InterMail has a strong standing within digital and mail
“InterMail has a strong standing within digital and
mail-based market communication – and we are
in the process of improving ourselves further”
INTERMAIL 2012 / 2013
INTERMAIL 2012/13 / CONTENTS
Through its subsidiary, StroedeRalton, InterMail is one
of the largest providers of fulﬁllment services, mail handling, and IT-based loyalty systems in Northern Europe.
The communications division helps customers optimize
and automate their direct market communication on a
variety of distribution channels. The loyalty solution,
Relation Plus and the invoice- and document handling
system, LET, is the division’s most important areas of
InterMail is the second largest distributor of envelope production and pressing in the Nordic market.
The envelope division produces around 1.25 billion
envelopes a year. The production takes places in Oskarshamn (Sweden) and Åbo (Finland). The packaging
program, SkanPack, which offers several thousand
products and customizable solutions for packaging of
all types of shipments as well as electronic trading, is
the division’s most important area of growth.
“InterMail’s vision is to be a Nordic, customer-oriented communications business that provides
solutions which make it possible for our customers to optimize their client-based communication by
using InterMail’s strong technological platform and the right advising from InterMail’s professional
and service-minded employees.”
FOR THE SHAREHOLDERS / INTERMAIL 2012/13
FOR THE SHAREHOLDERS
When we ﬁrst looked at this ﬁscal year, we knew that it
was going to be a busy year ﬁlled with many challenges.
And, when we look back on the year that passed, it is
evident that the organization has been modiﬁed in a
long range of areas, so that InterMail is now to a greater
degree, a sales- and market-oriented business.
There have been many positive experiences, but also the
opposite. Our decision to terminate the company’s CEO
has especially been a grim experience. In the meantime,
as the company’s CEO, I have made it my responsibility
to ensure all investors that sound reasoning, diligence,
and credibility are the pillars on which InterMail is building its future.
The all-deciding relationship in 2012/13 has been the
summer’s reﬁnancing agreement with the business’
banking connections and the addition of a new reliable,
exchangeable capital as well as the necessary additions
that are in place to construct a new future for InterMail;
a new start.
As for results, we are not living up to our expectations. A
turnover of 483 million kroner (DKK) is on level with the
expectations, but a poor work output of 9.9 million kroner is far from our original expectations of a small, positive result and the many special items mar the result,
but are a part of the foundation for the bank agreement
and capital addition.
We have once more been reminded of the necessity for
a sharp business model in a persistent price ﬂuctuating market. And we have to realize that it takes time to
come back from a negative development.
When we ﬁrst looked at the 2012/2013 ﬁscal year, we
set ourselves two ambitious goals:
• The capital foundation needed to be strengthened.
• The organization should be streamlined from the
“One InterMail” strategy; every product for every
customer on every Nordic market.
The strengthening of the capital foundation was an
absolute prerogative for the company and our strategy
surrounding One InterMail, and it was therefore an
important milestone we reached in August 2013, of
publicly transferring 20.4 million kroner in the form of
reliable lending capital. The investors also showed their
support all throughout this strategic direction and at the
same time, we attained a lucrative ﬁnance agreement
with our banks.
We are underway with expanding our sales- and marketoriented potential. Productivity needs to increase
tenfold, because as it is described in Communications
and Envelopes, we still face markets that are subject to
persistent price ﬂuctuations and ever-changing customer
behavior. We have drastically increased proﬁtability in
our communications division, but the results from the
envelope division are not satisfactory.
In an effort to streamline and integrate the company
under one brand – One InterMail – we can see that the
process is already underway. We have lived up to our
internal goals in the past six months, but we are not
done yet. In the third and fourth quarter especially, we
have initiated a long list of organizational and capacity
In 2012/13, InterMail established its own subsidiary
company in Norway in order to gain a footing in the Norwegian communications market. In terms of spending
costs on advertising per resident, Norway has one of the
highest rates in the world and is therefore a good market
opportunity to attain. The partnership with Jansson &
Bjelke AS in the envelope division remains unchanged.
