stampengroup 2 0 1 1 - Stampen Media Group

Transcription

S
T A
M P E N
G R O U P
2
0 1 1
CONTENTS
THE YEAR IN BRIEF_ ___________________________________________ 2
NEW COMPANIES AND PARTNERSHIPS
Miljardbygget – towards a billion________________________ 26
THE STAMPEN GROUP IN FIGURES______________________ 3
GLOBAL ISSUE
INTERVIEW WITH THE CEO__________________________________ 4
Collaboration strengthens the free press____________ 28
A short film is available at stampen.com
ENVIRONMENT AND SOCIAL RESPONSIBILITY
SECTOR AND BUSINESS DEVELOPMENT
Entire Stampen Group environmentally certified__ 30
Bohusläningen – Local newspaper – more popular
than ever____________________________________________________________ 8
A FEW WORDS FROM PETER HJÖRNE________________ 32
Record profit despite increased competition_________10
Greater focus on free newspapers_______________________10
THE BOARD OF DIRECTORS_______________________________ 34
Mktmedia’s strongest year to date_______________________11
Devote first with the latest__________________________________12
MANAGEMENT TEAMS______________________________________ 36
Success for NA’s app__________________________________________12
Breakthrough for QR codes_________________________________12
OVERVIEW OF THE STAMPEN GROUP
Première for e-commerce at na.se______________________14
The Stampen Group___________________________________________ 38
Creative boost for Mobiento_ _______________________________14
Ownership Structure of the Stampen Group_ _______ 39
More people opting to read GP in digital format_____15
Business areas_________________________________________________ 39
Apps broaden scope for Appelberg______________________15
V-TAB – a lasting impression_______________________________16
Keeping track of market trends___________________________18
EXTRACT FROM ANNUAL REPORT AND CONSOLIDATED FINANCIAL STATEMENTS 2011_______________ 44
Family focus______________________________________________________18
CONTACTS_______________________________________________________ 57
ANNOUNCEMENTS___________________________________________ 20
NEW APPOINTMENTS
SvenskaFans – from website to sports media
company__________________________________________________________ 22
New Newspaper Manager__________________________________ 24
Local focus at Länstidningen Södertälje______________ 25
Interview with HR Director Magdalena Kock
available at stampen.com
KEY EVENTS DURING 2011
All companies and operations within the Stampen Group experienced an intensive and expansive year.
Below is a small selection of the key events during the year.
WINTER
Mediabolaget Västkusten expands with free newspapers in Trollhättan, Vänersborg and
Falkenberg.
GP launches fee-based service GP+, with exclusive content online and via mobile phones.
Stampen Marknad launches the Marketing Manager Index to position Stampen as the
keeper of knowledge of considerable benefit to marketing managers.
SPRING
V-TAB initiates a brand campaign with the theme: “We believe in print” and runs adverts in
Dagens Media and Dagens Industri.
Second round of Stampen’s Leadership Programme starts. During the same period, a pilot
round of Stampen’s programme for new managers begins (managers with 3 months to 5
years of experience).
SUMMER
Mediabolaget Västkusten (MBVK) acquires Gratistidningar in Halmstad and starts a new
free newspaper, in direct competition with Politiken’s focus on free newspapers in Sweden.
MBVK’s newspapers present Lunchguiden, a solution for advertisers with lunch menus in
printed newspapers, online and via mobile phones.
GP and Sydsvenskan launch group buying website Dealie. GP and Sydsvenskan give exposure to advertisers’ offerings via their own channels, for example printed newspapers and
banners, and via e-mail and social media to subscribers and membership clubs.
AUTUMN
GP continues to break mobile records, with over 96,000 downloads of its iPhone app and a
total of more than 1.1 million page views per week. This represents an increase of 1,000
percent since midsummer 2010. During the summer, GP also releases its first paid app,
Iphonetips.
The new NA app for iPhone and Android phones is based on the same mobile website as other
newspaper titles within Promedia. Coordination makes the solution more cost-effective.
The Stampen Group achieves environmental certification in accordance with ISO 14001.
Stampen Media Partner becomes co-owner of Minnesota Communication, one of Sweden’s
largest agencies within events and experience-based communication.
1
THE YEAR IN BRIEF
The Group is continuing to grow and
income increased by 7.8 percent to
SEK 5,603 million (5,196), including
non-recurring items.
Operating profit (EBITA) amounted to
SEK 420 million (289). The operating
profit includes restructuring costs
of SEK -58 million and non-recurring
items of SEK 201 million from the
sale of operations.
Advertising revenue from newspaper
operations increased by SEK 88 million
(4.8%).
V-TAB adopted an extensive performance improvement programme and
closed three plants.
Stampen Media Partner broadened
its scope with the acquisition of
Minnesota Communication AB.
V-TAB focused on magazine printing,
with a new press in Vimmerby.
Continued stable growth online and
via mobile phones.
GISAB continued to deliver and Mitt-i
strengthened its position.
“GP-huset” sold according to plan.
2
THE STAMPEN GROUP IN FIGURES
INCOME STATEMENT, sek million
2011
2010
2009
2008
2007*
5.603
5.196
5.072
5.096
5.057
Operating profit (EBITA)
420
289
214
269
652
Operating profit (EBIT)
409
273
214
269
563
Net financial items
-65
-137
-41
-115
-51
Profit after financial items (EBT)
343
136
173
154
511
2011
2010
2009
2008
2007*
67.7
Income
KEY RATIOS
Growth, %
7.8
2.5
-0.5
0.8
Operating margin, (EBIT) %
7.3
5.2
4.2
5.3
11.1
573
402
271
315
399
Cash flow from operating activities, sek million
Return on equity, %**
14.8
3.7
8.4
9.4
35.8
Equity/assets ratio, %
35.2
32.0
33.4
31.4
40.6
* The figures for 2007 have not been adjusted in accordance with IFRS.
** Profit after tax as a percentage of average equity and non-controlling interests.
OPERATING PROFIT (EBITA) BY BUSINESS AREA, sek million
2011
2010
75
76
Mediabolaget Västkusten
25
44
Promedia
80
55
GISAB
85
79
V-TAB
22
69
7
11
Göteborgs-Posten
Stampen Media Partner
Other operations*
Stampen Group total
126
-44
420
289
* The operating profit/loss for Other operations includes IFRS adjustments which have not been allocated to the appropriate
business area. These amounted to SEK 6.3 million for 2011 and SEK -3.3 million for 2010.
3
– Interview with the CEO –
In the media business if
you aren’t bold about
growth, you’ll fall by the
wayside. Stampen’s CEO
Tomas Brunegård has
adopted extremely
ambitious growth targets
for the Group over the
coming years.
4
“THE LOCAL PERSPECTIVE IS STAMPEN’S DNA”
What were the major milestones of 2011?
Our most important achievement was being able to
increase the pace of development in our media companies, chiefly on the digital side, while maintaining
control of our finances. One specific example is GP’s
image app, which Apple named the Nordic region’s
best new app in 2011. The development of our new
Leadership Programme was also important, since I
believe that good leadership at all levels is essential
for Stampen’s development and our ability to attract
future talent. Apart from this, 2011 did not follow
normal economic cycles: there was a strong start, but
things tailed off towards the middle and the year
ended on a weak note.
What were the biggest disappointments?
Probably the fact that the economic upswing came to
an end during the second half of the year.
During the summer, Stampen signed a new
credit agreement with three banks. What
does this mean?
We signed a five-year credit agreement and now have
a financial platform for our long-term development.
Furthermore, the fact that we were able to secure financing during such a turbulent period on the financial market was a vote of confidence.
“The local perspective is our DNA.
What sets us apart is the fact that
we have developed a strong local
press in combination with a robust
printing operation. But to be able
to lead future developments in local
media we have to be innovative in
new channels.”
Goodwill accounts for more than half of
Stampen’s assets. Is the fact that there is
essentia lly a lot of “air” on the balance sheet
a problem?
In this industry, you buy brands and attract brains.
You cannot see these things on the balance sheet,
which is why they come under goodwill. The fact is
that Stampen’s balance sheet has probably never
been as strong as it is now and we have exceeded our
target of an equity/assets ratio of 30 percent.
Stampen’s income and profit increased in
2011. But are profit margins of around 5 percent and recent annual growth of a couple of
percent sufficient?
We want to push the margin up and achieve much
higher growth rates than that. But you also have to
bear in mind that the economic situation over the
past few years can hardly be described as “normal”.
The industry is also undergoing a structural transformation, from printed to digital media. This process is not progressing rapidly enough, which is affecting profit levels. And the problems within V-TAB,
which used to be somewhat of a profit machine, have
also had a negative impact for us. We’re working
hard in this area now with our performance improvement programme and we’ll be seeing its effects
this year.
Stampen’s total paid newspaper circulation
dropped by around 5 percent, while circulation revenue rose during 2011. What conclusions can you draw from this development?
The falling trend for printed newspapers has been
continuing since the 1970s; declining circulation figures are part of the structural transformation. The
fact that we can increase revenues despite this shows
that local journalism is highly valued. At the same
time we’re expanding our total reach by constantly
increasing the number of readers in our digital channels. We’re noticing that in several areas we’re reaching more readers through the digital channels than
via standard newspapers.
As you say, Stampen is attracting an increasing number of readers via the digital channels. But how willing are they to pay?
We’re seeing an increasing desire to pay for smartphone and tablet apps, which applies to both our own
ventures at Göteborgs-Posten, for instance, and as a
general trend around the world. The mistake we made
in the online world was to contribute to a lot of content
being free of charge. Most people are realising now
that content costs money. Things that did not work
online appear to work better in the app environment.
The free newspapers in Stockholm within
GISAB have become somewhat of a cash cow
for Stampen. What’s the secret to their success?
GISAB’s success is based on the fact that they have
5
managed to remain genuinely local and close to the
readers and advertisers on the largest and fastestgrowing market: the Stockholm area. The latest addition is the app Mitt i Stockholm, where we are now
taking the initial step of testing transferring the local element to an app. Free newspapers are also part
of our growth strategy and in 2011 we started five
new free newspapers within Mediabolaget Västkusten. The free newspapers mean that we can have
even more of a local presence for our readers and advertisers and therefore act as a complement to the
paid newspapers.
Many newspaper offices have been affected by
cutbacks in recent years. At the end of 2011,
Promedia announced it would be reducing
costs by SEK 55 million up to 2014, and the
company has subsequently begun a major
conversation programme. What is your view
of the criticism that editorial offices might be
slimmed down too much and that it might be
at the expense of quality journalism?
This is basically a result of the structural transformation I’m talking about. Readers’ media habits are
changing; they are becoming less entrenched and we
need to adapt our way of working and our organisation to this development. But we thrive on the confidence of our readers and we have to be able to deliver
good quality journalism in many more different formats than before in order to remain competitive.
As you mentioned, following several years of healthy
profit, V-TAB has experienced a number of problems
with profitability over the past two years. What is
your view of Stampen’s role in the printing industry?
Firstly I’d like to say that the printing industry within Stampen has been an extremely successful business over time. One explanation for the weaker result in 2011 is that we incurred major adjustment and
close-down costs, which will have a positive impact
from this year. As the biggest player in Scandinavia,
we have an important role to play in developing and
transforming the printing industry to the changed
market mix. We have done this within dailies and are
now in a good position to develop magazine printing,
where there is great potential.
Stampen has adopted extremely ambitious
growth targets; both income and value are to
increase by 100 percent up to the year 2015.
Why is growth so important?
The rapid pace of change in the media sector means
that we must grow quickly so as not to be left behind.
Growth targets are a way of showing that we are part
of the change process. That’s why we are also saying
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that half of growth by 2015 will be generated by operations that we did not have in 2010. But it is also important to expand in the right way, which is why
Stampen’s value will increase alongside income.
How will you achieve the growth targets?
We will grow both organically and via acquisitions,
mainly within V-TAB and Stampen Media Partner.
V-TAB has major opportunities for international expansion and to be the company that is restructuring
the Nordic printing industry. An entirely new
Stampen is beginning to emerge within Stampen
Media Partner; the business will increase from
around SEK 500 million, to SEK 1.5 billion by 2015.
The strategy here is to continue to buy media companies and to take it steady. We also believe in establishing similar businesses in other countries.
“The falling trend for printed
newspapers has been continuing
since the 1970s; declining
circulation figures are a part
of the structural transformation.
The fact that we can increase
revenues despite this shows that
local journalism is highly valued.”
A lot of what we have spoken about; the transition to digital and the expansion into new
media, could just as easily be about Stampen’s
competitors among the major media houses.
What is it that makes Stampen unique?
The local perspective is our DNA. What sets us apart
is the fact that we have developed a strong local press
in combination with a robust printing operation. But
to be able to lead future developments in local media
we have to be innovative in new channels, while also
expanding new media businesses within Stampen
Media Partner. Key knowledge and ideas spill over
from new areas to the more traditional businesses,
and vice versa. It also means that we can be the most
dynamic workplace and attract the best talent –
which is vital to Stampen’s competitiveness.
To conclude, we are already a few months
into 2012. What are your expectations for the
rest of the year?
Although 2012 also feels like an uncertain year, it
still appears to be a little more stable than in the
autumn. It’s hardly going to be a record year but I remain positive. The big challenge will be to continue
to increase the pace of innovation.
We gain our readers’ trust when we show our local strength. At the same time we need to be aware of the changing media habits of readers and increase the pace of
innovation in new channels and new media. Then we will be able to grow. As we grow we will become stronger and better, both locally and in the international arena.
7
– Sector and business development –
LOCAL NEWSPAPER
– more popular than ever –
More in-depth articles and a holistic approach. Ingalill Sundhage, Editor-inChief of Bohusläningen, considers it the
newspaper’s duty to continue to be a forum for important discussions.
In Stampen’s 2009 Annual Report, Ingalill Sundhage, who became Editor-in-Chief of Bohusläningen
in autumn 2009, was asked about the newspaper’s
daily format. The response was “it could be better”.
Today the situation is more hopeful.
“Our self-confidence has improved considerably
since then. We firmly believe that our journalism
makes a genuine difference.”
We will be where people are,
and they should notice when
we’re not.”
As far as Ingalill Sundhage is concerned, there is no
question about the position of the daily newspaper as
a prerequisite for democracy in a society. A society
cannot develop without a forum where people’s opinions clash and that provides scope for reflection. And
if we as a local newspaper do not take that responsibility, who will?
She highlights a series of articles during the autumn as an example. In four feature articles the
newspaper presented a survey of investments in
wind power in the county. The articles outlined the
problems, solutions and research, and a considerable
number of people were consulted.
Ingalill Sundhage wants to see more of this kind of
journalism, where Bohusläningen examines a subject in greater depth and adopts a holistic approach.
“The time has passed when news events were the
most important aspect of a newspaper. Today we
have to go deeper and find new angles in a news item
if we are to remain relevant and useful to our readers.”
8
Another example is Bohusläningen’s coverage of
the tug-of-war between the hospital in Uddevalla
and NÄL, North Älvsborg County Hospital, in Trollhättan. How are resources allocated? Which hospital
offers the best care? Questions that engage the readers and raise the local perspective to a regional level.
Ingalill Sundhage hopes that in 2012, Bohusläningen will become even better at seeing the region as a
whole. One goal is to get the central editorial office in
Uddevalla and the six local editorial offices in Munkedal, Tanum, Sotenäs, Lysekil, Orust and Dalsland to
work together even more than they do today.
As for many other newspapers, circulation figures
for Bohusläningen have fallen in recent years. But
thanks to additional channels, online and mobile,
Bohusläningen is being read more than ever. The
number of unique visitors online is constantly on the
increase and is now up to just over 40,000 visitors a
week.
One of the lighter and more popular features online
during the year was Lussekatten, photo competition,
where readers were invited to send in their best cat
pictures. A total of 640 photos were received and 12
winners were selected through a vote. The winners got
to feature in the Lussekatt calendar that the newspaper had printed. The level of interest exceeded expectations, with 1,500 people taking part in the vote.
It also clearly highlighted the cross-fertilisation
between online and printed newspapers. A lot of the
material in Lussekatten was published in both channels. Ingalill Sundhage promises that Bohusläningen
will step up efforts to make itself available on various
platforms.
“If readers prefer to read Bohusläningen using
their mobiles or via our
e-newspaper, then we
must make sure that the
solutions we provide are
as good as they can be.
We thrive on our credibility and we will continue to do so, regardless of the channel.”
Ingalill Sundhage
A daily newspaper has a responsibility to reach its readers in the best possible way and to offer the delivery solutions that work best. It is only then that we can be
a key player at a local level and drive social development. The same content with different delivery methods makes us more efficient and boosts our credibility.
9
RECORD PROFIT DESPITE INCREASED COMPETITION
In 2011, Lokaltidningen Mitt i continued to
strengthen its position as one of Sweden’s
most successful local newspapers.
