annual report 2002

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annual report 2002
annual report 2002
Colofon
Design
Intermedium Dept.
Photography
Karen Steenwinkel
Printing & After-press
Drukkerij van Ketel B.V.
annual report 2002
000-212
A N N U A L
R E P O R T
MANAGING BOARD
F.Th.J. Arp (1954)
J. Olde Kalter (1944)
Mr F.Th.J. Arp became director of the company on
Mr. J. Olde Kalter was appointed director on 1 January,
1 July 1997. From 1991 to 30 June 1997, he was one of
1995. Prior to this Mr. Olde Kalter has held various posi-
the partners of Deloitte & Touche Accountants. Prior to
tions within the company and in the course of his career
this, he was already active in the field of accountancy.
was temporarily based in the United States. Mr Olde Kalter
Mr Arp studied business economics and accountancy at the
is a University of Utrecht law graduate, and editor-in-chief of
Erasmus University in Rotterdam.
daily newspaper De Telegraaf.
W.O. Kok (1961)
A.J. Swartjes (1949)
Mr W.O. Kok was appointed director on 1 January
Mr A.J. Swartjes has been director since 1 January
1999. He has been in the employ of De Telegraaf since
1991, after having occupied several positions in the company
1986 and held several positions, including those of manager
since 1978. During the period from 1974 to 1978 he was
of the Amsterdam newspaper printing companies and
attached to Reader’s Digest and to Colgate/Palmolive.
Deputy General of the technical department. Mr Kok studied
Mr Swartjes studied economics at the Erasmus University in
engineering at the Technical College in Amsterdam and eco-
Rotterdam.
nomics at the University of Amsterdam.
2
A N N U A L
R E P O R T
CONTENTS
Managing Board . . . . . . . . . . . . . . . . . . . . . . . . . . .2
Profit and loss account of N.V. Holdingmaatschappij
Supervisory Board Members . . . . . . . . . . . . . . . . . . .4
De Telegraaf
Report of the Supervisory Board to Shareholders . . . . . .5
Explanation of balance sheet and profit and loss account....46
. . . . . . . . . . . . . . . . . . . . . . . . . . . .45
Consolidated key figures . . . . . . . . . . . . . . . . . . . . . .7
Report for the year 2002 of Stichting Administratiekantoor
van aandelen N.V. Holdingmaatschappij De Telegraaf
. . .8
Other data
Annual Report
Publications and activities of De Telegraaf company . . .50
Auditors’ report and dividend proposal . . . . . . . . . . . .53
Report by the Managing Board . . . . . . . . . . . . . . . . .9
Post balance sheet events
Publishing activities . . . . . . . . . . . . . . . . . . . . . . . .17
Profit appropriation as provided for
- National newspapers . . . . . . . . . . . . . . . . . . . . . .17
in the articles of association . . . . . . . . . . . . . . . . . .55
- Regional newspapers . . . . . . . . . . . . . . . . . . . . . .19
Special rights under the articles of association . . . . . .56
- Door-to-door publications
. . . . . . . . . . . . . . . . . . .21
Key figures as of balance sheet date . . . . . . . . . . . . .58
- Magazines . . . . . . . . . . . . . . . . . . . . . . . . . . . . .21
Pro forma consolidated profit and loss account . . . . . .60
Other activities . . . . . . . . . . . . . . . . . . . . . . . . . . .25
Participations . . . . . . . . . . . . . . . . . . . . . . . . . . . .26
Exhibitions . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .27
Prospects . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .27
Annual Accounts
Consolidated balance sheet . . . . . . . . . . . . . . . . . . .28
Consolidated profit and loss account . . . . . . . . . . . . .29
Principles for consolidation,
valuation and determination of the result . . . . . . . . . .31
Explanation of the consolidated balance sheet 34
Explanation of the consolidated
profit and loss account . . . . . . . . . . . . . . . . . . . . . .38
Cash flow statement . . . . . . . . . . . . . . . . . . . . . . .41
Information by business segments . . . . . . . . . . . . . .42
Balance sheet of N.V. Holdingmaatschappij De Telegraaf ...44
3
. . . . . . . . . . . . . . . . . . .54
A N N U A L
R E P O R T
SUPERVISORY BOARD MEMBERS
A.J. van Puijenbroek, chairman
W. Overmars
Age:
55 years
Age:
70 years
Nationality:
Dutch
Nationality:
Dutch
Position:
director of N.V. Exploitatiemaatschappij
Supervisory
Van Puijenbroek
Board memberships: ABN Amro N.V., Bavaria N.V.,
Supervisory
PontEcen N.V.
Board memberships: Media Groep Limburg B.V.
Initial appointment:
05 - 06 - 1996
Initial appointment:
15 - 05 - 1975
Current term:
2000 – 2004
Current term:
1999 – 2003
W. van Voorden
W.H. Charles, vice-chairman
Age:
60 years
Age:
69 years
Nationality:
Dutch
Nationality:
Dutch
Position:
chairman of College Toezicht
Position:
former member of the Managing
Zorgverzekeringen (CTZ)
Board of N.V. Holdingmaatschappij
professor at Erasmus Universiteit
De Telegraaf
Rotterdam
Supervisory
Supervisory
Board memberships: Media Groep Limburg B.V.
Board memberships: Batenburg Beheer N.V.,
Initial appointment:
15 - 06 - 1994
E.I.M. Groep B.V. (Economic Institute
Current term:
2002 – 2005
for Small and Medium-sized
Enterprises)
J.A. Brewer-de Koster, secretary
Initial appointment:
04 - 06 - 1997
Age:
66 years
Current term:
2001 – 2005
Nationality:
Dutch
Initial appointment:
17 - 06 - 1992
H.L. Weenen
Current term:
2002 – 2003
Age:
58 years
Nationality:
Dutch
Initial appointment:
26 - 06 - 1980
Current term:
2000 – 2004
L.G. van Aken
Age:
62 years
Nationality:
Dutch
Position:
former member of the Managing
Board of N.V. Holdingmaatschappij
De Telegraaf
Initial appointment:
30 - 05 - 2002
Current term:
2002 – 2006
4
A N N U A L
R E P O R T
Report of the Supervisory Board
During the year under review, members of the Super-
to Shareholders
visory Board attended several meetings of the Works Council of the Amsterdam companies.
We hereby present the Managing Board’s report,
the balance sheet as of December 31, 2002 and the 2002
We would like to express our great appreciation for
profit and loss account with explanations provided by the board.
the way the Managing Board and the staff performed their
The financial statements have been audited and
duties in 2002.
approved by Deloitte & Touche Accountants in Leiden. The
On December 24, we took leave from former Director
auditor’s certification is included in this report. The financial
and former Supervisory Board member Mr M.E. Borrius
statements were discussed with the auditor and subse-
Broek. We will recall with great respect his drive and strong
quently adopted by the Board.
involvement with the company, its employees and retired
personnel.
In line with a proposal by and approval of the shareholders’ general assembly held April, 25, 2002, Mrs J.A.
We recommend that:
Brewer-de Koster was reappointed to the Supervisory Board
the annual accounts of 2002 be approved in accordance
for a one-year term as she requested. Mr W.H. Charles was
with the documents presented to you.
reappointed to the board for a three-year term until he
the Managing Board be discharged from responsibility
reaches the statutory age limit. Mr L.G. van Aken was
for the policy pursued during the year and the Super-
appointed to a seat created by the board’s expansion.
visory Board be discharged from responsibility for the
supervision it exercised.
We intend to reappoint Mr A.J. van Puijenbroek
the dividend per share of 1 0.25 par value for the
as chairman and to appoint Mrs M. Tiemstra to the
financial year 2002 be fixed at 1 0.11 in cash (2001:
board in anticipation of Mrs J.A. Brewer-de Koster's retire-
1 0.11 in cash per share of 1 0.25 par value).
ment. The Central Works Council of N.V. Holdingmaat-
the dividend be made payable on May 7 2003 at
schappij De Telegraaf has issued a positive advice regarding
ABN-Amro Bank N.V. in Amsterdam.
the proposed appointments and reappointments.
The board met seven times during the financial year to
Supervisory Board
review issues such as personnel and organisation, strategy
A.J. van Puijenbroek
and management model, the company's risk exposure and
Chairman
financial matters. The board focused attention during the
Amsterdam, 25 March 2003
year on necessary reorganisations within the company and
the termination of several joint ventures.
At a meeting in which the Managing Board did not
participate, we reviewed our own performance as well as
relations with the Managing Board and the composition and
performance of the Managing Board.
5
The Dutch newspaper market is
a highly competitive market in
which De Telegraaf is seeking
ways to strengthen its position.
It does so by making the newspaper
available
forms:
fully
in
digital
different
on
the
Internet or on the spot copying or printing. In distribution,
De Telegraaf tries to further
strengthen
its
position
by
gaining time through printing in
various parts of the world and
cooperation with third parties in
areas such as joint delivery.
New readers are
attracted by
tracking
changing
time
consumer
behaviour and monitoring target
groups and their experience.
Production can be streamlined
by for instance, increasing the
use of Internet in the processing
of advertising. New sales channels are opened to compensate
for declining turnovers in subsegments. This is achieved, for
instance, by delivering content in
different forms.
The most important issue in
strengthening De Telegraaf’s
position is exploring new avenues to resolve what may be the
most serious challenge: how to
create more time for readers to
read the newspaper.
A N N U A L
R E P O R T
CONSOLIDATED KEY FIGURES
N.V. HOLDINGMAATSCHAPPIJ DE TELEGRAAF
(In thousands of euros, unless otherwise stated)
2002
Net turnover
2001
704,462
822,220
35,985
49,173
21,752
9,462
Operating profit before depreciation of goodwill
and other value adjustments of goodwill
Operating profit after depreciation of goodwill
and other value adjustments of goodwill
Financial revenue and charges
6,471
–
3,874
Pre-tax result from ordinary trading
28,223
5,588
Company tax on result from ordinary trading
12,491
17,031
Extraordinary result after tax
–
20,645
–
18,067
Result after tax
–
4,913
–
29,510
–
4,913
–
29,510
Result appropriation:
To the debt of other reserves
Dividend pay-out charged to reserves
Pay-out ratio
Cashflow
5,775
5,775
p.m.
p.m.
50,763
59,510
Per share:
Result
–
1 0.09
–
1 0.56
Cashflow
1 0.97
1 1.13
Dividend
1 0.11
1 0.11
Number of employees at year-end
5,000
5,953
7
A N N U A L
R E P O R T
Report for the year 2002 of
Managing Board and the Supervisory Board of their
Stichting Administratiekantoor van
responsibilities. Our foundation supported the proposals
aandelen N.V. Holdingmaatschappij
authorising the Managing Board to repurchase shares as
De Telegraaf
well as to reappoint Mrs J.A. Brewer-de Koster to the
Supervisory Board for a term of one year, at her request,
In 2002, the total number of convertible depositary
the reappointment of Mr W.H. Charles as Supervisory
receipts in N.V. Holdingmaatschappij De Telegraaf issued by
Board member for a period of three years until he reaches
our foundation increased by 3,316,388 to 28,335,702
the statutory age limit and the appointment of Mr L.G. van
(of 1 0.25 par value) as per December 31, 2002, and
Aken to the board’s additional seat. Our foundation also sup-
represented a nominal amount of 1 7,083,925,50.These
ported the reappointment of Deloitte & Touche Accountants
receipts are matched by an equal number of shares held
as auditors of N.V. Holdingmaatschappij De Telegraaf.
in trust.
During the 26 March, 2002 Management Board
Stichting Adminstratiekantoor van aandelen
meeting, Mr A. Harms (Board Member A) was reappointed
N.V. Holdingmaatschappij De Telegraaf
for only one year because he is expected to reach the
A. Harms, Chairman (until mid-April 2003)
statutory age limit in 2003. Prof. W.P. Moleveld will succeed
Mrs J.A. Brewer-de Koster, Secretary
Mr Harms as Board Member A. Mr W.M. Lammerts van
J.S. Dienske,
Bueren will succed Mr Harms as chairman. The accounts
W.M. Lammerts van Bueren
for the financial year 2002, as presented by our foundation,
E.H. van Puijenbroek
were discussed and adopted. The foundation’s report in the
annual report of N.V. Holdingmaatschappij De Telegraaf was
Amsterdam, March 2003.
approved by our Board members. The financial statements
Statement of independence
of N.V. Holdingmaatschappij De Telegraaf and the dividend
proposal for 2002 were discussed in detail with the
The Managing Board of N.V. Holdingmaatschappij
Managing Board. Also discussed was the voting right of
De Telegraaf and the Board of Stichting Administratie-
holders of the depositary receipts for shares. The board
kantoor van aandelen N.V. Holdingmaatschappij De Telegraaf
postponed a decision on this issue in anticipation of a legal
hereby declare that, in their joint opinion, the requirements
regulation. In the convening notice, mention will be made
regarding the independence of the Board of Stichting Admi-
of the possibility to convert depositary receipts so as to
nistratiekantoor van aandelen N.V. Holdingmaatschappij
obtain the right to vote.
De Telegraaf, set out in Annex X to the Listing and Issuing
Rules of Amsterdam Exchanges N.V., have been fully met.
The Shareholders’ Annual Meeting of Shareholders of
N.V. Holdingmaatschappij De Telegraaf was held on April
25, 2002 in Amsterdam. Our foundation, represented
Managing Board of N.V. Holdingmaatschappij
by its Chairman Mr A. Harms, voted in favour of the Super-
De Telegraaf
visory Board’s recommendations to adopt the financial state-
Board of Stichting Administratiekantoor van
ments for year 2001 before the processing of the loss and
aandelen N.V. Holdingmaatschappij De Telegraaf
the fixing of the dividend on account of the distributable part
Amsterdam, March 2003
of shareholders equity and before relieving members of the
8
A N N U A L
R E P O R T
is to some extent offset by rising turnover in on-line
REPORT BY THE
MANAGING BOARD
advertising with higher margins. Still, this did not wholly
offset the lost margin on print turnover.
The Internet offers our readers 24-hour a day access
to up-to-date news through the web sites of national and
Introduction
regional newspapers. In future, turning this increasingly into
a system of paid, custom-tailored information should be
Adverse economic developments and increased com-
taken into consideration.
petition on the advertising market put our corporate
An
result under intense pressure in 2002. As a result, 2002
increasing
number
of
readers
paradoxically
was primarily a year of optimisation, one of the three key words
subscribes to paper editions via the Internet. Putting the
in the strategy memorandum published at the end of 2001.
complete edition of dagblad De Telegraaf on-line constituted
an initial step towards generating readership income th-
The company had already started preparations in
rough the Internet.
2001 for a drastic reorganisation of its Amsterdam facilities
that was partially implemented in 2002. At regional daily
The Internet offers prospect of considerable cost
newspaper publishers outside Amsterdam, negotiations
savings. Increasingly, advertisers use in-house production
with the unions on reorganisation and further reorganisation
and on-line dispatch for their (classified) newspaper ads.
proposals were completed at the end of 2002. These
This has resulted in substantial savings in the advertising
measures aim to reduce personnel costs by approximately
departments.
1 25 million a year through the cutting of 550 jobs.
The loss on Internet activities was cut by half in
In 2002, the company realised total savings of more
2002 compared to 2001 as a result primarily of cost
than 1 5 million. The work force was already reduced by 214
reduction operations and reducing the losses of joint
jobs at the end of 2002; the remaining reduction of the
ventures by integrating print and on-line activities.
work force will take place during a three-year period.
