.”
Anders Knave
CEO, OTW
Cecilia Krönlein
Editor-in-chief, GöteborgsPosten
Thomas Nyhlén
CEO, Mitt i
Jonas Stendahl
CEO, Wallstreet
What’s your view of the fact
that Stampen Media Group
is the new owner of OTW?
“It’s exciting to be in an environment with a strong journalistic tradition and genuine media expertise. It
provides an excellent basis
for us to improve our business, while hopefully we can
help the other companies in
the Group boost their businesses as well.”
How was 2012 for OTW?
“The main event last year
was the sale, which made it
difficult to make any longterm decisions. Alongside
the sale, we also experienced a slump, mainly during the autumn. But despite
this, we still had a strong
year. OTW enjoys a special position in the market,
thanks to our reach.”
2013?
“We have every reason to
believe that it will be a good
year. Of course the economic situation will most likely remain weak, but we’re in
a growing part of the media
landscape, with an increasing number of customers
showing interest in solutions
related to editorial communication and content marketing.”
How was 2012 for Göteborgs-Posten (GP)?
“It was a tough year for us
financially, and we weren’t
alone. At the same time we
had an amazing year in
terms of editorial content,
with three major investigations that generated a huge
amount of interest.”
2013?
“I think this is going to be a
pivotal year. One key issue is
finding a new way of taking
payment for digital content.
I also believe that it will be
a crucial year for new and
additional forms of editorial collaboration, particularly within Stampen Media
Group.”
What do you think the
advertising market is going
to be like?
“There’s every indication that
it’ll remain challenging. So for
us it’s about keeping costs
down and prioritising what
we do.”
What are GP’s most important challenges in the long
term?
“To make sure that our business models can keep up
with new reader behaviour
patterns. We’re reaching
more readers than ever, but
we have to make sure that
earnings follow suit.”
What made you take the
job as CEO?
“The role that Mitt i plays for
those who live in our publishing areas makes this job
very rewarding. It’s great to
feel that you’re making a difference, and that what you’re
doing is important to a lot of
people. ”
What’s your view on
leadership? What’s the
most important attribute
of a good manager?
“I believe it’s important
to have an opinion, an
approach and an idea. It’s
vital for me to be able to communicate what’s important
right now; and for that matter,
to be able to realise when I’m
wrong and change my mind
when I am.”
What are your biggest
challenges for 2013?
“Continuing to produce a
paper for the readers and
maintaining our focus on our
advertisers, instead of jumping on new trends. We have
to have the confidence to
believe in ourselves and our
business concept during
tough times as well.”
What’s your view of the
fact that Wallstreet has
Stampen Media Group as
its new owner?
“It’s very positive and exciting. Having this kind of group
behind us is a huge bonus;
we see it both in the course
of everyday operations and
when we’re working on new
projects. And then there are
a lot of interesting companies in the Group with which
we can find some good partnerships.”
How was 2012 for
Wallstreet?
“We had three difficult quarters and then ended the
year on a high, with a great
fourth quarter. By the end of
the year we had a good flow
– we had the advertisers
on board and it felt like we
were targeting the right customers.”
2013?
“We’re trying to monitor
developments quarter by
quarter so as not to target
the wrong customers. The
year started well, not quite as
strong as the fourth quarter
last year, but there’s a positive feel. All in all we believe
there’ll be an increase from
2012 for existing and new
products.”
21
Environment and social responsibility
Is sustainability
profitable?
The Stampen Media Group achieved group-wide
environmental certification in 2012, and work continues
on setting up specific environmental goals for the Group.
On 15 December
2012, the entire
Stampen Media Group
achieved environmental certification in
accordance with ISO
14001. It was the
culmination of work
establishing the
Group’s environmental focus, and the
Fredrik von Homeyer springboard for
increased coordination to reduce our environmental impact.
“Environmental certification means that we
have an environmental programme in place
that brings the Group together,” says Gunnar
Springfeldt, who is stepping down from his position as Stampen AB’s Environmental Coordinator
and Coordination Manager for Stampen’s environmental work at the Group level. “All companies
within Stampen, apart from V-TAB, now share the
same environmental management system. Actually,
I believe we’re the only ones in the media world to
have group-wide environmental certification.”
Springfeldt will be replaced by Fredrik von
Homeyer, Strategic Purchasing Manager at
Stampen AB. Fredrik explains why sharing
knowledge and raising awareness among employees about sustainability issues were important
aspects of Stampen’s environmental efforts in 2012:
“Environmental matters aren’t particularly
obvious in most of Stampen’s companies, so we
need to make an extra effort to highlight these
issues. That’s why we developed an environmental
22
handbook that sets out how environmental work
at Stampen is carried out.”
He points out that there are several reasons
why Stampen should lead the way in terms of
environmental awareness. Von Homeyer says it’s
partly about credibility; if you’re running a journalistic business that investigates the environmental credentials of others, you have to set a good
example. But it’s also because there’s an increasing
demand from customers for suppliers to have
environmental certification.
“Furthermore, I believe that environmental
work is profitable, for example by reducing energy
consumption and opting to travel by train instead
of flying,” says von Homeyer. “A good example of
this is Group HQ: In 2012, energy consumption
dropped by just over 40 percent and electricity
consumption by almost 20 percent. Meanwhile
carbon dioxide emissions fell from 911 tonnes in
2008 to 289 tonnes last year.”
Besides a common environmental management
system, the Group’s companies have access to a
shared supplier register to keep a check on suppliers’ environmental impact, as well as a central database of legal requirements. The next stage will be to
set up specific environmental goals for the Group.
“An initial goal could be within green IT,”
says von Homeyer. “It’s a broad area that covers
energy use, as well as transport and waste. We
have already achieved a fair amount in this regard,
such as outsourcing operations to Tieto, which
has resulted in improved efficiency and reduced
environmental impact. But there is still much to
do; for example, our total environmental impact
would decrease if the business areas used central
IT solutions to an even greater degree.” 
Change of environmental leadership
After many years as Stampen’s
Environmental Manager, Gunnar
Springfeldt is now passing the
baton to Strategic Purchasing
Manager Fredrik von Homeyer.
Von Homeyer has a background in
corporate law and has worked at
Chalmers University of Technology
as a business lawyer, purchasing
manager and head of department.
“As regards the environment,
I’ve worked as project manager of
a tree-planting project for three
years in Sudan,” he says. “The idea
was to install solar pumps at the
edge of the Sahara desert, establish nurseries and plant trees, with
the aim of binding the sand to halt
the spread of desert sand dunes.”
«Actually, I believe
we’re the only ones
in the media world
to have group-wide
environmental
certification.»
Gunnar Springfeldt
Spotlight
Opportunities for
the African Press
For decades the world has heard tales of war, disease
and famine emerging from Africa. But now the continent is
generating news of a different kind – stories of growth and
opportunities as its enormous potential begins to be realised.
African economies
have begun overcoming years of underinvestment and mismanagement. Many
now boast healthy
resource and agriculture sectors and the
telecommunications
and services sectors
are also growing.
Trevor Ncube is Vice Chairman
However, the
of the Board, Mail & Guardian outlook for Africa’s
and Chairman of the Board, news media sector is
Alpha Media Holdings.
less clear. Traditional
newspapers continue
to battle major problems. State interference is
widespread, equipment is often antiquated and
distribution infrastructure is inadequate.
Some think that the continent’s newspaper
industry will muddle along in its current fashion
until the world’s last newspaper rolls off an African
press sometime around 2040.
But others hold hope that the economic and
digital revolutions currently taking place in Africa
will bring fresh life to the media scene. The digital
revolution and, in particular, mobile telephony offer a tantalising alternative future in which African
newspapers could gain new readers and exploit
new platforms and revenue streams.
It is worth looking at the numerous challenges
24
the media industry faces today before examining
the potential opportunities.
While the threat of government repression has
receded in many African countries, it still stunts
the industries in a significant number of nations.
Many countries require the licensing of newspapers and the registration of journalists.
Where opposition political parties have failed to
play their role, privately owned newspapers have
often plugged this gap to the detriment of their
relationship with the ruling elite.
Meanwhile, imported newsprint, printing and
pre-press equipment are major barriers to growth.
Production costs are high and delivering newspapers to consumers is made difficult by poor
infrastructure.
Against this backdrop, the promise of new technology is all the more significant and something
that we need to embrace. Just as Africans have
leapfrogged the landline phone to go straight to
mobile, many may leapfrog the printed newspaper
and go straight to digital alternatives.
Africa’s young and educated are in love with mobile technology and the internet and many don’t
have a close relationship with newspapers. The
newspaper industry’s challenge is to get its content
onto smartphones and tablets and to build sustainable business models around these platforms.
