Annual Report 2000

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Annual Report 2000
Annual Report 2000
Managing Board
L.G. van Aken
F. Th. J. Arp
W.O. Kok
J. Olde Kalter
H. Schor (until 28 February 2001)
A. J. Swartjes
2
(1941)
(1954)
(1961)
(1944)
(1940)
(1949)
CONTENTS
2
4
5
7
8
Managing Board
Supervisory Board Members
Report of the Supervisory Board to the shareholders
Consolidated key figures
Report for the year 2000 of Stichting Administratiekantoor van aandelen
N.V. Holdingmaatschappij De Telegraaf
Annual Report
9
16
16
19
20
21
24
24
25
25
27
28
31
The Company
Amsterdam operations
De Telegraaf
BasisMedia
De Telegraaf Tijdschriften Groep
Miscellaneous
Activities outside Amsterdam
Hollandse Huis-aan-huisbladen Combinatie
Hollandse Dagbladcombinatie
Media Groep Limburg
Biegelaar Groep
Participating interests
Prospects
Annual Accounts
32
33
34
38
42
45
46
48
49
50
Consolidated balance sheet
Consolidated profit and loss account
Principles of consolidation, valuation and determination of the result
Notes to the consolidated balance sheet
Notes to the consolidated profit and loss account
Cash flow statement
Information by business segments
Balance sheet of N.V. Holdingmaatschappij De Telegraaf
Profit and loss account of N.V. Holdingmaatschappij De Telegraaf
Notes to the balance sheet and profit and loss account
Other information
54
55
56
59
60
61
62
64
66
Consolidated balance sheet in euros
Consolidated profit and loss account in euros
Publications and activities of the Telegraaf company
Auditors’ report and dividend proposal
Events after the balance sheet date
Profit appropriation as provided for in the articles of association
Special rights under the articles of association
Key figures as at the balance sheet date in guilders
Key figures as at the balance sheet date in euros
3
Supervisory Board Members
A.J. van Puijenbroek,
chairman
Age: . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Nationality: . . . . . . . . . . . . . . . . . . . . . . . . . . .
Position: . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Supervisory Board memberships: . . .
Initial appointment: . . . . . . . . . . . . . . . . .
Current term: . . . . . . . . . . . . . . . . . . . . . . . .
W.H. Charles,
vice-chairman
Age: . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 67 years
Nationality: . . . . . . . . . . . . . . . . . . . . . . . . . . . Dutch
Position: . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . former member of the Managing Board of
N.V. Holdingmaatschappij De Telegraaf
Supervisory Board memberships: . . . a few subsidiaries of N.V. Holdingmaatschappij De Telegraaf
Initial appointment: . . . . . . . . . . . . . . . . . 15 - 06 - 1994
Current term: . . . . . . . . . . . . . . . . . . . . . . . . 1998 - 2002
J.A. Brewer-de Koster,
secretary
Age: . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Nationality: . . . . . . . . . . . . . . . . . . . . . . . . . . .
Position: . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Current term: . . . . . . . . . . . . . . . . . . . . . . . . .
63 years
Dutch
17 - 06 - 1992
1998 - 2002
W. Overmars
Age: . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Nationality: . . . . . . . . . . . . . . . . . . . . . . . . . . .
Supervisory Board memberships: . . .
Initial appointment: . . . . . . . . . . . . . . . . . .
Current term: . . . . . . . . . . . . . . . . . . . . . . . . .
68 years
Dutch
ABN Amro Holding N.V., Bavaria N.V., PontEcen N.V.
05 - 06 - 1996
2000 - 2004
W. van Voorden
Age: . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 58 years
Nationality: . . . . . . . . . . . . . . . . . . . . . . . . . . . Dutch
Position: . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . chairman of CTZ (College Toezicht Zorgverzekeringen)
as of 01-04-2001, professor Erasmus Universiteit Rotterdam
Supervisory Board memberships: . . . Batenburg Beheer N.V., Instituut voor Onderzoek
van Overheidsuitgaven (IOO B.V.)
Initial appointment: . . . . . . . . . . . . . . . . . . 04 - 06 - 1997
Current term: . . . . . . . . . . . . . . . . . . . . . . . . . 1997 - 2001
H.L. Weenen
Age: . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Nationality: . . . . . . . . . . . . . . . . . . . . . . . . . . .
Position: . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Initial appointment: . . . . . . . . . . . . . . . . . .
Current term: . . . . . . . . . . . . . . . . . . . . . . . . .
4
53 years
Dutch
director of N.V. Exploitatiemaatschappij Van Puijenbroek
a few subsidiaries of N.V. Holdingmaatschappij De Telegraaf
15 - 05 - 1975
1999 - 2003
56 years
Dutch
general director of Informix Software B.V.
26 - 06 - 1980
2000 - 2004
Report of the Supervisory Board
to the shareholders
We are pleased to present you with the report, the balance sheet as at 31 December 2000, and
the profit and loss account for 2000 with the notes thereto, as drawn up by the Managing Board.
The annual accounts have been audited and approved by Deloitte & Touche Accountants, Leiden,
as shown by the auditors’ report included in this report.
The annual accounts were reviewed with the auditor at the yearly meeting between the auditor
and the Supervisory Board. They were subsequently adopted by the Board.
In accordance with the proposal, Mr H.L. Weenen and Mr W. Overmars were reappointed to the
Supervisory Board with the approval of the General Meeting of Shareholders of 25 May 2000.
We intend to reappoint Mr W. van Voorden to the Supervisory Board if the General Meeting of
Shareholders does not object to the proposed appointment and if the General Meeting does not
nominate anyone else for a position on the Supervisory Board. The Works Councils of our
company have given a positive advice in respect of the proposed reappointment.
During the past year, the Supervisory Board met ten times with the Managing Board and focused
its attention on personnel and organisation, strategy, business risks, as well as the development
of new activities and financial affairs. Two meetings have taken place at subsidiaries outside
Amsterdam. Much attention was given to acquisitions, including the takeover of Uitgeversmaatschappij De Limburger, to participating interests in companies which exploit ’woonkrant.nl’,
’zoomnet.nl’ and ’reiskrant.nl’, to the introduction of the free newspaper ’Newsl.nl’, ’Regio-i’ and
investments at subsidiaries.
During a single meeting not attended by the Managing Board, the Supervisory Board discussed
its own performance, its relations with the Managing Board and the Managing Board’s composition
and performance.
During the year under review, members of the Supervisory Board attended a few consultative
meetings of the Works Council of the Amsterdam businesses.
We would like to express our appreciation to the Managing Board and the staff for the way in
which they performed their tasks in 2000.
We recommend:
That the annual accounts for 2000 be approved in accordance with the documents presented to
you, to discharge both the Managing Board for the policy pursued and the Supervisory Board for
the supervision.
That the dividend per share of NLG 0.50 par value for the financial year 2000 be fixed at
NLG 0.84 in cash (1999: NLG 0.98 in cash per share of NLG 0.50 par value).
That the dividend be made payable on 14 May 2001 at ABN Amro Bank N.V., Amsterdam.
On behalf of the Supervisory Board
A.J. van Puijenbroek
Amsterdam, 20 March 2001.
5
N . V. H O L D I N G M A AT SC H A P P I J D E T E L E G R A A F
(consolidated key figures)
In thousands of guilders, unless otherwise stated.
1999
2000
1,787,533
1,589,614
Operating profit before depreciation of goodwill
223,376
228,088
Operating profit after depreciation of goodwill
177,110
195,261
Financial revenue and charges
– 2,021
24,508
Pre-tax result from ordinary trading
175,089
219,769
68,111
76,960
– 203
– 22
106,775
142,787
Other reserves
62,676
91,338
Profit distribution
44,099
51,449
Pay-out ratio
41.3%
36.0%
250,940
266,204
Profit
NLG 2.03
NLG 2.72
Cash flow
NLG 4.78
NLG 5.07
Dividend
NLG 0.84
NLG 0.98
6,070
5,337
Net turnover
Company tax on result from ordinary trading
Extraordinary result after tax
Result after tax
Profit appropriation:
Cash flow
Per share of NLG 0.50:
Number of employees at year-end
7
Report for the year 2000
of Stichting Administratiekantoor van aandelen
N.V. Holdingmaatschappij De Telegraaf
In the year 2000, the total number of convertible depositary receipts in N.V. Holdingmaatschappij
De Telegraaf issued by our foundation increased by 343,356 to 24,507,662 (of NLG 0.50 par value)
as at 31 December 2000, and representing a nominal amount of NLG 12,253,831.
These depositary receipts were matched by an equal number of shares held at the trust office.
At the Board Meeting of 2 May 2000, Mr A Harms and Mr G.A. van Hasselt were reappointed as
Board Member A. Also is discussed filling in the vacancy of Mr G.A. van Hasselt in April 2001 in
connection with reaching the age limit laid down in the Articles of Association.
The General Meeting of Shareholders of N.V. Holdingmaatschappij De Telegraaf was held in
Amsterdam on 25 May 2000. Our foundation, represented by its Chairman Mr G.A. van Hasselt,
cast its vote in respect of the recommendations made by the Supervisory Board to adopt the
balance sheet as at 31 December 1999, the 1999 profit and loss account and the profit appropriation.
Our foundation supported the proposal to authorise the Managing Board to repurchase shares
and to reappoint Mr A.J. van Puijenbroek to the Supervisory Board in accordance with the
Board’s recommendation. Our foundation also supported the reappointment of Deloitte & Touche
as auditors of N.V. Holdingmaatschappij De Telegraaf and the foundation supported the increase
of payment of the Supervisory Board of N.V. Holdingmaatschappij De Telegraaf.
Stichting Adminstratiekantoor van aandelen
N.V. Holdingmaatschappij De Telegraaf
G.A. van Hasselt, Chairman
Mrs J.A. Brewer-de Koster, Secretary
J.S. Dienske
A. Harms
E. H. van Puijenbroek
Amsterdam, March 2001.
Declaration of independence
The Managing Board of N.V. Holdingmaatschappij De Telegraaf and the Board of Stichting
Administratiekantoor van aandelen N.V. Holdingmaatschappij De Telegraaf hereby declare that,
in their joint opinion, the requirements in respect of the independence of the Board of Stichting
Administratiekantoor van aandelen N.V. Holdingmaatschappij De Telegraaf, set out in Annex X
to the Listing and Issuing Rules of Amsterdam Exchanges N.V., Amsterdam, have been fully satisfied.
Managing Board of N.V. Holdingmaatschappij De Telegraaf
Board of Stichting Administratiekantoor van aandelen
N.V. Holdingmaatschappij De Telegraaf
Amsterdam, March 2001.
8
ANNUAL REPORT 2000
T H E C O M PA N Y
In 2000, the company made a net profit of NLG 106.8 million compared to NLG 142.8 million
for 1999. The net profit for 1998 amounted to NLG 145.2 million. The net profit realised for the
first six months of 2000 was approximately NLG 15 million lower than the figure recorded for
the corresponding period in 1999.