This reduction of the work force is offset by an
Home delivery of newspapers remains an important
increase resulting from new activities and the acquisition of
focus of attention. Stricter regulation and competing jobs
a 100% interest in Woonkrant.nl and Reiskrant.nl. To adapt
are making it increasingly difficult to find and keep news-
to future cyclical movements, flexibilisation of wage costs will
paper delivery personnel. Delivery costs have risen 7.5% in
have to remain a focus of attention.
the past year. To address this problem, De Telegraaf, Pers-
The bursting of the Internet bubble means that Internet
combinatie and Wegener decided to create a joint delivery
activities can be traditionally assessed in terms of effect on
system in the Utrecht area for a trial period of one year.
earnings per share rather than market shares and page
In line with the strategy memorandum, the group's
view numbers. Several participations in this area were
organisation structure was changed in 2002. In the new
terminated in 2002 because they had no prospect of gene-
structure, the holding management is no longer in charge
rating profit within a reasonable period of time.
of the operational activities of B.V. Uitgeversmaatschappij
The Internet has become a fixture of the publishing
De Telegraaf. The holding management will mainly focus
industry. This means in terms of advertising sales,
on directing management of the operating companies and
competition with, among others, classified ads in news-
on corporate issues such as strategy, treasury, HRM,
papers. Falling turnover from advertisements in print media
ICT policies and investor relations.
9
A N N U A L
R E P O R T
Results
As part of the optimisation, attention was focussed
during the year on intercompany pricing. Effective January 1,
In 2002, the company sustained a net loss of 1 4.9
2003, intra-group deliveries and services between group
million compared to a net loss of 1 29.5 million in 2001.
companies were priced to the degree possible at market
The net loss for 2002 includes a net sum of 1 21 million
rates. While providing clearer insight into the actual results
in incidental expenditure related to the proposed restruc-
of each individual operation, this also increased cost aware-
turing primarily at the regional newspapers. Without the
ness. In 2003, adjustments for ICT services and printing
incidental expenditure, the group realised a 'normal' result
rates will follow.
of 1 16.3 million for the whole of 2002, as compared to
1 16.5 million for 2001. In other words, a virtually level
During the past year, the group took leave of the
result notwithstanding a drop in advertising turnover of
more than 1 35 million.
Biegelaar Groep as a core activity and with it magazinerelated printing and finishing activity. Insufficient scale and
The consequent pressure on the result was offset
as a result limited profitability were the reasons for this
by the cost cutting measures taken in 2001 and 2002,
decision. The shares in the Biegelaar Groep were transfer-
including reduction of losses from Internet activities,
red to the Brouwer Group in a legal merger that gave
decreased newsprint prices, higher net income from
a 43% share in the Brouwer Groep.
participations and an increase in interest income.
Income from participations increased substantially
The year 2003 will primarily be dominated by further
from a 1 4.8 million loss in 2001 to a 1 2.2 million profit in
optimisation and innovation. Both in the newspaper and the
2002. A drop in Wegener dividend and a loss on the share
magazine division, initiatives will be launched to increase the
in Brouwer Groep were more than offset by a 1 4.1 million
number of customers and thus extend the reach of our
increase in the result of SBS Broadcasting and significantly
advertisers. Possibilities for an increase in scale will be
lower losses on Internet-related interests.
explored.
Finally, interest income increased by more than 1 3.3
million reflecting high interest on the loans and subordinated
FINANCIAL DEVELOPMENTS
loans extended to the Brouwer Group and an improved
liquidity position.
Consolidation
A comparison of the figures for 2002 and 2001 is
OPERATING RESULT
affected by the deconsolidation of the Biegelaar Groep B.V.,
after depreciation of goodwill in millions of euros
which merged with the Brouwer Group effective retro44,0
56,2
61,4
65,1
78,6
88,5
88,6
80,4
9,5
1993
1994
1995
1996
1997
1998
1999
2000
2001
21,8
actively to January 1, 2002 and by the consolidation of
Woonkrant.nl following the acquisition of a 100% share
as of January 1, 2002.
In explanation of this the appendix in this annual
report includes a pro forma consolidated profit and loss
account of 2001, excluding the Biegelaar Groep.
10
2002
A N N U A L
R E P O R T
Cash flow decreased from 1 59.5 million in 2001
decreased by 1 93.9 million, primarily because of the
to 1 50.8 million in 2002 after deduction of the additions
deconsolidation of the Biegelaar Groep. Other turnover
to the reorganisation provisions. The cash flow increased
increased by 1 0.2 million compared to 2001.
from 1 49.9 million to 1 50.8 million, excluding the
Overall group turnover in 2002 included 1 369.7
million (52%) in advertising income and 1 279.9 million
Biegelaar Groep.
(40%) in circulation income. Third-party printing turnover
amounted to 1 18.1 million (3%), other revenue to 1 36.7
Turnover
Turnover decreased by 14.3% from 1 822.2 million in
million (5%). The corresponding figures in 2001 were
2001 to 1 704.5 million in 2002. Autonomously, turnover
1 405.2 million (49%), 1 269.3 million (33%), 1 112 million
declined by 4.6 %. The decrease in turnover was the net
(14%) and 1 35.7 million (4%), respectively.
effect of a drop in advertising income of 1 35.4 million and
an increase in circulation income of 1 10.5 million.
Turnover by segment was:
x 2 1 million
At Dagblad De Telegraaf, advertising volume decrea-
2002
2001
Publishers
sed by an average of 14% compared to 2001. The
regional newspapers and door-to-door papers recorded an
average decline in volume of 10 % and 7 %, respectively.
Magazines recorded a decline in volume of 9%. Delivery
National newspapers
340.7
(49%)
342.3
(41%)
Regional newspapers
209.6
(30%)
233.6
(28%)
Door-to-door papers
76.2
(11%)
78.2
(10%)
Magazines
52.6
(7%)
58.3
(7%)
Distribution activities
22.3
(3%)
20.7
(3%)
—.—
—.—
83.7
(10%)
3.1
—.—
5.4
(1%)
704.5 (100%)
822.2
(100%)
costs of daily newspapers increased once more by an aver-
Printing products
age of 7 % compared to 2001.
(not newspaper-related)
Other activities
Turnover generated by other activities, including
distribution for third parties and book publishing increased
by 1 0.8 million and turnover for third party printing
In publishing, the turnover of the national newspapers
declined by 1.5 % and the turnover of regional newspapers
by 12.5 %. Turnover of the door-to-door papers fell by
TURNOVER (7 704,5 MILLION)
3.4 % and that of magazines by 2.7 %. Turnover in the
graphic products segment decreased by 100 % due to
52%
Advertisements
the deconsolidation of the Biegelaar Groep.
Subscriptions + single-copy sales
40%
Third-party printing
3%
Other turnover
Of the total group turnover in 2002, 2.3% was reali-
5%
sed in other EU countries compared to 2.6% in 2001. In
GOODS, SERVICES AND
VALUE ADDED
2002, a total of 1 0.1 million in turnover was realised in other
European countries, as compared to 1 1.3 million in 2001.
Goods and services
52%
Value added
Turnover per employee declined by 0.9% from
Depreciation + miscellaneous
11%
Personnel costs
–1%
1 151,600 in 2001 to 1 150,200 in 2002. Without the
Company tax
38%
0%
0
Biegelaar Groep, turnover per employee in 2001 amounted
Net profit
to 1 150,200.
11
A N N U A L
R E P O R T
In the past five years, movements in turnover,
Besides major operating companies, such as Uitgevers-
average number of FTEs and turnover per employee
maatschappij De Telegraaf, BasisMedia (daily newspapers),
were:
Telegraaf Tijdschriften Groep (magazines), Media Groep
Limburg, Hollandse Dagblad Combinatie (regional newsGroup
turnover
(x 1 1 million)
Average
FTEs
Average
turnover
per employee
(x 1 1.000)
papers) and Hollandse Huis-aan-huisbladen Combinatie
and Uitgeversmaatschappij De Trompetter (door-to-door
1998
689.9
4,568
151
papers), the distribution activities (DistriQ), too, have been
1999
721.3
4,686
154
grouped into a separate operating company. This facilitates
2000
811.1
5,177
157
2001
822.2
5,425
152
2002
704.5
4,690
150
the optimisation process and provides the management of
operating companies with greater scope for the development of new activities and markets. The theme pages
Added value
included in this annual report provide greater insight into
The group's total added value and the average added
this process at the principal activities.
value per employee developed in the past five years as
The
follows:
new
organisation
structure
puts
different
demands on the management and the personnel policy
pursued by the operating companies. In order to make this
Added value
(x 1 1 million)
Per employee
(x 1 1 million)
happen, the Human Resource Management department
1998
372
81
has been strengthened and a management development
1999
388
83
2000
420
81
2001
372
69
2002
339
73
programme and a training programme were initiated.
Shareholders' equity
Due to loss sustained in 2002 and the dividend
Strategy and organisation
pay-out over 2002, shareholders' equity decreased from
Additional substance in key areas of the September
1 464.8 million as at the end of 2001 to 1 454.1 million
2001 corporate strategy was added in 2002. Key themes
at the end of 2002. Per share this means a decrease from
in the strategic plan are: optimisation, innovation and in-
1 8.85 to 1 8.65.
ternationalisation. Medium-term targets are a 12% net re-
The number of shares remained unchanged and
turn on equity and a contribution of foreign activities to
amounted to 52,499,200 ordinary shares and 960 priority
group turnover of at least 5% within five years.
shares with a par value of 1 0.25. As of at December 31,
The corporate organisation structure was overhauled
2002, 28,335,702 shares, representing 54% of the ordi-
in 2002. In the new structure, operational activities have
nary share capital, were converted into depositary receipts.
been concentrated in operating companies with their own
responsibility for profit and turnover. This means that the
DIVIDEND
Managing Board of the holding is no longer in charge of
Dividend policy
operational activities but will focus on directing the manage-
The dividend policy is aimed at a payment in cash of
ment of the operating companies and handle those tasks
approximately 35% of the profit available for distribution. In
that transcend the area of operation of the operating
determining the dividend, the effects of the tax on the
companies, such as strategy, finance and investor relations.
imputed return on investment, which was introduced on
12
A N N U A L
R E P O R T
move into management positions at an accelerated pace.
ADVERTISING TURNOVER
Improvement
in millions of euros
348
375
436
405
of
career
development,
salary
and
job
performance systems were further developed. In 2003,
370
a first step will be taken towards age-related personnel
management.
16 ––
–– 20
67 ––
–– 75
Employment
In 2002, the work force averaged 4,690 FTEs,
265 ––
as compared to 5,425 in 2001, a decrease of 637 FTEs,
–– 274
508 of which related to the Biegelaar Groep, which
was merged into the Brouwer Group retrospective as of
1998
1999
Newspapers
2000
2001
Door-to-door papers
January 1, 2002.
2002
Magazines
Further staff reductions are mainly due to reorganisation measures taken. A case in point were the Amsterdam
1 January 2002, are taken into account where possible.
companies that were restructured in 2002. The efficiency
A temporary overrun of the pay-out ratio is acceptable in
and
the event of a temporary drop in the profit level.
activities and/or departments were subsequently merged
profitability
of
each
department
was
analysed;
or abolished where possible.
The Telegraaf Mobility Centre (TMC) went to great
Dividend proposal
In 2002, the company sustained a net loss, which
lengths to help redundant staff find alternative employment
was partly attributable to extraordinary expenditure. The
within and outside the company. Early retirement and
articles of association provide for a distribution charged to
pre-pension schemes were also frequently utilised.
the free reserve. In view of the fact that, without the non-
By the end of 2002 there were 4,553 employees
recurring charges, income on ordinary business activities
expressed in FTEs compared to 5,393 at the end of 2001.
after tax is positive, we propose to declare a dividend for
2002 of 1 0.11 per share. This distribution will be charged
Terms of employment
to the free reserve.
The company's terms of employment are determined
by four collective labour agreements. 74% of the staff come
under the Grafimedia collective labour agreement, 19% fall
OTHER COMPANY MATTERS
under the newspaper journalist collective labour agreement,
5% comes under the door-to-door journalist collective labour
Personnel Affairs
agreement and 2% comes under the professional goods
Human Resource Management
transporters collective labour agreement.
In the past year management was developed in
The Grafimedia collective labour agreement provides
two ways: a senior management programme and a
for a structural wage increase of 2% as February 1, 2002
young management programme. In 2002, a first group of
and 1% as of October 1, 2002. A basic scheme was ag-
participants
reed under which employees were entitled to a maximum of
completed
the
programme.
Furthermore,
recruitment was initiated of a number of trainees, who could
ten days of care leave at 70% of their pay level.
13
The Dutch national newspaper
market appears saturated, mature
and fully grown. To create space for
expansion, we had to find new avenues. Spits is an example of this.
A new newspaper which three years
after its launch, ranks second in the
Netherlands with a reach of 1.4
million readers a day.
Distributed free of charge, Sp!ts is
readily available. It is tailor-made for
morning commuters, readers with
limited time at their disposal, who
otherwise might not read a newspaper. Spits is a paper which, owing
to its very concept, reaches new
target groups, particularly young
people. A fully-fledged newspaper,
it features its own independent
reporting and target group-tailored
information.
Spits is a medium that provides
scope for a more in-depth approach
to each specific target group by
means of theme pages, for instance
about travel and new media, and
with magazines, such as College,
for college and university students.
new avenues
Sp!ts continues to explore new
avenues, in new media, in region
segmentation for advertisers, and
in new target group publications.
A N N U A L
R E P O R T
Furthermore, the right to compassionate leave was
department.
Environment
enshrined in the collective labour agreement. Further agreements about these issues will be made during decentralised
In the course of 2002, an Environmental Coordination
consultations.
Group was set up, which shapes environmental policy
The collective labour agreement for daily newspaper
throughout the company. This policy is aimed at reducing
journalists provided for a structural increase of 2.5% as
the environmental impact. To achieve its aims, the company
from 1 January 2002. At the request of the Joint Study
will furnish the necessary means, training, information and
Committee for the Re-evaluation of the Wage Structure
consultative structures. The focus is especially on compliance
(Paritaire Studiecommissie Herijking Loongebouw), an inquiry
with the rules as laid down in permits and in the law, the
was launched into the pay structure.
main objectives of which are: environmental awareness on
In 2002, the collective labour agreement for door-to-
the part of the employees, a reduction in the use of raw
door paper journalists provided for wage increases of 2% and
materials and cutting down on the amount of waste.
1% with effect from 1 April and 1 September, respectively.
In addition to the drafting of a new environmental
For some years now, the collective labour agreement
policy statement, attention focused on investigation into the
covering the transport and haulage sector is effective for a
efficiency and implementation of the transport plan, the
period of one year. At the start of the current period (April
development of the Corporate Energy Savings Programme,
2002 - March 2003) wages were structurally increased by
the experiment to improve sorted waste disposal and the
1.5%. At the same time, the pension scheme was updated
screening of a large number of suppliers for environmentally
and improved in a range of areas.
sound entrepreneurship.
Health and safety at work
Works Councils
The Eligibility for Permanent Invalidity Benefit (Restric-
The year 2002 was for the Works Council of the
tions) Act (Wet Verbetering Poortwachter) has been intro-
Amsterdam companies the worst ever. The council had to
duced. The law is designed to encourage both employers
deal not only with the usual requests for a formal opinion,
and employees to deal more swiftly and effectively with
but also with the reorganisation programme. The council
situations that threaten to result in prolonged absence.
understood
Initial forecasts indicate that the act has a positive effect.
experienced the loss of more than 300 jobs as a setback.
the
need
for
cost-saving
measures
but
Negotiations about the measures sparked emotions. The
Since January 2002, all work areas are smoke-free.
consultations proceeded nonetheless in a positive vein and
Smoking is only allowed in specially designated locations.
with mutual respect that contributed to a constructive at-
Within the framework of the optimisation of labour
mosphere.
conditions, the company is being screened for risks to
health and safety. Where necessary, this process will be
Effective January 1, 2003, the employee representa-
followed by an evaluation and action plan. In 2002, the
tion structure changed. A Central Works Council replaced
following sectors were screened: financial and administrative
the consultation Platform to deal with all matters related to
services, holding staff and personnel & organisation.