The digital revolution in Africa has been made
possible by the continent-wide deployment of
submarine fibre optic cables. This has allowed
«I see African newspapers surviving
beyond 2040,
principally in the
mobile and digital
space.»
international connectivity prices to fall by up to
80 per cent. There will be over 230 million mobile
broadband connections in Africa by 2015.
It is estimated that there are currently 735 million mobile phones in Africa with projections of
85 per cent mobile connectivity by 2015. Africa is
already the second largest mobile market in the
world.
All this, plus the fact that 40 per cent of Africa’s
population is under 15, will have a potentially
massive impact on the newspaper industry. These
young people already consume editorial continent
via mobile phone and they are not averse to paying
via their handsets.
The industry is currently experimenting with
metered pay walls and subscription plans. Already
Zimbabweans are paying for mobile news. Trusted
news sources will benefit from serving as gate
keepers for readers buffeted by a deluge of content.
I see African newspapers surviving beyond 2040,
principally in the mobile and digital space.
The industry’s problems are daunting and require substantial investment. And yet the digital
revolution presents Africa with an opportunity to
catapult into the future. Newspapers can become
content factories feeding mobile phones and
cheap Chinese-made tablets, which in turn are
supported by mobile broadband. I pity the state
censors who will attempt to control this free flow
of information. 
90 %
85%
48 of Africa’s 53
countries have laws
that make it possible
to persecute independent media.
Mobile connectivity
is projected at 85 %
by 2015.
25
Interview with CFO Eva Arvidsson
Cautious valuation
of Group assets
Like many other knowledge-intensive companies, Stampen
Media Group is showing a considerable sum as goodwill.
Stampen’s CFO Eva Arvidsson explains how goodwill arises
and its significance in relation to Stampen’s financial strength.
Goodwill accounts
for more than half of
Stampen’s assets. What
does this goodwill consist of and how has it
come about?
“Stampen’s goodwill
amounts to SEK 3.3
billion. It arises from
a number of different
acquisitions within
V-TAB, Promedia,
Eva Arvidsson
Mitt-i Stockholm and
Stampen Media Partner. A large proportion of it
arises from the purchase of Centertidningarna in
2005.”
“Goodwill arises during acquisitions when the
purchase price exceeds the asset values in the
balance sheet. This is often the case with media
companies, where a significant proportion of
the value lies in intangible assets, particularly in
the form of the employees of the acquired companies. It’s something that you don’t see in their
balance sheets.”
Is a balance sheet weaker if it includes a considerable
amount of goodwill?
“No, I wouldn’t say that. The most important thing
is for us to be able to justify as a minimum the values that we report. You should also remember that
companies that have not been purchased, such as
Göteborgs-Posten, can have a greater value than is
shown in the balance sheet.”
26
Stampen has been criticised for not amortising goodwill on the newspaper and printing companies it
has acquired, despite difficult times for the industry.
What’s your response to this criticism?
“Stampen has been applying IFRS since 2009,
which means that goodwill has to be recognised
at fair value (goodwill used to be amortised over
time). Since IFRS does not allow a write-up
adjustment of goodwill, the total fair value is estimated to be greater than the figure reported. ”
Goodwill must, as you say, be recognised at fair value.
How is this valuation carried out?
“The valuation is done by calculating the present value of anticipated future cash flows. We
look at historical trends and conduct sensitivity analyses to predict future development. It
is a meticulous process that is reviewed by the
auditors. For 2012, based on an assessment
of the fair value, we wrote off SEK 13 million
relating to a minor holding.”
What is Stampen’s financial position looking like in
general?
“Similar to 2011, 2012’s net debt was slightly
lower. Stampen’s debt/equity ratio (liabilities compared with equity) has remained stable at about
2:1 for the past five years, and the equity/assets
ratio has remained at just over 30 percent. Bank
credit facilities have dropped from around SEK 1.7
billion in 2009, to the current figure of SEK 1.3 billion. The credit agreements that were entered into
with the banks in 2011 also provide financing that
is more long term and on better terms.”
«Göteborgs-Posten
has a greater value
than the figure shown
in the balance sheet.»
Eva Arvidsson
Overview of Stampen Media Group
Stampen’s
business areas
The Stampen Media Group is growing and is now one of
Sweden’s largest media groups. The Group comprises of five
different business areas, including companies within daily
newspapers, digital media, printing, distribution and local
papers financed by advertising.
Göteborgs-Posten
Göteborgs-Posten (GP) is Sweden’s second-largest
morning newspaper, with around 700,000 daily
readers via various channels. GP disseminates
news 24 hours a day via the printed newspaper,
Internet, Web TV, mobile networks and tablets.
The printed newspaper has a uniquely wide reach
among metropolitan newspapers – both in Sweden and abroad. The reach of the digital channels
is also seeing very strong growth, particularly via
mobiles, iPhones and iPads.
There has been a persistently firm focus on
deelopment, which has resulted in several changes
to the printed newspaper, improvements to the
online edition and the development of e-newspapers for channels such as tablets and mobile phones.
Göteborgs-Posten has annual sales of SEK
1,166 million.
The business area Mediebolaget Västkusten
comprises businesses in the five media divisions
Bohusläningen, TTELA, Strömstads Tidning, Hallands Nyheter and Hallandsposten, as well as the
Gratistidningar (free newspaper) business area.
Mediebolaget Västkusten has been a wholly-owned
subsidiary since spring 2012.
The growth strategy that was launched in 2011 in
the free newspaper segment, aimed at increasing
market share and offering a wider range of services
to customers, has continued, and in 2012, the nine
28
free papers saw sales of almost SEK 63 million.
Mediebolaget Västkusten has annual sales of
SEK 606 million.
Liberala Tidningar
Liberala Tidningar consists of Promedia and Lokal
tidningen Mitt-i Stockholm. Promedia, which is
geographically concentrated in central Sweden,
covers 12 local newspapers, two of which are distributed for free, and a range of operations in distribution and digital communication.
For Promedia, 2012 was characterised by radical
changes, including reviews of the organisation,
working methods, staffing and cost levels. The new
organisation includes central and shared divisions
for the entire business area.
Promedia has annual sales of SEK 1,112 million.
Lokaltidningen Mitt i Stockholm publishes 31
local newspapers for distribution to households in
greater Stockholm, all with the name “Lokaltidningen Mitt i …” The newspapers are published
weekly and distributed to all households in the
area of publication. The total weekly circulation
figure is about 860,000. These local newspapers
reach a total of 960,000 readers in the Stockholm
area, which is around 70 percent of the population
in the area of publication. The business area also
runs a subscribed local newspaper on Lidingö, with
a circulation of around 5,000.
Lokaltidningen Mitt i Stockholm has annual
sales of SEK 319 million.
During the year, the parent company Gratistidningar i Sverige AB (GISAB) was incorporated
into Lokaltidningen Mitt i Stockholm AB.
V-TAB
V-TAB is the largest printing group in the Nordic
region and is now a market leader on the coldset
printing market and one of the biggest players within heatset. V-TAB prints newspapers, magazines,
periodicals, books, advertisements, business stationery and signs. The printing works are situated in 10
different locations in southern and central Sweden.
V-TAB has annual sales of SEK 2,072 million.
Stampen Media Partner (STMP) manages
Stampen’s expansion in the areas of Lifestyle
Media, Editorial Media, Mobile Media, Outdoor
Media and Experience Media. The business area
employs around 400 staff in Sweden, Norway,
Denmark, Finland, the US and Poland.
In 2012, STMP acquired OTW Group AB from
Forma Publishing Group, and Hello There
Holding AB from Know IT.
Stampen Media Partner has annual sales of SEK
561 million.
Mktmedia
Mktmedia supports Group companies by developing and implementing strategies and specific
initiatives to equip companies for the transition
to the new media landscape, and to boost digital
and commercial business. The company does this
via business intelligence, network management,
development of mobile business and coordination
of business development. 
29
Board and Management
The Board of Directors (in alphabetical order)
Magnus Bengtsson
Unionen*
DOB: 1981
Education: MSc in Trade Economics, IHM IT Project
Manager and IHM Key Account Management.
Professional background: Worked with sales in various positions for seven years; employed by GöteborgsPosten (GP) since 2007.
Current main occupation: Key Account Manager at
Göteborgs-Posten, digital specialist.
Margita Björklund
DOB: 1945
Education: MPhil.
Professional background: Upper secondary school
teacher, local government commissioner.
Current main occupation: Culture and equal opportunities consultant.
Other Board appointments: Chair of the cultural
association Otterhällan, Gréen Broberg’s Museum
Foundation. Vice Chair of Higab AB, Fastighets AB
Parkgatan, Fastighets AB Rantorget. Member of the
Boards of Frisk Service Göteborg AB, Stiftelsen B M
Hellerstedts Minne, Stiftelsen Ernst Hansons
Donationsfond and IF Friskis och Svettis.