The pre-tax profit on ordinary activities fell by nearly NLG 45 million from NLG 219.8 million
for 1999 to NLG 175.1 million for 2000. The main contributing factors included the costs of the
company-wide Internet activities, which rose by over NLG 52 million to approximately
NLG 60 million. This includes the initial losses relating to the joint ventures entered into during
the year 2000 in the areas of property and staff advertising. All costs relating to these activities
have been charged directly to the result.
Also, an amount of over NLG 2 million was charged to the result for 2000 in connection with the
initial costs involved in combining and optimising the whole spectrum of logistic activities.
Furthermore, the purchase of shares in Uitgeversmaatschappij De Limburger B.V. (UDL), the result
of which was not included in the consolidation until after the Netherlands Competition Authority
(NMa) had granted their permission (mid-May 2000), had a negative impact on the result.
The result less amortisation of goodwill (over a twenty-year term) for the period from 22 May to
31 December 2000 and less the interest on the purchase sum for the whole of 2000, amounted
to just over NLG 10 million negative. The company is
expected to make a positive contribution to the net profit
from 2001 on.
Turnover (NLG 1.788 billion)
These negative influences were counterbalanced by
54%
higher advertising income, particularly at B.V. Dagblad
Advertising
De Telegraaf and the decrease by some NLG 6 million in
Subscriptions+Single-copy sales
3%
the allocation made to the provision for differentiation
Third-party printing
in contributions and market forces act (’Wet PEMBA’).
Other turnover
30%
Earnings before interest, taxation and depreciation
(EBITDA) fell from NLG 328.6 million in 1999 to
NLG 310.5 million in 2000. The cash flow declined
from NLG 266.2 million in 1999 to NLG 250.9 million
in 2000.
Operating profit after amortisation of goodwill decreased
from NLG 195.3 million in 1999 to NLG 177.1 million
in 2000.
Depreciation of tangible fixed assets for 2000 increased
by NLG 7.3 million to NLG 97.9 million after the investments in Alkmaar and Heerlen were commissioned.
Amortisation of intangible fixed assets rose from
NLG 32.8 million in 1999 to NLG 46.3 million in 2000,
mainly as a result of the amortisation of goodwill relating
to the acquisition of UDL.
13%
Goods, services and
value added
Goods and services
Value added
8%
48%
4%
Company tax
Net profit
Depreciation+miscellaneous
34%
6%
Personnel costs
Contributions to the 2000 group result varied from division to division. Daily newspaper
’De Telegraaf’ was again the main profit centre. Hollandse Huis-aan-huisbladen Combinatie B.V.
(HHC) realised a significantly higher result owing in particular to a sharp rise in advertising
turnover. De Telegraaf Tijdschriften Groep B.V. (TTG) contributed less due to the initial costs of
new titles published in Sweden and in the Netherlands. The result of Biegelaar Groep B.V. lagged
behind the 1999 figure due to growing internal interest charges relating to investments in new
9
construction and presses. The result of Hollandse Dagbladcombinatie B.V. (HDC), too, declined,
particularly as a result of lower (intercompany) printing rates and the transfer of prepress activities
to HHC, plus the formation of a provision for reorganisation in connection with the establishment
of Uitgeverij HDC-Zuid.
The 1999 cash dividend and the 2000 preference dividend receivable from Wegener N.V., as well
as the share in the result of the participating interests engaged in Internet and audiovisual
operations, are shown under income from participating interests. Interest income was NLG 8.7 million
lower than last year, due to, inter alia, the acquisition of UDL and the increase in the participating
interest held in Wegener N.V. with NLG 60 million worth of depositary receipts for ordinary shares
and NLG 40 million worth of depositary receipts for cumulative preference shares. The average
interest rate was higher.
The tax burden increased as a result of the higher amortisation of non-tax deductible goodwill
and participating income to which the substantial holding exemption applies.
The profit on ordinary activities after taxation decreased by 25.1% from NLG 142.8 million in
1999 to NLG 107.0 million in 2000.
After allowing for extraordinary items, the net profit decreased by 25.2% from NLG 142.8 million
in 1999 to NLG 106.8 million in 2000. Net earnings per share of NLG 0.50 par value decreased
from NLG 2.72 in 1999 to NLG 2.03 in 2000.
Page 46 gives a further explanation of the result, broken down by core activity
(segment information).
Company strategy
The Telegraaf company aims to gather, order, edit, distribute and sell information. Accordingly,
the group’s core activities involve the publication (in both printed and electronic form) of national
and regional newspapers, door-to-door papers, magazines, participation in commercial radio
and television and the provision of services in the area of printed and electronic communication
to third parties.
The company’s strategy will focus on the further
Operating profit after depreciation goodwill
growth of all core activities - both at home and abroad in millions of guilders
except for printing services. The position in the latter
83.8
81.7
97.0
123.8
135.4
143.4
173.3
195.1
195.3
177.1
industry is being consolidated while possible collaboration with another major printing company operating
in Europe is being studied.
Dividend policy
1991
1992
1993
1994
1995
1996
1997
1998
1999
2000
10
The dividend policy is aimed at payment in cash of
approximately 35% of the profit available for
distribution. In determining the dividend, account is
taken, if possible, of the effects of the tax on the
imputed return on investment, which was introduced
on 1 January 2001. A temporary overrun of the abovementioned pay-out ratio is acceptable in the event of
a temporary drop in the profit level.
Increase in scale
In 2000, the group’s core activities were further reinforced:
The takeover of UDL, already announced in the 1999 annual report, was effected in mid-May
2000 following a lengthy assessment by the NMa. The result has been included in the consolidation
as from 22 May.
After the successful start of the ’Sp!ts’ morning newspaper, a second free tabloid was introduced
in August: ’News.nl’. This paper is distributed at offices, stations and other public transport facilities
in the urban western part of the Netherlands.
Existing Internet activities, including ’De Telegraaf-i’, were further expanded with the introduction
of new sites, including ’DFT.nl’: De Financiële Telegraaf on the Internet.
In addition, the group participated in several new Internet
activities in the area of the housing market (’woonkrant.nl’),
job placement (’zoomnet.nl’), the car market (’autobytel.nl’)
Movements in pay-out ratio index,
net profit and dividend
and the travel market (’reiskrant.nl’).
In the second half-year, the regional newspapers within the
171
group, together with the Noordelijke Dagblad Combinatie
Index
Holding B.V., started to build their own Internet site.
147
1991=100
Collaboration (Regio-i) between these regional publishers
117
is expected to be intensified even further in 2001.
1991
1992
1993
Dividend
1994
1995
1996
Net profit
1997
1998
1999
In the autumn of 2000, TTG launched the ‘For Him Magazine’
(FHM), a men’s magazine.
TTG Sverige AB, a TTG subsidiary operating in Sweden,
introduced ’Residence’ in that country. Furthermore, the
licence was acquired for the publication of ‘Cosmopolitan’ in
Sweden. The first issue of this title came out in February 2001.
2000
Pay-out ratio
Shareholders’ equity
Shareholders’ equity increased by NLG 62.9 million from NLG 1,039.1 million as at 31 December 1999
to NLG 1,102.0 million as at 31 December 2000. This increase resulted from the addition to the
other reserves as proposed in the 2000 profit appropriation.
Shareholders’ equity per share of NLG 0.50 par value rose from NLG 19.79 at year-end 1999 to
NLG 20.99 at year-end 2000.
The share capital remained unchanged and consists of 52,499,200 ordinary shares and 960 priority
shares of NLG 0.50 par value. As at 31 December 2000, 24,507,662 shares, representing 46.7%
of the ordinary shares, were converted into depositary receipts. At the end of 1999, 46.0% of the
share capital was converted into depositary receipts.
Dividend proposal
We propose to declare a dividend for 2000 of NLG 0.84 per share of NLG 0.50 par value, representing a pay-out ratio of 41.3%. The 1999 dividend amounted to NLG 0.98 per share of NLG 0.50
11
par value, representing a pay-out ratio of 36.0%. Once the result recovers, the company will return
to the target pay-out ratio of 35%.
Investments
At Rotatiedrukkerij Voorburgwal B.V. in Amsterdam, a start was made in 2000 with alterations
to the building in connection with the addition of a tenth press and the extension of all nine
existing presses with two four-colour printing units, among other things. This project is expected
to be completed in the second half of 2002. At Limburgs Dagblad at Heerlen the extension with
two printing units was realised in 2000. Extension of the press capacity at Alkmaar was also
completed in 2000. All in all, these investments required an outlay of NLG 175 million.
In 1999, Biegelaar Groep made a start with the
renewal of a rotogravure press, peripherals and
finishing equipment, as well as improvement of the
Movements in capital expenditure
in relation to the cash flow
routing and infrastructure.
in millions of guilders
Scheduled for completion in mid-2001, this project
132
98
129
216
157
requires an investment of over NLG 100 million.
Furthermore, at year-end 2000, land was bought at
266
263
251
Zoetermeer with a view to building new accom238
modation for Nederlands Drukkerij Bedrijf B.V. This
purchase required an outlay of over NLG 7 million.
191
Commitments
143
145
118
106
85
1996
Cash flow
114
1997
125
91
1998
Depreciation
1999
Net profit
98
107
2000
Capital expenditure
In 2000, capital expenditure commitments involving tangible fixed assets totalled NLG 157 million
(exclusive of VAT). Of this amount, NLG 94 million
will be due and payable in 2001 and following
years. In 2000, payments in respect of commitments
entered into in 2000 and previous years amounted
to NLG 189 million (exclusive of VAT).
Turnover
Consolidated group turnover rose by 12.5% from NLG 1,589.6 million in 1999 to
NLG 1,787.5 million in 2000, including NLG 108.4 million in turnover relating to UDL. The autonomous rise in turnover was 5.6%.
Of the rise in turnover, NLG 135.2 million related to advertising income and NLG 45.8 million
to circulation income. Other income, including third-party distribution and book publishing,
increased by NLG 1.3 million. Turnover contributed by third-party printing rose by
NLG 17.3 million. The other turnover declined by NLG 1.7 million compared to 1999.
Of total 2000 group turnover, NLG 961.5 million (54%) related to advertising income and
NLG 538.6 million (30%) to circulation income. Third-party printing contributed NLG 229.1 million
(13%), of which NLG 171.4 million not newspaper related, and other income added
NLG 58.3 million (3%).
12
In 1999 the corresponding figures were NLG 826.3 million (52%), NLG 488.8 million (31%),
NLG 212.7 million (13%) and NLG 61.8 million (4%), respectively.
Turnover broken down by segment: (X NLG 1 million)
2000
Publishers
Daily newspapers
Door-to-door papers
Magazines
Printing products (not newspaper-related)
Other activities
1999
1,273.2
202.6
132.1
171.4
8.2
(71%)
(11%)
(7%)
(10%)
(1%)
1,122.4
161.6
138.0
165.4
2.2
(71%)
(10%)
(9%)
(10%)
—.—
1,787.5
(100%)
1,589.6
(100%)
In the publishers segment, newspaper and door-to-door turnover figures rose by 13.4% and 25.4%,
respectively. Magazine turnover declined by 4.3%. Turnover in the printing products segment
increased by 3.6%.