N.V. Holdingmaatschappij De Telegraaf. The Works Council
for the Amsterdam companies limit its scope to Uitgevers-
The final sectors to be screened in 2003 are the
maatschappij De Telegraaf, BasisMedia and Datawire.
advertising operation and editorial department of dagblad
The Telegraaf Tijdschriften Groep has its own Works
De Telegraaf, and the ICT Service Management Amsterdam
15
A N N U A L
R E P O R T
In 2002, a sum of 1 8.1 million was charged to
Council.
Agreement was reached with the Works Council of
the provision for maintenance. At the end of 2002, this
Media Groep Limburg (MGL) on a harmonised package
provision will total 1 5.8 million. The renovation costs will be
of terms of employment, including uniform personnel
capitalised and charged against the result until the end of
schemes. In December, the participants of the MGL pension
the ground lease term.
fund approved an updated pension scheme based on the
Commitments
average wage.
This scheme also covers former employees of
Including 2002, capital expenditure commitments
Dagblad De Limburger, who were insured with the VNU and
involving tangible fixed assets totalled 1 36.4 million
Audet pension funds.
excluding VAT. Of this amount 1 19.2 million will be due and
payable in 2003 and subsequent years.
In 2002, the group works council of Hollandse Huis-
Payments in respect of commitments entered into
aan-huisbladen Combinatie (HHC) was involved in screening
in 2002 and previous years amounted to 1 21.4 million
the organisation and establishing priorities for the strategic
excluding VAT in 2002.
memorandum. Issues discussed included: the redeployment
of door-to-door paper journalists in accordance with the new
relocation system, decentralised consultations, an appointment to the Managing Board, a personnel appraisal system,
and a decision in favour of a single Health and Safety at
Work Service at HHC.
In 2002, the group works council of Hollandse Dagbladcombinatie focussed its attention on the restructuring
process and the consequences it would have for the staff.
MOVEMENTS IN CAPITAL EXPENDITURE
IN RELATION TO THE CASHFLOW
CAPITAL EXPENDITURE
in millions of euros
Rotatiedrukkerij Voorburgwal is realising the addition
59
98
71
61
38
of two four-colour printing units and a tenth press to the
121
119
nine existing presses. In 2002, presses one to five were put
114
into use. The remaining presses will be delivered in 2003.
Capital expenditure is expected to total 1 19 million.
66
65
60
54
In 2002, the renovation work and major repairs of the
41
44
49
48
51
41
office building at Basisweg in Amsterdam were continued.
Scheduled to be completed by the end of 2003, the project
1998
1999
2000
2001
2002
–5
involves expenditure of 1 23 million, approximately 1 14.9
–30
million of which is related to maintenance. A provision for
Cash flow
maintenance has been created for this purpose.
16
Depreciation
Net profit
Capital expenditure
A N N U A L
R E P O R T
to offset the drop in income as a result of the loss in
PUBLISHING ACTIVITIES
advertising volume which averaged 14% compared to 2001.
Circulation
DAILY NEWSPAPERS GENERAL
In 2002, distributed circulation declined by 1.6% to
During the past year, the HOI Institute for Media
a total of 795,364 copies a day. The decrease occurred
Auditing reported a decrease in Dutch newspaper circula-
both at paid subscriptions and at domestic single copy
tion. From October 1, 2001 to September 30, 2002,
sales. Single copy sales abroad increased. The circulation
'distributed circulation' fell by 2.1% to 4,311,338 copies.
share of the national newspaper market rose from 39.5%
This does not include the figures of freesheets such as Sp!ts
in 2001 to 39.7% in 2002. The circulation market share
published by the Telegraaf group.
in the overall newspaper market
The persistently difficult eco-
rose fractionally to 18.4%. The
nomic situation in the past year
Saturday subscription introduced
again affected advertising capacity
in the province of Limburg at the
utilisation at all Dutch newspapers.
end of 2002 proved successful
A volume decline of 11% occurred
and will be available in more areas
across all categories.
of the Netherlands in the course of 2003.
A 5% price increase was implemented on the readers'
NATIONAL NEWSPAPERS
market effective 1 October, 2002.
Uitgeversmaatschappij
A worrisome development is the renewed increase
De Telegraaf B.V.
in newspaper delivery costs due to a lack of newspaper
On 1 January 2002, the activities of Dagblad De
deliverers. In 2002, three daily newspaper groups initiated
Telegraaf and Rotatiedrukkerij Voorburgwal were concentrated
an experiment with joint delivery in part of the province of
into Uitgeversmaatschappij De Telegraaf (UMT), with joint
MOVEMENT IN PAID CIRCULATION
DE TELEGRAAF
responsibility for the publishing activities and newspaper
printing.
through 1997 inclusive De Courant Nieuws van de Dag
900,000
B.V. Dagblad De Telegraaf
800,000
700,000
With the prospect of a worsening economic climate,
600,000
in 2001 and 2002 structural measures were taken to
500,000
reduce costs. Substantial staff reductions were realised by
400,000
300,000
discontinuing departments and by streamlining business
200,000
processes. All departments were involved in this. Internet
100,000
0
activities were integrated as much as possible into the
1982 1984 1986 1988 1990 1992 1994 1996 1998 2000 2002
print activities. These measures and the effect of reduced
Subscriptions + single-copy sales
spending on newsprint because of the drop in price, failed
17
Subscriptions
A N N U A L
R E P O R T
Utrecht. In 2003, this is expected to determine the
Both staff and development costs were structurally
advantages and disadvantages of joint delivery compared to
reduced, while the ICT Support and Maintenance Department
independent distribution.
was streamlined. The marketing and commercial Internetdepartments were integrated into the advertising market clusters. This means that separate Internet departments no
Besides regular newspaper distribution abroad, the
longer exist alongside editorial and ICT teams.
distribution through so-called digital kiosks was expanded.
At a digital kiosk a newspaper can be issued and bought
The partners in the Airtrade (Reiskrant.nl) and Real
on call. Starting 2001, daily circulation of De Telegraaf de-
Estate Publishing (Woonkrant.nl) joint ventures were bought
stined for the Canary Islands is printed on location.
out in 2002. Both Internet sites are now fully owned by B.V.
Starting 2003, the newspaper will also be printed in
Dagblad De Telegraaf and incorporated into the market clus-
Valencia, which will significantly expand the number of
ters of Travel and Lifestyle. The goodwill related to
holiday destinations where the newspaper can be bought on
these buy-outs was charged to the 2002 result.
The number of visitors attracted in 2002 by Telegraaf.nl
the publication date.
made the site, according to a Multiscope survey, one of
Advertising
In
volume
advertisements
the 10 most frequented Internet sites in the Netherlands.
decreased
with
14%
Telegraaf.nl moved from twelfth to eighth place in the top 10
compared to 2001.The category national brands and
sites.
services dropped by 5%, jobs by 32%, classified ads
Despite the substantial cuts in Internet activity, the
by 17% and personal announcements by 11%. The only ex-
total number of page views of all sites increased from approx-
ception is local brands and services, which went up by 1%.
imately 1.2 million a day in December 2001 to 1.8 million
a day in December 2002. In one year, the number of unique
In 2002, the advertising business was restructured
visitors of the joint Internet activities rose from 140,000 a day
to be able to better serve the rapidly changing market.
in December 2001 to 240,000 a day in December 2002.
Multidisciplinary market teams were created to promote
On-line advertising turnover, particularly related to
professionalism in the development of important sales
so-called verticals, increased in 2002. Autotelegraaf.nl, in
markets. The financial/business, cars, lifestyle, travel, boating
particular, saw sales increase substantially in part because
and retail segments are now in separate clusters.
the efforts of a specially formed sales team. Woonkrant.nl
is the second largest property site in the Netherlands and
Telegraaf.nl
recorded yet another increase in its property portfolio.
Reducing the cost of Internet activities of Dagblad
Vacaturekrant.nl reinforced its position on the personnel
De Telegraaf while maintaining editorial content dominated
market by adding the combined staff advertisements of the
2002.
regional newspapers in the group.
18
A N N U A L
R E P O R T
During the final quarter of 2002, a full and digital version
Circulation of Sp!ts during the year compared to 2001
remained static at about 400,000 copies a day.
of the daily newspaper, downloadable via Telegraaf.nl, was in-
According to NOM Print Monitor 2002-1 Sp!ts
troduced under the name of Telegraaf-i. The digital version
reached an average of 1,354,000 readers a day in the age
is available against payment.
The Internet is also becoming increasingly important
group of 13 and older. This makes Sp!ts, after daily
for the submission of Speurders texts as an alternative to
newspaper De Telegraaf, the second largest paper in the
submission by telephone, which has enhanced the efficiency
Netherlands.
of the take-in process. Through the I-mode and Vodafone
According to a yearly Interview NSS survey in December
live! telecom services paid editorial content and Speurders
each year, Spits advanced from 53rd place in 2001 to 18th
were also deployed. This prompted a promising volume of
in 2002 in terms of media popularity. Spits moreover recei-
downloaded pages. Revenue can nonet-
ved the award for the best price/perfor-
heless not be viewed as substantial.
mance ratio. This result could contribute
to a positive result in 2003.
B.V. Rotatiedrukkerij
At the beginning of January, Mixx,
Voorburgwal
a special section catering to young people,
Last year was an eventful year for
was launched. Providing information about
Rotatiedrukkerij Voorburgwal, De Telegraaf's Amsterdam
dance, music, clubs, parties, fashion and other topics targe-
Newspaper printing plant. The optimisation drive involved a
ting young people, these pages should enable Sp!ts to attract
major cut in work force. Most of the redundant staff opted
advertiser groups that normally do not advertise in daily
for the senior employee scheme.
newspapers.
To meet demand for more full colour pages in De
Based on these developments and new initiatives,
Telegraaf, it was decided at the end of 1998 to install
the paper is expected to make a positive contribution to the
additional full colour printing units and another press. The
result in 2003.
full programme is expected to be completed in 2003.
BasisMedia B.V.
REGIONAL NEWSPAPERS
Sp!ts
Hollandse Dagbladcombinatie B.V.
As a result of the implementation of higher advertising
In 2002, turnover of Hollandse Dagbladcombinatie
rates, turnover at Sp!ts was up compared to 2001. This
(HDC) decreased by about 8%. Despite lower direct costs
increase was achieved during the year, with the last quarter
and measures taken to cut indirect costs, the operating
showing an advance of more than 24%. The second part
profit declined by more than 17%.
of the year was dominated by optimisation, which resulted
in substantial cost reductions almost across the board.
The erosion of the advertising market in 2001
The higher turnover and lower costs ultimately resulted in
continued unabated in 2002, with the sectors of national
a profit contribution during the final quarter of the year.
advertisers and job advertising, in particular, bearing the
Calculated for the year as a whole, taking into account
brunt. Local and regional advertising volume was more
indirect costs, this activity still sustained a slight loss.
immune to the downtrend.
19
A N N U A L
R E P O R T
Media Groep Limburg B.V.
The overall decline in advertising turnover was more
than 6%. Paid circulation did not suffer quite as much.
In line with the trend in the sector, the result of
Existing trends continued. Noordhollands Dagblad recorded
Media Groep Limburg (MGL) was down compared to 2001.
marginal growth. The other HDC titles showed a decline
Turnover fell by 5%. Half of this loss was offset by cost
similar to that noted in the previous year (2% on average).
reductions resulting partly from integration advantages and
partly from cutbacks.
The company had already announced that it was
Advertising turnover fell by 12% due to the shrinking
seeking further ways to improve the profitability of the HDC
volume (-8%) and, on average, lower page revenue due to
publishing companies. The policy memorandum resulting
the loss of advertisements with higher margins.
from this was published in early 2002 and led to a blueprint
for a new strategy and structure. The various projects set
Income from daily newspaper subscriptions and single
out in this are designed to result in full integration of the two
copy sales did increase as a result of an increase in prices.
HDC publishers in a bid to enhance efficiency and renew the
Circulation declined by 2% at Dagblad De Limburger and
market approach.
by 4.2% at Limburgs Dagblad.
The mere 3% margin of the combined publishing
With the concentration of all common MGL activities
activities in 2002 must be lifted to 12%. In view of a major
in Maastricht, Heerlen and Venlo into the new head office in
restructuring operation agreement in principle on a social
Sittard, the closure of the printing business in Maastricht,
plan was reached with the trade unions in December
and the combination of the printing activities at Nieuwsdruk
2002. To implement this plan, a provision, charged to the
Heerlen, the first stage of the integration of MGL is
2002 result, was created. The projects are expected to
completed. The related cut in work force employed in these
continue into 2004 with one of the first concrete results
business units excluding new activities was 9%.
being the discontinuation of Dagblad van Almere and Goois
As part of the optimisation drive, a plan called 'Samen
Weekblad at the beginning of 2003. The initial effects of
Sterker', envisaging close collaboration between Dagblad
the cost reductions became already apparent in 2002. The
De Limburger and Limburgs Dagblad, was drafted. In the
number of jobs in the publishing sector was reduced by
autumn of 2002, the Netherlands Competition Authority
more than 3% with vacancies no longer being filled.
(Nederlandse Mededingingsautoriteit) agreed to this planned
After realisation of all projects, the staffing level
collaboration. Implementation of the plan to improve MGL's
should be down by 15%. In April 2003, Almere Vandaag
gross margin by five percent is scheduled to start at the
will be launched. This is a new, topical freesheet, which
beginning of 2003.
will be distributed door-to-door in Almere four times a week.
Internet company I-media Limburg (IML) has been
't Groene Weekblad will continue to exist as a door-to-door
downsized by one-third. At the same time, sales responsibility
paper until April, after which it will merge into Almere
for the combination of printed and on-line products has been
Vandaag.
transferred to the advertising business of Limburgse
20
A N N U A L
R E P O R T
Dagbladen Combinatie. With respect to MGL an impairment
The largest part of the advertising turnover is generated
test has been performed that indicated that there was no
by the four regional publishers. Local advertisements, along
reason to accelerate the depreciation of goodwill paid.
with local editorial production, determine to a large extent the
image of door-to-door papers as well as the strength of the
product. HHC attributes great importance to this and
DOOR-TO-DOOR PAPERS
intends, with further adjustments in its system of publications,
to improve custom work. This can be achieved by increasing
Hollandse Huis-aan-Huisbladen
the number of editions covering a smaller territory to make
Combinatie B.V.
advertising more affordable for smaller advertisers.
The annual result of Hollandse Huis-aan-huisbladen
HHC’s central sales organisation for major advertisers
Combinatie (HHC, comprising the publishing companies of
operating on a regional or a nation-wide basis, is De Holland
De Echo, Noorderpers, Van Groenigen and Reclame 't Gooi)
Combinatie. This organisation has proven itself by having been
remained well below that of 2001. This may be ascribed to
voted most appreciated sales organisation of door-to-door pa-
both declining turnover and higher direct costs, including the
pers for the third consecutive time in the 'first-term report' of
effect of higher intercompany
'Adformatie', a professional me-
printing and delivery rates.
dia journal. The internal techni-
In terms of advertising
cal prepress organisations are
turnover, 2002 also lagged
being given the necessary at-
behind the previous year. This
tention. Much has already been
was true for both mid-week and weekend editions. The
done to create a system for the electronic submission of ad-
company sought to offset the decline as much as possible
vertising material. Further steps towards fully digital lay out of
by issuing specials. Owing to a favourable ratio between
the publications will be taken in the years ahead.
advertising and editorial pages and a higher average price
Uitgeversmaatschappij
per millimetre, turnover per page increased.
De Trompetter B.V.
The HHC organisation made the necessary innovation
in the same year in which Weekblad De Echo celebrated
The result of De Trompetter improved as a result of a
its 50th anniversary and Uitgeverij Van Groenigen occupied
higher turnover and the disappearance of amortisation
its new head office. Additional products were developed
costs relating to goodwill. The result of Kempen Pers was
alongside the regular door-to-door pages. For instance, new
under pressure due to higher intercompany charges for
advertising and readers markets are being tapped with !N
printing and distribution costs.
and business publications. !N is a trendy magazine targeting
customers different from that of the door-to-door readership.