We have just completed a customer analysis across all
of our divisions and products. The analysis clearly shows
that InterMail customers are loyal and happy for the
service and products. It is an important measure for the
incoming ﬁscal year of 2013/14, where one of the most
important goals is going to be increasing the proﬁtability in a continually challenging market and securing a
strong, daily management, to act as a spearhead for the
company in the years to come.
INTERMAIL 2012/13 / SAFE HANDLING OF MILLIONS OF EUROBONUS MEMBERS
SAFE HANDLING OF MILLIONS OF
SAS chose to work with InterMail’s subsidiary, StroedeRalton, because of a proven sense
of engagement, convincing skillsets, and experience. StroedeRalton conﬁdently helped
SAS gain millions of new EuroBonus members.
SAS’ EuroBonus members are the airline’s most loyal
customers and EuroBonus greatly ensures that members choose SAS. As a strong measure of income, the
EuroBonus program is therefore also a high priority in the
Charlotte Linder von Platen, manager for Member Communication, is responsible for the program communication
to the EuroBonus members and envisions the fundamental
challenge as such:
“We need to create a great experience. Members need
to feel that they are getting something for their points.”
FOR THOSE WITH TRAVELING DESIRES
SAS’ EuroBonus club was established in 1992 and has
3.2 million members all over the world as of today.
With SAS EuroBonus, travelers simply collect points to
exchange for trips. In the last few years, the loyalty program has expanded and SAS has initiated other partnerships. The target group has been expanded for everyone
interesting in travelling. The goal for 2015 is to reach ﬁve
million members – an increase of more than 40%. That
puts a huge demand on logistics, technique, and timing.
All members are to have their cards, points, and offers in
an orderly fashion, in their own language, and nothing can
“It is the heart of the entire program that makes it all
work. Everything builds on the fact that one gets a
card, swipes it and receives points.”
StroedeRalton handles everything which affects the customers: NFC handling, card deliveries, program dialogue,
and up- and downgrading. There are large amounts of
data, ﬁle handling, and transfers between the systems.
StroedeRalton receives all ﬁles at night where one makes
sure that the cards are prepped and that all envelopes
come out like they should. Charlotte Linder von Platen is
conﬁdent in StroedeRalton’s skills.
“We maintain a positive dialogue and a high quality
service. A lot can go wrong: ﬁle transfer mistakes,
delayed ﬁles, etc. We have experienced, that Icelandic
characters for example from other deliverers do not
work in the production. We have to go in and ﬁx that.
When I call on help, I get it immediately.”
EVERYTHING WORKS FROM DAY ONE
Charlotte Linder von Platen also explains the buying process and the painless implementation where SAS both had
an internal and external project leader on the assignment:
“We needed to lower our expenses and therefore sought
after an easy handling system where we, ourselves,
could easily input text and characters,” she states.
HIGH QUALITY SERVICE
InterMail’s subsidiary, StroedeRalton, has since 2011
handled communication to members through membership cards, actual campaign drives, and password delivery
“By November 2011, StroedeRalton had to have
transferred everything over to the new system. We, of
course, had a sense of worry of something going wrong,
but everything worked from day one. It was great,”
informs the SAS manager.
“We send out over 100 million e-mails and 500,000
cards every year, silver and gold members get customer magazines, we send out text messages, and
here and there, we send out materials together with
our afﬁliates. All materials can be found in six different
languages and we have 300 types of letter versions. It
is my and my colleagues’ responsibility to ensure that
the content is correct. Customers immediately inform
one of any and all irregularities,” says Charlotte Linder
“It is really encouraging when you look at the expansion
we’ve created. Our customers are approached from
all sides by others, so it is all about maintaining the
members’ interest through good and clear offers which
they feel are favorable enough for them to remain loyal.
I am very happy with StroedeRalton and look forward
to the continued partnership.”
SAFE HANDLING OF MILLIONS OF EUROBONUS MEMBERS / INTERMAIL 2012/13
We send out over 100 million e-mails and 500,000 cards every year, silver and
gold members get customer magazines, we send out text messages, and here
and there, we send out materials together with our afﬁliates. All materials can
be found in six different languages and we have 300 types of letter versions.