In 2000, 2.6% of group turnover related to exports to EU States. In 1999, this figure stood at 2.5%.
In 2000, the group also exported products worth NLG 6.7 million to other European States as
compared to NLG 6.0 million in 1999.
The average turnover per employee increased by 1.8%, from NLG 339,200 in 1999 to NLG 345,300
in 2000.
Movements in turnover, average amount of FTEs and average turnover per employee during the
last five years were as follows:
2000
Group turnover (x NLG 1 million)
Average FTEs
Average turnover
per employee (x NLG 1,000)
1999
1998
1997
1996
1,788
5,177
1,590
4,686
1,520
4,568
1,358
4,350
1,283
4,129
345
339
333
312
311
Added value
Movements in the group’s total added value and the average added value per employee during
the last five years were as follows:
Added value (x NLG 1 million)
Per employee (x NLG 1,000)
2000
1999
1998
1997
1996
925
179
854
182
819
179
749
172
665
161
13
Personnel and organisation
Employment
In 2000, the number of employees, translated into man/woman years, averaged 5,177. In 1999,
the corresponding figure was 4,686 man/woman years. Other contributing factors besides the UDL
takeover-related inflow of personnel were developments in the area of the Internet, Information
Technology activities connected with these developments, and the new ’News.nl’ and ’FHM’
publications.
As at 31 December 2000, the number of employees amounted to 6,070, of whom 32 were
stationed abroad. Translated into full-time equivalents, group employment amounted to
5,457 man/woman years.
Collective Labour Agreements
On 1 February 2000, a new ’Grafimedia’ Collective Labour Agreement was concluded for a term
ending on 1 February 2002. The agreement provided for a pay rise of 3% on 1 February 2000,
1% on 1 December 2000, 2% on 1 February 2001 and 2% on 1 October 2001. The Collective
Labour Agreement for newspaper journalists provided for a 3.5% pay rise with effect from
1 January 2000 and a pay rise of 3.7% on 1 January 2001. The Collective Labour Agreement for
door-to-door paper journalists provided for a 3.75% pay rise with effect from 1 January 2000
and a pay rise of 4% on 1 July 2001. Newspaper journalists in permanent employment will receive
an allowance of 0.5% of twelve times their December pay for the generic re-use of copy.
In 2000, within the framework of the differentiation in contributions and market forces act
(’Wet PEMBA’), it was again decided to stay in the legal invalidity group insurance scheme. The
question will be weighed again in 2001. A provision has partly been formed to provide for the
consequences if the company were to step out of the group insurance scheme. No further allocation
was made to this provision in 2000.
Euro
On pages 54 and 55 of this report the consolidated balance sheet and profit and loss account
have been translated into euros. The rounding off of the nominal value of group shares to
 0.23 has created a negative euro reserve. Pages 66 and 67 also show the translation of the
ten-year key figures into euros.
In line with the recommendation made by CEBUCO (central marketing organisation of the newspapers), integral introduction of the euro in the publishers’ business management will not take
place until 1 January 2002.
15
A M S T E R DA M O P E R AT I O N S
Dagblad De Telegraaf
Circulation
In the year 2000, average circulation remained unchanged from last year’s figure of 808,300.
These figures, certified by ’Het Oplage Instituut’ (The Circulation Institute, HOI), relate to the
average figure recorded for the fourth quarter of 1999 and the first three quarters of 2000.
The above-mentioned circulation figure is the balance of the growth in the number of subscriptions
and single-copy sales abroad. Single-copy sales at home lagged behind, a trend that has persisted
during the last few years. Total circulation as at 31 December 2000 was marginally below the level
recorded on 31 December 1999.
Total combined circulation of the Dutch newspapers fell by 0.9% in the period from 1 October
1999 to 30 September 2000. Total average
circulation amounted to 4,442,522, or 40,236
fewer than for the corresponding year-earlier
Movements in paid circulation De Telegraaf
Total copies
through 1997 inclusive De Courant Nieuws van de Dag
figure. The circulation figures of the free ’Sp!ts’
900,000
and ’Metro’ newspapers, introduced in 1999,
have not been included in this measurement.
800,000
700,000
600,000
500,000
400,000
300,000
200,000
100,000
0
1980
1982
1984
1986
1988
1990
Subscriptions+single-copy sales
1992
1994
1996
1998
2000
Subscriptions
Including the regional newspapers published by
the group’s subsidiaries and partly owing to the
acquisition of UDL, the group’s market share in
total circulation in the Netherlands rose from
26.1% at year-end 1999 to 30.3% at year-end
2000.
As regards pricing policy, the ban on horizontal
price-fixing already came into effect on 1 July
1999. ’Dagblad De Telegraaf’ implemented with
effect from 1 February 2001 an average price
rise of approximately 5% for subscriptions and
just over 5% for single copies on weekdays and
8% on Saturdays.
Advertisements
Advertising turnover of daily newspaper ’De Telegraaf’ rose by 8.5% compared to the year-earlier
figure, totalling NLG 514.3 million, with the advertising volume increasing by 1% compared to
1999. A 4.7% increase realised by the category of national brands and services was offset by a
1.8% decline at regional brands and services.
In 2000, the number of staff advertisements rose by 1.4% compared to a 2% decrease in 1999.
The volume of classified ’Speurder’ pages decreased by 2.7%. The decline of classified ad pages
at all national newspapers combined was 1.6%. The number of classified ’Speurder’ ads decreased
by 6.4% to 799,389. The average size of the ’Speurder’ ads, on the other hand, showed a 1.2%
increase in 2000. Classified ’Speurder’ ad turnover was up by 2.3% owing to higher rates.
In 2000, the combined advertising volume of the national newspapers increased by 1.9% owing
to growth in the advertisement categories of national brands and services and staff.
The combined advertising volume of all newspapers, national and regional, increased by 1.3%.
16
Pursuant to the ban on horizontal price-fixing imposed
by the Minister for Economic Affairs, newspaper
publishers set their price increases individually with effect
from 1 January 2000. Daily newspaper ’De Telegraaf’
implemented an average price rise of 4.7% with effect
from 1 January 2000 and 4.9% with effect from
1 January 2001 for weekday editions and 7.5% for the
Saturday edition.
Advertising turnover company
in millions of guilders
624
688
767
826
961
–– 42
–– 171
40 ––
Editorial developments
119 ––
–– 748
Editorially, the year 2000 was marked by several major
events. The explosion of the fireworks storage facility at
Enschede was a dramatic event that shocked the nation.
The editorial board decided to take a unique step: to
have the whole front page taken up by one photograph
bearing the terse caption: ’How could this happen?’
465 ––
1996
1997
Newspapers
1998
1999
Door-to-door papers
2000
Magazines
Two major sports events - the European football
championship (partly organised in the Netherlands), and
the Olympic Games in Sydney - received major editorial
coverage. Partly owing to the strong performance of the Dutch football team and Olympic team,
the editors were able to produce many speech-making newspaper issues.
The legal wrangle about the weekly publication of radio and TV listings went on throughout the
year under review. NOS and HMG appealed NMa’s decision, pronounced on 16 February 2000,
that NOS and HMG must supply the listings to De Telegraaf. On 22 June 2000, the court ruled
that NMa’s decision of 16 February 2000 was to be suspended pending the decision on the appeal.
Besides the procedure for obtaining the rights of publication of radio and TV listings, De Telegraaf
appealed the summary proceedings of 5 January 1999 concerning the genre listings. After many
stays of proceedings the court passed judgment on 30 January 2001, quashing the earlier court
decision. With this judgment we are trying to get the NMa procedure going again.
Notwithstanding these judgments, the broadcasting stations are still blocking further progress by
judicial action. As long as this resistance persists, the planned start of ’TV Week’ cannot take place.
There is growing interaction between the editorial board of the printed newspaper and editors
responsible for the various publications on the Internet. A case in point is the series of articles
that appeared in ’De Financiële Telegraaf’ about the new tax system. The same stories, but with
interactive services, can be found on the site of ’De Telegraaf-i’.
De Telegraaf on-line
Within B.V. Dagblad De Telegraaf, ’De Telegraaf Elektronische Media’ (TEM) is engaged in the
development and operation of on-line activities of ’De Telegraaf-i’. The year 2000 was a turbulent
Internet year. In the course of the year, sentiment concerning dotcom businesses underwent a
marked change. More and more stand-alone dotcom firms are forced to close the books as profit
fails to materialise and financial resources dry up. This shake-out will undoubtedly imbue the
market with a greater sense of realism, leading it to conclude that, on the one hand, on-line free
services, too, have certain limitations, while, on the other, businesses that can also provide content are better placed to realise a positive future return.
17
In 2000, the company focussed much attention on the long-term business plan for Internet activities and the most effective type of organisation. Accordingly, next to the director managing the paper
product, the company appointed a director with specific responsibility for the on-line activities.
The year was dominated by the extension of existing sites in both a commercial and an organisational respect. Three new products were added to the existing sites: ’vertel.nl’ (March), ’DFT.nl’
(May) and ’Speurders.nl’ (September).’Vertel.nl’ is a site where consumers can respond interactively
to, amongst other things, the content of the newspaper. ’DFT.nl’ is a site with financial news built
entirely in-house in close collaboration with the editorial board and under the responsibility of
the chief editors. ’DFT.nl’ immediately realised good results owing to the relatively high number
of page views and corresponding advertising rates.
’Speurders.nl’ is as yet an on-line presentation of all ’Speurder’ ads appearing in the printed newspaper, generating in particular added value for the ’printed ’Speurder’ ads’.
As regards the already existing ’veilinghal.nl’ and ’elcheapo.nl’ sites, these will henceforth be
combined with ’siteshopper.nl’ to form one e-commerce cluster with a modest, yet steadily growing
turnover. The car site already underwent a relaunch under the name of ’autotelegraaf.nl’. The
initial steps towards paid on-line ’Speurder’ ads are promising. Car market sales development is
a spearhead project aimed at realising deeper market penetration.
As well as the TEM-developed sites, two Internet joint ventures were set up in 2000:
’woonkrant.nl’ with on-line property supply and many related areas, and the vacancy site of
’zoomnet.nl’. A third joint venture is ’reiskrant.nl’ in which the travel content of ’Reiskrant’ is
combined with the possibility of ticket sale. This site will become operational in 2001.
The 37.5% interest in Autobytel Nederland v.o.f. was already acquired in 1999. The site became
operational on 31 January 2001. This participating interest is not expected to make a positive
contribution to the result until a few years from now. Achmea Deelnemingen B.V.’s recent
accession to the joint venture confirms our confidence in this product.
In the course of 2000, the initiative was taken to build a new home page for ’De Telegraaf-i’, which
was launched at the beginning of 2001. The site provides a mix of content taken from daily newspaper ‘De Telegraaf’, topical information of subsites and highlights from commercial sites. The
result is a dynamic topical news site of constantly varying composition and accessible 24 hours
a day, seven days a week, which will point visitors the way to our commercial activities. The
average number of page views increased by 65% comparing to 1999.