Competition in Stockholm has become fiercer during
the year. Dagens Nyheter launched a new Stockholm
section as part of its redesign. At the same time,
Direkt Press adopted a more aggressive approach in
the capital with new partners and three new titles;
Tidningen Liljeholmen/Älvsjö, Tidningen Årsta/
Enskede and Vi i Sollentuna.
Despite aggressive competition and
uncertainty in the global economy,
2011 was a record year for Mitt i.”
Sales amounted to SEK 335 million and profit to over
SEK 100 million. There were many reasons for this
success. One of them was the changeover to Posten, a
Swedish public company and the largest operator in
communication and mail distribution, as distributor
in May.
“This enabled us to secure distribution, which gave
us a significant competitive advantage,” says Peter
Clauson, Mitt i’s CEO. “We recouped the increased
cost immediately via increased sales. Competition
for readers also becomes tougher, but Mitt i has
scaled new heights here too, with 974,000 readers a
week (Orvesto Consumer 11:2R).”
According to Editor-in-Chief Niclas Breimar, the
record figure is due to a consistent focus on local
journalism in the 31 printed newspapers:
“We recruited three new reporters in the autumn
to double the number of news pages in selected editions. If we are to achieve our goal of a million readers a week by the end of 2012 then we must continue
to be at the forefront in news terms, but also improve
on everyday features.”
“We must continue
to write about both
breaking news items
such as security van
robberies, and local
items like the new bakery around the corner,”
says Niclas Breimar.
Niclas Breimar
GREATER FOCUS ON FREE NEWSPAPERS
Mediabolaget Västkusten has established
a separate area for free newspapers. The
company now publishes nine free newspapers on the West Coast of Sweden.
New members of the Group include Falkenbergs Posten (launched May 2011) and Halmstad7Dagar (August 2011). These two, along with Varbergs Posten, are
part of Gratistidningar i Väst.
“Thanks to the new venture we will now be publishing every week to all households in Halmstad, Falkenberg and Varberg, with a total of around 95,000 newspapers a week,” says Roger Thilander, CEO of Gratistidningar i Väst. The investment also means that
Gratistidningar i Väst can now offer its advertisers
one or several titles in various advertising packages.
During the year, Mediabolaget Västkusten (MBVK)
has also made headway in Bohuslän. In September,
MBVK bought Tanums Offsettryckeri (TO AB), which
publishes ad sheets in Bohuslän (Björklövet, Havsbandet and Björklövet Uddevalla). Furthermore, TO AB
runs a job-printing shop under the Gränstryck brand.
Ad sheets hold a strong position on their respective
markets, for example Björklövet has a reach in its
three issuing municipalities of 57–69 percent. Sales
for TO AB amounted to around SEK 22.4 million in
2011, of which ad sheets accounted for over 83 percent.
“We believe we’ll see increased growth within both
printing operations and newspaper publishing for TO
in 2012,” says Anders Nilsson, Business Group Manager for the Free Newspapers business area at Media
bolaget Västkusten.
Plans for 2012 include a marketing campaign for
Gränstryck and the publication of 4–6 special editions of Björklövet-Norge, a venture that was tested in
autumn 2011 in which companies in northern Bohuslän market their products and services to around
28,000 households in southern Norway.
Roger Thilander
10
Anders Nilsson
MKTMEDIA’S STRONGEST YEAR TO DATE
2011 was an excellent year for Mktmedia.
The company has had its best year since
it started in 2006 in terms of generating
revenues for its owners.
“Stamina gets results. The next stage
will be to focus even more on taking payment for content,” says Bosse Svensson,
CEO of Mktmedia.
During the early years, Mktmedia concentrated
mainly on building up shared publication platforms,
establishing processes for owner collaboration and
expanding the network. Since the work entered a
new phase in 2011, the focus is now mainly on mobile
solutions and specific revenue projects, primarily
within business-to-business.
“Our solid foundation work has enabled us to benefit hugely from the breakthrough of the smartphone. The market has finally matured,” says Bosse
Svensson.
In 2011, for example, it was possible to develop
Adeprimo’s mobile platform Tulo into an external
product.
“We have high hopes that Tulo will become the
standard for Scandinavian media houses. Adeprimo
is also on the verge of entering a larger international
market.”
The continued success of auction site AdBid is one
example of Mktmedia’s focus on revenue projects.
AdBid offers unsold advertising space on 32 daily
newspaper websites that reach two million readers
across Sweden. The site has experienced strong
growth since its launch in May 2009. The forecast for
2011 was exceeded by 50 percent and sales amounted
to SEK 8.5 million. The forecast for 2012 is for an additional 50 percent growth.
“AdBid began on a small scale as an individual
project within Mktmedia, but is now run as a separate company. We’re hoping for more spin-offs of this
kind over the next few years,” says Bosse Svensson.
Alongside its revenue projects, Mktmedia has also
been focusing on what are known as traffic schools,
aimed at websites that need help to increase traffic to
their site. The target for 2012 is continued increases
of 20–30 percent.
“Increased traffic is a prerequisite for increased income, but it doesn’t happen automatically. Income
lies in proactive efforts to boost traffic. That’s why
we work hard to get some depth in the traffic and to
create business verticals from that depth,” says
Bosse Svensson.
As part of this work Mktmedia has also increasingly begun directing its focus at broad partnerships
at a national level, including within the travel and
book industries. A travel vertical will be established
during the first quarter of 2012, in cooperation with
several of the major national travel companies.
Other national partnerships that have been ini
tiated concern advertising and business solutions
for banners, digital supplements, transactions etc.
Our solid foundation work has
enabled us to benefit hugely from the
breakthrough of the smartphone.”
Another important area is mobile customer cards,
where a partnership is underway between Promedia,
Adeprimo and Mktmedia in relation to tying the customer card to a CRM approach, with the customer at
the centre.
Otherwise, the catchword for 2012 will be conversion strategy. Mktmedia will be working with holding companies to improve systems for benchmarking, controlling key ratios and strategies for generating new income.
“This also means that we will run fewer of our
own projects than previously. Digital development is not something
that should be regarded
as a separate business,
but rather as a natural
element of core operations,” says Bosse Svensson.
Bosse Svensson
11
DEVOTE FIRST WITH THE LATEST
Online meeting place Devote.se is attrac
ting an increasing number of visitors. In
2011, traffic increased by over 60 percent. In December the website had more
than 750,000 unique visitors a week.
Devote.se is aimed at girls and young women aged
between 15 and 25. The website was started in 2006
and is now a market leader within its segment.
Devote’s blog tool has become extremely popular and
the website now has over 200,000 registered blogs.
Every day over 400 new blogs are started.
Around 700,000 people write blogs in Sweden
and Devote’s editorial office monitors events in the
blogosphere under the heading Bloggvärlden (the
world of Blogs).
“The goal is for us to be the first with the latest and
Readers should see ‘Bloggvärlden’ as a
local paper for all blog enthusiasts.”
for readers to see ‘Bloggvärlden’ as a local paper for
all blog enthusiasts,” says Staffan Ekberg, CEO of
Devote.se.
In 2011, Devote developed both editorial products
and new tools for users. Several mobile services have
been launched both for blog readers and writers. The
editorial fashion magazine FashionCorner was
launched during the summer and has become a
source of inspiration for the fast-growing band of
fashion and lifestyle bloggers.
Devote’s main source of income is from advertising and the company’s goal is to provide Sweden’s
best advertising opportunities for companies wishing to communicate and build relationships with
girls and young women
in the 15–25 age range.
It is to this end that a
sales team was recruited during the year,
while a number of new
advertising
formats
and measuring tools
were launched.
Staffan Ekberg
SUCCESS
FOR NA’S APP
BREAKTHROUGH
FOR QR CODES
In August 2011, Nerikes Allehanda (NA) launched its
app for both iPhone and Android phones. The advertising space for the remainder of the year sold out in
a matter of days.
“Demand has been much greater than we dared
hope for,” says Ewa-Lena Spåre, Sales Director at NA.
Every week, NA’s app contains offers from around
ten advertisers. NA will be developing its advertising
format in 2012, providing increased opportunities to
interact and offers
aimed at specific target
groups. Around 13,000
users have downloaded
NA’s app so far (February 2012).
QR codes experienced a breakthrough on the Swedish
market in late autumn 2011. QR stands for Quick Response and is a type of barcode that can be downloaded
onto a smartphone.
Promedia and na.se quickly took advantage of the
opportunities offered by QR. For example, NA referred
users to Web TV features on their mobiles via a code in
the printed newspapers. A QR code was also used in
the newspaper and on the website in connection with
the launch of NA’s news app.
Attempts have also been made to use QR in advertising campaigns in Promedia’s newspapers, as well as in
the Group’s new e-commerce function, where the visitor is taken via an advert in the newspaper directly to
the e-commerce checkout.
Ewa-Lena Spåre
12
Developments in the media industry are moving extremely fast. The pace of innovation is rapid and new players quickly push old, tired ones out of the running.
But the fact is that the rules of the game haven’t changed a bit; you have to be on the same wavelength as your readers and advertisers. And stay there.
13
PREMIÈRE FOR E-COMMERCE AT NA.SE
Towards the end of 2011, Promedia launched its first
e-commerce solution on na.se. A complete e-commerce function was created via Promedia’s development workshop and tested for a period of two months
in a real-life situation. The outcome was way above
expectations.
The campaign goods that were offered during the
test period effectively sold out. The top sellers were
iPhone gloves and whisky glasses from local distill-
packing and distribution of the goods that were sold.
“An excellent example of a successful collaborative
project between two Group companies with completely different core operations,” says Lennart
Mattisson, Digital Media Development Manager at
Promedia.
During 2012, all Promedia’s newspapers will get
their own e-commerce function and various business concepts linked to e-commerce will be devel-
eries. The project was carried out in close cooperation with Odla.nu. Odla took care of the storage,
oped.
CREATIVE BOOST FOR MOBIENTO
Mobiento is experiencing phenomenal
growth. In 2011, the company saw sales
increase by 80 percent and the workforce
doubled in size.
Over the past year, Mobiento has gone from being a
mobile agency with a technical focus, to placing
more of an emphasis on strategy work and creative
solutions.
“One of the things we have done is to strengthen
our team with skilled professionals, including planners, art directors and creative directors,” says
Johanna Fagrell Köhler, CEO of Mobiento.
The company now has just over 50 employees at its
SMS solution enables people who do not have cash
on them to pay for the magazine.
In 2011, Mobiento also developed new mobile solutions for customers including Volkswagen, Systembolaget and SF Bio. And according to Johanna
Fagrell Köhler, demand for creative solutions for
mobile phones is continuing to rise.
“We’re seeing that an increasing number of customers are moving their media budget from print
and online to mobile. 2012 will be an exciting year.”
offices in Sweden, Norway, Denmark and the US.
International expansion has enabled Mobiento to
attract an increasing number of global customers,
including Microsoft and Volvo.
As the only mobile agency in the world, Mobiento
has been nominated for the seventh year in a row for
the renowned Mobile Marketing Association Global
Awards. In 2011, the agency was awarded a silver for
“SMS is king”, which was part of a campaign for
homeless people’s magazine Situation Sthlm. The
Johanna Fagrell Köhler
As the only mobile agency in the world, Mobiento has been
nominated for the seventh year in a row for the renowned
Mobile Marketing Association Global Awards.”
14
MORE PEOPLE OPTING TO READ
GP IN DIGITAL FORMAT
Traffic record for both mobile and online
– and several new products and paid services. Göteborgs-Posten can look back
on a successful digital year.
In 2011, GP’s mobile traffic more than doubled in
terms of the number of page views. From just over
700,000 to 1,650,000, an increase of 130 percent.
“It’s largely down to the fact that an increasing
number of readers have smartphones and are using
their mobiles to go online. And in addition to our
standard mobile website we’ve developed several
apps that are attracting more people,” says Martin
Holmberg, Digital Development Manager at GP.
Almost 115,000 users had downloaded the iPhone
app and 21,000 the Android app by the end of 2011.
In 2011, GP also began to focus on taking payment
for editorial content. March saw the launch of GP+
online and on the mobile website.
GP+ includes a considerable number of exclusive
articles, photos and services. By the end of the year,
the number of paying GP+ members was around
1,000. “We’re delighted!” says Lisa Höglund, Project
Manager for GP+.
The focus on GP+ will be intensified during 2012.
All subscribers to the printed newspapers will be
given the opportunity to test the service for free during the year. GP will also launch a new platform for
GP+, which aims to attract a younger target group.
The steady increase in readers’ digital news consumption was also noticeable on gp.se. The website
had an average of 451,000 unique visitors a week.
This was a 12 percent increase, which was better
than Aftonbladet, DN and Sydsvenskan, for example. Readers have been able to read a successful realtime online investigation into the rental market in
Gothenburg. Furthermore, investments in the practical websites Bostad, Mat & Dryck, Motor and Resor
have contributed to significant increases in traffic
within the respective departments.
September saw the launch of GP Bild, GP’s first
iPad app. The total number of downloads was 9,000
And in addition to our standard mobile
website we’ve developed several apps
that are attracting more people.”
at the end of the year, and the traffic record reached
just over 280,000 page views/week. GP Bild was
developed as part of a collaboration between GP’s
digital development team, GP’s picture editing department, Adeprimo and Mktmedia.
Martin Holmberg
Lisa Höglund
APPS BROADEN SCOPE FOR APPELBERG
There is growing interest among Appelberg’s customers in multi-channel publishing. In addition to
producing customer and internal magazines in print
and online, Appelberg is increasingly focusing on
moving images and apps.
In spring 2011, Beep, Telenor’s magazine for cor-
porate customers, was launched as an app for tablets.
The app features the latest news on trends within IT
and telecoms, topical interviews and relevant customer case studies. In addition to transferring material from the printed magazine, Appelberg also produces two films specifically for the app.
15
A LASTING IMPRESSION
V-TAB believes in print. The company
could hardly do otherwise considering
that it is the Nordic region’s largest
printing group, printing everything from
newspapers, magazines and periodicals,
to signs and business cards. But scratch
the surface and you’ll realise that it’s far
more than just a slogan.
“In some respects, you can’t beat print. Take for example the major supermarket chains, or home electronics and sports chains. Printed direct advertising
is extremely important for these companies, and has
proved to have a major impact time after time,” says
V-TAB’s Marketing Manager, Urban Mattson.
The printing industry has traditionally comprised
a number of relatively anonymous companies, and
considering the fact that V-TAB is an amalgamation
of several smaller printing houses, the Group lacked
a clear brand platform.
“We needed a relaunch and at the same time we
noticed that the position of leading and most committed alternative in the industry was vacant,” says
Urban Mattsson. Anna Norlander, V-TAB’s Communication Manager, agrees:
“Most printers today are run professionally in
terms of quality and flexibility. We want to go a step
further and show that we understand and believe in
what we produce for our customers.”
According to Anna Norlander, printed material
has a unique ability to highlight content so that it really comes into its own. This particularly applies to
longer, more in-depth features. If you then also add
opportunities to visualise the material with highquality images and the feeling of holding a physical
product, then a newspaper or magazine becomes a
product that appeals to all the senses.
Anna Norlander
Urban Mattsson
16
“Nothing beats
a good magazine cover
for encouraging people to read on.”
“And it doesn’t matter if you’re reading a book, a
comic, a newspaper or a catalogue, when you’re
reading it’s just you and what you’re holding in your
hand. You know where it starts and finishes the
whole time,” says Anna Norlander.
But printers today must also be capable of offering
a number of smart, digital services. And V-TAB is investing considerable resources in keeping abreast of
developments.
“As I said before, we believe in print, but naturally
we also make use of the latest technology in both our
production and in contact with our customers,” says
Anna Norlander.
One such example is the online shop that V-TAB
has for its store materials customers, where individual stores in a chain can easily order the exact hangings, signs or mail-outs that they need, while head
office maintains full control.
“Naturally we realise that digital is gaining
ground, but I see print and digital as complementing
one another. And as far as we’re concerned, the decline in circulation figures for daily newspapers is
compensated for by the fact that supplements are increasing. Furthermore, these are often printed on
better paper with a higher quality finish,” says Urban
Mattsson.
Conditions for periodicals and magazines are
slightly different. In general, circulation figures are
falling here too, but this is mainly due to the constant rise in the number of titles.
“In addition, periodicals also contain supplements, inserts, plastic wrapping and various gimmicks. This increases the pressure on us, but at the
same time it generates new business,” says Urban
Mattsson.
The main method used for the production of magazines and periodicals is heatset printing, since the
technique enables printing on glossy magazine paper. And V-TAB has acquired several plants in recent
years in order to broaden its customer offering in
this area. Today the Group’s heatset production is
based in Vimmerby in Småland, and last year the
printing works were equipped with Sweden’s most
modern magazine press.
“We have been offering heatset printing for a couple of years, but with the new, state-of-the-art machine and the experience we have now gathered we
can offer our customers the best service on the market,” says Urban Mattsson, who sees huge potential
for V-TAB in the future:
“I believe that the industry will be further consolidated and be made up of segments that are even
more specialised. And considering our healthy position and strong owners, there’s every chance that the
future will bring even more success.”