MAGAZINES
The business publications are business-to-business papers
in a tabloid format targeting local industrial enterprises. The
system used for distribution of the above-mentioned new
De Telegraaf Tijdschriften Groep B.V.
products is different from that normally used by HHC for the
The result of De Telegraaf Tijdschriften Groep (TTG)
distribution of door-to-door papers. In 2003, these new
for 2002 improved substantially compared to 2001 owing
publications will gain a solid basis within the organisation.
in particular to lower printing rates and personnel costs.
21
Magazines target 'communities',
groups of readers who share particular fields of interest. Privé,
Hitkrant, Starstyle are made for
readers interested in the world
of stars, gossip, glamour and
entertainment; Autovisie is for car
aficionados, FHM is for what men
talk about, while Elegance, Man and
Residence
are
geared
towards
readers drawn to the world of luxury.
Specialisation in interest groups is
expanding frontiers
essential to survival in a market
where
having
mass
a
more
media
are
difficult
time.
Reinforcement of brand perception
also plays a major role. This can be
accomplished through side activities
that add further distinction to the
brand.
Ways
are
also
being
sought
to optimise the production process,
a case in point being the processing
of advertising orders through the
Internet.
Another
example
is
financial optimisation, for instance
by using different rates linked to
circulation figures per issue.
The strategic focus remains on
internationalisation of the portfolio
by introducing our own titles on
new markets or by marketing new
titles on existing markets.
Expanding frontier entrepreneurship: on our own steam, in cooperation with third parties or through
acquisitions.
A N N U A L
R E P O R T
TTG Netherlands
In 2002, Starstyle was awarded the Mercur prize for
In 2002, as part of the optimisation drive, TTG stream-
Launch of the Year 2002. This was the icing on the cake
lined its organisation and restructured various business
following the successful introduction of this new monthly
processes. Lithography has been outsourced to Van Ginneken
magazine for young women. Paid circulation now regularly
& Mostaard Group (a member of the Brouwer Groep).
exceeds 50,000 copies. TTG has great expectations of Star-
In April 2002, the activities of OOR were sold to
style's future performance.
Nederlandse Tijdschriften Groep. The deal included the
This year, Autovisie introduced a new special, the
magazine, the Internet activities, as well as the bi-yearly Pop
2002 guide on accessories and tuning. This special was
encyclopaedia. This sale was effected because of the poor
published along with the regular bi-weekly magazine and the
perspective for both the readers market and the advertising
Autovisie Jaarboek. This meant a further reinforcement of
market and the magazine's inability to generate synergy with
the magazine's position as 'opinion leader' within the car
any other activity within TTG. Most of the staff transferred
magazine segment.
to the new owner.
FHM registered robust growth on the readers market
As part of the innovation programme, a new title,
and is on its way to become market leader in the men's
Gardens & Country, was introduced in the spring of 2002.
magazine segment. FHM's position on the advertising
Featuring all the aspects of outdoor life, this lifestyle maga-
market has clearly improved compared to 2001.
zine appeared twice in 2002.
MAN was restyled in early 2002, which clearly led
In 2002, a start was made with the Line and Brand
to higher sales figures. Residence's celebrated its 15th
Extension activities relating to existing TTG titles and brands.
anniversary in 2002, highlighted with the publication of the
Several books were published as well as many home shop-
magazine's most voluminous issue ever.
ping activities in the company's own titles.
The Internet activities of TTG are performing well. The
newsletters for readers of the various TTG titles have been
Privé had a turbulent year, with the developments
further professionalised. The total number of visitors of TTG
surrounding the royal family, in particular, generating a great
web sites rose from 2.5 million in 2001 to over 3.4 million
deal of publicity. Both the regular publications and a success-
in 2002. Furthermore, new web sites were introduced for
ful special on the marriage of the crown prince and Máxima
Elegance and Residence.
reached a large readership. Circulation of the gossip maga-
TTG Sweden
zines is under pressure. With an average core circulation of
TTG Sweden’s portfolio was expanded with the titles
over 323,054 copies in the third quarter of 2002, Privé
Residence and Cosmopolitan, the latter in a joint venture
retained its leading position on the gossip market.
In 2002, Hitkrant gained market share in the market
with Hearst Corporation. The intention is to further expand
for youth magazines. The magazine also had a good year
the number of titles in the coming years. As a result, due to
in terms of advertising, scoring particularly well among
start-up losses during the next few years, these activities
providers of ringtones and logos for mobile telephones.
are not expected to make an immediate contribution to the
23
A N N U A L
R E P O R T
result. In contrast to the general advertising market trend
between DataWire and e-Factory. The joint venture develops
in Sweden, all TTG publications achieved higher advertising
products that enable publishers to place their publications in
turnover and, consequently, a higher result in 2002.
full on the Internet. In addition, it provides the possibility to
select editorial or other content according to any desired
profile and to offer this on-line against payment.
Cosmopolitan is a leader in the segment of Swedish
women's magazines. Compared to 2001, circulation rose
The first product, DIGI-dition enables De Telegraaf to
by 17%, advertising turnover by 40%. In 2003 Cosmopolitan
publish the entire newspaper, including photographs and
is expected to make a positive contribution to the result.
advertising, on the Internet under the name of Telegraaf-i.
DistriQ B.V.
The two boating magazines Båtnytt and Vi Båtägare
Launched on 1 January, 2002, DistriQ is the nation-
achieved the best result so far. Subscription turnover, in
wide distribution organisation for the group's printed media. It
particular, developed positively.
In view of the positive trend in advertising turnover, the
also distributes third party publications. Development of Dis-
publication frequency of Residence has been stepped up
triQ’s organisation has led to a physical separation of the dis-
from six to seven issues a
tribution departments from
year. Residence has a sta-
the publishing houses. The
ble circulation of 30,000
distribution departments are
copies. The advertisement
now housed in several loca-
sales for Golf Digest impro-
tions according to plan.
Like in Limburg, joint delivery of newspapers owned by the
ved substantially compared to the difficult year 2001.
Telegraaf group will be implemented in the province of NoordHolland in 2003. Further improvement of quality versus costs
OTHER ACTIVITIES
will be a top priority for all product streams. Distribution for
external customers will be expanded. To increase DistriQ's
name recognition, attention will be devoted to communica-
DataWire B.V.
tion. An example is the introduction of a new magazine and an
interactive Internet site especially for DistriQ deliverers.
DataWire focuses, amongst other things, on syndication - the processing, distribution and sale of existing
content collected from editorial boards and various other
Another focus in 2002 besides development of the
sources. DataWire is also active in collecting and structuring
DistriQ concept (so-called finely meshed professionalisation)
sports results of a large number of competitions (especially
was the preparation and implementation of the joint delivery
amateur sports) and cinema and entertainment listings.
experiment of the Dutch newspapers. At the end of 2003,
These data are sold to operators of daily newspapers,
a decision will have to be taken about a possible nationwide
cable TV information services and teletext. DataWire, in
roll-out of the system. Once it is clear whether this experi-
collaboration with Mobillion and several publishers, also
ment provides the predicted financial, qualitative and logistic
operates SMS services in the area of football scores and
advantages, it must also be considered whether this
league tables.
outweighs the disadvantages of divestment of a professional in-house distribution business.
PayperNews is the name of the joint venture
24
A N N U A L
R E P O R T
V.o.f. SBS 6 / Net 5 Text
PARTICIPATIONS
This
company
produces
the
teletext
pages
of
the SBS 6 and Net 5 broadcasting stations. Net 5 Text has
entered into new joint ventures in a bid to improve its results.
Regio-I Beheer C.V.
In 2003, growth in this area will have to come from
Regio-i is the joint venture in the area of the Internet
multimedia projects in collaboration with third parties. A
set up in 2001 by the regional newspapers of the Telegraaf
combination of teletext, the Internet and print is the basis
group and those of Noordelijke Dagblad Combinatie (NDC).
for this strategy.
Including the shares of HDC and MGL, the Telegraaf group
V.o.f. V8 / Fox Kids Text
holds a 75% stake in Regio-i.
The cooperation between V8 and Fox Kids in teletext
In Regio-i’s first year, a joint Content Management Sys-
services was fruitful. Further expansion of these services in
tem (CMS) was developed, which serves the daily news si-
combination with Internet and mobile telephone services will
tes and the commercial environments for cars, jobs and
have to generate future growth.
housing. On a daily basis 25,000 visitors to these sites
Mobillion B.V.
generated 175,000 page views.
Mobillion is owned by MGW (35%), SBS (35%)
In 2003, Regio-i will expand to include activities
and management (30%). Mobillion develops and operates
designed to encourage electronic submission of advertising
facilities in added value services for mobile telephone
material. Regio-i has acquired a 95 % share in MediaMenu
owners. In 2002, turnover of Mobillion rose about 25%
Holding for this purpose. MediaMenu develops Internet-
compared to 2001.
based technology that enables advertisers to link directly
The Mobillion services are marketed under the
to the publisher. This allows for considerable cost savings,
strengthens
customer
relation-ships
and
makes
Mobillion label with Mobillion handling everything from
new
service to marketing to end users. At the same time,
product/market combinations possible
Mobillion puts its expertise and production facilities at the
Media Groep West B.V.
disposal of partners and third parties. In such cases,
N.V. Holdingmaatschappij De Telegraaf; has a 90%
Mobillion acts as a technical support partner who translates
share in Media Groep West BV (MGW) while UPC Nederland
concepts into affordable and reliable services. End users
holds the remaining 10%. MGW includes SBS 6/Net 5
can
Text, V8/Fox Kids Text and Mobillion.
SMS, teletext, wap, the Internet, i-mode, EMS, MMS, or a
Further investment into cable TV Nieuwsnet 9 is
be
reached
through
interactive
voice
response,
combination of these.
unjustified given the channel’s sharply falling advertising
revenues and uncertainty whether it will remain part of
B.V. Algemeen Nederlands
cable progamming. Effective June 30, 2002, the cable TV
Persbureau ANP
information service has ceased broadcasting.
N.V. Holdingmaatschappij De Telegraaf is a minority
Despite Nieuwsnet 9’s loss, MGW was able to close
shareholder (28.4%) of Algemeen Nederlands Persbureau
the year 2002 with a higher result.
ANP in The Hague. Serving daily newspapers, radio and
25
A N N U A L
R E P O R T
SBS Broadcasting B.V.
TV stations and ICT customers, ANP is the main press
agency in the Netherlands.
The performance of SBS Broadcasting B.V. during
2002 surpassed expectations, certainly given the difficult
economy. SBS achieved a net profit of 1 14.9 million
Wegener N.V.
On December 31, 2002, NV Holdingmaatschappij
compared to 1 1.86 million in 2001. The Telegraaf group
De Telegraaf’s share in Wegener consisted of 9,593,478
30% share of 1 4.48 million in this result is shown under
depositary receipts for ordinary shares of 1 0.30 par value
'income from participating interests'. Given that the compa-
with an interest of 21.6% and 2,593,030 depositary
ny can claim offsets for its tax losses, it will not have to pay
receipts for 6.84% cumulative preference shares of 1 0.30
corporate tax. No dividend will be distributed for 2002. The
par value with an interest of 32.1%.
market share of SBS on the television advertising market
In 2002, the stake in ordinary shares was raised
rose from 26.8% in 2001 to 28.7% in 2002. On the
from 20.5% to 21.6% through the purchase of 482,788
viewers market, the station share of the three SBS stations
depositary receipts at an average price of 1 4.59.
(in the target group of men and women aged 20-50) rose
On December 31, 2002, the price was 1 4.80. The average
from 22.1% in 2001 to 24.6%.
purchase price was 1 5.91. Compared to the price on
December 31, 2002, this represents a bookvalue of 1 10.6
Noordzee FM
million which exceeds the market value. Given that we believe
At year-end 2002 SBS Radio B.V. sold its 50.1%
that there has been no structural decrease in value, we
share in Publimusic B.V. (Noordzee FM) to Talpa manage-
decided not to adjust the value downward. The cash dividend
ment B.V. N.V. Holdingmaatschappij De Telegraaf, sold its
for 2001 received on ordinary shares and the pro rata share
30% share in SBS Radio B.V. to the other participating
in the preference dividend for 2002 are shown under 'income
party, SBS Nederland B.V. Uncertainty regarding distribution
from participating interests'.
of air frequencies, insufficient profitability, and a lack of
synergies with other activities of N.V. Holdingmaatschappij
Brouwer Groep B.V.
De Telegraaf prompted the sale.
In the course of 2002, a legal merger was effected
between the Biegelaar Groep (a wholly owned subsidiary of
N.V. Holdingmaatschappij De Telegraaf) and the Brouwer
Groep with retroactive force from January 1, 2002. The
share in the new combination amounts to 43%. At the end
of 2002, subordinated loans totalling 1 33.2 million had
been extended at an interest rate of 7.5%.
In 2002, integration of a number of operating
companies was started, for which considerable provisions
for restructuring were created and charged against the
2002 result. In 2003, the combination is expected to
make a positive contribution to the result. Our pro rata
shares in the loss for 2002 are shown under 'income from
participating interests'.
26
A N N U A L
R E P O R T
EXHIBITIONS
PROSPECTS
Publishers in a multimedia society have to develop in
The year 2003 will be dominated by further optimi-
a multimedia direction.
sation: restructuring measures already taken or planned
To achieve this, the Telegraaf group in 2002 entered
for both the Amsterdam companies and the regional news-
into a joint venture with CEE Exhibitions, a member of Expo-
papers will result in further reduction of personnel costs.
media Group Plc. Expomedia is a British listed company,
This is expected to be offset by an equal amount of
which has successfully developed exhibition concepts in
additional costs related to increases under the collective
Europe and in the Far East. The goal of the joint venture is
labour agreement sand the cost of new newspaper and
to develop and operate events, consumer exhibitions and
magazine activities.
expositions in the Netherlands. Already three exhibitions in
Further reduction in losses relating to Internet activi-
the areas of fashion and cosmetics, lifestyle and food and
ties and lower newsprint prices starting from April 2003 will
beverages are planned for 2003.
make a positive contribution to the result. The key factor
remains nonetheless the development of the advertising
volume. Figures for the first eight weeks of 2003 show a
continued volume decline of an average 13% compared to
the same period in 2002. Particularly job advertisements
with relatively wider margins are again showing a downtrend. It is difficult at this stage to forecast the 2003 result
given the uncertainty over the development of advertising
turnover in 2003 (advertising accounted for 52% of group
turnover in 2002).