TEM’s permanent staff increased from 18 FTEs at year-end 1999 to 45 FTEs at year-end 2000.
The number of hired staff rose to 39 FTEs; in addition, at year-end 2000, ’De Telegraaf-i’ employed
a total of 33 editors as compared to 20 at year-end 1999.
The (initial) costs of the activities of both TEM and the above-mentioned joint ventures were
wholly charged to the result for 2000 and amounted to approximately NLG 54 million (1999:
approximately NLG 5 million). Turnover, chiefly relating to the sale of buttons and banners,
increased by approximately 50% to over NLG 3.7 million.
The year 2001 is intended to be a year of stabilisation. The group’s policy will be focussed more
on reinforcement of the present organisation and making existing products more profitable (now
or in the future) rather than on adding new activities. Also, the interaction between print, on-line
and mobile will be optimised. A break-even situation is not expected before 2003.
Of course, developments and sentiment concerning the Internet will be tracked very closely and
critically in view of actual expenditure.
18
BasisMedia
Published five times a week, total circulation of ’Sp!ts’, the free newspaper targeting commuters
travelling by public transport, rose from 250,000 distributed copies a day at year-end 1999 to
over 300,000 copies a day at year-end 2000. Partly due to this increased circulation, ’Sp!ts’ is
now printed at two locations. ’Sp!ts’ has developed beyond expectations; while sustaining an initial
loss for the whole of 2000, already a few periods were closed with a positive result in the second
half of 2000, just barely a year after the newspaper was launched. This makes ’Sp!ts’ an important
player in the market and - in terms of reach - the third largest newspaper in the Netherlands.
The publication is expected to make a contribution to the 2001 profit.
Besides ’Sp!ts’, BasisMedia B.V. also launched a third free tabloid in the Netherlands under the
name of ’News.nl’ on 28 August 2000. This afternoon paper, which has a total circulation of 100,000,
is distributed throughout the western urban part of the Netherlands and will take some time to
prove its worth. At the beginning of 2001 it was decided to outsource the printing order because
the equipment does not lend itself very well to printing and stapling tabloid-size newspapers.
The positive trend in advertising turnover persisted throughout 2000. With ’Sp!ts’ and the introduction of ’News.nl’, BasisMedia was able to extend its market share.
Partly owing to a greater reach, the advertising rates of ’Sp!ts’ were increased by 30% with effect
from 1 January 2001.
Most of the staff handing out copies operate through our own logistic system. Total circulation
of ’Sp!ts’ stands to increase even further in the year ahead. Agreements have been made (or are
being made) with various enterprises that should result in a higher reach of commuters during
the morning rush hour, while ’News.nl’ is also distributed in office areas during the afternoon.
On 13 October 1999, BasisMedia B.V. lodged a complaint at NMa against Netherlands Railways
(NS) and Metro Holland B.V. in connection with exclusive contracts giving Metro Holland B.V.
the sole right to distribute its publication ’Metro’ in NS railway stations, a practice restricting free
competition. In addition, BasisMedia B.V. has brought a complaint against NS concerning the abuse
of its position of economic power because NS is denying ’Sp!ts’ access to the NS railway stations.
On 11 August 2000, NMa rejected BasisMedia B.V.’s demand. BasisMedia B.V. subsequently
submitted a notice of objection to the decision.
In December 2000, the group announced its intention to acquire a 60% stake in Stockholm News AB,
a Swedish enterprise which, at the time, had distributed a free afternoon paper of the same name
among commuters in Stockholm for a few weeks. Mainly on account of a lack of clear developments in the period between the investment decision and the time of implementation, as well as
the required investment, which was higher than originally expected, it was decided to abort this
intended acquisition. Our share in the liquidation costs was charged to the result for 2000.
De Telegraaf Tijdschriften Groep
Not taking into account the initial losses incurred by new titles, profit of De Telegraaf Tijdschriften
Groep B.V. (TTG) is virtually at a par with the corresponding 1999 figure.
19
TTG Nederland
In 2000, several organisational changes were implemented within TTG. The fairly diverse package
of titles was broken up into clusters, each with a clear target group, focus, synergy and goal.
The TTG Internet activities were further developed under the direction of a specific Internet
publisher, in collaboration, of course, with ‘De Telegraaf Elektronische Media’.
Except for ’Personal Finance’, ’Buitengewoon’ and ’FHM’, all TTG titles contributed to the result
for 2000. The ’Personal Finance’ title was discontinued in mid-2000 on account of a persistently
poor financial result without prospects of recovery and in view of the small share in the shrinking
market of financial magazines. Since the introduction of ’Buitengewoon’ in 1997, this magazine
failed to make a single positive contribution. ’Buitengewoon’ was unable to gain a strong position
on the Dutch garden magazine market.
The group signed a licence agreement with British publisher Emap concerning publication of
’FHM’, which was introduced on the Dutch market in October 2000. ’FHM’ was the third introduction in the Netherlands in the so-called ’lads magazines’ segment, after ’ZSM’ (published by
VNU) and ’Maxim’ (licence of Dennis Publishing). The introduction of ’FHM’ was successful, with
the magazine gaining a clear leader position in this market after only three issues.
The ’fhm.nl’ Internet site was introduced simultaneously and, after its launch, attracted an average
of over 250,000 page views per month during the final quarter of 2000.
’Privé’ was again market leader in the gossip magazine sector, which came under further pressure
in 2000. A few editorial changes were implemented and a new approach of the circulation and
advertising markets was opted for. All changes are aimed at capturing a larger market share with
a better product and a stronger brand. The ‘Privé’ Internet site drew an average of 118,000 page
views per month during the last three months of 2000.
Turnover and profit realised by ’Elegance’ and ’Residence’ increased, particularly as a result of
higher advertising turnover. On the advertising market the TTG magazines in the luxury segment
benefitted optimally from the economic boom.
’Autovisie’ commands a strong leading position on the car magazine market. Among car lovers
the magazine is hailed as the best car magazine available on the Dutch magazine market. This
position provides a good basis for using the ’Autovisie’ brand digitally.
In 2000, the ’autovisie.nl’ Internet site was further developed and adapted to car aficionados.
During the final quarter of 2000, this site attracted an average of 640,000 page views per month.
Furthermore, a contract was signed with Autobytel, with ‘Autovisie’ providing independent car
tests and car news.
The results of the titles ’MAN’ and ’Hitkrant’ declined compared to last year’s figures due to lower
advertising turnover and a decline in circulation. The ’Hitkrant’ site draws a monthly average of
over 300,000 page views, as measured over the final quarter of 2000.
The concept of ’Voetbal Magazine’ was ripe for an overhaul. In January 2001, the first issue was
published in its new form. The effect of this new approach on the advertisement market was
good; circulation is also developing positively. Since July 2000, this title is no longer published
in collaboration with the Netherlands Football Association (’KNVB’).
At the beginning of 2001, it was also decided to cease publication of ’Tennis’. This title no longer
fitted the present portfolio.
20
As in the years before, the contribution of De Telegraaf Sponsored Media (TSM) to the result was
again negative. The rates for sponsored magazines have been under pressure for years and are
insufficient to operate TSM profitably within the Telegraaf group.
Agreement has since been reached with a number of TSM employees regarding a management
buy-out with retroactive force from 1 January 2001.
TTG Sweden
Acquired by TTG in 1999, the Stockholm-based Svensk Specialpress AB publishing company
changed its name to TTG Sverige AB at the end of 2000. TTG Sverige was already publishing a
sports magazine (’Golf Digest’) and two aquatic sports magazines: ’Vi Btägare’ and ‘Båtnytt’.
In March 2000, ’Residence’, another TTG title, was successfully launched on the Swedish market.
A total of seven titles were introduced in this segment. ’Residence’ gained a clear leadership
position on both the advertising and the reader markets and was named Magazine of the Year
in October 2000.
TTG Sverige is expected to realise further growth on the Swedish magazine market. TTG managed
to secure the licence for ’Cosmopolitan’ (a successful title in many countries) for publication in
Sweden. In a joint venture with Hearst, ’Cosmopolitan’ was launched in Sweden in February 2001.
If the initial loss of ’Residence’ is not taken into account, the result of TTG Sverige for 2000
exceeded that of 1999.
M I SC E L L A N E O U S
Arbo (health and safety at work)
In collaboration with KLM Arbo services B.V. again several risk surveys and evaluations were
carried out in order to bring potential problems in the area of labour conditions to light. Action
plans targeting De Telegraaf Transport B.V., all branch offices of De Telegraaf and the Central
Facilities department were completed. In 2000, a start was made with a survey targeting financial
and administrative services.
During the year under review, the new absenteeism policy introduced in 1999 yielded positive
results. At 6.7%, absenteeism in 2000 remained at the same level as in 1999.
In 2000, within the framework of the Company Emergency Services, 130 staff members were
trained to become certified emergency service members. Also, the company’s computer work policy was put into effect to reduce RSI-related complaints.
The environment
The city of Amsterdam issued a new environmental permit for the Amsterdam operations.
In order to create as broad a platform as possible for environmental aspects within our organisation,
an environmental coordination group has been set up consisting of representatives of different
21
departments who, in their specific area of competence, are involved in the preparation of the
statutory annual environmental report. Also, a new Environmental Care System Manual was
prepared setting out the organisation of environmental policy within the Amsterdam operations
and containing important updated environmental documentation.
Books
Collaboration with Bzztôh, a Hague book publisher, was intensified in 2000. The turnover figure
approached the NLG 2 million level, representing a growth rate of around 10%. De Telegraaf and
Bzztôh put a total of twelve new titles on the market, the most successful ones being: ‘Je moet
schieten anders kun je niet scoren’ (130,000 copies), ’Johan Cruijff is ongeneeslijk beter’
(60,000 copies) and ’Beleggen voor beginners’ (68,000 copies).
De Telegraaf Elektronische Media and Bzztôh are currently working on a presentation of the
jointly published titles and on a mutual ’click’ through capability on the Internet.
Works Council
Installed at the beginning of 2000, the new Works Council had to deal with many requests for
recommendations, including the detailed design of Logistiek B.V. and the introduction of
’News.nl’, the proposed participating interests in Woonkrant.nl, Travel Portal and Zoomnet.nl
(Matchcare), the launch of the ’FHM’ magazine in the Netherlands and the many organisational
changes connected with the Internet activities, among other things. In addition, a start was made
with the decentral consultations, in which the Works Council and the Managing Board make
agreements on a range of subjects specified in the Collective Labour Agreement.
Consultations between the Managing Board and the Works Council continued in a positive and
constructive vein.
Pension Fund
In 2000, the average invested capital of Stichting-Telegraafpensioenfonds 1959 rose by
NLG 61 million to NLG 836 million. The exchange rate differences reserve increased from
NLG 214 million to NLG 228 million. Stock exchange prices of the bond portfolio showed a
recovery after the disappointing performance in 1999.
Pensions and pension rights were increased by 2.2% in line with the inflation rate for the year 1999.