At the Nordic region’s largest printing group we adopt an inter-disciplinary approach. We believe in print and its unrivalled ability to appeal to all the senses.
But it’s also about living in symbiosis with the digital world and offering smart digital solutions. The result is a recipe for print that satisfies customers’ needs
and tastes.
17
KEEPING TRACK OF
MARKET TRENDS
The Marketing Manager Index has been
established as an important indicator of
growth in consumption and trends within
private consumption. The Stampen Group
has been carrying out the survey since
2009. The Marketing Manager Index was
launched on the initiative of Sven-Olof
Bodenfors, advertising legend and board
member of Stampen AB.
“Marketing managers are the keepers of important
information about trends in private consumption.
Previously there was no survey that regularly reflected their perception of consumption trends.
Meanwhile, private consumption is gaining significance in the economy,” says Lars Rundblom, Marketing Director at Stampen.
The Marketing Manager Index (MMI) is issued
once a quarter and is based on interviews with about
150 marketing managers for major consumer brands
within the automotive industry, banks, travel agencies, food companies and FMCG. The index includes
brands that represent consumption totalling just
over SEK 1,000 billion a year and that account for
about 80 percent of household consumption.
“We wanted to highlight market issues in the media and disseminate information to society regarding consumption trends. The survey has led to us
forming new relationships with marketing managers, although that is not the purpose of the MMI”
says Lars Rundblom.
The survey contains a number of set questions,
where marketing managers are asked to assess demand and price trends for their own products and
services, which gives an idea of the pace of growth in
private consumption. The survey also contains additional questions on issues of current interest.
“It has covered such issues as the focus of future
consumption and crisis industries within trade, topics that have sparked media interest in the MMI,”
says Lars Rundblom.
The MMI has also
proved to be a reliable
indicator of where consumption is headed.
There is a strong correlation with the changes
in actual consumption
as measured by Statistics Sweden.
Lars Rundblom
18
FAMILY FOCUS
Three million points of consumer contact
and strong local focus make Stampen an
attractive partner for companies wishing
to reach private customers. Jenny Randau,
former Private Market and Circulation
Director at GP, has been tasked with
growing Stampen’s consumer business.
“We’re focusing on offerings for families within five
areas; house & home, experiences & entertainment,
travel, food and telecoms,” says Jenny Randau.
The business initiative B2C is based on Stampen
media’s existing relationships with three million
consumers in West Sweden, Mälardalen and the
Stockholm region. In addition there are several national social communities such as Familjeliv, Odla,
SvenskaFans and Devote.
These relationships provide the entire Stampen
Group with opportunities to generate new consumer
business, since individual media channels are unable to fully utilise the potential of the total number of
consumers.
The basic idea is to work in-house or with a corporate partner to find new solutions that add value for
the consumer, and furthermore to offer corporate
customers something beyond traditional advertising
in different channels. A specific example is the partnership with Kundkraft; a campaign was marketed
with a unique offering to readers, which aimed to reduce their electricity prices. The campaign, which
was implemented when electricity prices were a hot
topic in the media, has been successful and was popular with both readers and Kundkraft.
“Individual newspapers within Stampen have
been working with similar offerings for many years
now. A bigger base will enable us to focus an offering
in an entirely different way; for example we can target women aged between 40 and 50. And correspondingly we can, for example, support Bohusläningen in partnership with a national travel company,” says Jenny Randau.
“It’s about solutions that offer readers added value,
either via a unique offering or in an activity that can
also generate both transaction revenues and new
advertising revenues for
the Stampen Group. I
think that the areas that
are close to our core
business and readers’
areas of interest will be
the most successful.”
Jenny Randau
We have to keep track of what’s going on around us to remain attractive to our customers. What are the latest trends? What will be the next crisis industry? What
motivates purchasing decisions in Sweden and the rest of the world? If we do our homework properly we can constantly offer solutions that add value and provide popular journalism for consumers.
19
ANNOUNCEMENTS
Fe rt ili se r an d
sp ad es on ne w
e- co m m er ce
w eb si te
website
Aug ust saw the launch of a sister
Partner.
ia
to Odla.nu within Stampen Med
e-comThe website, Fixa mera.se, is an
hing to
merce site where you can buy anyt
P ho to day
at tr ac te d la rg e
au di en ce
ers to an event
When TTELA invited its read
response was
with the theme of photos, the
in Trollhäthuge. The photo day, was held
tors, who
tan and attracted over 800 visi
s by awardhad the chance to listen to talk
von Brömssen,
winning photographer Anna
at the newsLars Dareberg, image manager
chim Nywall,
paper Sydsvenskan, and Joa
slideshows
rock star photographer. Three
and there was
were shown on the photo day,
tographs
also an exhibit ion of 1,500 pho
. The day
from the newspaper’s archives
photograph
culminated in the final of the
(my best
competition “Min bästa bild”
e able to take
picture), in which readers wer
par t during the autumn.
or par t of
“Photography has become a maj
of digital
people’s lives with the advent
e level of
technology. We’ve noticed a hug
our photo
interest from our readers, and
,000 click s
competition had more than 300
ning,” says
on the website when it was run
er at TTELA,
Stefan Bennhage, photograph
the theme day.
one of the organisers behind
to day this
TTELA will be organising a pho
place on 20
year as well, which will take
October.
and
do with the garden – from ferti liser
conThe
spades to orna ments and gifts.
advancept behind the website is to take
ening
tage of increasing interest in gard
pen
among Swedes, and to use the Stam
engard
of
Group’s considerable network
a.se was
ing enthusiast contacts. Fixa mer
s from
created internal ly using resource
lopers
Odla.nu and with the help of deve
big test
from Stampen Med ia Poland. The
the
for Fixa mera.se will come during
who is
én,
spring, according to Erik Sond
responsible for the website.
D ob b cr ea te d
“B lå gu la
dr öm m ar *”
fo r SV T
On 22 Aug ust 2011, the program
“Blågula drömmar – vägen till
landslaget*” premiered on SVT. The
programme
was dev ised by Stampen Med
ia Par tner ’s
produc tion company Dobb Pro
duc tion,
which creates Web TV for Sve
nsk afans.
com and has a considerable
amount of exper ience in producing sport
with a different approach. In “Blågula drö
mmar*”,
viewers were able to follow top
young
Swedish footballers and thei
r lives as pro fessiona ls in another country
. The first
programme Dobb made for
SVT was the
documentar y series “I Zlatans
20
me
*Yellow and blue dream s – the way
spår”.
to the national team.
Ne w ow ne rs
for Ka rls ko ga Ku rir en
Gr ou p bu yin g
we bs ite De al ie
at tr ac ts lo ca l
ad ve rt ise rs
In autumn 2011, Tidningsbolaget Promedia
i Mellansver ige AB sold the local newspaper
Karlskoga-Kuriren to Nya Werm lands
During the year, Göteborgs-Posten and
tidningens AB, NWT.
the newspaper Sydsvenskan together
launched an additional channel for its
advertisers – group buying website Deal
ie.
The newspapers are using Dealie to attra
ct
local advertisers, such as restaurants
and
shops. GP and Sydsvenskan give expo
sure
to advertisers’ offerings via their own
channels, for example printed newspape
rs
and banners, and via e-mail and socia
l media to subscribers and membership clubs
.
Advertisers pay a percentage of the marg
on the products they sell in retur n for
ing featured on Dealie. It is initially GP
in
be-
and
Sydsvenskan who are behind Dealie, but
several newspapers within Mktmedia
expressing interest.
N A at tr ac t s
n e w w e e ke n d
re ader s
Promedia’s CEO, Lena Larsson, commented on the deal: “I think that this is the optimum solution for guaranteeing Karlskoga
Kuriren’s long-term publication and market position.”
Karlskoga-Kuriren is published six days a
week in Karlskoga and Deger fors and NWT,
which already owns Karlskoga Tidning,
sees synergies in the deal.
Tidningsbolaget Promedia i Mellansver ige
AB publishes 14 local newspapers in the
Mälardalen region, Närke and Bergslagen,
and is controlled by Stampen, which is the
major ity shareholder in the company.
are
possible to
2011 it has been
Since autumn
a Fr idayri kes Al lehand
subscr ibe to Ne
), 1,900
(Februar y 2012
Sunday. So far
ekend subned up for a we
people have sig
00 a year.
h costs SEK 1,5
script ion, whic
ious Neri kes
y targeted prev
“We have mainl
we have
cr ibers. Areas
Al lehanda subs
Karlskoga,”
rticular include
focused on in pa
rector at
Spåre, Sa les Di
says Ewa-Lena
nda.
Neri kes Al leha
Fun chil dren’s
boo k app s
When children’s and youth publisher Rabén
& Sjögren decided to focus on children’s
book apps, it was Stampen Media Partner’s
company Adeprimo that was given the job.
In 2011, Adeprimo developed eight picture
and children’s book apps for Rabén &
Sjögren (Norstedts). In 2011, one of the
apps was ranked second place among the
top-selling paid apps on iTunes.
21
– New appointments – SVENSKAFANS
– from website to
sports media company
Passionate and committed users – that’s
the key to SvenskaFans’ success, which
is heading for new heights.
New CEO Mathias Resare is supervising
SvenskaFans’ transition from website to
sports media company.
Mathias Resare has worked as a business developer
within Stampen Media Partner since 2007. In March
this year he took over as CEO of SvenskaFans, but he
was already involved in work on the site in 2011.
“It’s mainly been about preparing for the development that will take place this year.” Former CEO and
founder Anders Nettelbladt will stay on as Managing
Editor. He has a long-held desire to work more on the
editorial content side.
When Mathias Resare was offered the role of CEO
by Anders Nettelbladt he had one condition – for the
SvenskaFans Group, which also includes Dobb Production and the sales company CAPM, to grow.
“It emerged that this was also the wish of Stampen
and the site’s founder. The goal is for the SvenskaFans
Group to go from being a website, to a sports media
company with several different types of channel, but
if we are to achieve this we need to focus our efforts.
I’m delighted that SvenskaFans’ staff, including
the two founders who are staying on, are prepared to
take the next step.”
What were SvenskaFans’ biggest successes in 2011?
“Mobile growth is one of the areas where we have
been most successful. We launched two apps and a
mobile site in 2011, and the SvenskaFans app made
the top ten list of the most downloaded apps in the
App Store. We now want to utilise the opportunities
of the mobile channel further and develop more apps
and mobile sites.”
Another success is that the site was voted the best
sports site by Internetworld for the fifth time in ten
years.
“We have our strong relationship with our users to
thank for that; they’re extremely passionate and
committed.”
Mathias Resare’s main goal for 2012 is growth via
acquisitions and partnerships with other companies,
while he also hopes to raise awareness of Svenska
Fans. There are also plans to let Dobb Production
develop into more of a production company with external assignments.
“One of the first things that’s happening this year
is that we’re entering into a partnership with YouTube, which will be showing our Fan TV in its channels. We want to reach people using several different
platforms. Other goals include finding a good way of
working with Facebook and growing within Web TV
and the mobile area.”
MATHIAS RESARE. DOB: 1971. Lives: In Älvsjö, Stockholm. Education:
B.A. in Political Science at Lund University and courses at the Stockholm School of Economics, as well as Stampen’s Leadership Programme. Professional experience: Has worked as Sales Director for radio at
MTG and Nordic Sales and Marketing Director at Harlequin. Has been
on the Management Team of Stampen Media Partner and from this year
is CEO of the SvenskaFans Group. First thing I do when I get to work: I go
round and say hi to everyone, then I get straight on the phone – I like
getting on with things. Most visited websites: svenskafans.com, golf.
com, mashable.com, twitter.com, svd.se and aftonbladet.se.
22
You can go a long way with sports enthusiasts. The SvenskaFans.com website is an excellent example of the interaction between users and producers. Voted the
best sports website and with huge growth potential, the site has announced its ambition to become a sports media company.
23
– New appointments – NEW NEWSPAPER
MANAGER
for Nerikes Allehanda, Motala & Vadstena tidning and Örebroar’n.
As of 1 February this year, Katarina Ekspong is the new Newspaper Manager and
publisher for Nerikes Allehanda, Motala &
Vadstena tidning and Örebroar’n.
What are your expectations for the year?
“2012 will be a challenging year for me, with a new
job at a time when the economy is volatile and media
consumption is rapidly changing. The focus has to be
on the reader. This means that my personal preferences and those of our staff are not as relevant as
those of the readers. It also means that we need to
have close contact and dialogue with our readers and
pick up on issues that affect them, but also create
talking points by setting the agenda. We need to be
useful and contribute to involvement in the local
community. And one-way communication won’t do
any more.”
Do you like a challenge?
“Yes, so it seems!”
What is the strength of local newspapers?
“The strength of local papers lies in having a local
presence, commitment and the fact that what we do
is genuinely significant for the reader.”
Which newspapers do you always read?
“If we’re talking printed newspapers the answer is
SvD, DN, Norrtelje Tidning, Nerikes Allehanda (NA)
and Fokus. I’ve also added Motala & Vadstena tid
ning and Örebroar’n to the list now.”
We need to be useful and contribute to involvement
in the local community. And one-way communication
won’t do any more.”
KATARINA EKSPONG. Newspaper Manager. Age: 50. Family: Husband
and three children. Lives: In Stockholm, and soon Örebro as well. Education: School of Journalism and others. Career: 14 years at Svenska
Dagbladet, just over four years at Stockholm City and four years at_
Norrtelje Tidning. First and foremost a journalist, but has been a manager in various positions. Most recent position: Newspaper Manager at_
Norrtelje Tidning.
24
– New appointments – LOCAL FOCUS AT
LÄNSTIDNINGEN SÖDERTÄLJE
During her first six months as News
paper Manager at Länstidningen Söder
tälje, Södertälje Posten and Nynäshamns
Posten, Katrin Säfström has fought to
improve circulation figures and for a
stronger digital presence.
What have you achieved since you became News
paper Manager?
“I have mainly focused on Länstidningen Söder
tälje’s (LT) falling circulation and digital growth.
The decline in circulation figures for local newspapers is an industry phenomenon, but LT has been
particularly affected. This is partly due to the fact
that Södertälje is close to Stockholm, which means it
is up against stiff competition from the Stockholm
newspapers, but it is also because we have a large immigrant population, where there isn’t the same tradition of newspaper reading. In order to boost declining figures we will be launching a redesigned newspaper in March, which will have a more personal approach and even more of a local feel. It is local news
that affects people, and that’s where we can excel. I
also want to make our employees more prominent; it
is important for a subscription to a morning paper to
be relationship-building.”
How have you been working with digital growth?
“We have recruited a digital business developer on a
project basis and this has given a boost to both the
sales department and the editorial office. We now
have a greater digital awareness in the editorial team
and we’re doing things online that we’ve only thought
about previously. We have also focused on online
sales. The goal was quite aggressive: to increase sales
during the last quarter of 2011 by 50 percent compared with the forecast we set at the beginning of the
year – and we succeeded. Sales increased by 60 percent compared with the forecast, and by 200 percent
compared with the same period the previous year.
This year we have also developed a news app, which
was downloaded by 2,000 people during the first two
weeks.”
What were LT’s biggest challenges in 2011?
“The main focus has been on circulation figures and
improving profits. LT has been in a difficult financial
situation for many years – our costs are too high and
margins too low. That’s why I’ve been working on reorganising the paper to get a good editorial team together, increase efficiency and reduce the need for
temporary staff.”
What are the key issues for 2012?
“The channel strategy, which we’re calling the
Södertälje strategy. At the moment LT, LT online and
the free newspaper Södertälje Posten work completely separately and compete with one another.
That’s good, but we need to think more about who we
are reaching and what we should offer in each channel. This will help us capture both readers and advertisers and gain a larger reach.”
KATRIN SÄFSTRÖM. Newspaper Manager. Länstidningen Södertälje,_
Södertälje Posten and Nynäshamns Posten. DOB: 1960. Lives: In Strängnäs.Education: University studies in Political Science and Information_
Studies, Poppius School of Journalism. Professional experience: Local
editor at Eskilstuna-Kuriren; has worked for the newspaper Folket for 20
years in several different positions, including as the newspaper’s first
female sports journalist, News Editor, Managing Editor and since 2001 as
Editor-in-Chief. Has been a member of Pressens Opinionsnämnd (Swedish
Press Council) and on the Group Management Team of Eskilstuna-Kuriren.
Most visited websites: lt.se, aftonbladet.se, expressen.se, svd.se, dn.se.
25
– New companies and partnerships – TOWARDS A BILLION
Stampen Media Partner is one of the Group’s fastest
growing business areas. There is a clear growth
strategy and the latest addition, events agency
Minnesota, is by no means the last acquisition.
“We’re constantly on the lookout for profitable growth
companies within the media sector; companies that
have already achieved a prominent position within
their specialist area,” says Pelle Mattisson, CEO of
Stampen Media Partner.