Sven-Olof Bodenfors
DOB: 1946
Education: Industrial designer.
Professional background: Own design agency, AD/
Copy/Marknad & Information AB; CEO, Forsman &
Bodenfors AB 1986–2003.
Current main occupation: CEO F&B Case AB; consultant for strategic brand and business development;
Senior Advisor, Forsman & Bodenfors AB.
Other Board appointments: Chair of Göteborg International Film Festival and Lots Design & Innovation AB.
Member of the Boards of Appelberg Publishing Group
AB, Bergsala AB, F&B Case AB, Maquire AB, Minnesota
AB and Mobiento AB.
Tomas Brunegård
DOB: 1962
Education: MSc in Economics and Business.
Professional background: Consultant with Ingemar
Claesson Konsult AB; Vice President, Burger King
Sweden; CEO, GP Group, CEO of the Stampen Group
2005-2012.
Current main occupation: Chair of the Swedish
30
Media Publishers’ Association (Tidningsutgivareföreningen, TU), first Vice President WAN-IFRA.
Other Board appointments: LMember of the Boards
of Utgivarna, Svenska Mässan, West Sweden Chamber
of Commerce (Västsvenska Industri- och Handelskammaren), Mentor Medier A/S and ISET (International
School of Economics Tiblisi, Georgia).
Jack Forsgren
DOB: 1945
Education: MSc in Political Science.
Professional background: CEO of Mölnlycke AB and
Nobel Biocare AB.
Current main occupation: Various Board appointments.
Other Board appointments: Chair of Maquire AB. Vice
Chair of Svenska Mässan. Member of the Boards of
Bilia AB, Unfors RaySafe AB, Mediebolaget Promedia
i Mellansverige AB and Liberala Tidningar i Mellansverige AB, as well as Skäreleja AB.
Glenn Gyllenhammar, Swedish Union of Forestry,
Wood and Graphical Workers (GS*)
DOB: 1961
Education: Born to be a worker.
Professional background: Graphic artist at newspaper printing offices.
Current main occupation: Convenor of GS trade
union at Göteborgs-Posten and V-TAB.
Other Board appointments: Member of the Board of
V-TAB.
Peter Hjörne
Vice Chairman
DOB: 1952
Education: MSc in Economics and Business,
specialising in international management.
Professional background: Management trainee
at John Deere, followed by Göteborgs-Posten since
1979: CEO 1985–1993; Editor-in-chief and Responsible
Publisher 1993–2001; Editor-in-chief of the opinion
sections 2001–2008; Chief Political Editor 2008–2012;
columnist for Göteborgs-Posten.
Current main occupation: Editorial columnist at
Göteborgs-Posten, various Board and committee
assignments within Stampen.
Other Board appointments: OChair of Öppet Hus
(voluntary organisation for diversity) and Strandverket
Konsthall. Member of the Boards of Göteborgs-Posten,
Medieakademin and the Swedish Sea Rescue Society
(Sjöräddningssällskapet).
Josefin Hjörne-Meyer
DOB: 1980
Education: Media Studies, journalism and psychology.
Professional background: Recruitment Consultant at
Bohmans Nätverk.
Current main occupation: CEO of the companies
Skäreleja and Klöfverön, the Hjörne family’s holding
companies.
Other Board appointments: Member of the Regional
Bank Board of Handelsbanken.
Lennart Hörling
Chairman of the Board
DOB: 1943
Education: Primarily the university of life.
Professional background: Journalist (briefly) at
Bohusläningen newspaper. Journalist, Editor-in-chief
and CEO of Nya Lidköpings-Tidningen.
Current main occupation: CEO at Nya LidköpingsTidningen and Lidköpingspress AB.
Other Board appointments: Member of the Boards
of Mediebolaget Västkusten, V-TAB, Mediebolaget
Promedia i Mellansverige AB and Liberala Tidningar i
Mellansverige AB and Mediaintressenter PLMS AB.
Anne Johansson
Swedish Union of Journalists
(Svenska Journalistförbundet*)
DOB: 1954
Education: School of Journalism, Gothenburg.
Professional background: Worked as a journalist in
various roles and within a variety of fields since 1976,
primarily at GP but also as a freelancer.
Current main occupation: Reporter on GP’s news
desk
Other Board appointments: GP’s Board of Directors,
2009-2012.
Lars Jonasson,
Swedish Transport Workers’ Union
(Svenska Transportarbetareförbundet*)
DOB: 1957
Education: Graphics course, Employee and
Working Life Issues course at Gothenburg University
and trade union courses (incl. corporate Board
representation).
Professional background: Newspaper delivery
worker, emergency newspaper deliveries, graphic
artist.
Current main occupation: Chair and Principal Safety
Representative for newspaper delivery workers in the
Gothenburg section.
Other Board appointments: Employee representative, VTD. Member of the Board of Swedish Transport
Workers’ Union, section 3, in Gothenburg.
Helena Levander
DOB: 1957
Education: MSc in Economics and Business.
Professional background: Positions have included
financial analyst and unit trust manager at SEB and
Nordea. Formerly CEO of Odin Fonder AB and NeoNet
Securities AB.
Current main occupation: Shareholder and CEO of
Nordic Investor Services.
Other Board appointments: Member of the Boards of
Sveriges Bostads finansierings AB (SBAB), Erik Penser
Bankaktiebolag, Uniflex, Collector, NeuroVive Pharmaceutical and Allba Holding.
Pelle Mattisson
DOB: 1972
Education: MSc in Engineering, Industrial
Engineering.
Professional background: Management trainee MTG,
strategy consultant Accenture, CEO AdEra Stockholm,
venture capitalist Antfactory London, Partner Cordial
Business Advisers, Business Area Manager Stampen
Media Partner 2007-2012.
Current main occupation: President and CEO of
Stampen Media Group (as of 1 January 2013)
Other Board appointments: Chairman of the Boards
of Göteborgs-Posten, Mediebolaget Västkusten AB,
Stampen Media Partner (as of 1 January 2013)
incoming Chairman of the Board at Liberala Tidningar
i Mellansverige AB/Promedia and V-TAB (spring 2013).
No external commissions.
Mats Reimertz
Board secretary
DOB: 1954
Education: MSc in Economics and Business, specialising in international management.
Professional background: Group staff AB Volvo, positions within Göteborgs-Posten and Stampen: journal-
31
Board and Management
The Board of Directors, cont.
ist/news reporter; chief economics editor; etc. Involved
in various Group management positions since 1989.
Current main occupation: VP Legal Affairs and
Properties, CEO Mediaintressenter.
Other Board appointments: Chair of Media
intressenter PLMS AB. Member of the Boards of V-TAB,
Mediebolaget Promedia i Mellansverige AB and
Liberala Tidningar i Mellansverige AB.
Lottie Svedenstedt
DOB: 1957
Education: Lawyer
Professional background: Regional Manager H&M,
CEO Inter Ikea Systems A/S, Business Area Manager
at Ikea of Sweden, CEO Kid Interiør A/S.
Current main occupation: Board work and strategic
advisor.
Other Board appointments: Chair of Manage
mentinstitutet i Lund (MiL). Member of the Boards of
Clas Ohlson AB, Mediebolaget Promedia i Mellan
sverige AB and Liberala Tidningar i Mellansverige
AB, Global Health Partner AB, ITAB Shop Concept
AB, ByggMax AB, Swedavia AB, Thule Group AB and
Vanna AB.