Pension contributions remained unchanged at 4.5% of pensionable salary. Retired employees
will receive a special allowance of 8.5% of their annual pension.
In December 2000, changes were made to the articles of association in connection with the tighter
supervision exercised by Verzekeringskamer, the supervisory body for insurance companies in the
Netherlands.
23
Logistics
An important focus in 2000 was the further development of Logistiek B.V., a company-wide process
designed to optimise the distribution process. This objective was energetically pursued by all
parties involved. The current distribution problems necessitate structural changes, such as the
further improvement of automation and of the organisation itself. All this will involve substantial
cost increases.
After completion of the detailed design, the organisation will be set up in stages in 2001. The
set-up also provides for several pilots that serve to determine how and to what extent the so-called
full-service concept (having various products distribute as much as possible by as uniform an
organisation as possible) can be realised in practical terms. After that the final organisation and
the different phases of the project can be decided upon and the placement of all employees can
be completed.
The ultimate goal is the creation of an efficient logistic organisation that makes optimal use of
the synergy potential within the group in the area of distribution so as to be able to cope with
the growing distribution problems and to remain open to commissions from and collaboration
with third parties.
A C T I V I T I E S O U T S I D E A M S T E R DA M
Hollandse Huis-aan-huisbladen Combinatie
The millennium year 2000 was an excellent year for the Hollandse Huis-aan-huisbladen
Combinatie B.V. (HHC). The undiminished strength of the economy again boosted growth of,
inter alia, the turnover of De Holland Combinatie (HHC’s central selling organisation) and staff
advertising turnover. The turnover increased from NLG 116 million in 1999 to over NLG 128 million
in 2000. As a result, profit realised by this division also went up considerably.
All publishers made a substantial contribution to this. The rise in advertising volume is attributable to the weekday publications; the average level of the Sunday papers remained virtually
unchanged.
Delivery, which was also a source of concern in the year 2000, required much attention and
effort, resulting in higher costs. In 2001, implementation of (and by extension responsibility for)
delivery will be assigned to Logistiek B.V. A joining of forces will have to result in the desired
quality of door-to-door paper delivery.
In 2000, an extra edition of the Sunday morning paper (‘Amstelmeer’) was added to the existing
Den Helder and Schagen editions. On 1 January 2001, the areas of ’Nieuwsblad De Kennemer’
and ’Nieuwsblad voor Castricum’ were selected for a further refinement of the edition system based
on a tailor-made approach. This will also remove the overlap existing in part of these areas.
24
Hollandse Dagbladcombinatie
2000 was again an eventful year for Hollandse Dagbladcombinatie B.V. (HDC). Some important
elements were:
the relocation of Drukkerij Noordholland (DNH) from Hoorn to Alkmaar, the extension of the
existing press and the commissioning of the new press at the new site.
The intensive preparations for the merger of daily newspaper publishers Damiate and De Gooien Eemlander to form one publisher of regional afternoon and evening newspapers of a
sufficient scale.
The merger of the distribution organisations of HDC, InterHolland Verspreiders (IHV), and a number
of departments of the publishers handling the distribution of daily and weekly newspapers, with
the above-mentioned Logistiek B.V.
The establishment of Regio-i in which HDC, Media Groep Limburg and Noordelijke Dagblad
Combinatie Holding B.V., together with N.V. Holdingmaatschappij De Telegraaf have joined forces
in the area of regional Internet activities.
Most of these factors also impacted the financial result achieved by HDC in 2000. Also without
the effect of a lower printing rate for Telegraaf group orders on the one hand and the transfer
of the profitable prepress activities to sister company HHC on the other, the operating result for
2000 was markedly lower.
If HDC’s core activities are viewed separately, it may be concluded that the result of the daily
newspapers was better than in 1999. The weeklies sustained a smaller loss. However, rising
delivery costs resulted in a lower result at IHV. The Internet activities did not make a positive
contribution to the profit yet.
Circulation of Noordhollands Dagblad stagnated at a level slightly below that of year-end 1999.
The decline in circulation of the Damiate publications amounted to approximately 1% and that
of ’De Gooi- en Eemlander’/’Dagblad van Almere’ to 3%, the same figure as the year before. The
latter papers were given a totally new look in November.
In 2000, the advertising volume of the HDC dailies again benefitted from the booming staff
advertising market. However, volumes in the regional and local markets were under pressure.
The main investments related to the printing presses in Alkmaar. The introduction of a new
administrative advertising system for all HDC publishers was completed in the course of the
year; the initial problems, while considerable, were not insurmountable.
Media Groep Limburg
All Limburg activities have been incorporated into Gemeenschappelijk Bezit van Aandelen Limburgs
Dagblad B.V., the name of which was changed to Media Groep Limburg B.V. (MGL) on
1 January 2001. The organisation comprises Uitgeversmaatschappij Limburgs Dagblad B.V. and
Uitgeversmaatschappij De Limburger B.V.
The decision of the NMa regarding the acquisition of Uitgeversmaatschappij De Limburger was
tied to a number of conditions, which included the disposal of Limburger Weekbladpers and Huiskrant. Both activities have since been sold subject to the condition that the result will be for the
25
account and the risk of the buyers with effect from 1 January 2001. The printing contract of the
newspapers belonging to the Limburger Weekbladpers will be continued for a term of seven years.
In the autumn of 2000, it was decided to dispose of the loss-making cable TV information service
of TV Gazet. The sale was effected through a management buy-out.
On 1 January 2001, the activities of Reclameverspreidbureau Spiral B.V. were incorporated into
Logistiek B.V., Amsterdam.
Furthermore, in 2000 the initial move was made towards the establishment of a new Internet
company, i-Media Limburg. In addition, an interest was acquired in Regio-i, a nation-wide collaborative agreement between Noordelijke Dagblad Combinatie Holding B.V., Hollandse Dagbladcombinatie B.V. and N.V. Holdingmaatschappij De Telegraaf.
Besides the disposal or termination of a number of loss-making activities, the company also took
steps to improve the result in the near and more distant future. For instance, the advertising
business and the staff departments of both newspapers were combined in one enterprise and it
was decided to close down the newspaper printing business in Maastricht in 2003. The offices
in Maastricht and Heerlen will be combined to form a new head office based at Sittard.
Uitgeversmaatschappij Limburgs Dagblad
Owing to stringent cost-reducing measures, the result of Limburgs Dagblad, including De Kempen
Pers B.V., Reclameverspreidbureau Spiral B.V. and Uitgeversmaatschappij De Trompetter B.V.
rose considerably compared to 1999. The advertising volume of Limburgs Dagblad fell by around
4%. Paid circulation decreased by 1.9%.
The result of the newspaper printing business at Heerlen improved, owing in particular to better
margins. A provision for reorganisation in connection with the transfer of prepress activities of
Uitgeversmaatschappij De Trompetter to third parties was charged to the result.
The result of De Kempen Pers improved compared to the 1999 figure as a result of higher turnover and a better margin.
The 2000 result achieved by Reclameverspreidbureau Spiral was down from the year-earlier
figure due to shrinking margins, higher staff costs and higher depreciation.
The result of Uitgeversmaatschappij De Trompetter mainly improved owing to a higher turnover
in 2000 compared to 1999. As a result of the NMa decision, the shares of this company were
transferred to N.V. Holdingmaatschappij De Telegraaf at year-end 2000.
Uitgeversmaatschappij De Limburger
Not until May 2000, nearly nine months after the letter of intent concerning the takeover of
’De Limburger’ was signed with Wegener N.V., did NMa grant the Telegraaf company permission
for this takeover. The result of UDL has been included in the consolidation from that date on.
Goodwill amounting to NLG 332 million will be charged to the result over a period of twenty
years, starting on 22 May 2000. The takeover balance sheet includes a provision for the necessary
reorganisations.
Paid circulation of ‘Dagblad De Limburger’ declined by 0.9%. In contrast, the advertising volume
rose by more than 4%, partly owing to the supply of staff-wanted ads.
26
With advertising volume on the decline, the year 2000 was disappointing for Limburger Weekbladpers and TV Gazet.
UDL’s operating profit for the whole of 2000 was higher than in 1999.
Biegelaar Groep
General
The group realised a turnover of approximately NLG 235 million for the year 2000, which is
virtually equal to the turnover figure for 1999. Of this turnover, around NLG 63 million related
to turnover connected with the Telegraaf company (1999: NLG 70 million). The operating profit
rose by approximately 4%.
The year under review was dominated by the work involved in shaping the future plans of the
individual businesses, the starting points being the utilisation of the synergy between the various
activities and greater profitability. For instance, the after-press activities of Nederlands Drukkerij
Bedrijf B.V. (NDB) were transferred to Franken B.V. in the course of 2000 and a four-shift system
was introduced at both Biegelaar en Jansen B.V. and NDB.
Biegelaar en Jansen
Throughout 2000, production at the printing business of Biegelaar en Jansen was based on a
four-shift system. The effects of this showed up positively in the result. Efficiency was higher and
the amount of hours worked overtime decreased. The turnover of this enterprise increased by
nearly 5% compared to 1999. This was mainly attributable to new customers, including a growing
share in the international market. Compared to 1999, the result declined slightly due to margin
erosion and higher costs in connection with the implementation of the Master Plan.
This plan requires an outlay of approximately NLG 100 million for the replacement of a press
and extension of the after-press equipment, as well as improvement of the infrastructure. In the
second quarter of 2001, most of the plan will have been implemented.
Nederlands Drukkerij Bedrijf
In 2000, notwithstanding a 9% decrease in turnover compared to 1999, the operating profit still
showed a rise owing to increased efficiency (among other things through the introduction of a
four-shift system) and cost control. During the financial year, the bindery activities were disposed
of and for the greater part incorporated into Franken. In 2000, land was bought at Zoetermeer
for the construction of new accommodation and a start was made with the development of a
building plan.
Drukkerij Van Ketel
The 2000 budget anticipated a slight rise in turnover, with compensation for the loss of the
(newspaper) rotary printing (as compared to the 1999 situation) to be found in the market for third
parties. At the beginning of 2000, the commercial department was reinforced for this purpose.
In combination with strict cost control the positive objective for the 2000 result was achieved.
27
Franken
Turnover increased by approximately 10.0% compared to the 1999 figure, mainly as a result of
the transfer of NDB’s after-press activities. Due to expenses involved in catching up on overdue
maintenance of equipment and in staff training, the year 2000 was closed with a loss.
The company is anticipating a positive result in 2001.
The investment programme started up in the year 2000 will be completed in 2001. This will lay
the groundwork for the company’s future in which Franken will focus on two important turnover
pillars: the market for large volume stapling and packing orders and the market for special
’direct marketing’ productions and personalisation.
PA RT I C I PAT I N G I N T E R E S T S
Media Groep West
Media Groep West B.V. (MGW) is a 90% participating interest of N.V. Holdingmaatschappij
De Telegraaf. The remaining 10% stake is held by UPC Nederland B.V. MGW controls three
enterprises, viz. NieuwsNet 9, SBS 6 Text and Mobillion.