And it appears that he has managed to find a number of companies that fit the description. Since Pelle
Mattisson took over as CEO in 2007, sales have increased from SEK 20 million to SEK 395 million in
2011.
Behind the figures are a number of successful companies that operate within the niche segments Lifestyle Media, Editorial Media, Mobile Media, Experience Media and Outdoor Media. And the latest addition, events agency Minnesota Communication, was
acquired in September 2011.
“The acquisition of Minnesota takes us into the
market for events and experience-based communication, an industry that has grown in recent years but
where there is still huge potential for growth,” says
Pelle Mattisson.
“The events industry can be regarded as a media
channel in itself. Adding the physical meeting to communication offers huge potential for making an impact, since during a meeting you have a monopoly on
a person’s attention.”
However, Minnesota is by no means the last acquisition that Stampen Media Partner is planning to
make. The company has the explicit goal of achieving
sales of SEK 1 billion by 2013.
“I believe we’re on track for achieving this goal, but
not without additional acquisitions. We’ve currently
got our eye on a couple of companies, and I believe
that we’ll see one or two new acquisitions this year,”
says Pelle Mattisson.
Besides the growth potential, the employees are
also a very important factor in triggering Stampen
Media Partner’s buying reflex, and Pelle Mattisson
prefers them to be entrepreneurial:
“Even if the acquisition is made from a financial
perspective based on our explicit growth strategy,
they also fulfil an important function from a skills
point of view. Acquisitions give us access to motivated
and skilled individuals.”
26
As far as Minnesota is concerned, the acquisition
means that they can take advantage of other companies within Stampen Media Partner and the rest of
the Stampen Group. Although the focus is on the
event, a lot of other material is produced in connection with it. And whether it’s moving images, text production or mobile services, the skills are available in
the sister companies.
“Furthermore, Minnesota gains broader channels
to reach new target groups. Having Göteborgs-Posten
behind an event in Gothenburg can only be a good
thing, while other events may perhaps benefit from
the hundreds of thousands of members in our social
networks Devote, SvenskaFans or Familjeliv,” says
Pelle Mattisson.
“We offer all new companies a partnership with a
credible and professional media group, and since operations are often closely related it naturally provides
opportunities for increased collaboration,” says Pelle
Mattisson, who often takes an active role as chairman
of new acquisitions.
Together with advertising doyen and Stampen stalwart Sven-Olof Bodenfors, Pelle Mattisson has also
taken a position on Minnesota’s board.
“We want to share our experiences and at the same
time offer Minnesota access to other parts of the
Group. It also provides me with a good insight into the
company and its future prospects. For Minnesota, the
initial phase is about
continuing to grow on
the Swedish market.
From a long-term perspective, however, we see
excellent potential for
expansion abroad, chiefly in the Nordic region.”
Pelle Mattisson
FACT: 2011 family members
Stampen Media Partner includes: familjeliv.se,
svenskafans.com, bröllopstorget.se, devote.se,
familie.pl, Mobiento, Adiento, Tulo, Wallstreet,
Appelberg Publishing Group, Adeprimo, Dobb
Production, odla.nu and Minnesota. Stampen
Media Partner has approximately 280 employees, with offices in Sweden, Norway, Denmark,
the United States, Finland, Poland and China.
Sales have risen from SEK 20 million to SEK 395 million in four years. And Stampen Media Partner isn’t stopping there. The goal is one billion by 2013. To achieve
even higher targets the successful acquisitions need to keep coming, and skills need to increase. The latest member of the family is events agency Minnesota.
And more are on the cards.
27
– Global issue –
Press freedom around the world is under
constant threat. Opportunities for jour
nalists to work freely are restricted in an increasing number of countries. But there are
counterforces – Sida and WAN-IFRA are
working proactively to improve conditions.
Sida’s Director-General, Charlotte Petri Gornitzka.
She emphasises WAN-IFRA’s unique combination
of professional expertise and a strong set of values in
the struggle to protect freedom of expression.
Even if there is still much to do, it is already noticeable that WAN-IFRA’s close contact with media companies in Sida’s partner countries has contributed to a
new approach
to leadership.
One example is
Vietnam, where
a process of
change is underway from
a state-supported to a more
market-oriented
media,
which brings entirely new
demands in terms of leadership. WAN-IFRA has been
able to provide support throughout this process.
“Freedom of expression isn’t something that is
achieved once and that’s it; it requires ongoing commitment. This is why it is particularly important to
have stronger industry organisations that have a clear
set of values comprising civil and political rights and
freedoms,” says Pia Hallonsten, consultant on media
issues at Sida.
Sida supports those projects that WAN-IFRA prioritises within the framework of the partnership. One
of them is Women in News, an educational programme aimed at strengthening the position of
women and getting organisations to focus more on
gender equality in leadership.
Another programme focuses on the increased use
of mobile telephony among African media companies.
WAN-IFRA has developed proposals that make it easier for companies to find and choose the right technology from all the alternatives on offer.
“Being able to distribute news and debate via mobile phones will considerably increase opportunities
for many Africans to
keep up-to-date with
the latest news. This
COLLABORATION
STRENGTHENS
THE FREE
PRESS
In October 2009, a
partnership was initiated between the
Swedish International Development Cooperation Agency (Sida) and the
World Association of Newspapers and News Publishers (WAN-IFRA), which is a trade association of
which the Swedish Media Publishers’ Association is a
member.
For Sida, the partnership provides opportunities to
take advantage of WAN-IFRA’s network and industry
expertise to promote the freedom of the press, editorial integrity and the development of strong and
financially independent media companies. The partnership offers the chance to develop new methods
and tools for more effective media development
strategies.
It is the first time that Sida has worked with an
individual trade association within the media.
“The partnership with WAN-IFRA will give us an
opportunity to speed up the process of strengthening
independent media in our partner countries. Financially strong and well-managed media companies are
better equipped to withstand repressive governments
and this paves the way for citizens to be able to demand accountability on the part of their leaders,” says
will in turn enable them
to be part of democratic
developments in their
country,” says Pia Hallonsten.
Charlotte Petri Gornitzka
28
The Arab spring would never have had the impact that it did without Facebook, Twitter, YouTube and mobile phones. But freedom of expression isn’t something
that is achieved once and that’s it. That’s why the partnership between Sida and WAN-IFRA, which is our international trade association, is a partnership for democracy and human rights.
29
– Environment and social responsibility –
ENTIRE STAMPEN GROUP
ENVIRONMENTALLY CERTIFIED
The entire Stampen Group is now environ
mentally certified in accordance with ISO
14001. The last company was Promedia,
which received its certificate in the autumn. “We have taken an important step.
The challenge now will be to maintain
our commitment,” says Gunnar Spring
feldt, Environmental Coordinator for the
Stampen Group.
waste management based on environmental aspects
that are identified locally. This means that it is not
possible to set Group-wide environmental goals automatically from the start, even if the businesses appear to be similar. For example, public transport in
Stockholm is well-developed, while this may not be
the case in smaller towns, where employees rely
more on the car.
But there are common denominators that in the
long term can lead to Group-wide key ratios. Gunnar
Springfeldt mentions for example car policies, energy use per square metre and issues relating to “Green
In 2008, Stampen’s Board of Directors took the deciIT”, which could be about anything from electronic
sion that the entire Group would be environmentally
waste to conference systems (with the aim of reduccertified. This goal has been achieved after three
ing the number of journeys).
years of work. For Promedia, the certification process
“Despite the fact that there are new videoconfertook nine months in 2011 and is now being led by the
ence systems at many of Stampen’s workplaces,
environmental manager and an environmental coorthey’re not used that often. In this case what we
dinator for each newspaper. The focus is on reducing
probably need is better technology and clearer manthe company’s environmental impact from transporagement responsibility to take the matter further,”
tation, reducing energy consumption and streamlinsays Gunnar Springfeldt.
ing waste management, with more recycling.
The environmental management system is updat“Focusing on the environment is an important
ed once a year. During the update in January 2012,
credibility issue for the whole Group. After all, our
purchasing
procedures
were
amended so that those suppliers
Focusing on the environment is an important credibility
with the greatest environmental
issue for the whole Group. After all, our journalists carry out
impact are monitored as opposed
assignments that involve scrutinising other companies and
to previously, when only the larggovernment agencies in relation to their environmental work.”
est suppliers were monitored. An
environmental support system
will be developed to check whether the supplier has
journalists carry out assignments that involve scruISO 14001 certification, or some other kind of envitinising other companies and government agencies
ronmental certification.
in relation to their environmental work. So it’s par“We’re noticing an increased demand for environticularly important that we put our own house in ormental certification from our customers, particularly
der,” says Gunnar Springfeldt.
on the printing side.”
A lot of media groups carry out environmental
Gunnar Springfeldt bework, but opting for ISO certification is unusual. Aclieves that within five
cording to Gunnar Springfeldt, the move helps enviyears, the Stampen
ronmental efforts to continue even under difficult fiGroup will be able to
nancial conditions:
present Group-wide en
“Certification should be seen from a long-term
vironmental key ratios.
perspective and helps us to embed an environmental
approach into the very heart of the business.”
Now that all the businesses are certified, environmental efforts are entering a new phase. According
to the Stampen Group’s shared environmental management system, all environmental goals are now set
within the areas of transportation, energy use and
30
Gunnar Springfeldt
Footnote: All of the majority-owned companies in
Stampen are included in the Group certificate except
Mktmedia and V-TAB, which already had environmental
certification when the rest of Stampen began the process.
It has taken us three years, but now we have achieved ISO 14001. Being environmentally certified is vital for the health of a media company. It makes it easier for
our journalists to monitor environmental issues and gives us measureable environmental targets to meet, not to mention a slightly clearer conscience.
31
– A few words from Peter Hjörne –
2011 – ANOTHER YEAR OF MAJOR
CHANGES IN THE WORLD OF THE MEDIA,
and above all a year of accelerating transition from analogue to digital .
The same is true of Stampen. The trend at
Göteborgs-Posten is typical for the
Group’s newspapers and can serve as an
example. In 2010, circulation was 228,200
copies. For 2011, we estimate a circulation of around 216,000 – a loss of just
over five percent. The reach in the Greater
Gothenburg area is 56 percent. On the
one hand, this is a substantial decline
compared with GP’s best years when circulation reached 300,000 copies and we
were read by 80 percent of Gothenburgers. On the other hand, current figures
stand up extremely well to national and
international comparison, with few newspapers coming close to figures like these.
Even so, however you analyse and reanalyse the figures, it is impossible to ignore the dramatic paradigm shift taking place in the world of the media. For
GP, which is successful but not unique, the structural
revolution is illustrated not only by the falling circulation of the printed paper but also, equally, by the
explosive growth of the readers’ digital news consumption. Previously, we reached our readers for a
few hours in the morning. Now, we can reach them
throughout the day, as and when each reader would
like: with live reports, updates, graphics, moving
pictures, sound, chats and comments – as well as
what we offer in the traditional channels. And we go
from one traffic record to another. gp.se reached an
average of 451,000 unique online readers per week,
an increase of twelve percent. GP’s mobile traffic increased by 130 percent to 1,650,000 page views,
while the number of unique readers was over
90,000. In a year and a half, the increase has been an
enormous 1,700 percent, while 145,000 people have
downloaded one of GP’s apps.
In other words, GP has never reached as many Gothenburgers as we do now, through various channels.
32
At the same time, problems remain in finding reasonable payment models. However, things are looking brighter on the payment front – and they need to.
Good journalism costs money.
As ever, the decline of the traditional media has
brought out the prophets of doom.
But, as usual, this is a gross oversimplification. With-
– A few words from Peter Hjörne –
out doubt we are experiencing a shift, but this does
not mean the death of the newspaper. We are fairly
convinced that neither printed newspapers nor
books will disappear, even though the decline will
probably continue for a little longer. The printed
newspaper is simply unrivalled for speed and for
providing a general overview.
Actually, this shift is partially a triumph for the
traditional media. There are two reasons for this.
The local morning papers have strong brand names.
In practical terms, this is because they have an unbroken high level of trust among the general public,
and trust is the foundation for all news dissemina-
abroad, and with a “local feel” and yet “worldly-wise”
at the same time.
For this, we need professionals and professional
organisations that can search, gather, sort, prioritise, verify, present, analyse and comment on the
news; people who can tell the readers what they want
to know, what they didn’t realise they wanted to
know, and what others want to hide. This kind of
journalism costs money! The media companies
therefore need to find business models that allow
them to be paid for the qualified services they supply
in a world used to the idea that “information is free”.
Of course, I’m talking from a position of self-inter-
tion and opinion formation. The traditional media
are also popular. News dissemination is also right at
the top of the list of demands for digital users. Quite
a number of classic Swedish media houses figure
among the most popular sites, not least for mobile
services.
est here, but I also believe I am defending a social interest when I say that our society would be a worse
place without courageous, independent, in-depth
journalism. The social media have removed the priority of definition from journalists and the news organisations. This is a good thing. The Internet has
democratised public information. Many more people
can now express their views publicly, for better or
worse. Internet hate and biliousness sully and pollute the new media world, but this only serves to
make good journalism even more important. The
more mendacious, superficial, irrelevant, hateful,
vilifying, egocentric and tattling some aspects of
public information become, the greater the importance of truthful, accurate, relevant, quick, courageous, intelligent and knowledgeable journalism.
When Harry Hjörne took over GP in 1926, he was
driven by a democratic, journalistic idea: that everyone should be able to afford a good newspaper and
qualified “news service”, something that previously
had been the preserve of the lucky few. Stampen, of
which GP now forms a part, is a journalistically driven Group. Just as in 1926, our basic values are journalistic, and our task is to give as many people as
possible access to good journalism and knowledge.
This will be done not only through newspapers, as in
Harry Hjörne’s day, but in all the channels available
on the media palette of today and tomorrow. For,
then as now (and in future), knowledge gives freedom – freedom to choose and freedom to reach your
own, informed decisions. Or, put simply:
“Previously, we reached our
readers for a few hours in
the morning. Now, we can reach
them throughout the day.”
The discussion about the future of paper as an information carrier is highly relevant and interesting.
Even more important, however, is the question of the
position of journalism itself. As circulation declines
and with it the revenue from printed newspapers,
there is a risk that journalism will lose resources and
power. Will quality journalism be able to survive?
Will there be room for investigative, qualified and
resource-heavy journalism? Or do we simply not
need it?
Can we all be our own editor? Is it enough just to
have blogs, Twitter, chats, all the various social media and more or less intelligent search engines?
Our reply is: no, it is not enough. Even more importantly, it seems the public agrees with us. Our
surveys clearly show that our readers want, and are
still prepared to pay for, in-depth journalism, knowledge, context and understanding, and for a good
reading experience. The more complex and fragmented the world and the media become, and the
more information that washes over us, the greater
the need for professional guidance. We need someone we can rely on to help us put together a comprehensible picture of an age that is becoming ever more
complex and difficult to understand – at home and
“It’s good to know.”
Stampen and its media wish to help provide this benefit – to individuals and to society as a whole.
33
THE BOARD OF DIRECTORS
MARGITA BJÖRKLUND
DOB: 1945
Education: Bachelor of Arts.
Professional background: Upper secondary
school teacher, local government commissioner.
Current main occupation: Culture and equal
opportunities consultant.
Other Board appointments: Vice Chair Hant
verks- och Industrihus i Göteborg AB, Kulturfastig
heter i Göteborg AB, AB Långedrag, Gréen Brobergs
Museistiftelse; member of the Board of Frisk Service
Göteborg AB, Stiftelsen B M Hellerstedts Minne,
Göteborgs Konstförening, IF Friskis och Svettis.
SVEN-OLOF BODENFORS
DOB: 1946
Education: Industrial designer.
Professional background: Own design agency,
AD/Copy/Marknad & Information AB; CEO Forsman & Bodenfors AB 1986–2003
Current main occupation: CEO F&B Case AB;
consultant for strategic brand and business development; Senior Advisor, Forsman & Bodenfors AB.
Other Board appointments: Chair of the Swedish government-appointed Rådet för Kulturella och
Kreativa Näringar (Council for Cultural and Creative
Industries), Göteborg International Film Festival and
Lots Design & Innovation AB; member of the Board of
Appelberg Publishing Group AB, Bergsala AB, F&B
Case AB, Maquire AB, Minnesota AB and Mobiento AB.
TOMAS BRUNEGÅRD
DOB: 1962
Education: Graduate economist.
Professional background: Consultant with
Ingemar Claesson Konsult AB; Vice President
Burger King Sweden.
Current main occupation: CEO of the Stampen
Group.
Other Board appointments: Chair of Tidnings
utgivareföreningen (TU), 1st Vice President WANIFRA; member of the Board of Svenska Mässan,
Västsvenska Industri- och Handelskammaren,
Mentor Medier A/S and ISET (International School
of Economics Tiblisi, Georgia).
JACK FORSGREN
DOB: 1945
Education: Master of Political Science.