Charlotte Linder von Platen, SAS
INTERMAIL 2012/13 / A STRONG DANISH-FINNISH VALUE-COMMUNITY
A STRONG DANISH-FINNISH
Paperipalvelu and InterMail’s strong collaboration is anchored by a common understanding
that a company’s progress needs to be driven by honesty, credibility, and an emphatic focus
The Finnish company, Paperipalvelu, was established by
Elis Harmelan in 1948. Harmelan started at ﬁrst selling
paper and traditional ofﬁce supplies, and the company
quickly showed itself to be a good business and has grown
ever since. Today, the company employs around 100
Paperipalvelu has long since made the jump into modern
times. Today, Paperipalveu delivers ofﬁce supply solutions,
from traditional ofﬁce products to complex IT and audiovisual solutions and services to all types of companies and
organizations in all of Finland. In spite of such changes,
the company’s original values – honesty, credibility, and an
emphatic focus on service – remain the company’s foundation.
NEW WAYS OF THINKING IN CLOSE COOPERATION
WITH THE CUSTOMERS
InterMail delivers envelopes to Paperipalvelu, and Paperipalvelu’s administrative director Jere Koskimo explains that
the partnership got off to a very good start.
“InterMail was from day one very good at challenging
the existing work routines. They created a slim
and effective supply chain, by going in strong and
emphasizing effectiveness,” he says.
There is also a need for new thinking. The last few
decades’ technological advances have clearly made their
mark in the ofﬁce supply market. More products and processes are individualized and automated, and there is to a
high degree need for innovation and to be one step ahead
of the competitors in the aim to create the best ofﬁce supply solutions on the market.
“In the future, we need to be proactive and enter a
common dialogue with our customers about their
needs. In a close partnership, we can together with the
customer, ﬁnd the best possible solutions.
We have never stated that we can solve all of our customers’ needs, but we make a tremendous effort in identifying
those needs in order to evaluate if we are the right ones to
solve a problem,” states Jere Koskimo.
FOCUS ON GROWING HOME OFFICE ASPECT
The director describes Paperipalvelu’s utterly basic challenge as such:
“It is our ambition to be the most sought-after deliverer
in Finland. That is not a new thing. What is new is
that we will and need to have an increased focus on
the growing Home Ofﬁce aspect – the small, private
With the aid of a new online solution, Paperipalvelu has
made it possible for smaller businesses to order customizable products easily, reliably, and quickly. InterMail plays
an important role as a sub-deliverer of envelopes. The
online-based orders, which come in day after day, place a
large demand of readiness and ﬂexibility on Paperipalvelu’s sub-deliverers.
It is the common value-encompassing union Jere Koskimo
sees as the real reason behind the effective partnership
between Paperipalvelu and InterMail.
“If I had to give another reason for why the partnership
with InterMail has been so positive, then it is due
to both companies being service-oriented and not
promising more than what they can deliver.”
MAIN- AND KEYINDHOLD
FIGURES / INTERMAIL 2012/13
MAIN- AND KEY FIGURES
1000 kroner (DKK)
Earnings before interest, taxes,
depreciation, and amortization (EBITDA)
Earnings before interest and taxes (EBIT)
Earnings after interest and taxes
Earnings before taxes and depreciation
Earnings of ﬁnancial posts
Earnings before taxes (EBT)
New Operating Proﬁt Less Adjusted Taxes (NOPLAT) -21,799
InterMail A/S’ share of the group proﬁt
Parent Company’s share of equity capital
Equity capital including responsible loan capital
Equity capital parent company
Equity capital including responsible load capital
Cash Flows From Operations (CFFO)
Year’s investments (immaterial and material
installation and net assets)
Cash ﬂow per share at 20 DKK. (CFPS)
End share price
Return on Invested Capital, including Goodwill (ROIC)
Return on Equity (ROE)
Equity ratio, capital
Equity ratio, including responsible loans, capital
Equity ratio, parent company
Equity ratio, including responsible loans, parent company
Average number of full-time employees
Final number of full-time employees
Dividend per share, DKK (DPS)
The key ﬁgures are calculated in accordance with the Danish Society of Financial Analysts’ “Recommendations and Key
Stamholmen 70 / DK - 2650 Hvidovre
Telephone +45 3966 0922
[email protected] / www.intermail.dk
CVR no. 42 57 81 18