NieuwsNet 9
Operation of the cable TV information service serving the Greater-Amsterdam and ’t Gooi areas
has been incorporated into NieuwsNet 9. In 2000, activities were slightly loss-making.
In 2000, the NieuwsNet 9 cable TV information service was no longer recommended for inclusion
in the basic programming package by ’Stichting Algemene Programmaraad’. This effectively means
that the station has to cease operations. After many hearings before various bodies, the continued
existence of this division still hangs in the balance. ’Stichting Algemene Programmaraad’ is
expected to give a recommendation on the broadcasting channel division in 2001.
SBS 6 Text
This general partnership produces teletext pages for the SBS 6 and Net 5 TV stations. As in 1999,
these activities contributed significantly to MGW’s result.
Initially scheduled for the year 2000, the introduction of BeursNet 5, a joint venture of
’De Financiële Telegraaf’ on the Internet and Net 5, got off to a start at the beginning of 2001.
In 2001, further growth is expected in staff and car advertising via teletext, mobile telephony
and the Internet.
Mobillion
Mobillion B.V., owned by MGW (70%) and the management (30%), is a content provider/content
organiser engaging in the development, production and operation of added value services for
users of mobile telephony networks. The service supply employs interactive voice-response
(regular mobile number services), SMS (short message services) and (to a limited extent) WAP
(Wireless Application Protocol).
28
In the first full year of its life, Mobillion was already profitable, with turnover amounting to over
NLG 6 million. A British venture, Mobillion UK Ltd has since been established, 51% of the shares
in which are held by Mobillion B.V.
Mobillion will extend its activities to other markets as well in the course of 2001.
SBS Broadcasting
In 2000, SBS Broadcasting B.V. realised a profit of NLG 29.2 million as compared to NLG 11.8 million
in 1999. Our 30% share in the result of this company, amounting to NLG 8.8 milllion is shown
under income from participating interests. The rise in profit is attributable to a larger market
share of both SBS 6 and Net 5, the second station started in 1999.
In view of the availability of (tax) loss carry-forwards, no account has been taken of corporation
tax in the determination of the result. No dividend was distributed for 2000.
In 2000, the combined advertising market share of SBS 6 and Net 5 stood at 21.3%, as compared
to 19.5% in 1999. Average ratings amounted to 17.7% as compared to 15.4% in 1999.
Wegener
In 2000, N.V. Holdingmaatschappij De Telegraaf bought NLG 100 million worth of shares in Wegener,
consisting of NLG 60 million in depositary receipts for ordinary shares and NLG 40 million in
depositary receipts for 6.84% cumulative preference shares as part of the issue floated by Wegener
for the acquisition of VNU Dagbladen B.V.
This brings the interest in Wegener N.V. to a total of 9,110,690 depositary receipts for ordinary
shares of  0.30 par value (20.5%) and 2,593,030 depositary receipts for cumulative preference
shares of  0.30 par value (32.1%) as at 31 December 2000.
The cash dividend received on ordinary shares and the pro rata share in the preference dividend
for the period from 27 April to 31 December 2000 are shown under ’income from participating
interests’.
29
PROSPECTS
In the period from 1 January to 25 February 2001, the result lagged considerably behind the figure
for the corresponding period in 2000. Advertising volume of daily newspaper ’De Telegraaf’ fell
by around 10%. This decrease is attributable in particular to the categories of staff and national
brands and services advertising. Advertising turnover at the regional newspapers was also under
pressure. In contrast, advertising turnover realised by the door-to-door papers developed positively.
In 2001, wage costs will continue to rise as a result of the pay increases provided for in the new
collective labour agreements, as mentioned earlier in this report. Newsprint prices, too, will rise
sharply and delivery costs may be expected to see a substantial increase. In 2001, the costs
connected with the establishment of a company-wide logistic division will still be considerable.
The expected profit contribution by ’Sp!its’ and the improvement of the result of the regional
daily newspapers in Limburg owing to greater synergy will have a positive effect. Furthermore,
the annual amortisation of goodwill on the special interest magazines acquired in 1996 (a net
amount of NLG 14 million) lapsed at the beginning of 2001.
In summary, the developments outlined above, and assuming an advertising volume equal to
that in 2000, the net profit for 2001 could reach the 2000 level. However, as we do not know
whether the above-mentioned decrease in advertising turnover during the first two periods of
2001 is of an incidental or a structural nature, it is as yet impossible to make a reliable statement
about the company’s profit expectation for the year 2001.
An intensive campaign of cost reductions has since been launched, mainly targeting staff and
other costs. The development of the Internet activities will be temporised.
Managing Board
L.G. van Aken
F. Th.J. Arp
W.O. Kok
J. Olde Kalter
H. Schor (until 28 February 2001)
A.J. Swartjes
Amsterdam, 20 March 2001
31
ANNUAL ACCOUNTS
C O N SO L I DAT E D B A L A N C E S H E E T (after distribution of profit)
In thousands of guilders.
31 December 2000
31 December 1999
Intangible fixed assets
409,375
119,809
Tangible fixed assets
756,845
654,335
Financial fixed assets
199,037
83,997
Fixed assets
858,141
1,365,257
Total fixed assets
Current assets
Inventories
29,286
33,293
Receivables
254,755
231,608
31,160
33,586
Liquid assets
109,211
486,828
Total current assets
424,412
785,315
605,489
544,093
Securities
Current liabilities
Current assets net of
current liabilities
–
Long-term liabilities
Provisions
Shareholders’ equity
181,077
241,222
1,184,180
1,099,363
6,971
360
75,228
59,890
1,039,113
1,101,981
1,184,180
32
1,099,363
C O N SO L I DAT E D P R O F I T A N D L O SS A C C O U N T
In thousands of guilders.
2000
Turnover
–
Changes in work-in-progress
Net turnover
1999
1,788,331
1,589,528
798
86
1,787,533
1,589,614
Raw and auxiliary materials
299,191
283,878
Wages and salaries
501,322
435,982
Social security charges
106,841
102,174
Depreciation of tangible fixed assets
Other operating costs
93,867
88,032
562,936
451,460
Total operating expenditure
Operating profit before depreciation of goodwill
Depreciation of goodwill
Operating profit after depreciation of goodwill
1,361,526
223,376
228,088
46,266
32,827
177,110
195,261
6,543
12,498
Interest income
8,415
14,850
Income from securities
1,916
Income from participating interest
–
1,564,157
Changes in value of securities
Interest charges
–
1,438
35
–
658
5,844
–
3,620
–
Balance of financial revenues and charges
Pre-tax result from ordinary trading
Tax on the result from ordinary trading
After-tax result from ordinary trading
Extraordinary items before tax
–
2,021
24,508
175,089
219,769
68,111
76,960
106,978
142,809
203
–
—.—
Tax on extraordinary result
12
–
Extraordinary result after tax
34
203
–
22
106,775
142,787
Other reserves
62,676
91,338
Dividend
44,099
51,449
106,775
142,787
NLG 2.03
NLG 2.72
Result after tax
Profit distribution:
Profit per share
33
P R I N C I P L E S O F C O N SO L I DAT I O N , VA LU AT I O N
A N D D E T E R M I N AT I O N O F T H E R E S U LT
1. Consolidation criteria
The consolidated accounts combine the financial data for the parent company N.V. Holdingmaatschappij De Telegraaf and its group companies.
Consolidation is effected in accordance with the principles of valuation and determination of the
result of the parent company. The financial data of the group companies are fully included in the
consolidated annual accounts after elimination of intercompany relations and transactions.
Minority interests in shareholders’ equity and in the result of group companies are shown separately
in the consolidated annual accounts. The results of newly acquired group companies are included
in the consolidated annual accounts. The results of newly acquired group companies are included
in the consolidation from the date of acquisition. The results of participating interests disposed
of by the company are included in the consolidation up to the disposal date.
In respect of the company profit and loss account of N.V. Holdingmaatschappij De Telegraaf use
has been made of the exemption provided for in section 402, Book 2, of the Dutch Civil Code.
2. Translation of foreign currencies
The balance sheet items and results from activities in Belgium are translated at the fixed exchange
rate effective since 1 January 1999 (BEF 100 = NLG 5.46).
The participating interest in Sweden is considered an independent foreign entity. The assets and
liabilities of this interest are translated at the price prevailing on the balance sheet date, while
results are translated at the average price at the time of the transactions; the resulting difference
is taken directly to shareholders’ equity.
3. Change in accounting policies
Up to and including 31 December 1999, goodwill paid on acquisitions outside the core activities
was charged to shareholders’ equity.
However, in view of the change in generally accepted standards concerning the goodwill accounting,
it is no longer considered acceptable to charge goodwill to shareholders’ equity.
For the above reason, all goodwill paid on acquisitions after 1 January 2000 is amortised and
charged to the result over a maximum period of twenty years.
In 1999 and 2000, no acquisitions were made outside the company’s core activities. This means
that the change in accounting policies does not affect the size and composition of shareholders’
equity or the result. The goodwill previously charged directly to shareholders’ equity has not
been capitalised with retroactive effect.
4. Valuation
Intangible fixed assets
Goodwill, being the amount paid in excess of the value and arising on the acquisition of participating interests, business activities and publishing rights is amortised against the result over a
maximum period of twenty years. The value at the time of acquisition is determined on the basis of the real value of the acquired (underlying) assets and liabilities.
34
Tangible fixed assets
These assets are valued at cost less straight-line depreciation, based on the economic life
expectancy. These rates are:
4 to 5% a year on business premises depending on their nature or purpose.
10 to 20% a year on plant and machinery.
20% a year on all other operational fixed assets.
operational fixed assets subject to rapid technical and/or economic obsolescence are written off
over a period of three years.
ground rent bought off is written off over the ground lease term in question.
land is not subject to depreciation.
Fixed assets under construction are valued at the amounts contracted for construction projects,
plant and machinery.
Financial fixed assets
Participating interests on which N.V. Holdingmaatschappij De Telegraaf is able to exert significant
influence are valued at their proportion of the net value asset, calculated in accordance with the
parent company’s accounting principles.
The other participating interests are stated at the lower of cost and market value.
Long-term receivables are stated at their nominal value less any provisions deemed necessary.
Inventories
Inventories of paper, where it concerns quantities that were also in stock in previous years, are
valued at the lower of cost price prevailing during those years and market price as at the balance
sheet date, and where it concerns the surplus, at the lower of cost price and market price. The
other inventories are valued at the lower of purchase price and market value.
A provision is being set up for unsaleable stocks.
The item work-in-progress relates to printed matter in production, valued at predetermined cost.
This includes labour costs, material consumption, machinery costs, plus a surcharge for indirect costs.
Receivables
Receivables are shown at nominal amounts less provisions for bad debts where necessary.
Securities
Securities are shown at the lower of cost and market price as at the balance sheet date.
Liquid assets
These are stated at nominal amounts.
Current and long-term liabilities
The current and long-term liabilities are stated at nominal amounts.
Provisions
The provision for deferred taxation relates tot the deferred tax liability arising from the difference
between the valuation of assets and liabilities for commercial and tax purposes. Any deferred tax
receivables are set off against deferred tax commitments.