Professional background: CEO of Mölnlycke AB
and Nobel Biocare AB.
Current main occupation: Self-employed and
various Board appointments.
Other Board appointments: Chair of Maquire
AB. Vice Chair of Svenska Mässan; member of the
Board of Bilia AB, Unfors Instruments AB, Mediebolaget Promedia i Mellansverige AB and Liberala
Tidningar i Mellansverige AB and Skäreleja AB.
34
GLENN GYLLENHAMMAR, GS*
DOB: 1961
Education: Born to be a worker.
Professional background: Graphic artist at
newspaper printing offices.
Current main occupation: Convenor of GS trade
union at Göteborgs-Posten and V-TAB.
Other Board appointments: Göteborgs-Posten
and V-TAB.
LENNART HÖRLING, Chairman of the Board
DOB: 1943
Education: Primarily the university of life.
Professional background: Journalist (briefly) at
Bohusläningen newspaper; Editor-in-Chief and CEO
of Nya Lidköpings-Tidningen.
Current main occupation: CEO at Nya Lidköpings-Tidningen and Lidköpingspress AB.
Other Board appointments: Chair of Sparbanken
Lidköping, Chair of Mediabolaget Halland; member
of the Board of Mediabolaget Västkusten, V-TAB,
Mediebolaget Promedia i Mellansverige AB and
Liberala Tidningar i Mellansverige AB, GISAB and
Medieintressenter PLMS AB.
PETER HJÖRNE, Vice Chairman
DOB: 1952
Education: Graduate economist with international
focus.
Professional background: Management trainee
at John Deere, followed by Göteborgs-Posten since
1979; CEO 1985–1993, Editor-in-Chief and Publisher 1993–2001, Editor-in-Chief of the opinion sections 2001–2008, Chief Political Editor 2008–.
Current main occupation: Chief Political Editor
Göteborgs-Posten.
Other Board appointments: Chair of Medie
akademin and Öppet Hus (voluntary organisation
for diversity) set up in spring 2009.
Member of the Board : of Göteborgs-Posten and
Burt AB.
JOSEFIN HJÖRNE MEYER
DOB: 1980
Education: Media and communications science,
journalism and psychology.
Professional background: Recruitment Consultant at Bohmans Nätverk.
Current main occupation: On parental leave
from her job as Recruitment Consultant.
Other Board appointments: Member of the
Board of Göteborgs-Posten.
LARS JONASSON, Svenska Transportarbetareförbundet*
DOB: 1957
Education: Graphics course, 100 points on the
Employee and Working Life Issues course at
Gothenburg University and trade union courses
(incl. corporate Board representation).
Professional background: Newspaper delivery
worker, emergency delivery worker, graphic artist.
Current main occupation: Convenor and principal safety representative for newspaper delivery
workers at the Gothenburg section.
Other Board appointments: Employee representative at VTD; member of the Board of Transport
arbetareförbundet, section 3, in Gothenburg.
HELENA LEVANDER
DOB: 1957
Education: Graduate economist.
Professional background: Jobs have included financial analyst and unit trust manager at SEB and
Nordea. Former CEO of Odin Fonder AB and NeoNet
Securities AB.
Current main occupation: Shareholder and
CEO of Nordic Investor Services.
Other Board appointments: Member of the
Board of Sveriges Bostads finansierings AB (SBAB),
Erik Penser Bankaktiebolag, Wiborg Kapitalförvaltning, Allba Holding and Uniflex Bemanning.
MATS REIMERTZ, Board secretary
DOB: 1954
Education: Graduate economist with
international focus.
Professional background: Group management
staff at AB Volvo; career at Göteborgs-Posten and
Stampen: journalist/news reporter, Manager of the
Finance Section etc. Appointed to various Group
management positions since 1989.
Current main occupation: Director of legal
issues and business area Properties, CEO Media
intressenter, CEO Radiointressenter.
Other Board appointments: Chair of the Board
of Mediaintressenter PLMS AB; member of the
Board of V-TAB, Mediebolaget Promedia i Mellan
sverige AB, Liberala Tidningar i Mellansverige AB,
GISAB, Morgonpress Invest AB, Svensk Radio
utveckling and SBS Radio.
STEN SJÖGREN, Svenska Journalistförbundet*
DOB: 1955
Education: Degree in Journalism.
Professional background: Journalist
Current main occupation: Reporter at GP’s economics and politics desk.
Other Board appointments: Göteborgs-Posten,
deputy.
LOTTIE SVEDENSTEDT
DOB: 1957
Education: Lawyer
Professional background: Regional Manager
H&M, CEO Inter Ikea Systems A/S, Business Area
Manager at Ikea of Sweden, CEO Kid Interiør A/S.
Current main occupation: Board work and
strategic advisor.
Other Board appointments: Chair of Managementinstitutet i Lund (MiL); member of the Board of
Clas Ohlson AB, Mktmedia, Mediebolaget Promedia
i Mellansverige AB, Liberala Tidningar i Mellan
sverige AB, Global Health Partner AB, ITAB Shop
Concept AB, Home Deco AB, ByggMax, Swedavia
and Thule Group AB.
MATS SÄTHER, Unionen*
DOB: 1959
Professional background: Marketing Economist.
Current main occupation: Sales representative,
GP.
DEPUTIES
Ylva Folkesson, Unionen
Daniel Hilmér, Svenska Transportarbetareförbundet.
Anne Johansson, Svenska Journalistförbundet.
Stefan Lagholm, GS.
EXECUTIVE COMMITTEE
Tomas Brunegård, Jack Forsgren, Peter Hjörne,
Lennart Hörling.
FINANCE COMMITTEE
Eva Arvidsson**, CFO Stampen AB, Sven Björkman**, former regional manager SEB, Tomas
Brunegård, Jack Forsgren.
HR AND REMUNERATION COMMITTEE
Tomas Brunegård, Jack Forsgren, Josefin Hjörne
Meyer, Lennart Hörling, Magdalena Kock**, HR
Director Stampen AB.
NOMINATION COMMITTEE
Tomas Brunegård, Jack Forsgren, Peter Hjörne,
Lennart Hörling,
*Employee representative **Not a member of the Board
35
GROUP MANAGEMENT
Magdalena Kock, HR Director Stampen AB. Tomas Brunegård, President and CEO. Mats Reimertz, Director of Legal Issues
and Properties Stampen AB. Ricard Robbstål, President Göteborgs-Posten.
Eva Arvidsson, CFO Stampen AB. Jonathan Falck, responsible for ensuring journalistic focus, Editor-in-Chief Göteborgs-Posten.
Pelle Mattisson, President Stampen Media Partner. Gunnar Springfeldt, Development Manager Stampen AB.
MANAGEMENT TEAMS
STAMPEN AB
Eva Arvidsson, Senior VP, CFO
Tomas Brunegård, President and CEO
Ann Flyning, VP, Communications
Manager
Magdalena Kock, Senior VP, HR
Inge Olausson, Senior VP, CIO
Mats Reimertz, VP, Director of Legal
Issues and Properties
Lars Rundblom, Senior VP, Marketing
Gunnar Springfeldt, VP, Development
Manager
36
GISAB (GRATISTIDNINGAR
I SVERIGE AB)
Per Bowallius, President
Niclas Breimar, Editor-in-Chief
Lokaltidningen Mitt i
Peter Clauson, President Lokaltidningen Mitt i
Maria Grundström, CFO
Staffan Lönner, Business Developer
Thomas Nyhlen, Sales Director
Lokaltidningen Mitt i
GÖTEBORGS-POSTEN
MEDIABOLAGET VÄSTKUSTEN
Kristina Brandt, CFO
Fredrik Dobber, Sales Director
Jonathan Falck, Editor-in-Chief and
Publisher
Helena Johnsson, Marketing Director
Cecilia Krönlein, Editorial Manager
Bengt Olsson, HR Manager
Ricard Robbstål, President
Lennart Rosqvist, IT Manager
Boine Gepertz, President Mediabolaget Västkusten and President
Mediabolaget Halland
Tommy Hermansson, President
Västkustmedia
Anders Klingmyr, CFO
Anders Nilsson, responsible for free
newspapers
Lena Larsson, President Promedia. Per Bowallius, President GISAB. Inge Olausson, CIO Stampen AB. Bosse Svensson, President Mktmedia.
Ann Flyning, Communications Manager Stampen AB. Boine Gepertz, President Mediabolaget Västkusten and President Mediabolaget Halland.
Lars Rundblom, Marketing Director Stampen AB. Peder Schumacher, President V-TAB. Daniel Svensson, Group Controller Stampen AB.
MKTMEDIA
Hanna Konyi, Business Development
Manager
Elin Olofsson, Project Manager
Ingegerd Rådström, Controller
Bosse Svensson, President
PROMEDIA
Johanna Andersson, Marketing and
Business Development Manager
Katarina Ekspong, Newspaper
Manager Nerikes Allehanda,
Motala & Vadstena Tidning and
Örebroar’n,
Mikael Ericsson, Sales Manager
Corporate Market
Tomas Höggren, Production and
Development Manager
Thelma Kimsjö, Newspaper Manager
VLT, Bärgslagsbladet/Arboga
Tidning, Fagersta-Posten, Avesta
Tidning, Sala Allehanda
Lena Larsson, President Promedia
Johan Lundin, President Prolog
Björn Molander, President Leanback
Tuula Lundberg, HR Manager
Katrin Säfström, Newspaper Manager
Länstidningen Södertälje, Nynäshamns Posten, Södertälje Posten
Thomas Wilson, Group controller
Newspaper Manager Norrtelje
Tidning, position vacant
SAMEDIO AFFÄRSSERVICE
Ann Hagelin, Financial Services, HR
and Salary Services Manager
Peter Johansson, IT Manager
V-TAB
Per-Olof Borgström, HR Manager
Fredrik Hernnäs, Production
Manager, deputy President
Pia Ivarsson, Finance Manager
Urban Mattson, Marketing Manager
Titti Rudbäck, IT Manager
Peder Schumacher, President
STAMPEN MEDIA PARTNER
Fredrik Jigneus, Investment Manager
Pelle Mattisson, President
Pernilla Siewertz, HR Manager
37
– Overview of the Stampen Group –
THE STAMPEN GROUP
OWNERSHIP STRUCTURE OF STAMPEN AB
The Stampen Group is a media group and is currently
Sweden’s largest owner of local daily newspapers.
The Stampen Group also owns digital media, printing houses,
distribution companies and free newspapers. Stampen has
sales approaching SEK 6 billion.
38
Shares
Skäreleja AB
(Peter Hjörne and family)
Peter Hjörne and family
Marika Cobbold and family
Sven Nordgrén and family
Others
Share
of votes
(%)
Share
of capital
(%)
52.6
21.4
13
11
2
46
21
14
14
5
– Overview of the Stampen Group –
BUSINESS AREAS
GRATISTIDNINGARNA I
SVERIGE AB (GISAB ) :
GISAB publishes 31 local newspapers for
distribution to households in Greater Stockholm, all with the name “Lokaltidningen
Mitt i …” The newspapers are published
weekly and distributed to all households in
the area of publication. The total weekly _
circulation is about 860,000 copies. These
local newspapers reach a total of 960,000
readers in the Stockholm area, which is
around 70 percent of the population in the
area of publication. GISAB also runs a local
subscription newspaper at Lidingö, which
has a circulation of around 5,000 copies.
The Group had 165 staff and sales of SEK
358 million.
GÖTEBORGS-POSTEN
Wholly-owned subsidiary.
Göteborgs-Posten (GP) is Sweden’s secondlargest morning newspaper, with around
700,000 daily readers through various channels. GP disseminates news 24 hours a day
via the printed newspaper, Internet, Web TV,
mobile networks and tablets.
The printed newspaper has a uniquely wide
reach among metropolitan newspapers.
In addition, its reach on digital channels is _
increasing very strongly, especially on mobile
networks and the newly-developed iPhone
and iPad app. GP had sales of SEK 1,244 _
million and a staff of 365.
GISAB’s sales for 2011 amounted to SEK 358 million, an increase of
SEK 15 million (4.4 percent) compared with the previous year.
Operating profit for 2011 increased by SEK 20.3 million (26 percent)
before the cost of closure for S-Post and amounted to SEK 99 million
for 2011. The increase in profit is an effect of increased advertising
sales.
During spring 2011, Lokaltidningen Mitt i switched its distribution
operation to Posten, a swedish public company and the largest operator in communication and mail distribution, with a view to increasing the accuracy of its deliveries. The result was that S-Post no longer had a strong enough base to continue its distribution to households. S-Post therefore discontinued its distribution to households
from the end of April 2011. The closure of Sthlm C also led to S-Post
discontinuing its transport operation. The cost to GISAB of the
closure of S-Post totalled SEK 14.3 million.
There was strong growth during the year in text, property and job
advertising. The local newspaper Mitt i further strengthened its position as the first choice for estate agents in Stockholm. Mitt i also
noticed an increasing demand for target group selection and localised advertising solutions from ever larger customers.
There was a negative trend on the advertising market in Stockholm in 2011. Uncertainty about the economic conditions for 2012
increased. Even so, management believes that advertising sales in
2012 will increase compared with 2011.
Per Bowallius
President GISAB
After the first half of the year, the advertising market slowed down
markedly, which had a negative effect on advertising revenue. This
was most clearly seen on the retail market at the end of the year.
Despite this, advertising revenue for the whole year rose by SEK 21
million and circulation revenue by SEK 3 million. An increase of
SEK 31 million in the cost of distribution and paper was offset by a
decrease in other items of expenditure, resulting in an operating
profit that was on a par with that of the previous year. Operating
profit (EBITA) amounted to SEK 75 million, compared with SEK 76
million in the previous year. This gave an operating margin that was
the best of the metropolitan newspapers in Sweden.
We continued to focus strongly on development during 2011, with a
number of popular changes to the printed paper, an improved online
edition and the development of the e-paper, as well as new channels
for the paper such as the tablet and mobile phone.
Ricard Robbstål
President Göteborgs-Posten
39
– The Stampen Group –
Mediabolaget Västkusten covers the Group’s
operations on the west coast of Sweden _
outside Gothenburg. This includes five subscription newspapers, nine free newspapers,
several websites and mobile phone services.
During 2011, a growth strategy was implemented in the field of free newspapers, the
aim being to increase the market share and
offer a wider range of services to customers.
New businesses and acquisitions were successively added and full-year sales for the
free newspaper group will be approximately
SEK 65 million. Mediabolaget Västkusten is
70 percent owned by Stampen and 30 percent
by Lidköpingspress. The company had sales
of SEK 608 million and 392 employees.
A great deal of effort was devoted to launching new digital products
and services onto the market, such as SMS clubs, Lunchguiden and
Dealie.
Net sales increased by SEK 26 million (4.5 percent) compared with
the previous year. This increase was largely due to the growth of free
newspapers and revenue from digital services. Advertising revenue
from the subscription newspapers increased by only 1 percent due to
weak development on the local retail market.
The total circulation of the subscription newspapers was 118,600
– a decrease of 4 percent. In spring 2012, a project will be implemented with the aim of charging for the content of our digital channels.
Operating profit amounted to SEK 27 million, compared with SEK
44 million in the previous year. The initial running-in costs of the free
newspaper operation and rise in the price of paper adversely affected profit. The profit includes the costs of projects to coordinate and
streamline advertising production, TM sales and IT shared throughout the Group.
Boine Gepertz
President Mediabolaget Västkusten
PROMEDIA
Promedia, which is geographically concentrated in Central Sweden, covers 13 local
newspapers and a range of operations in _
distribution and digital communication. As
well as the subsidiaries in Mediebolaget _
Promedia i Mellansverige AB, the business
area also covers the owner company VLT AB
and Liberala Tidningar i Mellansverige AB.
Promedia’s operations dominate the local
news dissemination services on more or less
all domestic markets. Through local subscription newspapers, free newspapers and
websites, the company reaches 622,000
readers in Central Sweden. Mediebolaget
Promedia i Mellansverige AB is a subsidiary
of Liberala Tidningar i Mellansverige AB,
whose three major shareholders are Media
intressenter (55 percent), Mittmedia (25 percent) and Eskilstuna-Kuriren (20 percent).
Stampen AB is a majority shareholder in _
Promedia, via Mediaintressenter PLMS AB.
Promedia’s sales amounted to SEK 1,179 _
million and the company had 1,626 employees, of which 709 are salaried employees and
917 are delivery workers.
40
Promedia’s total sales amounted to SEK 1,179 million (+ 3 percent).
The declining circulation trend of recent years accelerated and
amounted to -5 percent. There has been a positive trend in the new
forms of digital subscription. After a weak start, the year ended with
a more positive development of digital advertising revenue, the result of active efforts and an increase in traffic where the number of
unique website visitors increased by 10 percent to approximately
370,000. Operating profit for 2011 amounted to SEK 80 million, an
improvement of SEK 25 million compared with the previous year.