Managing Board
F.Th.J. Arp
W.O. Kok
J. Olde Kalter
A.J. Swartjes
Amsterdam, 23 March 2003
27
A N
L E
A C
S
J
AN
AURA R
KC
EONU INNT G
CONSOLIDATED BALANCE SHEET
In duizenden
Euro’s
(in
thousands
of euros)
(after appropriation of result)
31
december
2001
31
December
2002
31December
december2001
2000
31
Vaste assets
activa
Fixed
Immateriële
vaste
activa
Intangible
fixed
assets
143,628
Materiëlefixed
vaste
activa
Tangible
assets
236,603
Financiëlefixed
vaste
activa
Financial
assets
143,029
–
409.375
146,612
–
409.375
350,289
97,343
Total fixed assets
523,260
594,244
Som der vaste activa
Current assets
Vlottende activa
Inventories
Voorraden
Receivables
Vorderingen
Securities
Effecten
Liquid
assets
12,688
17,289
118,073
120,360
3,603
4,673
69,143
29,997
203,507
172,319
207,782
238,191
Liquide middelen
Total current assets
Som der vlottende activa
Current liabilities
Kortlopende schulden
Current assets net
of current liabilities
–
Uitkomst vlottende activa min kortlopende schulden
4,275
–
518,985
Langlopende
schulden
Long-term liabilities
Voorzieningen
Provisions
Eigen
vermogen
Shareholders’
equity
28
528,372
118
2,542
64,788
61,069
454,079
464,761
518,985
65,872
528,372
A N
L E
A C
S
J
AN
AURA R
KC
EONU INNT G
CONSOLIDATED PROFIT AND LOSS ACCOUNT
In duizenden
(in
thousandsEuro’s
of euros)
31 december
2002 2001
Turnover
31 december
2001 2000
704,462
Vaste activa
Changes
in work-in-progress
Net turnover
Immateriële vaste activa
–
Materiële
vaste activa
Raw
and auxiliary
materials
Financiële
activa
Wages
andvaste
salaries
820,219
—.—
2,001
704,462
822,220
409.375
–
87,049
155,154
216,696
229,865
Social security charges
47,738
44,399
Som der vaste
Depreciation
of activa
tangible fixed assets
38,872
48,945
278,122
294,684
Other operating costs
Total operating expenditure
409.375
668,477
773,047
35,985
49,173
Vlottende activa
Operating
profit before depreciation of goodwill
and other value adjustments of goodwill
Voorraden
Vorderingen of goodwill
Depreciation
Effecten
Other
value adjustments of goodwill
14,233
12,484
—.—
27,227
Liquide middelen
14,233
39,711
21,752
9,462
Operating profit after depreciation of goodwill
Som other
der vlottende
activa
and
value adjustments
of goodwill
Income from participating interest
2,160
Kortlopende
schulden
Interest
income
5,947
Income from securities
Interest charges
–
3,620
262
–
4,852
384
1,898
–
3,026
Uitkomst vlottende activa min kortlopende schulden
Balance of financial revenues and charges
6,471
–
3,874
Langlopende
Pre-tax
resultschulden
from ordinary trading
28,223
5,588
Voorzieningen
Tax
on the result of ordinary trading
12,491
17,031
Eigen vermogen
After-tax
result from ordinary trading
15,732
Extraordinary result before tax
–
Tax on extraordinary result
31,830
–
11,185
–
11,443
28,180
10,113
Extraordinary result after tax
–
20,645
–
18,067
Result after tax
–
4,913
–
29,510
–
4,913
–
29,510
–
4,913
–
29,510
–
1 0.09
–
1 0.56
Result appropriation:
Other reserves
Dividend
p.m.
Loss per share
29
p.m.
At a time when news is becoming
increasingly globalised and uniform,
regional
newspapers
readers'
fulfil
the
confident
need for
reporting on more recognisable
topics. Regional newspapers are
in the process of reinforcing and
optimising this particular position.
This aim is being pursued along with
tighter executive control based on
financial targets, improvement of
technical processes and flexible
use of staff as well as a greater
focus on the utilisation of economies of scale provided by the group
as a whole.
To their readers, regional newspapers are an independent source
of recognisable information.
To advertisers they represent a
source of knowledge about the
regional market and the businesses
and sectors present in that market.
This position can be exploited
to
provide
readers
with
an
independent framework for the
exchange of opinions and information - in the newspaper and through
other
company-owned
products
and events.
The relationship with advertisers
can be strengthened by raising the
service level. Confident, based on a
unique position in the region.
A N N U A L
R E P O R T
3. Valuation
PRINCIPLES OF
CONSOLIDATION, VALUATION AND DETERMINATION OF THE RESULT
Intangible fixed assets
Goodwill, being the amount paid in excess of the value
on the date of acquisition of participations, business
activities and publishing rights is amortised against the
result over a maximum period of twenty years. The value at
the time of acquisition is determined on the basis of the
1. Consolidation criteria
real value of the acquired (underlying) assets and liabilities.
The consolidated accounts combine the financial data
for parent company N.V. Holdingmaatschappij De Telegraaf,
Tangible fixed assets
its group companies and joint ventures.
These assets are valued at cost less straight-line
depreciation, based on economic life expectancy. These
Consolidation is effected in accordance with the
rates are:
principles of valuation and determination of the result of the
4% or 5% per year on business premises depending on
parent company. The financial data of the group companies
their nature or purpose.
are fully included in the consolidated annual accounts after
varying from 10% to 20% per year on plant and
elimination of intercompany relations and transactions.
machinery.
20% per year on all other operational fixed assets.
Minority stakes in shareholders’ equity and in the
operational fixed assets subject with a rapid technical
result of group companies are shown separately in the
and/or economic obsolescence are written off over a
consolidated annual accounts. The results of newly acquired
period of three years.
group companies are included in the consolidation from the
Ground rent is amortised in accordance with the ground
date of acquisition. The results of participation disposed of
lease term in question. Land is not subject to depreciation.
by the company are included in the consolidation up to the
divestment date.
Fixed assets under construction are valued at the
With regard to the profit and loss account of N.V. Hol-
amounts contracted for construction projects, plant and
dingmaatschappij De Telegraaf use has been made of the
machinery.
exemption provided for in section 402, Book 2, of the Dutch
Civil Code.
Financial fixed assets
Participations in which N.V. Holdingmaatschappij
2. Conversion of foreign currencies
De Telegraaf is able to exert significant influence are valued
The participations in Sweden are considered an inde-
at the proportion of the net value asset, calculated in
pendent foreign entity. The assets and liabilities of these
accordance with the parent company’s accounting principles.
participations are converted at the price on the balance
Other participations are stated at the price of acquisition.
sheet date, while results are converted at the average
price at the time of the transaction. The difference is
Long-term receivables are stated at their nominal
directly accounted for in shareholders’ equity.
value less any provisions deemed necessary.
31
A N N U A L
R E P O R T
Inventories
The provision for supplementary retirement benefits
Inventories of paper, where it concerns quantities that
consists of the cash value of the retirement benefits allowed
were also in stock in previous years, are valued at the lower
and the pension contributions of employees who have been
of cost price prevailing during those years and market price
sick over a long period, plus the cash value of the share of
as at the balance sheet date, and where it concerns the
the health insurance of pensioners payable by the company.
surplus, at the lower of cost price and market price.
The provision is determined on an actuarial basis of 4%
The other inventories are valued at the lower of
(employees sick over a long period) or 5% (pensioners).
purchase price and market value.
The provision for supplementary disability benefits
Receivables
includes the allowance payable on top of the salary of
Receivables are shown at nominal amounts less
employees whose employment is terminated in connection
provisions for bad debts where necessary.
with the granting of a disability allowance under the Invalidity
Insurance Act. The provision is determined on an actuarial
Securities
basis of 5%. The provision for reorganisations involves find-
Securities are shown at the lower of cost and market
ing alternative employment, redundancy compensation as
price as at the balance sheet date.
well as retraining and additional training at the Amsterdam
businesses, Media Groep Limburg B.V. and Hollandse
Liquid assets
Dagbladcombinatie B.V. The provision is taken against fixed-
These are stated at nominal amounts.
interest securities.
4. Determination of the result
Current and long-term liabilities
The turnover is the proceeds charged to third parties
The current and long-term liabilities are stated at
and arising from services provided to third parties during
nominal amounts.
the financial year after allowing for VAT and discounts.
Profits are taken only insofar as they are realised as
Provisions
of the balance sheet date.
The provision for deferred taxation relates to the
deferred tax liability arising from the difference between the
valuation of assets and liabilities for commercial and tax-pur-
Costs and risks incurred before the end of the
poses. Any deferred tax receivables are set off against def-
financial year are taken into account insofar as they can be
erred tax commitments.
anticipated.
Calculation of this liability, which is shown at nominal
In determining the result, account is taken of any
value, is based on the current company tax rate.
The provision for early retirement is stated at the cash
special decline in value of fixed assets. This occurs if the
value of the commitment to supplement amounts in excess
realisable value of fixed assets is lower than the book value
of the early retirement benefit limit. The commitment to
of the asset in question. Special losses relating to a decline
supplement covers a period of three to five years up to the
in value are taken direct to the result. Thus adjusted, the
age of 65. The provision is determined on an actuarial
book value of the fixed assets in question is written down
basis of 5%.
over its remaining life.
32
A N N U A L
R E P O R T
6. Segmented information
The share in the result for the financial year is
shown under ’income from participating interests’ where it
Segmented information is stated on the basis of the
concerns participations in which the company is able to
same accounting policies as those underlying the statement
exert significant influence. In respect of the other parti-
and presentation of the consolidated annual accounts.
cipations, dividend received is also shown under income
Assets used jointly by two or more segments are only
from participations; if any dividend is receivable on prefe-
attributed to the segments if the income and expenditure
rence shares, this shall be attributed to the year in which
relating to these assets are also attributed to these
the right to such dividend arose, unless receipt is uncertain.
segments. The corporate segments are used as primary
segmentation basis.
Company tax is calculated on the result, taking into
7. Group structure
account tax allowances, including the substantial holding
exemption, and allowing for amounts that are not tax-
In the course of 2002 a legal merger was accompli-
deductible. The difference with the amount in tax payable
shed between Biegelaar Groep B.V. and Brouwer Groep B.V.
according to the profit calculation for tax purposes is shown
effect retroactively from January 1, 2002. The financial
in the provision for deferred taxation.
consequences as a result of the disposal of Biegelaar Groep
B.V. are explained in more detail in the statement 'information by business segments'.
Extraordinary income and expenditure are generated
by actions and events that are not associated with
8. Earnings per share
the company’s normal business operations and, as a result,
Earnings per share are being determined by dividing
are non-recurrent.
the portion of the result for the financial year available to
5. Consolidated cash flow statement
ordinary shareholders by the weighted average number of
The cash flow statement is prepared with the indirect
ordinary shares outstanding during the financial year.
method. The liquid funds in the cash flow statement consist
of liquid assets and securities.
The securities may be regarded as highly liquid investments. Cash flows in foreign currencies are converted at an
estimated average exchange rate.
Income and expenditure relating to interest, dividends
received and income tax are stated under cash flow from
operational activities. Paid dividends are shown under cash
flow from financing activities. The acquisition price of group
companies is shown under cash flow investment activities insofar as payment has been made in cash. The liquid funds
held by newly acquired group companies are deducted from
the acquisition price.
33
A N N U A L A C C O U N T S
EXPLANATION OF THE CONSOLIDATED BALANCE SHEET
(in thousands of euros, unless otherwise stated).
31 December 2002
31 December 2001
FIXED ASSETS
Intangible fixed assets
Goodwill
143,628
146,612
Position at beginning financial year
146,612
185,766
11,613
557
Add: - Goodwill paid on acquistion or
expansion of participating interests
Less: - Depreciation
–
14,233
- Deconsolidation
–
364
- Downward value adjustment
–
—.—
–
12,484
—.—
–
27,227
Position at end financial year
143,628
146,612
Total of depreciation and downward value adjustments
131,023
118,246
The downward value adjustments of goodwill relates to Dagblad De Gooi- en Eemlander.
Financial year 2002
Purchase cost
up to 2002
Tangible fixed assets
Depreciation
up to 2002
Book value
31-12-2002
Land and buildings1)
229,951
129,152
100,799
Plant and machinery
239,929
178,219
61,710
Other fixed assets
158,066
122,219
35,847
Fixed assets under construction
Financial year 2001
38,247
—.—
38,247
666,193
429,590
236,603
Purchase cost
up to 2001
Tangible fixed assets
Depreciation
up to 2001
Book value
31-12-2001
Land and buildings 1)
317,003
165,198
151,805
Plant and machinery
363,813
259,361
104,452
Other fixed assets
150,589
117,120
33,469
Fixed assets under construction
60,563
—.—
60,563
891,968
541,679
350,289
Buildings are insured on the basis of reinstatement value, the other assets on the basis of the cost of new construction. The
amount covered by insurance is 1 637 million (previous year: 1 821 million). The item fixed assets under construction relates
to buildings and/or plant and machinery: B.V. Rotatiedrukkerij Voorburgwal, Hollandse Dagbladcombinatie B.V., B.V. Dagblad
De Telegraaf, and Media Groep Limburg B.V.
1) These items include the ground rent bought off in respect of the business sites of the group companies in Amsterdam. As
at 31 December 2002 the book value of this amounts to: 1 5,758,000 (previous year: 1 4,725,000).
34
A N N U A L A C C O U N T S
Movements in tangible
fixed assets:
Book value 1-1-2002
Land
and
buildings
Plant
and
machinery
Other
fixed
assets
Fixed
assets under
construction
Total
151,805
104,452
33,469
60,563
350,289
Acquisitions
Deconsolidation
—.—
–
44,588
Investments
—.—
–
4,324
Disinvestments
–
Depreciation
–
Assets under construction put into operation
Book value 31-12-2002
34,823
1,589
–
2,612
714
—.—
–
20,902
17,487
–
2,088
–
3,950
6,850
–
15,323
–
19,270
13,595
6,880
3,821
100,799
61,710
35,847
31 December 2002
395
1,589
–
10,501
80,520
38,339
–
8,126
–
31,651
—.—
–
41,443
–
24,296
—.—
38,247
236,603
31 December 2001
FINANCIAL FIXED ASSETS
Non-consolidated participating interests
Wegener N.V., Apeldoorn (21,6%, previous year 20,5%) 1)
74,820
72,607
—.—
4
Brouwer Groep B.V., Leusden (43%)
11,651
—.—
SBS Broadcasting B.V., Amsterdam (30%)
17,385
12,710
11
11
—.—
1,603
2,123
1,301
431
—.—
11
156
1,661
1,903
130
—.—
18
9
Amse B.V., Arnhem (5%)
787
787
Exploitatiemaatschappij Nr 1 B.V., Buchten (Born) (40%)
—.—
116
C.V. Regionale Uitgevers Zuid-Holland West,
Berkel en Rodenrijs (17%)
TV Krant Nederland, Den Helder (9,6%)
SBS Radio B.V., Amsterdam (30%)
B.V. Algemeen Nederlands Persbureau ANP, The Hague (28,4%)
C.V. GBB De Nieuwsbrengers, Maarssen (33,3%)
De Nationale Regiopers, Almere (19,6%)
V.o.f. SBS 6 Text (45%) / V8 Fox kids text v.o.f, Amsterdam (45%)
Autobytel Nederland v.o.f., Almere (37,5%)
NWI Services B.V., De Bilt (20%) / Interactive Real
Estate B.V., Hilversum (50%)
Omroepbedrijf Limburg B.V., Maastricht (45%)
26
26
Televisiebedrijf Limburg B.V., Maastricht (45%)
636
636
29
—.—
7
—.—
Mobillion, Ede (31,5%)
RKK C.V., Vriezenveen (24%)
TTG CosmoMag AB, Sweden (50%)
Receivable from participating interest
Other long-term receivables
Total financial fixed assets
—.—
5
109,726
91,874
32,427
4,868
876
601
143,029
97,343
1) As at 31 December 2002 the total market value, i.e. market value of ordinary shares and issueing price of cumulative preference shares,
of the Package of Wegener N.V. amounted to approximately 1 64 million. Since depreciation is not regarded as permanent, downward value
adjustment has not been accounted for.
35
A N N U A L A C C O U N T S
Movements in financial fixed assets:
Other participating
interests
participating interests
91,874
4,868
601
97,343
—.—
—.—
231
231
20,334
36,173
442
56,949
53
—.—
—.—
–
398
–
Book value 1 January 2002
Add: – Acquisitions
– Investments
Less: – Share in result
– Distribution /repayment
–
–
Book value 31 December 2002
2,429
Receivables from
–
109,726
8,614
Other
receivables
–
32,427
876
Total
53
11,441
143,029
The item receivable from participating interest includes a loan of approximately 1 30 million to Brouwer Groep B.V. This loan
to Brouwer Groep B.V. is subordinated as compared to the debts to credit institutions.
31 december 2002
31 december 2001
CURRENT ASSETS
Inventories
Raw materials
11,757
11,880
Auxiliary materials
931
1,318
Work in progress
—.—
4,091
12,688
17,289
Trade receivables
72,842
96,254
Other receivables
6,500
—.—
10,788
—.—
463
—.—
The purchase cost of the stock of raw materials amount to
1 14.1 million (previous year: 1 13.8 million).
Accounts receivable
Company tax
Pension contribution
Other receivables
Accrued income
734
1,786
26,746
22,320
118,073
120,360
3,603
4,673
69,143
29,997
Securities
Government bonds
Liquid assets
Cash and bank balances
Liquid assets are freely available.