Calculation of this liability, which is shown at nominal value, is based on the current company
tax rate.
35
The provision for early retirement is stated at the cash value of the commitment to supplement
amounts in excess of the early retirement benefit limit. The commitment to supplement covers
a period of three to five years up to the age of 65. The provision is determined on an actuarial
basis of 5%.
The provision for supplementary retirement benefits consists of the cash value of the retirement
benefits allowed and the pension contributions of employees who have been sick over a long
period, plus the cash value of the share of the health insurance of pensioners payable by the
company. The provision is determined on an actuarial basis of 4% (employees sick over a long
period) or 5% (pensioners), respectively.
The provision for supplementary disability benefits comprises the allowance payable on top of
the salary of employees whose employment is terminated in connection with the granting of a
disability allowance under the Invalidity Insurance Act. The provision is determined on an actuarial
basis of 5%.
The provision for reorganisations relates namely to the takeover of Uitgeversmaatschappij
De Limburger B.V. on 15 May 2000. The provision concerns removal, retraining and additional
training, employment-finding and redundancy compensation commitments.
In calculating the goodwill, this provision has been taken into account.
5. Determination of the result
The turnover is the proceeds charged to third parties and arising from services provided to third
parties during the financial year after allowing for VAT and discounts.
Profits are taken only insofar as they are realised as at the balance sheet date.
Costs and risks incurred before the end of the financial year are taken into account insofar as
they can be anticipated.
The share in the result for the financial year is shown under ’income from participating interests’
where it concerns participating interests on which the company is able to exert significant influence.
In respect of the other participating interests, dividend received is also shown under income from
participating interests; if any dividend is receivable on preference shares, this shall be attributed
to the year in which the right to such dividend arose, unless receipt is uncertain.
Company tax is calculated on the result, taking into account tax allowances, including the substantial holding exemption, and allowing for amounts that are not tax-deductible. The difference
with the amount in tax payable according to the profit calculation for tax purposes is shown in
the provision for deferred taxation.
Extraordinary income and expenditure are generated by actions and events that are not associated
with the company’s normal business operations and that, as a result, bear a non-recurrent character.
6. Consolidated cash flow statement
The cash flow statement is prepared in accordance with the indirect method. The liquid funds in
the cash flow statement consist of liquid assets and securities.
The securities may be regarded as highly liquid investments. Cash flows in foreign currencies are
translated at an estimated average exchange rate.
Income and expenditure relating to interest, dividends received and income tax are stated under
cash flow from operational activities. Paid dividends are shown under cash flow from financing
activities.
36
The acquisition price of group companies is shown under cash flow investment activities insofar
as payment has been made in cash. The liquid funds held by newly acquired group companies
are deducted from the acquisition price.
7. Segmented information
Segmented information is stated on the basis of the same accounting policies as those underlying
the statement and presentation of the consolidated annual accounts.
Assets used jointly by two or more segments are only being attributed to the segments if the
income and expenditure relating to these assets are likewise being attributed to these segments.
The corporate segments are used as primary segmentation basis.
8. Earnings per share
Earnings per share are being determined by dividing the portion of the profit for the financial
year available to ordinary shareholders by the weighted average number of ordinary shares outstanding during the financial year.
37
N O T E S T O T H E C O N SO L I DAT E D B A L A N C E S H E E T
In thousands of guilders, unless otherwise stated.
Fixed assets
31 December 2000
31 December 1999
Intangible fixed assets
409,375
119,809
119,809
146,495
335,832
8,442
Less: – Depreciation charged to result
46,266
32,827
– Change in valuation Wegener
—.—
2,006
– Other changes
—.—
295
409,375
119,809
Goodwill
Changes in intangible fixed assets:
Position at beginning financial year
Add: – Goodwill paid on acquisition or
expansion of participating interests
Position at end financial year
Financial year 2000
Purchase cost
Depreciation
Book value
up to 2000
up to 2000
up to 2000
Tangible fixed assets
Land and buildings*
650,427
330,216
320,211
Plant and machinery
750,172
581,752
168,420
Other fixed assets
243,492
183,030
60,462
Fixed assets under construction
207,752
—.—
207,752
1,851,843
1,094,998
756,845
Purchase cost
Depreciation
Book value
up to 1999
up to 1999
up to 1999
Financial year 1999
Tangible fixed assets
Land and buildings*
530,392
296,957
233,435
Plant and machinery
706,512
560,663
145,849
Other fixed assets
230,509
176,124
54,385
Fixed assets under construction
220,666
—.—
220,666
1,688,079
1,033,744
654,335
*These items include the ground rent bought off in respect of the business sites
of the group companies in Amsterdam. As at 31 December 2000, the book value
of this amounts to NLG 10,665,000 (previous year: NLG 11,050,000).
38
Changes in tangible fixed assets:
Book value 1-1-2000
Land
Plant
Other
Fixed
and
and
fixed
assets under
buildings
machinery
assets
construction
Total
654,335
233,435
145,849
54,385
220,666
Acquisitions
35,789
9,108
3,854
32
48,783
Investment
13,289
12,920
34,922
95,670
156,801
Divestment
–
Depreciation
–
1,898 –
22,794
Assets under construction put into operation
Book value 31-12-2000
–
1,111
–
2,166
43,936
–
31,169
62,390
45,590
636
320,211
168,420
60,462
–
—.— –
5,175
—.— –
97,899
108,616
—.—
207,752
756,845
Buildings are insured on the basis of reinstatement value, the other assets on the basis of the cost of new construction.
The amount covered by insurance is NLG 1,715 million (previous year: NLG 1,661 million). The item fixed assets under construction
relates to buildings and/or plant and machinery at: B.V. Rotatiedrukkerij Voorburgwal, Hollandse Dagbladcombinatie B.V.,
Biegelaar Groep B.V., B.V. Dagblad De Telegraaf, Hollandse Huis-aan-huisbladencombinatie B.V. and Media Groep Limburg B.V.
31 December 2000
31 December 1999
Financial fixed assets
Non-consolidated participating interests
Wegener N.V., Apeldoorn (20.5%, previous year 20.6%)
160,006
60,006
C.V. Regionale Uitgevers Zuid-Holland West,
Berkel en Rodenrijs (17%)
SBS Broadcasting B.V., Amsterdam (30%)
TV Krant Nederland, Den Helder (9.6%)
9
9
26,848
18,082
24
95
Hollands Omroepbedrijf Holding B.V.
—.—
109
V.o.f. SBS 6 Text, Amsterdam (50%)
—.—
2,413
De Nationale Regiopers C.V. (19.6%)
286
966
WOON TV Amsterdam v.o.f.
—.—
74
Autobytel Nederland v.o.f., Almere (37.5%)
1,084
—.—
NWI Services B.V., De Bilt (20%)/
Interactive Real Estate.com B.V., Hilversum (50%)
Amse B.V., Arnhem (5%)/Zoomnet B.V., Zaltbommel (50%)
Exploitatiemaatschappij Nr. 1 B.V., Buchten/Born (40%)
7
—.—
5,004
—.—
130
—.—
Omroepbedrijf Limburg B.V., Maastricht (45%)
58
—.—
Televisiebedrijf Limburg B.V, Maastricht (45%)
1,402
—.—
194,858
81,754
661
—.—
As at 31 December 2000, the market value of
the package of Wegener N.V. shares amounted to
approximately NLG 275 million (share price  13.70).
Receivables from participating interest
Other long-term receivables
Total financial fixed assets
39
3,518
2,243
199,037
83,997
Movements in financial fixed assets:
Receivables
Other participating
from participating
Other
interests
interests
receivables
Position at 1 January 2000
Total
81,754
—.—
2,243
83,997
Add: – Investment/acquisitions
125,110
9,161
2,767
137,038
– Change in valuation
10,534
8,500
—.—
2,034
—.—
22
22
– Interest
Less: – Share in the result
– Distribution/repayment
Position at 31 December 2000
—.—
–
15,317
—.—
—.—
15,317
7,223
—.—
1,514
8,737
194,858
661
3,518
199,037
Current assets
31 December 2000
31 December 1999
Inventories
Raw materials
21,487
27,227
Auxiliary materials
3,195
2,942
Work in progress
4,604
3,124
29,286
33,293
Trade receivables
227,230
188,941
Other receivables
2,965
2,022
Accrued income
24,560
40,645
254,755
231,608
31,160
33,586
106,816
145,578
2,395
341,250
109,211
486,828
The purchase cost of the stock of raw materials amount to
NLG 23,382,000 (previous year: NLG 28,924,000).
Accounts receivable
Securities
Government bonds
Liquid assets
Cash and bank balances
Short-term deposits
Liquid assets are freely available.
40
Current liabilities
31 December 1999
31 December 2000
88,427
63,147
149,826
165,840
Taxes and social insurance premiums
44,419
37,912
Company tax
15,171
9,108
Prepaid subscriptions
Suppliers
4,999
7,007
44,099
51,449
2,194
1,991
Pension liabilities
Dividend
Other liabilities
342
65
256,012
207,574
605,489
544,093
Minority interest
Accruals and deferred income
Long-term liabilities
31 December 1999
31 December 2000
360
6,971
Liabilities
This is a loan of NLG 260,000 repayable in full in 2006,
and a loan of NLG 100,000, repayable in full in 2008
(7% interest), plus any locked-up staff deposits at Dagblad
De Limburger in connection with the salary savings scheme.
Provisions
31 December 2000
31 December 1999
Deferred taxation
17,613
7,366
Early retirement
33,730
30,339
Pension allowance supplements
13,664
12,772
Disability benefit supplements
10,221
9,413
75,228
59,890
Short-term commitments amount
to approximately NLG 5,881,000
(previous year: NLG 4,596,000).
Shareholders’ equity
For the notes to shareholders’ equity, please refer to
the balance sheet of N.V. Holdingmaatschappij De Telegraaf.
41
N O T E S T O T H E C O N SO L I DAT E D P R O F I T A N D L O SS A C C O U N T
In thousands of guilders, unless otherwise stated.
2000
1999
Net turnover
1. Breakdown of the net turnover by business segments:
1,607,963
1,421,934
171,388
165,371
8,182
2,309
1,787,533
1,589,614
1,734,543
1,543,248
46,251
40,372
6,739
5,994
1,787,533
1,589,614
285,266
263,346
13,925
20,532
299,191
283,878
501,322
435,982
Amsterdam businesses
2,336
2,134
Hollandse Dagbladcombinatie B.V., Haarlem
Publishers
Printing products (not newspaper-related)
Other activities
2. Breakdown of the net turnover by geographical area:
The Netherlands
EU states
Other European states
Raw and auxiliary materials
Paper and ink
Auxiliary materials
Wages and salaries
In 2000 and 1999, the average work force totalled 5,785 and
5,258, respectively. Breakdown of the work force by operating
company as at year-end:
1,457
1,563
Hollandse Huis-aan-huisbladen Combinatie B.V., Amsterdam
560
469
Media Groep Limburg B.V., Heerlen
908
350
Biegelaar Groep B.V., Maarssen
534
555
7
6
Media Groep West B.V., Amsterdam
27
21
TTG Sverige AB, Stockholm
25
24
De Trompetter B.V., Roermond
94
91
122
124
6,070
5,337
De Telegraaf Belgium, Brussels
Spiral B.V., Horst
In 2000, the remuneration (including pension and early retirement benefits) of the members of the Managing Board included in
the wages and salaries amounted to NLG 6,449,000 ( (previous year: NLG 5,476,000). Remuneration amounting to NLG 232,500
in 2000 (previous year: NLG 202,500) for Supervisory Board members is also shown under this heading.