Deputies
Linnea Agorastos, Unionen
Marit Blomquist, Swedish Union of Journalists (Sven
ska Journalistförbundet)
Daniel Hilmér, Swedish Transport Workers’ Union
(Svenska Transportarbetareförbundet)
Stefan Lagholm, Swedish Union of Forestry, Wood
and Graphical Workers (GS)
Executive committee
Jack Forsgren, Peter Hjörne, Lennart Hörling,
Pelle Mattisson
Finance committee
Eva Arvidsson**, CFO Stampen AB (until 31 July
2013), Sven Björkman**, former Regional Director SEB,
Kristina Brandt**, CFO Stampen AB (as of 1 August
2013), Tomas Brunegård, Jack Forsgren (Chairman),
Pelle Mattisson
HR and remuneration committee
Tomas Brunegård, Jack Forsgren, Josefin Hjörne
Meyer, Lennart Hörling (Chairman), Magdalena
Kock**, HR Director Stampen AB, Pelle Mattisson
32
Nomination committee
Tomas Brunegård, Jack Forsgren, Peter Hjörne,
Josefin Hjörne Meyer, Lennart Hörling, Helena
Levander, Pelle Mattisson
*Employee representative
**Not a member of the Board
Group Management
Martin Alsander, President and Business Area
Manager, Stampen Media Partner
Eva Arvidsson, Senior Vice President,
CFO, Stampen (until 31 July 2013)
Kristina Brandt Senior Vice President,
CFO, Stampen (as of 1 August 2013)
Boine Gepertz, President and Business Area
Manager, Mediebolaget Västkusten
(until 8 May, 2013)
Magdalena Kock, Senior Vice President, HR,
Stampen
Lena Larsson, President and Business Area
Manager, Liberala Tidningar
Pelle Mattisson, President and CEO,
Stampen Media Group
Inge Olausson, Senior Vice President, CIO,
Stampen
Ricard Robbstål, President and Business Area
Manager, GP and Mediebolaget Västkusten
(as of 8 May 2013)
Peder Schumacher, President and Business Area
Manager, V-TAB
Bosse Svensson, Senior Vice President,
Development, Stampen
Management Teams
Göteborgs-Posten
Kristina Brandt, Finance Manager (until 31 July 2013)
Fredrik Dobber, Sales Director
Christian Elofsson, Finance Manager
(as of 12 August 2013)
Martin Holmberg, IT and Development Manager
Helena Johnsson, Marketing Director
Ninni Jonzon, Managing Editor
Cecilia Krönlein, Editor-in-Chief and Responsible
Publisher
Bengt Olsson, HR Manager
Manager
Liberala Tidningar
Per Bowallius, Head of Operational Issues
Lena Larsson, President and Business Area Manager
Tuula Lundberg, HR Manager
Thomas Wilson, Controller
Pelle Mattisson, President and CEO
Inge Olausson, Senior Vice President, CIO
Bosse Svensson, Senior Vice President,
Development
Martin Alsander, President and Business Area
Manager
Fredrik Jigneus, Financial and Investment Manager
Pernilla Siewertz, HR Manager
V-TAB
Per-Olof Borgström, HR Manager
Pia Ivarsson, Finance Manager
Christer Lind, acting Production Manager
Urban Mattson, Marketing Manager
Johan Petersson, acting Production Manager
Titti Rudbäck, IT Manager
Peder Schumacher, President and Business Area
Manager
Morgan Ahlberg, Editor-in-chief, TTELA
Andreas Boquist, Head of Corporate Marketing
Anders Brännberg, IT Manager
Marie Erlandsson, Private Market Manager, Hallands
Nyheter and Hallandsposten
Boine Gepertz, President and Business Area
Manager (until 8 May 2013)
Viveka Hedbjörk, Editor-in-chief, Hallandsposten
Anders Klingmyr, Finance Manager
Sandra Liegnell, HR Manager, Mediebolaget Halland
Manager (as of 8 May 2013)
Ingalill Sundhage, Editor-in-chief, Bohusläningen
Anders Svensson, Editor-in-chief, Hallands Nyheter
MktMedia
Hanna Konyi, President
Tomas Niklasson, B2B Manager
John Rejnäs, Business Developer
Ingegärd Rådström, Finance Manager
Stampen AB
Eva Arvidsson, Senior Vice President, CFO
(until 1 August 2013)
Kristina Brandt, Senior Vice President, CFO
(as of 1 August 2013)
Ann Flyning, Communications Director
Magdalena Kock, Senior Vice President, HR
33
34
Stampen Media Group AB.
Corporate identity number 556308-4430
Excerpts from the Annual
Report and consolidated
financial statements for
financial year 2012
The full Annual Report may be
read at www.stampen.com
Contents:
Administration report 36
Consolidated income statement 45
Consolidated balance sheet 46
Consolidated changes in equity 48
Consolidated statement of cash flows 49
Note 40 Key ratios definitions 50
Contacts 51
35
Excerpts from the Annual Report
Administration Report
The consolidated financial statements and
other information about the Group cover the
following companies:
Parent:Stampen AB
Subsidiaries
Listed in note 38
Associates:
Listed in note 20
Ownership
Share of
votes
Skäreleja AB (556816-7950)
52.6 %
Peter Hjörne and family
21.4 % 13 %
Marika Cobbold and family
Lidköpingspress AB
11 %
Others 2 %
Share of
capital
46 %
21 %
14 %
14 %
5%
In May 2012 Lidköpingspress AB took over the voting
and capital shares that had previously been held by
Sven Nordgrén and family.
Business description
The Stampen Media Group is one of Sweden’s largest owners of daily newspapers. Stampen also owns
interactive meeting places, printing plants, distribution
companies and free newspapers.
The Stampen Media Group consists of the business
areas Göteborgs-Posten, Mediebolaget Västkusten,
Promedia, Mitt i Stockholm (formerly GISAB), V-TAB and
Stampen Media Partner.
All Group-wide functions are brought together in the
Parent, such as management, accounting/finance, HR,
communications, purchasing, IT and legal matters. At
the end of 2012, the Parent had 41 employees.
For the Swedish media industry, 2012 was yet another exciting and challenging year. However looking back,
it can be seen that it was primarily a difficult year. Cutbacks and the economic situation overshadowed the
fact the Stampen brands are attracting more Swedes, via
more channels, than ever before. A total of 4 million people use our media in their daily lives every week: one
moment using a print product, the next a digital application, depending on which channel is most appropriate.
This means that we have to constantly apply ourselves to
new challenges by inviting feedback from our consumers
and providing guidance for our advertisers. Together we
can be well-positioned to handle the structural transformation that is fast taking us all into the future.
The general state of the economy had a real impact
on Stampen's revenues, especially in the second half of
2012. Lost print revenues were not fully compensated
36
for by increasing digital revenues and, as a result, the
Group's revenues corrected for capital gains and repayment of VAT declined by SEK 111 million. At the end of
the year operating profit (EBIT) amounted to SEK 74 million (409 ), which is far below our target.
A number of action programmes were implemented throughout the Group in 2012 to cut costs and,
as a result of various restructuring programmes, we
unfortunately had to let over 300 people go, although
the majority took advantage of outplacement programmes. The full impact of these measures will mostly be seen in 2013.
Meanwhile, our investments in digital development
and acquisitions in growth media continue. In 2012
Stampen Media Partner acquired OTW (editorial communication) and Hello There (games-based communication). Wallstreet (digital outdoor advertising) became
a wholly-owned subsidiary. Stampen Media Partner
is expected to have SEK 700 million in sales in 2013. It
has become a significant player in growth media (for
further information, see page 6).
In 2012 V-TAB continued to restructure the Nordic printing market and closed its plants in Östertälje,
Kungsbacka and Falköping. The closure of the Avesta
plant has begun and is expected to be completed during the spring of 2013. In addition, production began in
the new plant in Vimmerby, where a 32-page printing
press and finishing equipment have been installed.
At the end of the year, Pelle Mattisson became the
new President and CEO.
Sales and profits
The Group's total revenues declined by SEK 212 million to SEK 5,391 million (5,603), a decrease of 3.8 percent compared to last year. Adjusted for items affecting comparability, as listed below, revenues declined
by SEK 363 million.
Major items affecting comparability, which affected
sales and operating profit (EBITA)*:
*For key ratios definitions, see note 40.
In 2012, acquired units affected sales by SEK 133
million and operating profit by SEK 4 million.
For Tanums Offsettryckeri AB, which was only part of
the Group for four months of the previous year, the difference in revenue was SEK 18 million and the difference in operating profit SEK 7 million.
For Minnesota Communication AB, which was only
part of the Group for four months of the previous
year, the difference in revenue was SEK 55 million
and the difference in operating profit SEK -2 million.
The operating expense included restructuring costs
of SEK -161 million. For 2011, these were
SEK -58 million.
Other revenue for 2012 include capital gains of
SEK 64 million. Capital gains for 2011 were
SEK 201 million.
Other operating revenue for 2012 include
SEK 90 million in repaid VAT.
Operating profit (EBITA) for 2012 amounted to SEK
87 million, a decrease of SEK 333 million (79 percent).
After adjustment for the above-mentioned items
affecting comparability, profit decreased by SEK
192 million compared with the previous year. The
operating margin amounted to 1.6 percent, compared
with 7.3 percent in the previous year.
Operating profit (EBIT) in 2012 was affected by
impairment of goodwill of SEK -13 million (11).
Advertising revenue decreased by SEK 216 million
(-11.4 percent) to SEK 1,682 million (1,898), with a negative trend in more or less all markets. Despite a fall
in circulation of around 5 percent, circulation revenue remained unchanged compared with the previous
year because of an increase in the average price.
Printing revenue fell by SEK 64 million to SEK 1,286
million (1,350), a decline of -4.7 percent compared with
the previous year. Plants in Östertälje, Kungsbacka
and Falköping were shut down in 2012. The printing press from Falköping was moved to the plant in
Vimmerby. The Avesta plant will be shut down during
the spring of 2013.