36
A N N U A L A C C O U N T S
31 December 2002
31 December 2001
CURRENT LIABILITIES
Prepaid subscriptions
37,244
35,358
Suppliers
35,391
49,020
Taxes and social insurance premiums
11,044
9,798
Company tax
—.—
627
Pension liabilities
—.—
2,694
5,775
5,775
Dividend
Other liabilities
906
8,968 1)
Minority interest
698
75
116,724
125,876
207,782
238,191
Accruals and deferred income
31 December 2002
31 December 2001
LONG-TERM LIABILITIES
This is a loan of 1 118,000
repayable in full in 2006.
PROVISIONS
118
Position at
1–1– 2002
Deferred taxation
Early retirement
Allocations
2,542
Withdrawals
Position at
31–12 – 2001
4,859
748
–
5,265
342
15,967
1,638
–
2,770
14,835
Pension allowance supplements
6,377
1,573
–
448
7,502
Disability benefit supplements
4,920
487
–
638
4,769
28,946
30,920
–
22,526
37,340
61,069
35,366
–
31,647
64,788
Reorganisation provisions
Short-term commitments amount to approximately 1 3.6 million (previous year: 1 11.8 million).
SHAREHOLDERS’ EQUITY
For the notes to shareholders’ equity, please refer to
balance sheet of N.V. Holdingmaatschappij De Telegraaf.
1) This amount includes a liability to shareholders of 1 6,807,000. This liability has been fully repaid in 2002.
37
A N N U A L A C C O U N T S
EXPLANATION OF THE CONSOLIDATED
PROFIT AND LOSS ACCOUNT
(In thousands of euros, unless otherwise stated).
2002
2001
Net turnover
1. Breakdown of the net turnover by business segments:
Publishers
Printing products (not newspapers-related)
701,408
733,102
—.—
83,729
3,054
5,389
704,462
822,220
The Netherlands
687,963
799,578
Other EU states
16,421
21,355
78
1,287
704,462
822,220
82,951
148,810
4,098
6,344
87,049
155,154
216,696
229,865
Amsterdam businesses
2,237
2,366
Hollandse Dagbladcombinatie B.V., Haarlem
1,299
1,457
Hollandse Huis-aan-huisbladen Combinatie B.V., Amsterdam
570
547
Media Groep Limburg B.V., Heerlen
705
761
Biegelaar Groep B.V., Maarssen
Other activities
2. Breakdown of the net turnover by geographical area:
Other European states
Raw and auxiliary materials
Paper and ink
Auxiliary materials
Wages and salaries
In 2002 and 2001, the average work force totalled
5,477 and in 2001 6,012 respectively.
Breakdown of the work force by operating company
as at year-end:
—.—
510
De Telegraaf België , Brussels
10
10
Media Groep West B.V., Amsterdam
35
38
TTG Sverige AB, Stockholm
24
24
Uitgeversmaatschappij De Trompetter B.V., Roermond
DataWire B.V., Amsterdam
Spiral B.V., Horst
38
113
114
7
—.—
—.—
126
5,000
5,953
A N N U A L A C C O U N T S
2002
2001
Social insurance contributions
Pension charges
18,189
20,483
Other social security charges
29,549
23,916
47,738
44,399
6,850
14,291
Plant and machinery
15,323
17,473
Other fixed assets
19,270
17,545
The release of the PEMBA-provision of 1 5.1 million
is accounted for in the social insurance contribution.
Depreciation of tangible fixed assets
Land and buildings
41,443
Result disposed tangible fixed assets
–
49,309
2,571
–
38,872
364
48,945
Note to company taxation
Result before tax
–
3,607
Company tax on this at the prevailing rate
–
–
22,592
1,244
–
7,907
Company tax in conformity with the consolidated
profit and loss account: 1)
- on the result on ordinary activities
12,491
- on the extraordinary result
–
17,031
11,185
–
10,113
1,306
Difference in tax burden
–
2,550
6,918
–
14,825
This difference is built up as follows:
- tax allowances
387
- non tax-deductible amounts (notably depreciation of goodwill)
–
- balance of the result falling under the substancial holding exemption
- release from deferral
324
3,384
–
13,580
447
–
1,652
–
14,825
—.—
–
2,550
83
Extraordinary result before tax
Extraordinary revenue 2)
590
Extraordinary expenditure 3)
715
–
32,420
–
28,895
–
31,830
–
28,180
Profit per share.
In 2002, the total number of shares averaged 52,500,160 (2001: 52,500,160).
Net loss for 2002 amounted to 1 4,913,000 (2001: net los 1 29,510,000).
The loss per share amounts to in 2002 1 0.09 (2001: loss per share 1 0.56).
1) Company tax in conformity with the consolidated profit and loss account includes a withdrawal to the provision of 1 4,6 million (2001: withdrawal of
1 3,0 million).
2) Extraordinary benefit includes the third-party minority interest in the result of Media Groep West B.V. and Regio-i C.V.
3) Extraordinary expenditure includes allocation to the reorganisation provisions at the Amsterdam operations, Hollands Dagblad Combinatie B.V.
and Media Groep Limburg B.V.
39
Door-to-door papers have a unique,
finely meshed network at their
disposal, which possesses in-depth
knowledge of local/regional markets
and knows what is driving consumers and entrepreneurs in those
markets. The challenge is to take
better and more effective advantage of that knowledge.
This is done by splitting areas up
into distribution areas served by
newspapers whose content reflects
the local market.
closer to home
Another avenue
involves the development of new
printed media, such as '!N', a trendy magazine targeting the upper
segment
of
the
local/regional
market, and business-to-business
publications focussing on enterprises
located on business parks to raise
their local profile.
Yet another avenue is the provision
of new types of service for local consumers, such as an sms service at
the local level in collaboration with
Datawire, and response measurements by telephone of local and
regional topics in collaboration with
Mobillion. In brief: door-to-door
papers are seeking to reinforce the
relationship with local readers and
advertisers by using new media or
publications as a means of moving
closer and closer to the market.
A N N U A L A C C O U N T S
CASH FLOW STATEMENT
(consolidated)
(In thousands of euros).
2002
2001
Cash flow from operational activities
Operating profit
21,752
9,462
Adjustments for:
- depreciation
53,347
61,793
- other downward value adjustment fixed assets
2,329
27,227
- changes in short-term receivables
1,106
–
4,734
–
2,793
–
4,000
–
12,686
–
5,310
–
18,848
30,065
44,207
114,503
Dividend received from participating interests
2,213
3,999
Interest received/paid
4,311
978
- changes in inventories
- changes in debts to suppliers and
and other current liabilities
- changes in provisions
Cash flow from business operations
Paid/received in respect of extraordinary result
–
654
–
28,180
Tax on profit
–
17,018
–
16,308
Cash flow from operational activities
33,059
74,992
Cash flow from investment activities
Investment in intangible fixed assets
–
11,613
–
550
41,710
–
15,875
Investments of tangible fixed assets
–
38,339
–
61,290
Change in capital accounts payable
–
10,199
–
10,830
Acquisition /divestment of group companies and
other financial fixed assets
Disinvestments of tangible fixed assets
31,651
5,169
Cash flow from investment activities
13,210
–
83,376
8,199
–
20,633
6
–
11
38,076
–
29,028
Cash flow from financing activities
Dividend paid
–
5,775
–
20,011
Changes in long-term liabilities
–
2,424
–
622
Cash flow from financing activities
–
Exchange rate differences
Changes in liquid assets (securities included)
41
A N N U A L A C C O U N T S
INFORMATION BY BUSINESS SEGMENTS
In 2002 was the sale of the Biegelaar Groep B.V. resolved. In the following information by business segments
the Biegelaar Groep B.V. is the segment ‘printing products’.
(In thousands of euros).
2002
2001
Turnover by segments
Publishers
Total turnover publishers
701,686
Less: - intersegments turnover
733,812
278
701,408
710
733,102
Printing products
Total turnover printing products
—.—
Less : - intersegments turnover
—.—
111,214
—.—
27,485
83,729
Other activities
Total turnover other activities
3,054
Less : - intersegments turnover
5,389
—.—
3,054
Net turnover
—.—
5,389
704,462
822,220
Result by segments
Publishers
Result publishers before depreciation of goodwill
48,434
59,087
Less: depreciation of goodwill and other
value adjustments of goodwill
12,969
35,465
39,317
19,770
Printing products
Result printing products before depreciation of goodwill
—.—
Less : depreciation of goodwill
—.—
1,611
—.—
364
1,247
Other activities
Result other activities before depreciation of goodwill
–
Less: depreciation of goodwill
582
36
–
–
618
1,534
30
–
1,564
Result segments after depreciation of goodwill
and other value adjustments of fixed assets
Less: non-allocated costs
–
34,847
19,453
13,095
9,991
21,752
9,462
Operation profit after depreciation of goodwill and
other value adjustments of goodwill
42
A N N U A L A C C O U N T S
31 december 2002
31 december 2001
568,556
603,402
Assets by segments
Publishers
Total assets publishers
Less : intersegments assets
571
567,985
43,830
559,572
Printing products
Total assets printing products
—.—
Less : intersegments assets
—.—
106,674
—.—
—.—
106,674
Other activities
Total assets othter activities
2,623
Less: intersegments assets
—.—
5,456
2,623
—.—
5,456
Non-allocated
156,159
94,861
Total assets
726,767
766,563
Commitments by segments
Publishers
Total commitments publishers
235,591
Less: intersegments commitments
225,226
—.—
235,591
—.—
225,226
Printing products
Total commitments printing products
—.—
Less: intersegments commitments
—.—
61,967
—.—
42,155
19,812
Other activities
Total commitments other activities
874
Less: intersegments commitments
570
4,831
304
Non-allocated
Total commitments
Investment
2002
Investment
2001
1,675
3,156
36,793
53,608
272,688
301,802
Depreciation
2002
Depreciation
2001
Intangible and tangible
fixed assets by segments
Publishers
Printing products
Other activities
45,225
54,459
51,342
51,609
—.—
6,460
—.—
9,525
71
881
353
295
45,296
61,800
51,695
61,429
43
A N N U A L A C C O U N T S
BALANCE SHEET OF
N.V. HOLDINGMAATSCHAPPIJ DE TELEGRAAF
(In thousands of euros).
31 December 2002
31 December 2001
Fixed assets
Intangible fixed assets
Goodwill
5,345
1,120
406
266
427,388
521,600
Other participating interests
31,975
16,401
Receivable on minority interests
31,207
4,868
1,705
2,298
352
454
Tangible fixed assets
Other fixed assets
Financial fixed assets
Participating interests in group companies
Deferred receivable tax
Other receivables
492,627
545,621
Total fixed assets
498,378
547,007
Current assets
Receivables
Receivable on minority interests
Tax and premiums social insurance contributions
Pension contribution
Other receivables
Accrued income
Liquid assets
Total current assets
8,082
—.—
14,697
3,487
673
—.—
70
726
441
1,625
260
54
24,223
5,892
19,223
35,326
5,775
5,775
669
6,807
Current liabilities
Banking institution
Dividend
Other liabilities
Accrued liabilities
Current assets net of current liabilities
4,870
6,054
30,537
53,962
–
6,314
492,064
44
–
48,070
498,937
A N N U A L A C C O U N T S
31 December 2002
31 December 2001
Provisions
Pensions
14,781
Other provisions
23,204
15,594
18,582
37,985
34,176
Shareholders’ equity
Issued capital
Statutory reserves
Other reserves
13,125
13,125
96
90
440,858
451,546
454,079
464,761
492,064
498,937
PROFIT AND LOSS ACCOUNT OF
N.V. HOLDINGMAATSCHAPPIJ DE TELEGRAAF
(In thousands of euros).
2002
Net income from participating interests
2001
11,165
–
11,095
Other net income and expenditure
–
16,078
–
18,415
Result after tax
–
4,913
–
29,510
45
A N N U A L A C C O U N T S
EXPLANATION OF THE BALANCE SHEET
AND PROFIT AND LOSS ACCOUNT
For the general accounting principles and the principles for the valuation of assets and liabilities and the determination of the
result, reference is made to the notes to the consolidated balance sheet and profit and loss account. Group companies are
shown at their net asset value.
(In thousands of euros, unless otherwise stated).
2002
2001
FIXED ASSETS
Intangible fixed assets
Goodwill
Book value as at 1 January
1,120
Goodwill paid for acquisition and/or extension participating interest
Depreciation charged to the result
5,958
–
Book value as at 31 December
1,662
1,733
—.—
–
5,345
542
1,120
Financial fixed assets
Group companies with registered offices
This item includes the following group of companies and receivables in respect of these group companies:
Uitgeversmaatschappij De Telegraaf B.V., Amsterdam
B.V. Uitgeverij De Echo, Amsterdam
B.V. Dagblad De Telegraaf, Amsterdam
B.V. Reclame ’t Gooi, Hilversum
B.V. Rotatiedrukkerij Voorburgwal, Amsterdam
B.V. Noorderpers, Hoorn
B.V. Woonkrant.nl, Haarlemmermeer
Media Groep Limburg B.V., Heerlen
B.V. Beleggingsmaatschappij Voorburgwal, Amsterdam
Uitgeversmaatschappij Limburgs Dagblad B.V., Heerlen
Franken Beleggingsmaatschappij B.V., Deventer
Limburgse Dagbladen Combinatie B.V., Heerlen
De Telegraaf Tijdschriften Groep B.V., Amsterdam
Grafisch Bedrijf Media Groep Limburg B.V, Heerlen
TTG Sverige AB, Stockholm
Uitgeversmaatschappij De Limburger B.V, Heerlen
DistriQ B.V., Amsterdam
Eolus B.V., Heerlen
DataWire B.V., Amsterdam
Uitgeversmaatschappij De Trompetter B.V., Roermond
Media Groep West B.V., Amsterdam (90%)
De Kempen Pers B.V., Hapert
BasisMedia B.V., Amsterdam
Regio I C.V./Regio I beheer B.V., Almere (75%)
Hollandse Dagbladcombinatie B.V., Haarlem
Media Menu Holding B.V., Leeuwarden
HDC Uitgeverij Zuid B.V., Haarlem
Verenigde Noordhollandse Dagbladen B.V., Alkmaar
B.V. Drukkerij Noordholland, Hoorn
Exploitatiemaatschappij G en E Vastgoed B.V., Hilversum
Goois Weekblad B.V., Hilversum
Hollandse Huis-aan-huisbladen Combinatie B.V., Amsterdam
Uitgeverij Van Groenigen B.V., Haarlemmermeer
Uitgeversmaatschappij Hollands Noorderkwartier B.V., Amsterdam
46
A N N U A L A C C O U N T S
The annual accounts of these group companies are included in the consolidated balance sheet and profit and loss account.
31 December 2002
31 December 2001
Group companies
Disclosed equity capital
137,247
161,581
Receivables and liabilities on balance
290,141
360,019
427,388
521,600
Other participating interests
This item relates to the minority interest in:
SBS Broadcasting B.V. (30%), Amsterdam
Amse Europe B.V. (8,67%), Arnhem
17,385
12,710
787
787
2,123
1,301
11,651
—.—
29
—.—
B.V. Algemeen Nederlands Persbureau ANP
(28.4%) , The Hague
Brouwer Groep B.V. (43%), Leusden
Mobillion B.V. (31,5%), Ede
SBS Radio B.V. (30%), Amsterdam
—.—
31,975
Receivable on minority participating interest
1,603
16,401
31,207
4,868
1,705
2,298
352
454
492,627
545,621
Deferred tax receivable
Other receivables
Outstanding
Total financial fixed assets
Movements in financial
Group
companies
fixed assets:
Position at 1 january 2002
Other
participating
interests
Receivable on
minority participating interests
Other
receivables
521,600
16,401
Addj: – Acquisitions
—.—
17,225
—.—
—.—
– Investments
1,186
—.—
34,953
—.—
11,213
—.—
—.—
—.—
– Share in result
Less: – Deconsolidation
–
87,688
4,868
2,752
—.—
—.—
—.—
– Share in result
—.—
–
48
—.—
—.—
– Disinvestments
—.—
–
1,603
—.—
—.—
– Payment/repayment
—.—
—.—
– Dividend paid
–
2,411
—.—
– Other changes
–
16,512
—.—
427,388
31,975
Position at 31 December 2002
47
–
4,868
–
3,746
–
—.—
31,207
102
—.—
–
593
2,057
A N N U A L A C C O U N T S
31 December 2002
31 December 2001
SHAREHOLDERS’ EQUITY
Issued capital
The authorised capital amounts to
1 50,000,000 divided into shares of 1 0.25 par value.