The profit for the year was affected by a capital gain of SEK 14 million from the sale of Karlskoga Kuriren in October 2011. Despite a
weakening of the economic situation in the autumn, the growth in
advertising revenue and continuation of good cost control helped to
improve the profit.
During the first part of the year, all Promedia’s areas of operation
worked towards environmental certification for ISO 14001. This involved some intensive work but the outcome was most satisfactory:
certification was achieved during summer 2011.
On 1 February, Lena Larsson took over as the new CEO from
Boine Gepertz, who had been acting CEO. At the end of the year, the
management structure at Promedia was reorganised so that, from
1 January 2012, a new unit for marketing and business development
will be set up as well as a joint production unit. Six newspaper management areas will be combined into four marketing areas.
Lena Larsson
President Promedia

Stampen Media Partner (SMP) manages the
Stampen Group’s expansion in the areas of _
Lifestyle Media, Editorial Media, Mobile Media, _
Experience Media and Outdoor Media. The business area employs around 280 staff in Sweden,
Norway, Denmark, Finland, USA, Poland and
China.
V-TAB
V-TAB is the largest printing group in the
Nordic region and a market leader on the
coldset market. V-TAB prints newspapers,
magazines, periodicals, books, advertisements, business stationery and signs. _
V-TAB is owned by Stampen in partnership
with Liberala Tidningar i Mellansverige AB
and Lidköpingspress. The company had sales
of SEK 2,126 million and employed 965 staff.
Through Lifestyle Media, SMP reaches around 2 million Swedes every
week online through topics of interest such as sport, family, weddings,
fashion/beauty and gardening. Companies are choosing to an ever
greater extent to create their own media channels for their customers,
suppliers and partners. This needs the support of media companies,
and SMP has chosen to group this type of company together within
Mobile Media and Editorial Media. SMP continued this expansion in
2011 and became established in the field of Experience Media by acquiring a majority share in Minnesota Communication AB.
The Outdoor Media area has given SMP a leading position in
transport advertising (public transport, airport coaches, multistorey car parks and airports) in large parts of Sweden, apart from
the Stockholm and Skåne regions.
Sales increased by 49.8 percent to SEK 334 million (from SEK 223
million). There was an 11 percent increase in organic growth in the
portfolio companies in 2011. This dramatic increase in sales was
helped by the full year effect of Adeprimo and Wallstreet (acquired in
June and August 2010) and the additional contribution of the completion of the acquisition of Minnesota Communication. Pro-forma sales
in the business area amounted to SEK 393 million, which represents a
growth in sales of 12.2 percent compared with pro-forma sales for the
whole of 2010. Operating profit amounted to SEK 7 million (SEK 11
million), an operating margin of 2.1 percent. This was a deterioration
compared with the previous year; however, the profit was adversely
affected by costs of SEK 10 million for international expansion.
Pelle Mattisson
President Stampen Media Partner
V-TAB faced a challenging year in 2011. To strengthen the business, a
number of difficult decisions were made. A programme to improve profit by SEK 95 million led to the closure of the heatset plants in Falköping,
Kungsbacka and Östertälje, which resulted in 115 employees being
made redundant at these and other plants. The measures are expected
to achieve full impact in 2013. Tougher price pressure was the reason
for these cutbacks. For V-TAB, this means streamlining: continual improvement and lean thinking permeate our plants to an ever greater
degree and provide clear results. A shining example is Norrtälje, which
won an award for the best printing plant in its category in 2011.
Our work to improve the new plant at Landvetter led to stable production and high delivery reliability. Thanks to a more efficient mode
of working, sign production at Norrahammar has taken a major step
towards better profitability.
Heatset production focused fully on Vimmerby and expansion in the
field of periodicals. A new 32-page Komori press was purchased and
will be fully operational in April 2012. Production started during the
autumn on the Rotoman press moved from Falköping.
Financially, 2011 was a year of deterioration compared with the
previous year. Sales rose by 4 percent to SEK 2,126 million, but profit
fell to SEK 22 million as a result of the high costs of closure operations.
The changes we have made have been tough ones, but are necessary
if V-TAB is to have the strength to expand on the Swedish and international markets.
Peder Schumacher
President V-TAB
41
BUSINESS SUPPORT
MKTMEDIA
Mktmedia is jointly owned by Stampen, MittMedia, Eskilstuna-Kuriren, Nya LidköpingsTidningen, Västerbottens-Kuriren and _
Norran, with Stampen as the majority shareholder. Mktmedia is a development company
tasked with facilitating new revenue for the
companies in the shareholder groups. The
operation covers 47 newspapers and 32 websites.
SAMEDIO BUSINESS SERVICES
Wholly-owned subsidiary. Samedio is the
Stampen Group’s joint Shared Service Centre
for financial and HR services.
Its main task is to streamline administrative
process, thus saving the Group’s customers
money.
42
Mktmedia acquired two new shareholders during the year, Norran
and Västerbottens-Kuriren. Norran and VK’s position as shareholders is a logical development of the partnership that already existed
with the companies and has already resulted in a platform partnership in mobile phone services.
The partnership with the Norwegian media group Polaris was
expanded during 2011 and, at the end of the year, Mktmedia joined
forces with Polaris for a joint research project in association with the
Norwegian University of Science and Technology in Trondheim.
Mktmedia started several business projects in partnership with
Mediekompaniet and the Mec. media agency, which immediately generated revenue for the media houses. These projects will be expanded
in 2012 and will provide at least SEK 20 million to the media houses.
Adbid, Mktmedia’s affiliate for digital advertising space, was restructured during the year as a subsidiary and showed very positive
development, with rapid growth where revenue goes directly to the
media houses in the Mktmedia sphere. Adbid’s sales in 2011 were
SEK 8.4 million, a 50 percent increase on 2010.
Together with GP, Mktmedia also launched a number of apps for
tablets and smartphones during the year. One of these, GP’s picture
app for the iPad, was named one of the year’s five best news apps in
the Nordic region. This launch was accompanied by similar launches
during the year for smartphones in around ten media houses at
Mktmedia.
There was great demand for Mktmedia’s traffic schools to improve
online reach and the target for 2012 is to contribute a further increase
in traffic of at least 20 percent for Mktmedia as a whole.
Bosse Svensson
President Mktmedia
A media group the size of Stampen can create clear economies of scale
and synergies. The key to this is a common IT structure which creates
the opportunity to coordinate administration, advertising production
and editorial development. When we look back at Samedio’s seven
years of operation, we have succeeded in fulfilling and exceeding
everything the company was asked to do. Coordinated processes and
efficiency improvements have helped Samedio to reduce costs considerably in terms of the team’s IT, financial and salary administration services.
During 2011, a clearer division was made between IT and other
administration (salary and financial services). This was done in order to get closer to the business functions of the Group and business
areas, thus ensuring clearer management of the operations of the
processes. With the aim of making the operation more efficient and
improving the infrastructure for the future, Stampen decided in 2011
to transfer a major part of its IT operation to Tieto AB. This was done
through a five-year agreement that includes the consolidation of
Stampen’s IT environment at Tieto’s data centre and the running of
operation-critical systems. Around thirty of the Group’s staff will
also move to Tieto AB.
Eva Arvidsson
Chair of the Board, Samedio Business Services
OTHER OPERATIONS
RADIOINTRESSENTER
Since January 2009, through its subsidiary,
Radiointressenter, the Stampen Group has
been a partner in the German media group
ProSieben Sat 1’s Swedish radio operation,
SBS Radio.
The Stampen Group’s shareholding in the
company is 20 percent.
SBS Radio owns and operates 55 radio stations in Sweden. Mix Megapol is the largest network. The programming is based on entertainment, information and news, mixed with great music. There are
around 3.4 million weekly listeners. The various channels have 1.3
million regular daily listeners.
Stampen is one of the pioneers of Swedish commercial radio. In
1993, it launched Radio RIX, and for many years it operated the highly successful station, RIX FM, jointly with MTG Radio.
Mats Reimertz
President Radiointressenter
VÄSTSVENSK TIDNINGSDISTRIBUTION
(VTD)
VTD is majority-owned within the Stampen
Group through Västkustmedia, Mediabolaget
i Halland and Stampen AB, and is jointly
owned with Gota Media AB, Nya LidköpingsTidningen and AB William Mickelsen Bok
tryckeri. VTD is responsible for morning
newspaper distribution in large parts of
western Sweden. In total, around 50 different
titles are distributed.
VTD started the year with two milestones in its development plans –
the introduction of work clothing and environmental certification in
accordance with ISO 14001.
During the first half of the year, a great deal of effort was put into
implementing VTD’s largest ever change project, the VTD model,
which was delayed by over six months as a result of the harsh winter,
among other things. A completely new transport model was introduced in April and a new logistics partner, NTD, in May, resulting in
the streamlining of HGV transport by 40 percent. Most of the
branches were established in June. The change means that over
1,000 delivery locations have been replaced by 60 or so branches/
workplaces, from which distribution now takes place.
The recruitment situation and the labour market have been very
difficult since the end of 2010, which resulted in the decision to conduct focus work during the autumn with the aim of overcoming quality and vacancy problems.
A negative circulation trend and an unexpected two-year salary
adjustment resulted in a need for significant price increases during
the year and together with higher other costs, resulted in a larger
cost increase than estimated.
The circulation trend was partially offset by new business, with
major success coming within the Free Newspapers and Post segment.
A major cost saving programme for 2012–2013 was also approved
in the autumn and began in October. This is expected to bring an improvement totalling SEK 18 million during 2012.
Per B Eld
President VTD
43
Stampen AB.
Corporate ID number 556308-4630
EXTRACT FROM
ANNUAL REPORT AND
CONSOLIDATED
FINANCIAL STATEMENTS
FOR FINANCIAL YEAR
2011
The full annual report may be
read at www.stampen.com
CONTENTS 44
PAGE
Administration report 45
Consolidated income statement 52
Consolidated balance sheet 53
Consolidated changes in equity 54
Consolidated statement of cash flows 55
Note 40 Key ratios definitions 56
– Extract from annual report –
ADMINISTRATION REPORT
The consolidated financial statements and
other information about the Group cover the
following companies:
Parent:
Subsidiaries:
Associates: Stampen AB
Listed in note 37
Listed in note 19
OWNERSHIP
Skäreleja AB (556816-7950)
52.6% share of votes 46% share of capital
Peter Hjörne and family
21.4 % share of votes 21% share of capital
Marika Cobbold and family
13% share of votes 14% share of capital
Sven Nordgren and family
11% share of votes 14% share of capital
Others
2% share of votes
5% share of capital
At the start of July 2011, Skäreleja’s shareholding was sold to Klöverön Förvaltning
AB. The name of this company was later
changed to Skäreleja AB. The reason for the
transaction was that the principal owner,
Peter Hjörne and family, had wanted to split
the shareholding into different companies
depending on the purpose of the holding.
INFORMATION ON THE OPERATION
The Stampen Group is one of Sweden’s largest owners of daily newspapers today.
Stampen also owns interactive meeting
places, printing plants, distribution companies and free newspapers.
The Stampen Group consists of the business areas Göteborgs-Posten, Mediabolaget
Västkusten, Promedia, GISAB (Gratistidningar i Sverige AB), V-TAB and Stampen Media
Partner.
All Group-wide functions are brought together in the Parent, such as management,
finance, HR, purchasing, IT and legal matters. At the end of 2011, the Parent had 40
employees.
The year 2011 was one of positive development for the Stampen Group, even though
competition was hard. A strong belief in the
future and a clear strategy provide direction
for our continued work.
Growth in the digital platforms remained
good during the year, both in terms of the
readership and in terms of revenue. The
area of free newspapers also continues to
perform well for Stampen, with a successful
investment on the west coast in 2011 representing a significant part.
The Group’s long-term strategy of internationalisation continues in many parts of
the world. Partnerships are now being set up
with a number of countries, for example
through the TULO mobile platform. Cultural and management issues were also to the
fore during the transition work in 2011,
through the start of an extensive management inventory and development programme at Stampen. We completed our
strategy of not owning any properties and
sold “the GP building” during the autumn.
The tough market developments in paid
morning newspapers during late autumn
emphasised the importance of our ongoing
restructuring work, and it is pleasing to be
able to say that the Stampen Group is well
equipped in this regard.
The rapid downward turn in market conditions during the last two quarters of 2011
also showed the importance of ensuring that
work on consolidating the Nordic newspaper market continues. Clear structural
trends could be seen in the weakening of the
market situation. One such trend is circulation, where we noted that the Group’s paid
circulation fell by almost -5 percent on average, compared with a fall of just over -3 percent in 2010. The fact that we managed, despite this, to increase our circulation revenue shows that there is still a profound willingness to pay for urgent news services close
to home. Our major challenge is to create
benefits that will meet with the same willingness to pay as our local brand names
grow in other channels.
It is clear that the users want the local media houses. The Stampen Group’s investment in digital development showed rapid
and strong growth, even during the period
when conditions on the printing market
took a downward turn. This applies not least
to the growth in mobile services. GP’s investments in smartphone and tablet apps
show this with the desired clarity.
The fact that GP’s picture app for the iPad
was named by Apple as one of the best news
apps in the Nordic region in 2011 only serves
to emphasise that Stampen’s development
work is proceeding at a good pace.
Free newspapers have become a major
part of Stampen’s broad operations. As part
of the growth strategy, Mediebolaget Västkusten started a new range of free newspapers through new businesses and acquisitions. The nine newspapers will have sales
on an annual basis of around SEK 65 million. At the heart of the free newspaper operation at Stampen, GISAB continues to deliver and also enhance its leading position in
the housing segment on the important
Stockholm market. Excluding restructuring
costs, GISAB showed a profit of SEK 99 million, an increase of 26 percent on 2010.
SALES AND PROFITS
The Group’s total revenue increased by SEK
407 million to SEK 5,603 (5,196), an increase of 7.8 percent compared with the previous year. Adjusted for items affecting
comparability, as listed below, sales rose by
SEK 33 million.
Major items affecting comparability,
which affected sales and operating profit
(EBITA)*:
* For key ratios definitions, see note 40.
•A
cquired units affected sales in 2011 by
SEK 22 million and operating profit by
SEK 4 million.
•F
or V-TAB Vimmerby, which was only part
of the Group for seven months of the previous year, the difference in revenue was
SEK 111 million and the difference in operating profit SEK -24 million.
•F
or Wallstreet, which was only part of the
Group for four months of the previous
year, the difference in revenue was SEK 54
million and the difference in operating
profit SEK 5 million.
•T
he operating expense included restructuring costs of SEK -58 million. For 2010,
these were SEK -12 million.
•O
ther revenue, in addition to operating
profit for 2011, includes gains from the sale
45
of Tidningshuset Polhemsplatsen AB of
SEK 187 million and SEK 14 million from
the sale of Karlskoga Kuriren.
Operating profit (EBITA) for 2011 amounted
to SEK 420 million, an increase of SEK 131
million (46 percent). After adjustment for
the above-mentioned items affecting comparability, profits are on a level with those of
the previous year. New operations in V-TAB,
which is currently undergoing restructuring, and investments in new media had a
somewhat negative effect on profit compared with the previous year. Operating
margin amounted to 7.3 percent, compared
with 5.2 percent in the previous year.
The operating profit as at December 2011
included restructuring costs of MSEK 58
million as well as the profits from the sales
of Tidningshuset Polhemsplatsen (SEK 187
million) and Karlskoga Kuriren (SEK 14 million). The previous year’s profit had been affected by restructuring costs of SEK -12 million. Operating profit (EBIT) in 2011 was affected by impairment of goodwill of SEK -11
million. In the previous year, operating
profit had been affected by a corresponding
impairment of goodwill of SEK -16 million.
Advertising revenue rose by SEK 48 million (2.6 percent) to SEK 1,898 million
(1,850), with positive development on more
or less all markets. During the second half of
the year, however, there was a weakening of
the advertising trend. Despite a fall in circulation of around -5 percent, circulation revenue remained unchanged compared with
the previous year because of an increase in
the average price.
Printing revenue fell by SEK -17 million
(1.3 percent) compared with the previous
year. In terms of items affecting comparability, this fall was SEK -101 million. A number of plants will be closed down during
2012 as part of a move to create strategic
competitive advantages.
Net financial items amounted to SEK
-65.3 million (-136.0), with a positive impact
from the sale of shareholdings in Hemnet of
SEK 21 million and one of SEK 8 million
from the reduction in liabilities for the estimated additional purchase sum. Interest expense rose by SEK 21 million, due partly to
higher market rates and partly to the commitment fees in the new financing agreement signed during the year. Net financial
46
items in the previous year were adversely affected by SEK -64 million for the cost of revaluation of the liability regarding the purchase sum for GISAB.
Profit after net financial items (EBT)
amounted to SEK 343 million (136).