Net financial items amounted to SEK 25 million (-65),
with a positive impact of SEK 108 million from the sale
of shareholdings in SBS Radio. Financial expenses
rose by SEK 10 million, due partly to higher interest
rates and partly to commitment fees in the financing
agreement signed in the latter part of 2011. Net financial items in the previous year were positively affected
by SEK 21 million due to the sale of shareholdings in
Hemnet, and by SEK 8 million from the reduction in liabilities for the estimated additional purchase sum.
Profit after net financial items (EBT) amounted to
SEK 99 million (343).
Business areas
Göteborgs-Posten
With around 700,000 daily readers over various channels, Göteborgs-Posten is Sweden’s second-largest
morning newspaper. GP disseminates news 24 hours a
day via the printed newspaper, internet, internet television, mobile networks and tablets. The printed newspaper has an exceptionally wide reach, compared
to other metropolitan newspapers, both in Sweden
and abroad. The reach of the digital channels is also
growing strongly, particularly through mobile phones,
iPhones and iPads.
Work continued during 2012 on development projects within the company and these will lead to new
revenue streams based on the foundation of GP’s
strong market position. An example of this is the asset
deal for Sweet AB (mobile discount coupons) that was
launched by the GP subsidiary Dealie in 2012. E-commerce, with offers to consumers, also began in the GP
Store at the end of the year. There has been a persistently firm focus on development, which has resulted
in several popular changes to the printed newspaper,
improvements to the online edition and the development of e-newspapers for channels such as tablets
and mobile phones.
Cecilia Krönlein succeeded Jonathan Falck as
Editor-in-chief and Publisher in September 2012. In
June, Peter Hjörne stepped down as Chief Political
Editor, but he remains with Göteborgs-Posten as an
editorial columnist.
Revenue for 2012 declined by -6 percent to SEK
1,166 million (1,244). Declining advertising revenue in
all advertising markets during the year was evidence
not only of a weak economy, but of structural changes as well. Total advertising revenue declined by SEK
96 million compared with the previous year. Digital advertising revenue grew by SEK 8 million (25 percent). Circulation revenue declined by SEK 6 million
compared with the previous year. Circulation fell by
-6.2 percent (-5.2 percent).
Operating profit amounted to SEK 19 million (75).
Restructuring costs of SEK -50 million, for the outplacement programme involving 57 positions, were
charged against operating profit. Sales and operating
profit were affected by SEK 28 million in other operating income as a result of recovered VAT.
Mediebolaget Västkusten covers the Group’s activities in the five media houses Bohusläningen, TTELA,
Strömstads Tidning, Hallands Nyheter and Hallandsposten and the business group Gratistidningar. There
has been a continuation of the free newspaper growth
37
strategy that was initiated in 2011 with the aim of
increasing market share and expanding our customer
offerings. In 2012 our nine free newspapers had close
to SEK 63 million in sales.
Tommy Hermansson stepped down as President of
Västkustmedia in March 2012 and today the business
area is managed by a joint management team led
by the President and Business Area Manager Boine
Gepertz. A buyout package was offered in the autumn,
allowing the Group to cut an additional 50 positions
during the first quarter of 2013. The annual saving in
personnel costs is estimated at SEK 30 million.
Revenues in 2012 amounted to SEK 606 million,
which is unchanged from 2011. Advertising revenue
decreased by -3 percent, amounting to SEK 330 million. Advertising revenue from the morning newspaper
segment decreased by -12 percent or SEK -36 million. The decline for morning newspapers began in
the second quarter and all advertising segments have
been affected. Advertising revenue from the national market was particularly affected, as were job placement ads, which are sensitive to economic conditions
and declined by 25 percent. The free newspaper segment increased by SEK 22 million.
Circulation revenue was somewhat higher than in
2011, amounting to SEK 234 million. Total circulation of
subscription newspapers was 117,000, a decrease of
about -2 percent compared with the previous year. At
the beginning of 2013 we launched a new price strategy whereby consumers pay for content across all
channels.
Digital revenues increased by 37 percent to SEK
16 million, which is 5 percent of total advertising revenue.
Earnings from holdings in associates attributable
to the Group's sale of its holdings in SBS Radio had a
positive effect on profit, amounting to SEK 24 million.
There was an operating loss of SEK -22 million ,
affected by capital gains from property sales, closedown costs for Biztalk and restructuring costs. In the
previous year there was an operating profit of SEK
25 million.
Promedia
Promedia covers 12 local newspapers, two of which
are free, as well as a range of operations in distribution and digital communication. It has a focus on Central Sweden. In October Motala & Vadstena Tidning was
sold to the NTM Group.
38
An extensive restructuring process was implemented in 2012 with organisation, work methods, staffing and cost levels all revised. As a result of the new
organisation, all marketing and business development has been brought under one unit with one manager. Similarly, all production, support and technical
development, as well as some shared editorial functions, have been brought together under one manager. IT operations have been outsourced to an external
partner. The new organisation has allowed standardised work using standardised processes, as well as an
organisation that is now smaller by over eighty positions. A common design for subscription newspapers
is being introduced.
Mattias Carlsson is the new Newspaper Manager for
Norrtelje Tidning, and Lennart Håkansson is the acting Newspaper Manager of Nerikes Allehanda. Thelma
Kimsjö, Newspaper Manager at VLT, has been given
expanded responsibilities as manager for all six newspapers in the Västmanland market area.
Revenue declined by barely -6 percent to SEK
1,112 million (1,179). Advertising revenue declined by
about -10 percent for comparable units compared with
the previous year. Free newspapers and digital revenues both grew during the year, and increased their
advertising revenue . Digital revenues increased by
65 percent to SEK 28 million (17). Traffic at Promedia's
web-based and mobile sites rose by 30 percent during the year.
Circulation decreased by -3.7 percent and was
1.3 percent lower than the previous year. Circulation
revenues amounted to SEK 358 million, which is on a
level with the previous year for comparable units.
Earnings from holdings in associates attributable
to the Group's sale of its holdings in SBS Radio had a
positive effect on profit, amounting to SEK 42 million.
Operating profit for 2012 decreased by -40 percent to
SEK 48 million (80), and the operating margin amounted to 4.4 percent, compared with 7 percent in 2011.
Operating profit was affected by a total of SEK 31 million,
due to capital gains from the sale of Motala & Vadstena
Tidning, SBS Radio and restructuring provisions in connection with organisational changes. Sales and operating profit were affected by SEK 2 million in other operating income as a result of recovered VAT.
Mitt i Stockholm
Lokaltidningen Mitt i Stockholm covers the publication
of 31 local newspapers delivered to homes in Greater
Stockholm, all with the name "Lokaltidningen Mitt i".
The newspapers are published weekly and distributed
to all households in the area of publication. The total
weekly circulation is about 860,000 copies. These local
newspapers have a total reach of 960,000 readers in
Greater Stockholm, which is about 70 percent of the
population in the publication area. The business area
also operates a subscription-based local newspaper
in Lidingö with a circulation of 5,000.
The parent company Gratistidningar i Sverige AB
(GISAB) was merged into Lokaltidningen Mitt i Stockholm AB during the year. The merger was registered
and put into effect in November. At the end of the summer Peter Clauson stepped down as President of Mitt i.
He was succeeded by Thomas Nyhlén, who became
the new Newspaper Manager.
The Stockholm advertising market continued to
show a negative trend during the year. However
Lokaltidningen Mitt i has strengthened its position as
the first choice of Stockholm's property agents. Larger
customers have also been exhibiting higher demand
for target group selection and local advertising solutions.
Revenue for 2012 declined by -11 percent to SEK
319 million (358). Advertising revenue decreased by
-7 percent (SEK 22 million) and costs decreased by
-13 percent (SEK 23 million).
Operating profit decreased by -19 percent to SEK
69 million (85), with a profit margin of 22 percent. The
operating profit included a one-time charge of SEK
-3 million for severance pay.
V-TAB
V-TAB is the largest printing group in the Nordic region
and a market leader in the coldset market, as well as
one of the major players in heatset printing. V-TAB
prints newspapers, magazines, periodicals, books,
advertisements, business stationery and signs. Its
printing plants are located in southern and central
Sweden.
As a result of a previously approved profit-improvement programme, in 2012 V-TAB closed its plants in
Östertälje, Kungsbacka and Falköping, and moved the
Falköping plant's printing press to Vimmerby. The closure of the Avesta operations began in 2012 and is
expected to be complete during the spring of 2013.
Production began at the beginning of the year in the
new section of the Vimmerby plant, where a 32-page
press for heatset printing and finishing equipment
were installed. Production, the product range and
organisation were examined during the year in order
to improve profits. As a result it was decided to close
the old production plant in Vimmerby.
Revenues amounted to SEK 2,072 million, a
decrease of SEK -54 million compared with the previous year. Sales and profits were affected by SEK 61
million as a result of recovered VAT from the 2004-2005
financial years.