Statutory reserves:
Ordinary shares (including 1 240 priority shares)
13,125
11,912
—.—
1,213
13,125
13,125
Position at beginning of the financial year
90
101
Less/ Add: foreign exchange differences
6
Adjustment to shares of NLG 0.50
to 1 0.25 par value
Statutory reserves
Position at the end of the financial year
–
11
96
90
451,546
488,044
Other reserves
Position at the beginning of the financial year
Less: Adjustment to shares of NLG 0.50
to 1 0.25 par value
—.—
–
1,213
Less: from processing loss
–
4,913
–
29,510
Less: dividend
–
5,775
–
5,775
Position at end of the financial year
440,858
451,546
Total shareholders’ equity
454,079
464,761
REMUNERATION MANAGING BOARD
AND EX-MANAGING BOARD
Standard
Deferred
remuneration remuneration
Managing Board
F.Th.J. Arp
447,722
42,940
W.O. Kok
444,416
20,039
J. Olde Kalter
454,349
67,928
A.J. Swartjes
454,349
54,026
1,800,736
184,933
Ex-Managing Board
L.G. van Aken
—.—
58,252
H. Schor
—.—
57,876
—.—
116,128
48
A N N U A L A C C O U N T S
REMUNERATION SUPERVISORY BOARD
Standard
Deferred
remuneration remuneration
A.J. van Puijenbroek
22,689
—.—
W.H. Charles
19,286
—.—
mrs. J.A. Brewer- de Koster
19,286
—.—
—.—
—.—
19,286
—.—
L.G. van Aken 1)
W. Overmars
W. van Voorden
19,286
—.—
H.L. Weenen
19,286
—.—
119,119
—.—
The remuneration and any other terms of employment in respect of every Director are determined by the Supervisory Board,
in accordance with the resolutions of Stichting Beheer van prioriteitsaandelen N.V. Holdingmaatschappij De Telegraaf. Besides
the fixed components of the remuneration, the group profit sharing scheme also applies to the Managing Board.
The remuneration policy does not provide for a bonus scheme or share option scheme. The fee of the Managing Board included in the salaries amounted to 1 3.2 million in 2002. Remuneration to the Supervisory Board amounting to 1 119,100. As at
31 December 2002 the total amount of shares/depositary receipts N.V. Holdingmaatschappij De Telegraaf of the Supervisory
Board and Managing Board were 23,376 and 1,931 respectively.
1) No remuneration pursuant to early retirement claim.
Commitments and contingent liabilities
Pursuant to section 403, paragraph 1, sub f, Book 2 of the Dutch Civil Code, the company has assumed liability for any debts
arising from legal actions of the group companies consolidated under financial fixed assets, excluding Media Groep West B.V.,
Franken Beleggingsmaatschappij B.V., Mobillion B.V. and Drukkerij van Groenigen B.V. As part of the sale of her participation
in SBS Radio B.V., N.V. Holdingmaatschappij De Telegraaf has a contingent liability for subsequent payment. This liability
becomes instant if Radio Noordzee looses its broadcasting licence before 2010. The extent of the possible liability declines
from a maximum of 1 0.9 million in 2003 to 1 0.5 million in 2010. On account of the merger between Biegelaar Groep B.V.
and Brouwer Groep B.V., N.V. Holdingmaatschappij De Telegraaf N.V. has possible liabilities in respect of mutual guarantees
- until 31 December 2008 at the latest to a maximum of 1 4.5 million - and fees for former employees of Biegelaar - until 31
December 2007 at the latest, the extent of the possible liability cannot be estimated. Furthermore, N.V. Holdingmaatschappij
has entered into a printing contract with Brouwer Groep B.V. until 1 January 2007.
Amsterdam, 25 March 2003
Managing Board
Supervisory Board
F.Th.J. Arp
A.J. van Puijenbroek
W.O. Kok
W.H. Charles
J. Olde Kalter
J.A. Brewer- de Koster
A.J. Swartjes
L.G. van Aken
W. Overmars
W. van Voorden
H.L. Weenen
49
OTHER
D ATA
PUBLICATIONS AND ACTIVITIES
OF DE TELEGRAAF COMPANY PER JANUARY 2003
Magazines
Internet
Amstelland/Haarlemmermeer
www.cosmopolitan.se
Witte Weekblad
Netherlands
www.batnytt.se
Autojournaal
Privé
www.vibatagare.se
Zondagochtendblad
Limburgs Dagblad
Elegance
www.residence.se
Dagblad De Limburger
MAN
www.golfdigest.se
Haarlems Dagblad
Residence
Newspapers
De Telegraaf
Sp!ts
’t Gooi and surrounding area
De Gooi- en Eembode
IJmuider Courant
Hitkrant
Other
Leidsch Dagblad
Gardens & Country
internet activities
De Gooi- en Eemlander
Autovisie
Noordhollands Dagblad
Voetbal Magazine
www.dft.nl
Baarns Weekblad
including:
FHM (For Him Magazine)
Speurders.nl
Woonbode
Alkmaarsche Courant
Starstyle
autotelegraaf.nl
Goois Weekblad (expires
Schager Courant
Chapeau! (issued by MGL)
elcheapo.nl
1 February 2003)
Enkhuizer Courant
Nummer 1 (issued by MGL)
vacaturekrant.nl
De Nieuwe Weesper (expires
Dagblad voor West-Friesland
College Magazine (issued by Sp!ts)
weerkamer.nl
1 February 2003)
Laarder Courant De Bel
Nieuwsblad voor Huizen
Vecht-Journaal
woonkrant.nl
Helderse Courant
Dagblad Kennemerland
Internet
reiskrant.nl
Flevoland
Dagblad Zaanstreek
www.ttg.nl
www.spitsvacatures.nl
De Almare (3 editions)
Nieuwe Noordhollandse Courant
www.autovisie.nl
www.zorgvacatures.nl
’t Groene Weekblad (expires
www.hitkrant.nl
www.Limburgpersoneel.nl
April 2003)
Internet
www.gardens-country.nl
www.Limburgopwielen.nl
Zondagochtendblad
www.telegraaf.nl
www.prive.nl
www.Limburgwonen.nl
www.basismedia.nl
www.fhm.nl
www.autocircuit.nl
Haarlem and surrounding area
www.spitsnet.nl
www.starstyle-magazine.nl
www.woneninholland.nl
Nieuwsblad De Kennemer
www.haarlemsdagblad.nl
www.man.nl
www.werkeninholland.nl
Haarlems Weekblad
www.ijmuidercourant.nl
www.fc-voetbalmagazine.nl
www.groeneweekblad.nl
Heemsteedse Courant
www.leidschdagblad.nl
www.residence.nl
www.nhd.nl
www.elegance.nl
Door-to-door papers
Nieuwsblad Santpoort
www.noordhollandsweekblad.nl
www.collegemagazine.nl
and news journals
& Velserbroek
www.gooieneemlander.nl
www.marinan.com
Nieuwsblad IJmuiden
Zondagochtendblad
Greater Amsterdam area
www.mgl.nl
www.limburgsdagblad.nl
Sweden
De Echo (11 editions)
Leiden and surrounding area
www.limburger.nl
Vi Båtägare
Het Weekblad voor de Noord-
Het op Zondag
www.hollandcombinatie.nl
Båtnytt
Amsterdammer/Edam/
Autojournaal
www.trompetter.nl
Golf Digest
Volendam/Waterland
Witte Weekblad
Residence
Amstelveens Nieuwsblad
Cosmopolitan
Het Weekend
50
OTHER
D ATA
Duin- en bollenstreek
North Brabant East
Other activities
Witte Weekblad
De Trompetter (4 editions)
DataWire B.V.
De Schakel
Alphen a/d Rijn
Veldhovens Weekblad
and surrounding area
Oirschots Weekjournaal
Witte Weekblad
Kempener Koerier
Participating interests
Media Groep West B.V. .................................................. (90%)
De Kempenaer
V.o.f. SBS 6/Net 5 Text ...............................................(45%)
Zaanstreek/Purmerend
De Hilverbode
V.o.f. V8/Fox Kids Text .................................................(45%)
Noordhollands Weekblad
Nieuwsklok
Mobillion B.V. ......................................................... (31.5%)
De Zaankanter
De Krommenieër
Limburg
SBS Broadcasting B.V. ................................................... (30%)
Het Gezinsblad
De Trompetter (12 editions)
Wegener N.V. ............................................................ (21,6%)
Audiovisual activities
B.V. Dagblad De Telegraaf:
Zondagochtendblad
West-Friesland
RKK Beheer B.V. .........................................................(25%)
Westfries Weekblad
Cable TV information services
Bohil Media B.V. . ........................................................(20%)
Enkhuizer Weekblad
NieuwsNet 9
Advanced Matching Systems Europe B.V. ................... (8,67%)
Noordhollands Weekblad
Call centre services
Zondagochtendblad
Participating interests in national
Alkmaar
Regio I beheer B.V. ..........................................................(75%)
commercial TV
Media Menu Holding B.V. ........................................(71,25%)
Teletext activities
Media Menu Auto’s B.V. ..........................................(71,25%)
and surrounding area
Alkmaars Weekblad
Internet
De Koerier
www.mediagroepwest.nl
De Nationale Regiopers C.V. ......................................... (25,8%)
De Duinstreek
Nieuwsblad voor Castricum
Media Groep Limburg B.V.:
Printing companies
Exploitatiemaatschappij Nr. 1 B.V. ................................ (40%)
Noordhollands Weekblad
Zondagochtendblad
Regionale Televisie Limburg B.V./L1 ............................. (45%)
B.V. Rotatiedrukkerij Voorburgwal
Regionale Omroep Limburg B.V./L1 ............................. (41%)
B.V. Drukkerij Noordholland
North Holland North
Nieuwsdruk Limburg
Brouwer Groep B.V. .........................................................(43%)
Helders Weekblad
Schager Weekblad
B.V. Algemeen Nederlands Persbureau ANP .....................(28,4%)
Logistics
TTG CosmoMag AB ..........................................................(50%)
CTR/De Polderbode
Gemeenschappelijk Bezorgbedrijf B.V. GBB C.V................(33,33%)
Noordhollands Weekblad
DistriQ B.V.
Wieringer Courant
Telegraaf Distri B.V.
Wieringermeerbode
Regio Distri B.V.
Zondagochtendblad
51
Corporate objectives could never be
achieved without a focussed personnel policy. The staff must implement
the policy and provide input. The
company's human resources policy
must direct and support this process and make the instruments
available that enable employees to
determine their own future.
Part and parcel of this endeavour is
the promotion of mobility within the
organisation, to find solutions for
redundant staff, but also to encourage mobility within the organisation
and to effect the exchange of knowledge and experience.
This is supported by making the
terms of employment uniform,
creating a transparent salary
dynamic
system, and
putting increased and more systematic emphasis on staff training. A management development
trajectory
successors
must
to
produce
current
senior
management.
Corporate policy in the area of health
and safety at work and reintegration
should result in increased participation in the labour process. Also,
new solutions need to be found to
issues such as flexible retirement and
extension of participation in the labour
process. In other words: age-conscious human resources management
for a dynamic organisation.
OTHER
AUDITORS’ REPORT
D ATA
DIVIDEND PROPOSAL
We propose to declare a dividend for 2002 of 1 0.11
Introduction
We have audited the accompanying 2002 financial
in cash per share of 1 0.25 par value charged to the other
statements of N.V. Holdingmaatschappij De Telegraaf,
reserves. A dividend of 1 0.11 per share of 1 0.25 par
Amsterdam. These financial statements are the responsibi-
value was also paid out in 2001.
lity of the company’s management. Our responsibility is to
2002
express an opinion on these financial statements based on
2001
Distribution of profit:
our audit.
Other reserves
–
Dividend
Scope
standards generally accepted in the Netherlands. Those
standards require that we plan and perform the audit to
obtain reasonable assurance about whether the financial
statements are free of material misstatement. An audit
includes examining, on a test basis, evidence supporting the
amounts and disclosures in the financial statements.
An audit also includes assessing the accounting
principles used and significant estimates made by management, as well as evaluating the overall financial statements
presentation. We believe that our audit provides a reasonable basis for our opinion.
Opinion
In our opinion, the financial statements of N.V. Holdingmaatschappij De Telegraaf give a true and fair view of the
financial position of the company as of December 31, 2002
and of the result for the year then ended in accordance with
accounting principles generally accepted in the Netherlands
and comply with the financial reporting requirements as
included in Part 9 of Book 2 of the Netherlands Civil Code.
Leiden, 25 March 2003.
Deloitte & Touche Accountants
53
–
p.m.
–
We conducted our audit in accordance with auditing
4,913
4,913
29,510
p.m.
–
29,510
OTHER
D ATA
In April, Dagblad De Telegraaf will be launching the
POST BALANCE
SHEET EVENTS
bi-weekly publication of AutoTelegraaf Magazine. Circulation
of this full colour advertising magazine will total 40,000
copies. Filled with car ads placed by dealers, garages and
private individuals, AutoTelegraaf Magazine will also include
During the first quarter of 2003, De Telegraaf increased
an editorial section featuring automotive news and backg-
its interest in Wegener to 23.9%, which represents an
rounds written by De Telegraaf car editors.
expansion of the share package by 1,001,285 shares to a
total of 10,594,753 shares. Expansion of the package took
In April, Hollandse Dagbladcombinatie BV (HDC) is going
place in several transactions during the quarter.
to launch Almere Vandaag, a free newspaper in Almere.
The new paper will be delivered door-to-door four times a
At year-end 2002 Holdingmaatschappij De Telegraaf
week. 't Groene Weekblad, the door-to-door paper currently
holds 37.5% of the shares in Autobytel Nederland V.O.F.
distributed in the region, will be absorbed by the new paper.
In early January, agreement was reached with the co-shareholders about the disposal of this share. This deal meant
De Telegraaf Tijdschriften Groep (TTG) is starting a joint
that Pon Holdings became sole owner as of the same date.
venture with the Hearst Corporation under the name of TTG
Hearst BV. The first goal of this joint venture is the intro-
As from April, B.V. Dagblad De Telegraaf, in collaboration
duction of CosmoGirl on the Dutch market later this year.
with Media Beheer I Vriezenveen B.V., is going to distribute
An agreement has also been reached with Readers-
a regional section in the east of the country. A limited
house/Hearst about the takeover of the publication rights
partnership, RKK C.V. (Regionale Kranten Katern), in which
of Esquire for the Dutch market.
De Telegraaf has a 25% share, has been set up for this
purpose. RKK will, under its own responsibility, produce a
daily independent newspaper for distribution in combination
with Dagblad De Telegraaf among the current readership in
the Twente region.
B.V. Dagblad De Telegraaf has acquired a 20% share in
Bohil Media B.V. and will expand this share to 100% within
a period of three years. Bohil Media is the publisher of the
'Boten' and 'Campers & Caravans' magazines, including the
corresponding 'botentekoop.nl' and 'camperscaravans.nl'
websites.
54
OTHER
D ATA
If the distribution of dividend on preference shares, as
PROFIT APPROPRIATION
AS PROVIDED FOR
IN THE ARTICLES OF
ASSOCIATION
referred to in paragraph 2, cannot be effected or not in full
because the profit is not sufficient, the deficit shall be paid
out of the distributable portion of shareholders’ equity.