BUSINESS AREAS
Göteborgs-Posten
With approximately 350 employees and
around 700,000 daily readers over various
channels, Göteborgs-Posten is Sweden’s
second-largest morning newspaper. GP disseminates news 24 hours a day via the printed newspaper, Internet, Web TV, mobile
networks and tablets. The printed newspaper has a uniquely wide reach among metropolitan newspapers. The reach of the digital
channels is also increasing very strongly,
not least in mobiles and the newly-developed iPhone and iPad app.
Work continued during 2011 on development projects within the company and these
will lead to new revenue streams based on
the foundation of GP’s strong market position. Products and services are being developed that will be offered to private and corporate customers alike. An example of this
is Dealie, an online group buying service,
which was launched during the year. This
work will be intensified over the coming
years. The printed newspaper, online services and mobile platforms have also been developed substantially. This fits in well with
the vision of being the world’s best local
newspaper, one that reaches customers and
readers whenever, wherever and however
they want – through the channel of their
choice.
Sales for 2011 were SEK 1,244 million
(1,208). For the first two quarters of 2011,
the improved state of the advertising market
held, only to then dip in the third quarter.
This had an adverse effect on advertising
revenue, with retail advertising falling in
particular during the final quarter. Despite
this, advertising revenue still increased by
SEK 21 million overall compared with the
previous year, with digital advertising revenue accounting for SEK 5 million of this increase. Circulation fell by -5.3 percent, compared with a fall of -3.4 percent in 2010. Circulation revenue rose by just over SEK 3
million as a result of price adjustments. On
the expenses side, costs of distribution and
paper increased by SEK 26 million. Our constant cost-saving efforts continued and produced positive effects both in terms of staff
costs and other operating costs.
SEK 75 million (76). This provided an operating margin of 6 percent, which places GP
high among metropolitan newspapers in
Sweden.
Mediabolaget Västkusten
Mediabolaget Västkusten covers the Group’s
activities in the local media houses Hallandsposten, Hallands Nyheter, TTELA, Bohus
läningen and Strömstads Tidning. This includes five subscription newspapers, nine
free newspapers, several websites, and mobile phone services. During 2011, a growth
strategy was implemented in the field of free
newspapers, the aim being to increase the
market share and offer a wider range of services to customers.
A great deal of effort was devoted in 2011
to launching new digital products and services onto the market, such as SMS clubs,
Lunchguiden and Dealie.
The total circulation of the subscription
newspapers was 118,600 – a decrease of 4
percent. This meant that the negative trend
from previous years had continued. The reduction in circulation slowed down at the
end of the year, and revenue remained unchanged from 2010. Work has started on examining options for charging for the content
of the digital channels, and a separate project for this will be started in spring 2012.
Sales increased by 4.5 percent to SEK 608
million (582). This increase was largely due
to the growth of free newspapers and revenue from digital services. Revenue from digital media increased by 60 percent to SEK 12
million, and revenue from the Group’s free
newspapers will be approx. SEK 65 million
over the full year. Advertising revenue from
the subscription newspapers increased by
only 1 percent due to weak development on
the local retail market.
SEK 27 million (44). The initial running-in
costs of SEK 5 million for the free newspaper operation adversely affected profit. The
increased price of paper reduced profit by
SEK 5 million. The profit includes the costs
of projects to coordinate and streamline advertising production, TM sales and IT
shared throughout the Group (approx. SEK
6 million).
Promedia
Promedia, which is geographically concentrated in Central Sweden, covers 13 local
newspapers and a range of operations in distribution and digital communication. As
well as the subsidiaries in Mediebolaget
Promedia i Mellansverige AB, the business
area also covers the owner company VLT AB
and Liberala Tidningar i Mellansverige AB.
Promedia’s operations dominate the local
news dissemination services on more or less
all domestic markets. Through local subscription newspapers, free newspapers and
websites, the company reaches 622,000
readers in Central Sweden.
New newspaper managers were appointed in the spring at Länstidningen Södertälje,
Södertälje Posten, Nynäshamns-Posten and
VLT, as well as a new shared manager for
Nerikes Allehanda, Motala & Vadstena Tidning and Örebroar’n.
The end of the year saw a management restructuring exercise at Promedia to focus
more clearly on the customer, market and
business development. One of the effects of
this was that the newspaper activities were
grouped on the basis of four market areas.
Sales increased by just over 3 percent to
SEK 1,179 million (1,142). Following a period
of good development and growth during the
first half of the year, the second half was
characterised by a weakening in sales. The
falling circulation trend of recent years
accelerated, meaning there was a negative
development in 2011 of -5 percent. This was
also why circulation sales were lower than in
2010.
During the year, the new digital subscription options showed a positive rate of increase, with a significantly lower average
age of subscribers compared with the traditional printed newspaper. Digital sales remained relatively low but increased by 13
percent to SEK 17 million, with a higher rate
of increase in the last quarter.
Total advertising revenue amounted to
SEK 549 million, an increase of 4 percent
compared with the previous year. The main
improvements have been in job and motor
advertising. The increase in traffic to Promedia’s sites continued in 2011, and the
number of unique online visitors amounted
to approx. 370,000 – an increase of 10 percent on 2010.
Total expenses compared with 2010 increased by just under 1 percent. Despite a
weakening of the market situation during
the autumn, the growth in advertising revenue, combined with a continuation of good
cost control measures and the sale of Karlskoga Kuriren, helped to improve profits
overall.
Operating profit (EBITA) for 2011
amounted to SEK 80 million (55). Profit for
the year was affected by a capital gain of
SEK 14 million from the sale of Karlskoga
Kuriren in October 2011.
sales. Before the costs of the closure exercise
(14.3), profit amounted to SEK 99 million
(79 million).
GISAB
GISAB publishes 31 local newspapers for
distribution to households in Greater Stockholm, all with the name “Lokaltidningen
Mitt i …” The newspapers are published
weekly and distributed to all households in
the area of publication. The total weekly circulation is about 860,000 copies. These local newspapers reach a total of 960,000
readers in the Stockholm area, which is
around 70 percent of the population in the
area of publication. GISAB also runs a subscribed local newspaper on Lidingö, with a
circulation of around 5,000 copies.
There was a negative trend on the advertising market in Stockholm in 2011, and uncertainty about the economic situation for
2012 increased. Even so, Lokaltidningen
Mitt i further strengthened its position as
the first choice for estate agents in the Stock-
V-TAB
V-TAB is the largest printing group in the
Nordic region and a market leader on the
coldset market. V-TAB prints newspapers,
magazines, periodicals, books, advertisements, business stationery and signs.
In order to strengthen competitiveness
and prepare the ground for future expansion, management decided on a profit improvement programme of SEK 95 million in
March 2011. The programme affects all
parts of V-TAB and will be seen to full effect
in 2013. As a result of this decision, the operations in Falköping, Östertälje and Kungsbacka will be closed down in the first quarter of 2012 and staff levels reduced by 115.
V-TAB’s investment in the printing of periodicals has gone according to plan, and a
new 32-page press has been installed that is
expected to produce periodicals for the market during the first quarter of 2012.
The advertising segment experienced a
more difficult year with a major decline in
volume, mainly because many customers
prioritised other forms of media. There will
be a partial change to the pricing strategy in
2012. The major growth opportunity, heatset, partially stalled during the year as the
operation was not fully competitive. How
ever, the new investment at Vimmerby
provides a good opportunity to strengthen
the company’s position on this market.
holm area. Mitt i also saw increasing demand for target group selection and localised advertising solutions from ever larger
customers.
Sales for 2011 increased by 4.5 percent to
SEK 358 million (343). Advertising revenue
for Mitt i increased by 10 percent (31.6). Expenses increased by 3 percent (7). There was
strong growth during the year in text, property and job advertising.
During spring 2011, Lokaltidningen Mitt i
switched its distribution operation to Posten
with a view to increasing the accuracy of its
deliveries. As a result, the subsidiary S-Post
closed down during 2011. The closure of
Sthlm C also resulted in the closure of the
transport operation.
Operating profit (EBITA) increased by 26
percent as a result of increased advertising
Sales increased by 3.7 percent to SEK
2,126 million (2,050), largely as a result of
the full-year effect of the plant acquisitions
of the previous year. Periodicals (SEK 42
million) and the Group’s daily newspapers
(SEK 32 million) accounted for the most
growth. The increasing price of paper was
also a strong contributing factor.
Operating profit fell to SEK 22 million, a
fall of 68 percent compared with the previous year. Expenses rose, largely due to the
costs of closure exercises resulting from the
restructuring of the heatset operation (SEK
36 million). Costs also rose, partly due to the
integration of new operations. A positive development is that the plant at Landvetter is
now showing stable production and significantly better profit than in the previous year.
As a result of a ruling issued by the EU in
47
2010, V-TAB submitted a claim to the Swedish Tax Agency for repayment of VAT for
2004 and 2005. The claim for 2004 has
been processed and approved. The repayment has been entered as a liability pending
further clarification of the legal position. A
claim for repayment should also apply to the
years 2006 and 2007.
Stampen Media Partner
Stampen Media Partner (SMP) manages the
Stampen Group’s expansion in the areas of
Lifestyle Media, Editorial Media, Mobile
Media, Outdoor Media and Experience Media. The business area employs around 280
staff in Sweden, Norway, Denmark, Finland, USA, Poland and China.
Through Lifestyle Media, SMP reaches
around 2 million Swedes every week online
through topics of interest such as sport,
family, weddings, fashion/beauty and gardening.
Companies are choosing to an ever greater extent to create their own media channels
for their customers, suppliers and partners.
This needs the support of media companies,
and SMP has chosen to group this type of
company together within Mobile Media and
Editorial Media.
SMP continued this expansion in 2011
and became established in the field of Experience Media by acquiring a majority share
in Minnesota Communication AB.
The Outdoor Media area has given SMP a
leading position in transport advertising
(public transport, airport coaches, multistorey car parks and airports) in large parts
of Sweden, apart from the Stockholm and
Skåne regions.
Sales increased by 49.8 percent to SEK
334 million (223). There was an 11 percent
increase in organic growth in the portfolio
companies in 2011. This dramatic increase
in sales was helped by the full year effect of
Adeprimo and Wallstreet (acquired in June
and August 2010) and the additional contribution of the completion of the acquisition
of Minnesota Communication. Pro-forma
sales in the business area amounted to SEK
393 million, which represents a growth in
sales of 12.2 percent compared with pro-forma sales for the whole of 2010.
48
OTHER OPERATIONS
Mktmedia
Mktmedia acquired two new shareholders
during the year, Norran and VästerbottensKuriren. Norran and VK’s position as shareholders is a logical development of the partnership that already existed.
Mktmedia has started several business
projects in partnership with Mediekompaniet and the Mec. media agency. These
projects immediately generated revenue for
the media houses.
Adbid, Mktmedia’s affiliate for digital advertising space, was restructured during the
year as a subsidiary and showed very positive development, with rapid growth where
revenue goes directly to the media houses in
the MktMedia sphere. Adbid’s sales in 2011
were SEK 8.2 million, a 50 percent increase
on 2010.
Together with GP, MktMedia also
launched a number of apps for tablets and
smartphones during the year. This launch
was accompanied by similar launches during the year for smartphones in around ten
media houses at Mktmedia.
There was great demand for Mktmedia’s
traffic schools to improve online reach and
the target for 2012 is to contribute a further
increase in traffic of at least 20 percent for
Mktmedia as a whole.
Stampen Marknad
Relationships & Business is Stampen Marknad’s
operation for the development of new relationship methods and business models in
conjunction with the corporate market. The
assignment involves Stampen cooperating
with a variety of different types of company
(advertisers, media, advertising and PR
agencies, and other media houses) outside
the Stampen Group. Business projects examine the method by which dynamic business models prove most profitable over time,
based on the real value created through
communication in the purchased media.
Several projects were started in 2011 and
will continue during 2012. R & A’s concept
and methods were established in Mediekompaniet, which at the start of 2012 will become
a partner and joint financier of the operation.
At the start of 2011, Stampen Marknad
began a Group initiative for consumer businesses. The focus during the year has been
to work with key personnel from the organi-
sations in order to identify and initiate collaborative ventures with attractive partners
and to establish business models. Stampen’s
product portfolio has been enhanced
through new consumer values and unique
combinations of channels tailored to particular target groups.
Stampen Marknad also runs Sweden’s
only Marketing Manager Index, in which
several hundred marketing managers from
Sweden’s largest consumer companies answer questions about trends in the Swedish
economy and domestic consumption.
Samedio Business Services
Samedio Business Services is the Stampen
Group’s wholly-owned, joint business services company. The company develops and
standardises effective business services in
IT, finance and salary administration. By incorporating new operations and companies
within the Stampen Group into equivalent
systems, Samedio Affärsservice creates important economies of scale and cost synergies which benefit the whole Group.
During 2011, a clearer division was made
between IT and other administration services. This was done in order to get closer to
the business functions of the Group and
business areas, thus ensuring clearer management of the operations of the processes.
With the aim of making the operation more
efficient and improving the infrastructure
for the future, Stampen decided in 2011 to
transfer large parts of its IT operation to
Tieto AB. This was done through a five-year
agreement that includes the consolidation of
Stampen’s IT environment at Tieto’s data
centre and the running of operation-critical
systems. Around thirty of the Group’s staff
will also move to Tieto AB.
Västsvensk Tidningsdistribution KB (VTD)
Västsvensk Tidningsdistribution KB (VTD)
works primarily with the distribution of
morning newspapers in Western Sweden,
and is jointly owned by several media houses, including Stampen.
New product areas are growing ever
stronger, mainly through the distribution of
free newspapers such as Falkenbergs Posten
and Torslanda Tidning, though also in the
area of postal services, where local municipal post is distributed daily in five municipalities in Western Sweden.
VTD has completed a major change to its
work procedures, involving the transformation of the entire distribution apparatus. As
part of this work, around 60 branches have
been set up in Western Sweden, from which
the distributors are based.
THE PARENT
The Parent runs all Group-wide functions,
such as management, finance, HR, purchasing, and legal matters. Sales amounted to
SEK 73 million (71) and operating loss to
SEK -66 million (-61).
INVESTMENT, LIQUIDITY AND
FINANCIAL POSITION
Investment
The Group’s investments, in tangible and intangible assets, including finance leases, totalled SEK 97 million (142). The Parent and
subsidiaries have made investments in
shares and participations of SEK 333 million (109).
The Parent’s investments in tangible and
intangible assets amounted to SEK 0 million
(0) and in shares and participations to SEK 5
million (25).
Financial position and liquidity
The sale of Tidningshuset Polhemsplatsen
AB and the repayment of VAT had a positive
effect on cash and cash equivalents, including capital investments, and amounted to a
total of SEK 678 million (204), an increase
of SEK 474 million compared with the end of
the year at 31 December 2010.
Granted but unutilised bank credit facilities amounted to SEK 688 million (173), of
which bank overdraft facilities and credit facilities for short-term liquidity management
amounted to SEK 388 million (173).
Net debt amounted to SEK 1,408 million,
compared with SEK 1,680 at the start of the
year. The repaid VAT has not affected the net
debt, as a corresponding amount has been
entered as a liability pending a final decision. Total credit from credit institutions
amounted to SEK 1,493 million (1,450).
During the year, Stampen AB refinanced the
entire Group’s bank credit facilities and entered into loan agreements with the subsidiaries. The loan term and the credit facilities
granted were extended. The average loan
term was 3.2 years.
The Group’s equity/assets ratio was 35 (32)
percent.
At the end of the period, the Parent’s cash
and cash equivalents, including short-term
investments, amounted to SEK 648 million
(157). Granted but unutilised bank credit facilities amounted to SEK 688 million (173),
of which bank overdraft facilities and credit
facilities for short-term liquidity management amounted to SEK 388 million (173).
The Parent’s equity/assets ratio was 30
(49) percent.
See also note 3 for a description of the financial risks for the Group and the Parent.
PERSONNEL
The process of further developing management continued during autumn 2011. Extensive work was carried out to create personality profiles (so-called “assessment”) of all
managers in the Group and this was followed up with individual discussions.
Stampen’s management programme, with
18 participants, finished during the autumn,
and the investment in practical management development for managers with previous experience, “Ny som chef” (“New manager”), continued during 2011.
Corporate governance
Stampen AB’s corporate bodies consist of
the shareholders’ meeting, the Board of Directors, the CEO and the auditors. The
Board and auditors are appointed by the
shareholders at the annual general meeting,
while the CEO is appointed by the Board.
The auditors review the annual report, as
well as the administration by the Board of
Directors and the CEO.
The Shareholders’ Meeting
The shareholders’ meeting is Stampen AB’s
highest decision-making body. The shareholders’ meeting adopts the income statements and balance sheets, and decides on
dividends. In addition, it elects the Board of
Directors and, where appropriate, the auditors. It decides on other issues which it is
obliged by law to consider, and also takes decisions concerning proposals from the
Board and the shareholders. The annual
general meeting was held on 17 May 2011.
All shareholders are invited, on a regular
basis, to discuss matters particularly relating to long-term strategic direction.