Printing revenue fell by SEK -108 million. Daily newspapers accounted for SEK -88 million of this decrease,
due to factors including substantial decreases in circulation. This was partially offset by sales, which saw
a SEK 40 million increase in demand for coldset direct
advertising.
Operating profit amounted to SEK 75 million (22).
This positive development is due to the effects of the
profit improvement programmes that were implemented, as well as repaid VAT. Operating profit includes a
SEK 12 million restructuring expense.
As a result of a ruling issued by the EU in 2010,
V-TAB submitted a claim to the Swedish Tax Agency
for repayment of VAT for 2004, 2005 and 2006. The
claims for 2004 and 2005 have been processed and
approved. Most of the repayment has been entered as
a liability pending further clarification of the legal position. A claim for repayment should also apply to the
year 2007.
Stampen Media Partner (STMP) manages the Stampen
Group’s expansion in the areas of Lifestyle Media, Editorial Media, Mobile Media, Outdoor Media and Experience Media. The business area employs around 400
staff in Sweden, Norway, Denmark, Finland, the US and
Poland.
In 2012 STMP acquired OTW Group AB from Forma
Publishing Group, as well as Hello There Holding
AB from Know IT. OTW strengthens STMP's position
in the editorial communication market, while also
bringing in a new line of business through television
production. Hello There establishes STMP as a leading player in games-based marketing and internal communication, with gaming environments and
storytelling as tools.
Fredric Gunnarsson became the Managing Director
of Lifestyle Media in the autumn, and at the end of the
year Martin Alsander became the new President and
Business Area Manager for Stampen Media Partner.
39
Alsander succeeded Pelle Mattisson, who became the
new CEO of the Stampen Media Group at the end of
2012.
Adiento, which was part of the Mobiento Group, was
sold to the Danish firm Adquota during the year. This
will allow Adiento to continue to develop in its new setting, while enabling Mobiento Group to concentrate on
developing its core business as a mobile agency.
Revenue rose by 67.9 percent to SEK 561 million
(334). Factors contributing to the increase were organic growth, the full year effect of Minnesota (acquired
in September 2011), and additional contributions from
the acquisitions of OTW and Hello There AB during
the year. Total pro forma sales for the business area
amounted to SEK 682 million (645), which represents a
growth in sales of 3 percent compared with pro forma
sales for the whole of 2011.
Operating profit amounted to SEK 30 million (7).
Operating profit was positively affected by SEK 17 million in capital gains from the sale of Adiento. There was
also a SEK -7 million (-10) charge against operating
profit due to costs for international expansion.
Other operations
Mktmedia
Mktmedia continued to perform its mission to support Group companies by developing and implementing strategies and concrete initiatives for the transition
to the new media landscape. It develops digital and
commercial business through monitoring the industry,
leading networks, developing the mobile business and
coordinating business development.
There was a change of President during the year
when Bosse Svensson was replaced by Hanna Konyi.
Subsidiaries Adbid and SweetDealie, a half-owned coupon and deal firm, experienced growth during the year.
Stampen Marknad
Stampen Marknad AB is a wholly-owned Stampen
subsidiary, specialising in relationship and business
development. The business manages the Stampen
Group's expansion in the areas of consumer business,
corporate business, relationship and business methods and identity and branding.
Stampen Marknad brings new values and synergies
to Stampen's consumers, companies and the Stampen
Group's businesses by developing existing and traditional business methods into dynamic business models, creating offerings that move from analogue to digital
40
solutions, and offering alternative channel combinations.
In 2012 it was decided that Stampen Marknad's
Relationships & Business unit will in 2013 be placed
under the management of Mediekompaniet (where
several of Stampen media outlets are part owners).
Stampen Marknad also runs Sweden’s only Marketing
Manager Index, in which several hundred marketing
managers from Sweden’s largest companies answer
questions every quarter about trends in the Swedish
economy and domestic consumption.
Samedio Business Services
Samedio Business Services is the Stampen’s whollyowned, joint business services company. The company
develops and standardises effective business services
in finance and salary administration.
By incorporating new operations and companies
within the Stampen Media Group into equivalent systems, Samedio Business Services creates important
economies of scale and cost synergies that benefit the
whole Group.
Västsvensk Tidningsdistribution KB (VTD)
Västsvensk Tidningsdistribution KB (VTD) is primarily
engaged in the distribution of morning newspapers in
Western Sweden and is jointly owned by several media
houses, including Stampen. New product areas continue to grow, primarily the free newspapers segment, but
also postal and freight transport services.
The Parent
The Parent Company Stampen AB is the home of
Group-wide functions such as management, accounting/finance, marketing/development, HR, communications, legal matters, purchasing and IT. During
the year, significant areas within the IT function were
transferred to Tieto AB, with the aim of streamlining
and preparing infrastructure for the future. The Parent
Company has 41 employees.
Revenues for 2012 amounted to SEK 78 million, versus SEK 73 million in 2011. There was an operating
loss of SEK -65 million; the operating loss was SEK
-66 million for the previous year.
Investments, liquidity
and financial position
Investments
The Group’s investments in tangible and intangible assets, including finance leases, totalled SEK 69
million (97). The Parent and subsidiaries have made
investments in shares and participations of SEK
145 million (333).
The Parent’s investments in tangible and intangible assets amounted to SEK 1 million (0) and in shares
and participations to SEK 332 million (5).
Financial position and liquidity
Cash and cash equivalents totalled SEK 485 million
(678), a reduction of SEK -193 million compared with
31 December, 2011. The reduction is largely attributable to the acquisition of the minority share in Mediebolaget Västkusten AB, as well as acquisitions by
Stampen Media Partner.
Granted but unutilised bank credit facilities amounted to SEK 614 million (688), of which bank overdraft
facilities and credit facilities for short-term liquidity
management amounted to SEK 388 million (388).
Net debt amounted to SEK 1,304 million, compared
with SEK 1,408 at the start of the year. Total credit
from credit institutions amounted to SEK 1,316 million
(1,400), with an average loan term of 1.9 years.
The Group’s equity/assets ratio was 33 (35) percent.
At the end of the period, the Parent’s cash and
cash equivalents, including short-term investments,
amounted to SEK 476 million (648). Granted but unutilised bank credit facilities amounted to SEK 614 million
(688), of which bank overdraft facilities and credit facilities for short-term liquidity management amounted to
SEK 388 million (388).
The Parent’s equity/assets ratio was 29 (30) percent.
See also note 3 for a description of the financial
risks to the Group and the Parent.
Personnel
Employee issues and leadership continue to be
high-priority issues. Another Group-wide employee survey was conducted in the autumn. The results
are being processed and analysed as a basis for
improvement measures in 2013. The decision was
made to begin training for experienced managers,
and 20 people have begun the programme. Three
programmes for new managers were also implemented in 2012.
The number of employees declined by about 500
people, due to factors including attrition, business
changes (the sale of Motala & Vadstena Tidning),
restructuring programmes and IT outsourcing.
Corporate governance
Stampen AB’s corporate bodies consist of the shareholders’ meeting, the Board of Directors, the CEO and
the auditors. The Board and auditors are appointed by
the shareholders at the Annual General Meeting, while
the CEO is appointed by the Board. The auditors review
the Annual Report, as well as the administration by the
Board of Directors and the CEO.
The Shareholders' Meeting
The shareholders’ meeting is Stampen AB’s highest
decision-making body. The shareholders’ meeting
adopts the income statements and balance sheets,
and decides on dividends. In addition, it elects the
Board of Directors and, where appropriate, the auditors. It decides on other issues which it is obliged by
law to consider, and also takes decisions concerning
proposals from the Board and the shareholders. The
Annual General Meeting was held on 15 May, 2012.
All shareholders are also invited, on a regular basis,
to discuss matters particularly relating to long-term
strategic direction.
Board of Directors
The Board of Directors is ultimately responsible for
the company’s organisation and the management of
its business, and it shall also take decisions on strategic matters. The work of the Board follows an annual plan, and each meeting follows an agenda which,
along with the necessary background documentation,
is provided to the members of the Board in good time
before each Board meeting. The Board discusses matters of material significance, such as future strategies,
decisions on major acquisitions and investments, the
procurement of loans and entering into agreements of
an exceptional nature, all in accordance with the rules
of procedure adopted by the Board.
During 2012 Stampen AB held six ordinary Board
meetings and two statutory meetings. At one of these
Board meetings, the company’s auditors report their
observations from the audit of the Group’s administration and accounting records.
The following committees operate within the Board
of Stampen AB:
HR and Remuneration Committee
Finance Committee
Executive Committee
Nomination Committee
41
The nomination committee is elected by the Annual General Meeting and shall, in the first instance, prepare proposals for the nomination of members to Stampen’s Board of
Directors and the Boards of central Group companies. The
committees are appointed from within the Board.