The dividend is determined over the paid-up portion of the
nominal amount.
The remaining profit shall be at the disposal of the
Pursuant to article 34 of the articles of association of
General Meeting provided that no further dividend is to be
N.V. Holdingmaatschappij De Telegraaf, the following rules
distributed on priority shares and preference shares.
apply to the appropriation of profits:
Profit distributions may not exceed the amount of the disSubject to the approval of the Supervisory Board and
tributable portion of shareholders' equity.
Stichting Beheer van prioriteitsaandelen N.V. Holdingmaatschappij De Telegraaf, the Managing Board shall decide
If the balance shows a loss for any year, no dividend
every year what percentage of the profit - the positive
will be distributed for that year. No dividend may be paid in
balance of the profit and loss account - is to be added to the
subsequent years until the loss has been fully compensated
reserves.
for by the profit.
However, at the proposal of the priority shareholders,
Out of the profits, after addition to the reserves in ac-
the general meeting may resolve to make up such loss to
cordance with the preceding paragraph, a dividend shall be
the debit of the distributable portion of shareholders' equity
paid on the amount paid in on the preference shares, the
or to distribute a dividend to the debit of the distributable
percentage of which shall be equal to the average yield of
portion of shareholders' equity as well.
Dutch medium-term government bonds as at the beginning
of the financial year to which the distribution relates, incre-
Distribution of profit is effected following approval of the
ased by one per cent. The average yield is determined by the
annual accounts showing that such distribution is permitted.
Managing Board subject to the approval of the Supervisory
Board.
In determining the profit distribution, the shares held
by the company in the capital are not included in the
A primary dividend amounting to five per cent of the no-
calculation.
minal amount of their shares or - if the profit is not sufficient
for this - as high a percentage as possible, is then paid out
to the holders of ordinary shares and priority shares. Where it concerns priority shares, the percentage of the abovementioned dividend may not exceed the percentage of the
legal interest rate prevailing on the last day of the financial
year in question.
55
OTHER
D ATA
Declaration of independence
SPECIAL RIGHTS
UNDER THE ARTICLES
OF ASSOCIATION
The Managing Board of N.V. Holdingmaatschappij
De Telegraaf and the Board of Stichting Beheer van prioriteitsaandelen N.V. Holdingmaatschappij De Telegraaf hereby
declare that, in their joint opinion, the requirements with respect to the independence of the Board of Stichting
Priority shares
Beheer van prioriteitsaandelen N.V. Holdingmaatschappij
The priority shares are held by the Stichting Beheer
De Telegraaf, set out in Annex X to the Listing and Issuing
van prioriteitsaandelen N.V. Holdingmaatschappij De Tele-
Rules of Amsterdam Exchanges N.V., Amsterdam, have
graaf, the Board as of December 31, 2002 consists of Mrs
been fully met.
J.A. Brewer-de Koster and Messrs L.G. van Aken, E.F.M.
Kok, A.J. van Puijenbroek and E.H. van Puijenbroek.
Managing Board of
N.V. Holdingmaatschappij De Telegraaf
The goal of the foundation is to acquire and manage the
priority shares in the company and, to ensure continuity in the
Board of Stichting Beheer
management of the company, to defend against influences on
van prioriteitsaandelen
the management that could prejudice the company’s indepen-
N.V. Holdingmaatschappij De Telegraaf
dence and would be contrary to the company’s interest, and
to further a good policy in the company’s interest.
Amsterdam, March 2003.
The powers attached to the priority shares include the
right of granting approval for resolutions for the issue of
shares, of fixing the number of Managing Board members
and their remuneration, of fixing the number of members of
the Supervisory Board of the company, and of taking the
initiative for an amendment to the articles of association and
dissolution of the company before the General Meeting of
Shareholders can take a decision on that.
56
OTHER
Preference shares
D ATA
As of the balance sheet date no preference shares
The goal of Stichting Preferente Aandelen De Telegraaf
had been issued.
To look after the interests of the company limited by
Declaration of independence
is:
shares N.V. Holdingmaatschappij De Telegraaf, established
in Amsterdam, hereinafter called: ’the company’, the com-
The Managing Board of N.V. Holdingmaatschappij
panies associated with it and all those involved, by defen-
De Telegraaf and the Board of Stichting Preferente Aandelen
ding the company as much as possible against influences
De Telegraaf hereby declare that, in their joint opinion, the
that could threaten its continuity, independence or identity
requirements in respect of the independence of the Board
and would be contrary to these interests.
of Stichting Preferente Aandelen De Telegraaf, set out in
Annex X to the Listing and Issuing Rules of Amsterdam
Defending the company against influences of third
Exchanges N.V., Amsterdam, have been fully met.
parties that could impair editorial independence, as well as
the principles underlying editorial policy concerning news
Managing Board of
publications of enterprises within the group.
N.V. Holdingmaatschappij De Telegraaf
The foundation seeks to achieve this goal by acquiring
Board of Stichting
preference shares in the company and by exercising the
Preferente Aandelen De Telegraaf
rights attached to these shares. In doing so, the foundation
takes into account the purpose for which preference shares
Amsterdam, March 2003.
may be issued.
This purpose does not include the sale, encumbrance
or any other disposal of shares except in case of:
Sale to the company itself or to a company associated
with it within the group and designated by the company;
Collaboration in the repayment on and the cancellation
of shares.
The right to issue preference shares of N.V. Holdingmaatschappij De Telegraaf has been granted by Stichting
Beheer van prioriteitsaandelen N.V. Holdingmaatschappij
De Telegraaf.
The Board consists of one Chairman and four members. Composition of the Board as of December 31, 2002:
G.G. Witsen Elias (Chairman), S.E. de Jong, A. den Bandt,
E.F.M. Kok and A.J. van Puijenbroek.
57
OTHER
D ATA
KEY FIGURES AS OF BALANCE SHEET DATE
2002
2001
2000
1999
1998
1997
454,079
464,761
500,057
471,529
430,079
386,903
62.5%
60.6%
61.6%
63.2%
65.3%
65.7%
0.98 : 1
0.72 : 1
0.70 : 1
1.44 : 1
1.55 : 1
1.48 : 1
borrowed capital
1.67 : 1
1.54 : 1
1.60 : 1
1.72 : 1
1.88 : 1
1.92 : 1
Net turnover x 1 1,000
704,462
822,220
811,147
721,335
689,916
616,122
Shareholders’ equity x 1 1,000
Shareholders’ equity as
a percentage of total assets
Current assets:
short term liabilities
Shareholders’ equity:
Cashflow x 1 1,000
50,763
59,510
113,872
120,798
119,376
108,154
Net profit x 1 1,000
– 4,913
– 29,510
48,452
64,794
65,877
56,573
–0.7%
– 3.6%
6.0%
9.0%
9.5%
9.2%
3.1%
1.2%
9.9%
12.3%
12.8%
12.8%
150,205
151,561
156,690
153,922
151,018
141,625
Work force at year-end
5,000
5,953
6,070
5,337
5,180
4,901
Return on shareholders’ equity
–1.1%
– 6.4%
9.7%
13.7%
15.3%
14.6%
p.m.
p.m.
41.3%
36.0%
35.4%
35.4%
8.65
8.85
9.52
8.98
8.19
7.37
Net profit as a
percentage of net turnover
Operating profit as a
percentage of net turnover
Average net turnover
per employee
Pay-out ratio
Per share of 1 0.25 or NLG 0.50 par value:
(rounded off to full eurocents)
Shareholders’ equity
Cash flow
0.97
1.13
2.17
2.30
2.27
2.06
– 0.09
– 0.56
0.92
1.23
1.26
1.08
0.11
0.11
0.38
0.44
0.44
0.38
Price: low
13.00
14.00
20.80
16.88
17.47
16.34
Price: high
24.47
22.90
37.00
24.69
23.82
22.01
Closing rate of exchange as per 31 December
15.44
17.09
21.60
22.00
22.91
17.33
Profit
Dividend
*Including a jubilee dividend
58
OTHER
1996
1995
1994
1993
348,299
358,095
327,813
298,831
65.9%
70.3%
69.1%
68.2%
1.58 : 1
2.25 : 1
1.87 : 1
1.43 : 1
1.93 : 1
2.37 : 1
2.23 : 1
2.15 : 1
582,303
522,530
495,793
475,885
86,435
87,028
83,759
78,112
38,391
45,973
41,487
34,944
6.6%
8.8%
8.4%
7.3%
11.2%
11.8%
11.3%
9.3%
141,035
127,966
120,932
114,489
4,599
4,528
4,551
4,573
11.0%
12.8%
12.7%
11.7%
42.2%
35.0%
35.9%
41.9%
D ATA
NUMBER OF EMPLOYEES
IN RELATION TO TURNOVER
118
Index 1997=100
1998
1999
Turnover
119 119
113
105 103
102
104
100
2000
102 103
2001
Av. number of employees
2002
Turnover per employee
MOVEMENTS EBITDA
IN RELATION TO TURNOVER
x 1 1 million
811
690
6.63
6.82
6.24
5.69
1.65
1.66
1.60
1.49
0.73
0.88
0.79
0.67
0.31
0.31
0.29
0.28*
12.84
9.76
8.55
5.22
19.24
13.95
11.37
9.02
16.51
12.82
11.34
9.02
722
822
704
146
1998
149
1999
141
2000
Turnover
59
99
94
80
2001
2002
EBITDA
A N N U A L
R E P O R T
PRO FORMA
CONSOLIDATED PROFIT AND LOSS ACCOUNT
(in thousands of euros)
2002
2001
2001
after deconsolidation
Biegelaar Groep
Turnover
704.462
Changes in work-in-progress
Net turnover
Raw and auxiliary materials
Wages and salaries
820.219
738.492
—.—
2,001
—.—
704,462
822,220
738,492
87,049
155,154
100,439
216,696
229,865
210,204
Social security charges
47,738
44,399
39,685
Depreciation of tangible fixed assets
38,872
48,945
39,913
278,122
294,684
300,691
Other operating costs
Total operating expenditure
668,477
773,047
690,932
35,985
49,173
47,560
Operating profit before depreciation of goodwill
and other value adjustments of goodwill
Depreciation of goodwill
Other value adjustments of goodwill
14,233
12,484
12,120
—.—
27,227
27,227
14,233
39,711
39,347
21,752
9,462
8,213
Operating profit after depreciation of goodwill
and other adjustments of goodwill
Income from participating interest
2,160
Interest income
5,947
Income from securities
Interest charges
–
–
3,620
262
–
4,852
5,498
384
1,898
–
Financial revenues and charges
384
3,026
6,471
7,632
–
–
3,389
3,874
–
5,139
Pre-tax result from ordinary trading
28,223
5,588
3,074
Taxation on result from ordinary trading
12,491
17,031
18,119
After-tax result from ordinary trading
15,732
– 11,443
– 15,045
Extraordinary result before tax
Tax on extraordinary result
– 31,830
– 28,180
– 24,288
11,185
10,113
9,823
Extraordinary result after tax
– 20,645
– 18,067
– 14,465
Result after tax
–
– 29,510
– 29,510
60
4,913
A N N U A L
R E P O R T
PRO FORMA
CONSOLIDATED PROFIT AND LOSS ACCOUNT
(in thousands of euros)
2002
2001
2001
after deconsolidation
Biegelaar Groep
Turnover
704.462
Changes in work-in-progress
Net turnover
Raw and auxiliary materials
820.219
738.492
—.—
2,001
—.—
704,462
822,220
738,492
87,049
155,154
100,439
216,696
229,865
210,204
Social security charges
47,738
44,399
39,685
Depreciation of tangible fixed assets
38,872
48,945
39,913
Wages and salaries
Other operating costs
278,122
294,684
Total operating expenditure
300,691
668,477
773,047
690,932
35,985
49,173
47,560
Operating profit before depreciation of goodwill
and other value adjustments of goodwill
Depreciation of goodwill
Other value adjustments of goodwill
14,233
12,484
12,120
—.—
27,227
27,227
14,233
39,711
39,347
21,752
9,462
8,213
Operating profit after depreciation of goodwill
and other adjustments of goodwill
Income from participating interest
2,160
Interest income
5,947
3,620
5,498
262
384
384
Income from securities
Interest charges
–
–
1,898
–
Financial revenues and charges
4,852
–
3,026
6,471
–
–
7,632
3,389
3,874
–
5,139
Pre-tax result from ordinary trading
28,223
5,588
3,074
Taxation on result from ordinary trading
12,491
17,031
18,119
After-tax result from ordinary trading
15,732
– 11,443
– 15,045
Extraordinary result before tax
Tax on extraordinary result
– 31,830
– 28,180
– 24,288
11,185
10,113
9,823
Extraordinary result after tax
– 20,645
– 18,067
– 14,465
Result after tax
–
– 29,510
– 29,510
60
4,913
S T R U C T U R E O F T H E T E L E G R A A F C O M PA N Y J A N U A RY 2 0 0 3
Uitgeversmaatschappij
De Telegraaf
B.V.
B.V.
Rotatiedrukkerij
Voorburgwal
B.V.
Dagblad
De Telegraaf
Woonkrant.nl
B.V.
IRE.COM
B.V.
BasisMedia
B.V.
Media Groep
Limburg B.V.
Limburgse
Dagbladen
Combinatie
B.V.
B.V. Agentenadministratiekantoor
’t Gooi
DataWire
B.V.
Telegraaf
Media
Management
B.V.
Hollandse
Huis-aanhuisbladen
Combinatie
B.V.
B.V.
Beleggingsmaatschappij
Voorburgwal
Uitgeversmaatschappij
De
Trompetter
B.V.
Hollandse
Dagbladcombinatie
B.V.
Regio I C.V./
Regio I
beheer B.V.
Regionale
Televisie
Limburg
B.V./ L1
Exploitatiemaatschappij
Nr. 1
B.V.
Regionale
Omroep
Limburg
B.V./ L1
De Nationale
Regiopers
C.V./
NRp Beheer
B.V.
Wegener
N.V.
GBB C.V.
GBB B.V.
Regio I C.V./
Regio I
beheer B.V.
(25%)
(45%)
(40%)
(41%)
(11,8%)
(21,6%)
(33,33%)
(25%)
Grafisch
UitgeversUitgeversBedrijf
maatschappij maatschappij
Media Groep
De Limburger
Limburgs
Limburg B.V.
B.V.
Dagblad
B.V.
(Nieuwsdruk
Limburg)
Uitgeverij
Hoevelaken
Beheer B.V.
B.V.
Uitgeverij
De Echo
Uitgeverij
Van
Groenigen
B.V.
B.V.
Noorderpers
B.V.
Reclame
’t Gooi
De Kempen
Pers B.V.
TTG
Sverige AB
Advanced
Matching
Systems
Europe B.V.
RKK
Beheer
B.V.
Bohil
Media
B.V.
TTG
CosmoMag
AB
(8,67%)
(25%)
(20%)
(50%)
Twickel
B.V.
DistriQ B.V.
De Telegraaf
Tijdschriften
Groep B.V.
Telegraaf
Distri B.V.
Regio
Distri B.V.
Brouwer
Groep B.V.
Regio I C.V./
Regio I
beheer B.V.
B.V.
Algemeen
Nederlands
Persbureau
ANP
SBS
Broadcasting
B.V.
Media
Groep West
B.V.
(43%)
(25%)
(28,4%)
(30%)
(90%)
Mobillion
B.V.
De
Nationale
Regiopers
C.V./
NRp Beheer
B.V.
(14,0%)
(70%)
HDC
Uitgeverij
Zuid B.V.
Goois
Weekblad
B.V.
B.V.
Drukkerij
Noordholland
Verenigde
Noordhollandse
Dagbladen
B.V.
Exploitatiemaatschappij
G+E
Vastgoed
B.V.
N.V. Holdingmaatschappij
De Telegraaf
Basisweg 30
1043 AP Amsterdam

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