THE BOARD OF DIRECTORS
The Board of Directors is ultimately responsible for the company’s organisation and the
management of its business, and it shall also
take decisions on strategic matters. The
work of the Board follows an annual plan,
and each meeting follows an agenda which,
along with the necessary background documentation, is provided to the members of
the Board in good time before each Board
meeting. The Board discusses matters of
material significance, such as future strategies, decisions on major acquisitions and
investments, the procurement of loans and
entering into agreements of an exceptional
nature. All of this is done in accordance with
the rules of procedure adopted by the Board.
During 2011, Stampen AB held five ordinary Board meetings, in addition to the
meeting following election. At one of these
Board meetings, the company’s auditors reported their observations from the audit of
the Group’s administration and accounting
records.
The following committees operate within
the Board of Stampen AB:
HR and Remuneration Committee
Finance Committee
Executive Committee
Nomination Committee
The nomination committee is elected by the
annual general meeting and shall, in the first
instance, prepare proposals for the nomination of members to Stampen’s Board of
Directors and the Boards of central Group
companies. The committees are appointed
from within the Board.
Chief Executive Officer
The CEO is Tomas Brunegård. He is responsible for the day-to-day management of operations and, based on the instructions given by the Board, leads the work of the company management team and takes decisions
in consultation with other members of the
management team.
COMPANY MANAGEMENT TEAM/GROUP
COORDINATION TEAM
Stampen AB’s company management team
consists of eight people. The team works primarily with matters relating to the Parent,
Stampen AB, but also deals with a range of
49
overall issues defined in a number of policies adopted for the Group as a whole.
Within the Group, there is also a so-called
Group Coordination Team consisting of 17
people working on matters of overall interest to the Group. This Team includes the
Parent’s CEO, CFO and all business area
managers.
SIGNIFICANT EVENTS AFTER THE END OF
THE FINANCIAL YEAR
V-TAB has seen a severe decline in demand
for catalogue production and increased competition from abroad for book printing services. This has led to a decision to close the
book and catalogue printing plant at Avesta.
Around 40 people are affected by the closure.
Promedia has opted for a comprehensive
restructuring exercise to adjust the operation in line with the new prevailing conditions and, at the same time, to reduce cost
levels. This restructuring will have a major
impact on staff levels, and it is considered
that the operation will lose around 100 employees.
No other events regarded as significant
occurred after the end of the period but before the signing of the annual report.
FUTURE DEVELOPMENTS AND RISKS
Creating a balance between traditional operations and growth operations has long
been a central, strategic challenge for the
Stampen Group. This will apply to a very
great extent over the coming years. The investments in Mktmedia AB and Stampen
Media Partner AB can be seen against this
background.
Stampen Media Partners’ acquisitions
within the Stampen Group’s new areas of
operation have gained an ever greater significance to the development of the Stampen
Group.
GISAB, which publishes the “Mitt i” newspapers in Stockholm, is also a good example
of the increasing significance of the new operations. The “Mitt i” newspapers have given
the Stampen Group a strong foothold in
Stockholm.
GISAB is holding its ground, and 2011 was
its best ever year.
In combination with investments to
achieve a clearer presence on the Internet,
the newspapers are able to defend their
reach. In international terms, Swedish
50
newspapers are well to the fore. The revenue
from newspaper subscriptions is at a high
level, despite falling circulation.
The Stampen Group’s two distribution
companies, VTD and Prolog, have ambitious
plans to generate new income, but this will
take time and the competition is hard. The
cost of newspaper distribution per copy is
increasing. Falling circulation will exacerbate this negative trend.
Work by the newspaper operations to generate new revenue from new channels continues and shows a high level of innovativeness.
The Swedish media market has been undergoing a process of restructuring for a
long time. This restructuring will continue
and expand. Combining new technology and
more thorough globalisation will strengthen
the impact of the structural changes.
A number of global players, such as Google,
Facebook and Groupon, are embedding themselves locally in the traditional morning newspaper markets, a process which the Stampen
Group newspapers are countering with a
strong local focus and new business models.
Several of these new business models
have found inspiration in the global players.
An example of this is Dealie, which took
Groupon’s model of discounts further on a
local basis.
Printed newspapers will develop, as will
investments in online newspapers. The
Stampen Group’s newspapers operations
are actively responding to the emergence of
tablets and are constantly developing apps
for mobile phones, for example. A number of
major international collaborative projects
have been initiated in these areas.
Major demands have been made on our organisations to change and develop their operations continuously. Printed newspapers will
be constantly updated to meet the requirements of readers and advertisers on a market
characterised by downward price trends.
This will apply to several of the daily newspapers’ advertising markets and to V-TAB.
V-TAB’s dependence on sales to the newspapers published by the owner companies of
the printing group will fall. Several new areas, such as advertising and signs, are developing well. V-TAB has also prepared the
ground to break into markets for so-called
heatset products, which will broaden the
company’s range of offers and improve
V-TAB’s market position.
The Stampen Group’s expansion is based on
extensive collaboration with companies and
also private individuals. The Group structure is complex, with several partly-owned
companies and sub-groups, which requires
effort from management and strong support
in areas such as finance, legal matters, HR
and IT.
The financial risks are managed in accordance with the finance and investment
policy established by the Board. To minimise the financial risks, the financial operation is coordinated and organised in the parent company. Liquidity risks are limited by
continuous liquidity planning and through
established targets for available liquidity
and granted but unutilised bank credit facilities. An evenly distributed maturity structure of outstanding loans and long-term
credit facilities, along with an equity/assets
ratio of over 30 percent, limits the Group’s
financing risk. Loans are normally taken out
on a variable interest rate basis, and for this
reason the interest lock-in period is changed
by means of interest rate swaps. At the end
of the year, only 25 percent of the outstanding loan portfolio was at a variable interest
rate. The Stampen Group’s foreign currency
exposure is very limited. Transaction exposure must be hedged in accordance with established policy.
ENVIRONMENTAL IMPACT
The Group includes operations which are
licensable and notifiable, and these are
reported in the annual reports of the respective companies. Licensable and notifiable
operations include the subsidiary V-TAB
and all its subsidiaries.
The Stampen Group has adopted a Groupwide environmental policy. There is an environmental management system for the
Stampen Group’s operational subsidiaries.
This meets the international ISO 14001
standard and determines how environmental work is carried out. The same environmental management system is common to
all companies except V-TAB and, for a transitional period, Prolog. Mediabolaget Västkusten AB, Västsvensk Tidningsdistribution KB and the entire Promedia Group were
certified in 2011. Thus all Stampen companies except Mktmedia have received environmental certification.
PROPOSED APPROPRIATION OF PROFITS
The following profits are at the disposal of
the annual general meeting:
Retained earnings
Profit for the year
786,664
Dividend to shareholders SEK 96
per share, total 207,860
Carried forward
994,524
The Board proposes that the profits be
appropriated as follows:
MULTI-YEAR COMPARISON, sek million
48,006
946,518
994,524
The proposed dividend would reduce the
Group’s equity/assets ratio from 35.2 percent to 34.7 percent. In the Board’s opinion,
the proposed dividend would not prevent
the company from fulfilling its obligations
in the short term or long term, nor from carrying out the necessary investments. The
proposed dividend can, therefore, be justified with respect to the provisions of Chapter 17, Section 3, Subsections 2 and 3 of the
Swedish Companies Act.
2011
2010
2009
2008
2007
5,603
5,196
5,072
5,096
5,057
Group
Total revenue
Growth (%)
8
2
-1
1
68
409
273
214
269
563
7
5
4
5
11
343
136
173
154
511
Profit for the year
298
71
156
176
216
6,073
5,892
5,669
5,586
4,869
Operating margin (%)
Balance sheet total
Return on total assets (%)
7
5
4
5
15
Return on capital employed (%)
11
7
6
8
20
Return on equity (%)
15
4
8
9
36
Debt/equity ratio (multiple)
Equity/assets ratio (%) *
Cash and cash equivalents
Net debt
Cash flow from operating activities
Investments, intangible/tangible assets
Investments, financial assets
Average number of employees – Group
2
2
2
2
2
35
32
33
31
41
678
204
213
437
435
1,408
1,677
1,442
1,064
812
573
402
271
315
399
97
142
312
181
154
333
79
289
674
331
4,796
4,816
4,537
4,311
3,495
73
71
51
47
41
-66
-61
-51
-53
-44
Parent
Total revenue
207
23
-18
-6
441
3,565
1,821
1,680
1,770
1,540
Equity/assets ratio (%) *
30
49
53
51
57
Average number of employees – Parent
31
21
14
13
11
Balance sheet total
* Calculation after 1 January 2008 uses a tax rate of 26.3%.
Figures for 2007 have not been adjusted in accordance with IFRS.
For key ratio definitions, see note 40. Annual report available in full at stampen.com
51
CONSOLIDATED INCOME STATEMENT
SEK THOUSAND
OPERATING INCOME
Advertising tax
Other income
Total operating income
2011
2010
5,397,618
5,188,721
-20,157
-18,746
225,640
26,270
5,603,101
5,196,245
-1,335,840
-1,290,553
OPERATING EXPENSE
Production costs
External distribution costs
-145,077
-118,798
Other external costs
-866,649
-767,327
-2,610,057
-2,514,774
-240,545
-229,301
-2,293
-779
-5,200,461
-4,921,532
-6,108
-1,949
408,748
272,764
21,615
932
Personnel costs
Depreciation/amortisation and impairment
Other operating expense
Total operating expense
Participation in results of associates after tax
Operating profit
RESULT FROM FINANCIAL ITEMS
Results from other securities held as non-current assets
Other interest income and similar profit/loss items
14,457
2,961
Interest expense and similar profit/loss items
-101,364
-140,658
Financial items – net
-65,292
-136,765
PROFIT BEFORE TAX
343,456
135,999
-45,271
-65,147
298,185
70,852
247,308
41,887
50,877
28,965
298,185
70,852
Tax on profit for the year
Profit for the year
Attributable to
Shareholders in Parent
Non-controlling interests
Profit for the year
Other comprehensive income
Hedge accounting net after tax
-13,934
9,075
Financial assets available-for-sale net after tax
16,700
4,500
Financial assets available-for-sale net after tax
2,766
13,575
300,951
84,427
246,802
52,802
54,149
31,625
Total comprehensive income for the year
Profit for the year attributable to:
Shareholders in Parent
52
CONSOLIDATED BALANCE SHEET
Assets
SEK THOUSAND
Equity and liabilities
31.12.2011
31.12.2010
SEK THOUSAND
NON-CURRENT ASSETS
SHARE CAPITAL
Intangible assets
Share capital
Computer software etc.
Goodwill
Customer contracts
Total intangible assets
104,194
106,628
3,152,267
3,119,094
28,877
33,560
3,289,631 3,278,064
Land and buildings
238,486
482,931
Printing presses and other plant
and machinery
698,277
783,579
54,024
63,809
Construction in progress, printing
presses, etc.
Total tangible assets
12,612
15,274
1,003,399
1,345,593
Financial assets available-for-sale
Other non-current receivables
Total financial assets
Total non-current assets
Equity attributable to
shareholders in Parent
Total equity
15,937
11,508
246,746
224,248
52,195
54,814
314,878
290,570
4,607,908
4,914,227
Liabilities to credit institutions
Derivatives
Other liabilities
Provisions for pensions
Total non-current liabilities
Accounts payable
56,985
63,425
Current receivables
Accounts receivable
537,488
561,840
131
39
51,560
25,304
141,207
122,943
Total current receivables
730,386
710,126
678,012
203,814
Total current assets
1,465,383
977,365
Total assets
6,073,291
5,891,592
Receivables in associates
Other receivables
Prepaid expenses and accrued income
63,551
796,010
1,082,428
864,562
1,055,428
1,021,820
2,137,856 1,886,382
1,332,988
590,449
18,907
5,428
505,965
572,848
77,357
71,835
187,509
192,874
2,122,726 1,433,434
371,236
4,571
4,318
Liabilities to associates
1,842
1,102
160,193
859,721
-
5,740
Inventories
Total inventories
63,045
1,014,382
361,795
Derivatives
63,425
5,001
Advance payments from customers
Liabilities to credit institutions
56,985
5,001
CURRENT LIABILITIES
CURRENT ASSETS
Raw materials and consumables
31.12.2010
NON-CURRENT LIABILITIES
Deferred tax liabilities
Financial assets
Holdings in associates
Profit brought forward
Tangible assets
Equipment and IT equipment
Reserves
31.12.2011
Current tax liabilities
5,720
8,558
Other liabilities
388,157
461,324
Subscription liabilities
319,501
329,372
Accrued liabilities and
deferred income
570,930
530,405
Total current liabilities
1,812,709
2,571,776
Total equity and liabilities
6,073,291
5,891,592
Pledged assets
Continued liabilities
135,982 2,425,968
2,583
2,587
53
CONSOLIDATED CHANGES IN EQUITY
SEK THOUSAND
Opening balance as at 1 January 2010
Non-controlling interests arising through
business combinations
764,278
821,915
1,073,671
41,887
52,802
31,625
84,427
-24 003
-24 003
-
-24,003
-
-16,671
-16,671
-
10,915
-
-
-
Noncontrolling
interests Total equity
1,895,586
-
-
13,848
13,848
-66,805
-52,957
Closing balance as at 31 December 2010
5,001
63,551
796,010
864,562
1,021,820
1,886,382
Opening balance as at 1 January 2011
5,001
63,551
796,010
864,562
1,021,820
1,886,382
-
-506
247,308
246,802
54,149
300,951
Dividend
-
-
-32,004
-32,004
-
-32,004
Dividend to non-controlling interests
-
-
-
-
-7,618
-7,618
Business combinations
-
-
3,068
3,068
-12,923
-9,855
5,001
63,045
1,014,382 1,082,428
1,055,428
2,137,856
Closing balance as at 31 December 2011
54
Total
52,636
5,001
Dividend
Dividend to non-controlling interests
Reserves
Profit
brought
forward
Share
capital
CONSOLIDATED STATEMENT OF CASH FLOWS
SEK THOUSAND
2011
2010
408,748
272,764
Depreciation/amortisation
240,545
229,301
Gain/loss on sale of non-current assets
-187,121
311
-6,108
1,949
-31,399
-25,868
7,607
5,107
-76,516
-64,892
OPERATING ACTIVITIES
Operating profit before financial items
Adjustment for items not included in cash flow
Participation in results of associates
Other items
Interest received and dividends
Interest paid
Income tax paid
-47,626
-46,426
308,130
372,246
7,686
-6,536
Change in receivables
-10,886
15,030
Change in liabilities
267,826
21,319
264,626
29,813
572,756
402,059
Cash flow from operating activities before changes in working capital
Change in inventories
Change in working capital
Cash flow from operating activities
INVESTING ACTIVITIES
Sale of financial assets
20,302
-
Sales of subsidiaries
192,042
4,416
Acquisition of intangible/tangible assets
-49,868
-142,447
Acquisition of financial assets
Acquisition of subsidiaries
Cash flow from investing activities
-5,182
-8,125
-327,729
-70,871
-170,435
-217,027
-59,249
13,176
-1,343,770
-245,768
FINANCING ACTIVITIES
Change in unutilised bank overdraft facilities
Amortisation of loans
Loans taken out
1,526,700
117,315
-32,004
-24,003
-19,799
-55,227
Cash flow from financing activities
-71,878
-194,507
Cash flow for the year
474,199
-9,475
Cash and cash equivalents at start of year
203,814
213,289
Cash and cash equivalents at end of year
678,012
203,814
Unutilised bank overdraft facilities (limit granted sek 188 million/sek 212 million)
188,000
173,341
866,013
377,155
Dividend paid to shareholders
Payment to non-controlling interests
Total appropriated cash and cash equivalents
55
NOTE 40 KEY RATIOS DEFINITIONS
Total revenue minus all costs attributable to operations plus participation in the results of associates, excluding net financial items and tax.
Operating profit (EBITA)
Operating profit (EBIT) excluding impairment of goodwill.
Operating margin
Operating profit (EBIT) as a percentage of total revenue.
Return on total assets
Profit/loss before financial expense as a percentage of average balance sheet total.
Return on capital employed
Profit/loss before financial expense as a percentage of average interest-bearing capital.
Return on equity
Profit/loss after tax as a percentage of average equity and non-controlling interests.
Equity/assets ratio
Equity and non-controlling interests as a percentage of balance sheet total.
Debt/equity ratio
Provisions and liabilities including deferred tax liability as a percentage of equity and
non-controlling interests.
Cash balances, bank balances and short-term investments.
Net debt
Provisions for pensions and other provisions, liabilities to credit institutions and other financial liabilities
minus cash and cash equivalents.
Gothenburg, 26 March 2012
Editor: Ann Flyning. Concept and production: SCP Göteborg AB. Text: Appelberg Publishing Group AB. Photos of people in their environment: Dan
Holmqvist. Other pictures: Getty Images, IBL, Ken Kaminesky, Pix Gallery. Printing office: V-TAB Falkenberg.
56
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57
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