Pelle Mattisson became the new CEO on 1 January
2013. He is responsible for the day-to-day management of operations and, based on the instructions given by the Board, leads the work of the company management team and takes decisions in consultation
with other members of the management team.
Company Management Team/
Group Coordination Team
Stampen AB’s company management team consists
of six people. The team works primarily with matters
relating to the Parent, Stampen AB, but also deals with
a range of overall issues defined in a number of policies adopted for the Group as a whole.
Within the Group, there is also a Group Coordination Team consisting of 10 people working on matters
of overall interest to the Group. This Team includes the
Parent’s CEO, CFO, Director of HR, CIO and all business
area managers.
Significant events after
the end of the financial year
Stampen AB acquired 9.9 percent of the shareholdings in Stampen Media Partner AB from a company
associated with CEO Tomas Brunegård, making the
company a wholly-owned subsidiary.
Weak economic conditions have continued into
the beginning of 2013, which along with structural
changes affects both advertising and print sales. With
the actions it has taken, and effective cost controls,
the Group's businesses are well-equipped to come
through this phase.
Otherwise no events that could be considered significant have occurred between the balance sheet
date and the signing of the Annual Report.
Future development and risks
The Swedish media market has been undergoing a
process of restructuring for a long time. The pace of this
change is increasing. Combining new technology and
more thorough globalisation will strengthen the impact of
the structural changes. Readers of traditional newspapers are now rapidly changing their behaviour patterns.
Interest in following the growing and ever broader array
42
of products and services offered on the Internet is rapidly
increasing. New hardware, in particular a growing variety
of tablets, are driving this trend.
The Stampen Media Group's newspaper businesses are responding actively to the emergence of tablets
and are constantly developing applications for devices such as mobile phones. Several international collaborative projects have also been initiated in these
areas. The newspaper businesses' work to create new
revenues in new channels continues, with a high level of innovation. However, revenues from these areas
are significantly lower than from the traditional newspaper businesses, increasing pressure on Stampen's
constituent businesses to rationalise and reduce their
costs.
In the long run, lower demand from traditional newspapers, with lower circulation figures and fewer pages, will require V-TAB, Stampen's printing operation, to
continue taking rationalisation measures.
V-TAB’s dependence on sales to the newspapers
published by the owner companies of the printing
group is falling.
V-TAB has also prepared the ground to break into
markets for heatset products, which will broaden the
company’s range of offerings and improve V-TAB’s
market position.
Stampen’s two distribution companies, VTD and Prolog,
have ambitious plans to generate new income, but this
will take time and competition is hard. The cost of newspaper distribution per copy is increasing. Falling circulation will exacerbate this negative trend.
A number of global players are embedding themselves locally in the traditional morning newspaper
markets.
Major demands have been made on our organisations
to change and continuously develop their operations.
Printed newspapers are constantly updated to meet
the requirements of readers and advertisers in a market characterised by downward price trends. Stampen's
newspapers are countering these developments with a
strong local focus and new business models.
Creating a balance between traditional operations
and growth operations has long been a central, strategic challenge for Stampen. This will apply to a very
great extent over the coming years. Our investments in
Stampen Media Partner AB can be viewed against this
background.
The Mitt i newspapers in Stockholm are another
good example of the growing importance of the new
businesses. The Mitt i newspapers have also given
Stampen a stronger foothold in Stockholm. Mitt i is
holding its own, even in times of tougher economic
conditions and considerable structural pressures.
Stampen's expansion is based on extensive collaboration with companies and also private individuals. The Group structure is complex, consisting of several partly-owned companies and sub-groups, and
this requires effort from management and strong support in areas such as accounting/finance, legal matters, HR and IT.
The financial risks are managed in accordance with
the finance and investment policy established by the
Board. To minimise the financial risks, the financial
operation is coordinated and organised in the parent
company.
Liquidity risks are limited by continuous liquidity planning and through established targets for
available liquidity and granted, but unutilised, bank
credit facilities. An evenly distributed maturity structure of outstanding loans and long-term credit facilities, along with an equity/assets ratio of over 30
percent, limits the Group’s financing risk. Loans
are normally taken out on a variable interest rate
basis, and for this reason the interest lock-in period is changed by means of interest rate swaps. At
the end of the year, only 25 percent of the outstanding loan portfolio was at a variable interest rate.
Stampen’s foreign currency exposure is very limited.
Transaction exposure must be hedged in accordance with established policy.
Proposed appropriation of profits
The following profits are at the disposal
of the Annual General Meeting:
Retained earnings
Profit for the year
946,515
34,808
981,323
The Board of Directors proposes that the profit
be appropriated as follows:
Dividend to shareholders 96 SEK
per share, total
48,006
Carried forward
933,317
981,323
The proposed dividend would slightly reduce the
Group’s and the Parent’s equity/assets ratio. In the
Board’s opinion, the proposed dividend would not prevent the company from fulfilling its obligations in the
short term or long term, nor from carrying out the necessary investments. The proposed dividend can,
therefore, be justified with respect to the provisions
of Chapter 17, Section 3, Subsections 2 and 3 of the
Swedish Companies Act.
Environmental Impact
The Stampen Media Group has a Group-wide environmental policy, an environmental management
system shared across its business, and since 2012
the Group is ISO 14001 certified. This certification
encompasses all of the Swedish operating companies within Stampen, with the exception of V-TAB –
which has a separate environmental management
system and ISO 14001 certification – Mktmedia and
newly-acquired companies. The joint environmental management system governs the Group's environmental work.
The Group includes operations which are licensable
and notifiable, and these are reported in the annual
reports of the respective companies. Licensable and
notifiable operations encompass the subsidiary V-TAB
and all its subsidiaries.
43
Multi-year comparison
SEK MILLION
2012
2011
2010
2009
2008
Group
Total revenue
5,391
5,603
5,196
5,072
5,096
Growth (%)
-3
4
6
0
6
Operating profit (EBIT)
74
409
273
214
269
Operating margin (%)
1
7
5
4
5
99
343
136
173
154
Profit for the year
126
298
71
156
176
Balance sheet total
5,586
Profit after financial items (EBT)
5,855
6,073
5,892
5,669
Return on total assets (%)
4
7
5
4
5
Return on capital employed (%)
5
11
7
6
8
Return on equity (%)
6
15
4
8
9
Debt/equity ratio (multiple)
Equity/assets ratio (%) *
Cash and cash equivalents
Net debt**
Cash flow from operating activities
Investments, intangible /tangible assets***
Investments, financial assets
Average number of employees – Group
2
2
2
2
2
33
35
32
33
31
485
678
204
213
437
1,304
1,408
1,680
1,442
1,064
245
573
402
271
315
69
97
142
312
181
145
333
79
289
674
4,601
4,796
4,816
4,537
4,311
Parent
Total revenue
Profit after financial items (EBT)****
78
73
71
51
47
-65
-66
-61
-51
-53
21
207
23
-18
-6
3,680
3,565
1,821
1,680
1,770
Equity/assets ratio (%) *
29
30
49
53
51
Average number of employees – Parent
41
31
21
14
13
Balance sheet total
* Calculation beginning in 2012 uses a tax rate of 22.0%.
** New definition as of 2011. 2010 has been recalculated based on this definition.
*** Including finance leases
**** Beginning in 2011, Group contributions are reported in the net financial income/expense. 2010 has been recalculated
accordingly.
For key ratio definitions, see note 40.
44
Consolidated income statement
SEK THOUSAND
INCOME
2012
2011
5,235,890
5,397,618
Advertising tax
-18,495
-20,157
Other operating income
173,281
225,640
Total operating income
5,390,676
5,603,101
-1,382,936
-1,335,840
OPERATING EXPENSE
Production costs
External distribution costs
-161,117
-145,077
Other external costs
-860,413
-866,649
-2,679,098
-2,610,057
-228,323
-240,545
Personnel costs
Depreciation/amortisation and impairment
Other operating expense
-8,462
-2,293
Total operating expense
-5,320,349
-5,200,461
-3,337
-6,108
73,664
408,748
Participation in earnings of associates after tax
Operating profit
PROFIT FROM FINANCIAL ITEMS
Profit from other securities held as non-current assets
98,023
21,615
Other interest income and similar profit/loss items
38,650
14,457
Interest expense and similar profit/loss items
-111,168
-101,364
Financial items – net
25,505
-65,292
PROFIT BEFORE TAX
Tax on profit for the year
99,169
26,956
343,456
-45,271
126,125
298,185
Shareholders in Parent
46,672
247,308
Non-controlling interests
79,453
50,877
126,125
298,185
Hedge accounting net after tax
-8,579
-13,934
Financial assets available-for-sale net after tax
22,650
16,700
Other comprehensive income for the year, net after tax
14,071
2,766
140,196
300,951
57,127
83,069
246,802
54,149
Attributable to
Other comprehensive income
Total comprehensive income for the year
Profit for the year attributable to:
Shareholders in Parent
45
Consolidated balance sheet, assets
SEK THOUSAND
NON-CURRENT ASSETS
2012-12-31
2011-12-31
72,145
104,194
3,281,771
3,152,267
24,194
28,877
Intangible assets
Computer software etc.
Goodwill
Customer contracts
IT development projects in progress
9,230
4,293
3,387,340
3,289,631
Land and buildings
219,625
238,486
Printing presses and other plant and machinery
591,067
698,277
Equipment and IT equipment
44,548
54,024
Construction in progress, printing presses etc.
16,057
12,612
871,297
1,003,399
Total intangible assets
Tangible assets
Total tangible assets
Financial assets
Holdings in associates
Financial assets available-for-sale
Other non-current receivables
Total financial assets
Total non-current assets
15,296
15,937
155,768
246,746
124,856
52,195
295,920
314,878
4,554,557
4,607,908
CURRENT ASSETS
Inventories
Raw materials and consumables
49,224
56,985
Total inventories
49,224
56,985
Accounts receivable
557,153
537,488
Current tax liabilities
9,694
-
188
131
60,415
51,560
Current receivables
Receivables in associates
Other receivables
Prepaid expenses and accrued income
Total current receivables
139,320
141,207
766,770
730,386
484,884
678,012
Total current assets
1,300,878
1,465,383
Total assets
5,855,435
6,073,291
46
Consolidated balance sheet, Equity and liabilities
SEK THOUSAND
EQUITY
Share capital
Reserves
Profit brought forward
Equity attributable to shareholders in Parent
Equity attributable to shareholders in Parent
Total equity
2012-12-31
2011-12-31
5,001
5,001
73,500
63,045
869,981
1,014,382
948,482
1,082,428
1,004,337
1,055,428
1,952,819
2,137,856
1,054,695
1,250,000
NON-CURRENT LIABILITIES
Liabilities to credit institutions
Derivatives
Other liabilities
Provisions for pensions
Deferred tax liabilities
Total non-current liabilities
29,349
18,907
515,936
588,953
97,258
77,357
106,357
187,509
1,803,595
2,122,726
377,411
361,795
CURRENT LIABILITIES
Accounts payable
Advance payments from customers
2,373
4,571
Liabilities to associates
1,439
1,842
261,770
150,000
Liabilities to credit institutions
Derivatives
557
-
-
5,720
Other liabilities
549,851
398,350
Subscription liabilities
291,962
319,501
Accrued liabilities and deferred income
613,658
570,930
Total current liabilities
2,099,021
1,812,709
Total equity and liabilities
5,855,435
6,073,291
213,693
135,982
116
2,583
Current tax liabilities
Pledged assets
Contingent liabilities
47
Consolidated changes in equity
Share capital
Reserves
Profit brought
forward
Total
Non-controlling
interests
Total
equity
5,001
63,551
796,010
864,562
1,021,820
1,886,382
Total comprehensive income
for the year
-
-506
247,308
246,802
54,149
300,951
Dividend
-
-
-32,004
-32,004
-
-32,004
-
-
-
-
-7,618
-7,618
-
-
3,068
3,068
-12,923
-9,855
5,001
63,045
1,014,382
1,082,428
1,055,428
2,137,856
1,014,382
1,082,428
1,055,428
2,137,856
Opening balance
as at 1 January 2011
Dividend to
non-controlling interests
arising through
business combinations
Closing balance
as at 31 December 2011
Opening balance
as at 1 January 2012
5,001
63,045
Total comprehensive income
for the year
-
10,455
46,672
57,127
83,069
140,196
Dividend
-
-
-48,006
-48,006
-
-48,006
Dividend to
non-controlling interests
-
-
-
-
-9,187
-9,187
Business combinations
-
-
-143,067
-143,067
-124,973
-268,040
5,001
73,500
869,981
948,482
1,004,337
1,952,819
Closing balance
as at 31 December 2012
Reserves as at 31 December 2012 consist of a revaluation of SEK 102,640 thousand (80,585) in financial assets
available-for-sale and negative SEK 29,140 thousand (-17,540) in hedging.
48
Consolidated statement of cash flows
SEK THOUSAND
2012
2011
73,664
408,748
– Depreciation/amortisation
228,323
240,545
– Gain/loss on sale of non-current assets
-18,729
-187,121
– Participation in earnings of associates
-3,337
-6,108
-10,783
-31,399
7,649
7,607
OPERATING ACTIVITIES
Operating profit before financial items
Adjustments for items not included in cash flow
– Other items
Interest received and dividends
Interest paid
-83,347
-76,516
Income tax paid
-68,141
-47,626
125,299
308,130
before changes in working capital
Change in inventories
13,968
7,686
Change in receivables
14,164
-10,886
Change in liabilities
91,895
267,826
Change in working capital
120,027
245,326
264,626
572,756
INVESTMENT ACTIVITIES
Sale of tangible assets
Sale of financial assets
Sales of subsidiaries
Acquisition of Intangible/ tangible assets
Acquisition of financial assets
Acquisition of subsidiaries
Cash flow from investing activities
5,350
147,636
17,940
-68,596
-145,056
-42 ,726
20,302
192,042
-49,868
-5,182
-327,729
-170,435
FINANCING ACTIVITIES
Change in utilised bank overdraft facilities
Amortisation of loans
Loans taken out
-
-59,249
-157,385
-1,343,770
73,850
1,526,700
-48,006
-32,004
Payment to non-controlling interests
-264,187
-19,799
Cash flow from financing activities
-395,728
71,878
Cash flow for the year
-193,128
474,199
Cash and cash equivalents at start of year
678,012
203,814
Cash and cash equivalents at end of year
484,884
678,012
Dividend paid to shareholders
Unutilised business credit (limit granted SEK 388 million/SEK 388 million)
Total appropriated cash and cash equivalents
388,000
388,000
872,884
1,066,012
49
Note 40 key ratios definitions
Total revenue minus all costs attributable to operations plus participation
in the earnings of associates, excluding net financial items and tax.
Operating profit (EBITA)
Operating profit (EBIT) excluding impairment of goodwill.
Operating margin
Operating profit (EBIT) as a percentage of total revenue.
Return on total assets
Profit/loss before financial expense as a percentage of average balance
sheet total.
Return on capital employed
Profit/loss before financial expense as a percentage of average interestbearing capital (total equity, non-current and current liabilities to credit
institutions and other non-current liabilities).
Return on equity
Profit/loss after tax as a percentage of average equity and noncontrolling interests.
Equity/assets ratio
Equity and non-controlling interests as a percentage of balance sheet total.
Debt/equity ratio
Provisions and liabilities including deferred tax liability as a percentage
of equity and non-controlling interests.
Cash balances, bank balances and short-term investments.
Net debt
Provisions for pensions and other provisions, liabilities to credit institutions
and other financial liabilities, less cash and cash equivalents.
Growth
Change in income, excluding Other Income.
50
Contacts
Stampen AB
Postal address: SE-405 02 Göteborg.
Postal address: SE-301 81 Halmstad
Visiting address: Polhemsplatsen 5
Visiting address: Fiskaregatan 21
Telephone: +46 (0)31-62 43 00
Telephone: +46 (0)35-14 75 00
www.stampen.com
MktMedia
Lokaltidningen Mitt i Stockholm AB
Postal address: Postgränd 11 B,
Postal address: Box 47309,
SE-831 31 Östersund
SE-100 74 Stockholm
Visiting address: Postgränd 11 B
Visiting address: Årstaängsvägen 11, 6 tr
Telephone: +46 (0)31-62 48 40
Telephone: +46 (0)8-550 550 00
www.mktmedia.se
www.mitti.se
Göteborgs-Posten
Postal address: SE-405 02 Göteborg
Telephone: +46 (0)31-62 43 00
Telephone: +46 (0)31-62 40 00
www.gp.se
V-TAB
Postal address: Box 2065,
Mediebolaget Promedia
I Mellansverige AB
SE-422 02 Hisings Backa
Västerås:
Telephone: +46 (0)10-480 60 00
Postal address: Box 3, SE-721 03 Västerås
www.v-tab.se
Visiting address: Exportgatan 2-4
Visiting address: Slottsgatan 27
Telephone: +46 (0)21-19 90 00
VTD
Örebro:
Postal address: SE-701 92 Örebro
Visiting address: Norra Strandgatan 5
Telephone: +46 (0)31-62 55 00
Telephone: +46 (0)19-15 50 00
www.vtd.se
www.promedia.se
Production: Stampen Media Group and Appelberg Publishing Group.
Photos: Tobias Ohls, Getty Images, Istockphoto. Print: V-TAB Falkenberg.

JANU AR Y F E B RU A R Y M A R C H A P R IL M A Y JUNE

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