As at 31 December 2000, members of the Supervisory Board held a total of 21,932 shares/depositary receipts, members of the
Managing Board held a total of 16,595 shares/depositary receipts in N.V. Holdingmaatschappij De Telegraaf.
42
1999
2000
Social insurance contributions
Pension charges
42,001
41,133
Other social security charges
64,840
61,041
106,841
102,174
Land and buildings
22,794
21,878
Plant and machinery
43,936
42,748
Other fixed assets
31,169
25,964
Depreciation of tangible fixed assets
97,899
Result disposed tangible fixed assets
–
90,590
–
4,032
2,558
93,867
88,032
68,111
76,960
Tax on result from ordinary trading
Company tax
Note to company taxation
Result before tax
219,735
174,886
Company tax on this at the prevailing rate (35%)
76,907
61,210
Company tax in conformity with the consolidated
profit and loss account:1
76,960
68,111
– on the result on ordinary activities
–
—.—
– on the extraordinary result
12
76,948
68,111
Difference in tax burden
–
6,901
–
7,487
–
41
–
4,243
This difference is built up as follows:
638
645
– tax allowances
– non tax-deductible amounts (notably depreciation of goodwill)
– balance of the result falling under the substancial
holding exemption
–
59
–
6,901
3,564
–
41
Extraordinary result before tax
410
—.—
Extraordinary revenue
Extraordinary expenditure 2
–
203
–
444
–
203
–
34
Profit per share
In 2000, the total number of shares averaged 52,500,160 (1999: 52,500,160). Net profit for 2000 amounted to
NLG 106,775,000 (1999: NLG 142,787,000). The profit per share amounts to in 2000 NLG 2.03 (1999: NLG 2.72).
1
Company tax in conformity with the consolidated profit and loss account includes an allocation of NLG 3.4 million
(1999: NLG 2.9 million) to the provision for deferred taxation.
2
Extraordinary expenditure includes among others the third-party minority interest in the result of Media Groep West B.V.
43
C A S H F L O W S TAT E M E N T (consolidated)
In thousands of guilders.
1999
2000
Cash flow from operational activities
195,261
177,110
Operating profit
Adjustments for:
– changes in short-term receivables
123,417
144,165
– depreciation
–
– changes in inventories
– changes in debts to suppliers and other current liabilities
– changes in provisions
Cash flow from business operations
Dividend received from participating interests
1,018
–
4,626
–
2,176
35,024
25,999
2,674
4,276
362,581
287,399
8,774
6,430
12,668
4,465
Interest received/paid
59,378
Paid in respect of extraordinary result
–
203
–
34
Tax on profit
–
63,819
–
80,897
225,566
311,798
Cash flow from operational activities
Cash flow from investment activities
–
331,787
–
other financial fixed assets
–
126,145
–
1,042
Capital expenditure
–
156,801
–
216,279
Changes in investment creditors
–
31,897
73,323
5,175
1,755
Investment in intangible fixed assets
3,825
Acquisition/divestment of group companies and
Divestments of tangible fixed assets
Cash flow from investment activities
–
641,455
–
329,657
–
146,068
79,498
Cash flow from financing activities
Dividend paid
–
Changes in long-term liabilities
–
51,449
100
835
Cash flow from financing activities
–
Exchange rate differences
Changes in liquid assets (including securities)
–
45
51,449
50,614
–
51,349
228
–
653
380,043
27,496
I N F O R M AT I O N BY B U S I N E SS S E G M E N T S
In thousands of guilders.
2000
1999
Turnover by segments
Publishers
Total turnover publishers
Less: – Intersegments turnover
1,609,072
1,422,752
1,109
818
1,607,963
1,421,934
Printing products
Total turnover printing products
234,626
Less: – Intersegments turnover
63,238
235,416
70,045
171,388
165,371
Other activities
Total turnover other activities
8,182
Less: – Intersegments turnover
—.—
2,309
—.—
Net turnover
8,182
2,309
1,787,533
1,589,614
Result by segments
Publishers
Result publishers before depreciation of goodwill
237,914
Less: – Depreciation of goodwill
239,279
45,304
31,960
192,610
207,319
Printing products
Result printing products before depreciation of goodwill
11,500
Less: – Depreciation of goodwill
11,058
803
803
10,697
10,255
Other activities
Result other activities before depreciation of goodwill
–
Less: – Depreciation of goodwill
1,210
–
159
64
–
Result segments after depreciation of goodwill
Less: – Non-allocated costs
Operation profit after depreciation goodwill
46
714
1,369
–
778
201,938
216,796
24,828
21,535
177,110
195,261
31 December 2000
31 December 1999
Assets by segments
Publishers
Total assets publishers
Less: – Intersegments assets
1,418,594
1,400,338
95,993
43,015
1,322,601
1,357,323
Printing products
Total assets printing products
Less: – Intersegments assets
263,134
207,423
7,654
9,421
255,480
198,002
Other activities
Total assets other activities
Less: – Intersegments assets
11,849
7,476
—.—
—.—
Non-allocated
Total assets
11,849
7,476
199,739
80,655
1,789,669
1,643,456
Commitments by segments
Publishers
Total commitments publishers
469,904
Less: – Intersegments commitments
388,851
7,654
9,421
462,250
379,430
Printing products
Total commitments printing products
157,498
Less: – Intersegments commitments
94,878
107,487
41,900
62,620
65,587
Other activities
Total commitments other activities
9,159
Less: – Intersegments commitments
1,115
6,369
1,115
8,044
5,254
Non-allocated
154,774
154,072
Total commitments
687,688
604,343
Investment
Investment
Depreciation
Depreciation
2000
1999
2000
1999
420,883
170,056
122,035
104,265
70,483
54,124
17,432
16,361
1,267
541
666
233
492,633
224,721
140,133
120,859
Intangible and tangible
fixed assets by segments
Publishers
Printing products
Other activities
47
N.V. HOLDINGMA ATSCHAPPIJ DE TELEGR A AF
BALANCE SHEET
In thousands of guilders.
31 December 2000
31 December 1999
Fixed assets
Intangible fixed assets
Goodwill
3,662
27,149
838
—.—
1,212,834
1,122,432
31,852
18,082
Tangible fixed assets
Other fixed assets
Financial fixed assets
Group companies
Other participating interests
Other receivables
1,000
1,000
1,245,686
1,141,514
Total fixed assets
1,168,663
1,250,186
Current assets
Receivables
Accrued income
2,353
192
Total current assets
2,353
192
Current liabilities
45,000
—.—
Company tax
1,949
8,949
Tax and premiums social insurance contributions
1,170
1,950
Banking institution
Pension liabilities
Dividend
Accrued liabilities
—.—
307
44,099
51,449
23,353
33,215
115,571
95,870
–
Current assets net of current liabilities
–
113,218
95,678
1,072,985
1,136,968
Provisions
Deferred taxation
1,801
3,533
Early retirement
33,186
30,339
33,872
34,987
Shareholders’ equity
26,250
26,250
Issued capital
Statutory reserves
Other reserves
48
222
30
1,075,509
1,012,833
1,101,981
1,039,113
1,136,968
1,072,985
P R O F I T A N D L O SS A C C O U N T
In thousands of guilders.
2000
1999
155,332
Net income from participating interests
–
Other net income and expenditure
48,557
106,775
Result after tax
49
182,321
–
39,534
142,787
NOTES TO THE BALANCE SHEET
A N D P R O F I T A N D L O SS A C C O U N T
In thousands of guilders, unless otherwise stated.
For the general accounting principles and the principles for the valuation of assets
and liabilities and the determination of the result, reference is made to the notes
to the consolidated balance sheet and profit and loss account.
Group companies are shown at their net asset value.
Fixed Assets
2000
1999
Intangible fixed assets
Goodwill
Book value as at 1 January
27,149
Acquisitions
44,587
—.—
Depreciation charged to the result
–
Book value as at 31 December
23,487
3,662
Financial fixed assets
Group companies with registered offices
This item includes the following group of companies and
receivables in respect of these group companies.
B.V. Dagblad De Telegraaf, Amsterdam
B.V. De Courant Nieuws van de Dag, Amsterdam
B.V. Rotatiedrukkerij Voorburgwal, Amsterdam
B.V. Beleggingsmaatschappij Voorburgwal, Amsterdam
Franken Beleggingsmaatschappij B.V., Deventer
De Telegraaf Tijdschriften Groep B.V., Amsterdam
De Telegraaf Transport B.V., Amsterdam
TTG Sverige AB, Stockholm
B.V. Agentenadministratiekantoor ’t Gooi, Hilversum
Drukkerij Van Groenigen B.V., Haarlemmermeer
Media Groep West B.V., Amsterdam (90%)
Mobillion B.V., Amsterdam (70%)
Uitgeversmaatschappij Hollands Noorderkwartier B.V., Amsterdam
BasisMedia B.V., Amsterdam
Biegelaar Groep B.V., Maarssen
Biegelaar en Jansen B.V., Maarssen
Drukkerij Van Ketel B.V., Schagen
Nederlands Drukkerij Bedrijf B.V., Zoeterwoude
Franken B.V., Deventer
Hollandse Dagbladcombinatie B.V., Haarlem
Dagbladuitgeverij Damiate B.V., Haarlem
Verenigde Noordhollandse Dagbladen B.V., Alkmaar
InterHolland Verspreiders B.V., Alkmaar
50
5,969
–
23,407
27,149
B.V. Drukkerij Noordholland, Hoorn
Houdstermaatschappij De Gooi- en Eemlander B.V., Hilversum
Dagblad De Gooi- en Eemlander B.V., Hilversum
Exploitatiemaatschappij G en E Vastgoed B.V., Hilversum
Goois Weekblad B.V., Hilversum
Hollandse Huis-aan-huisbladen Combinatie B.V., Amsterdam
Uitgeverij Van Groenigen B.V., Haarlemmermeer
Uitgeverij HET B.V., Leiden
B.V. Uitgeverij De Echo, Amsterdam
B.V. Reclame ’t Gooi, Hilversum
B.V. Noorderpers, Hoorn
B.V. Gemeenschappelijk Bezit van Aandelen Uitgeversmaatschappij Limburgs Dagblad, Heerlen
Uitgeversmaatschappij Limburgs Dagblad B.V., Heerlen
Eolus B.V., Heerlen
Uitgeversmaatschappij De Trompetter B.V., Roermond
Reclameverspreidbureau Spiral B.V., Horst
De Kempen Pers B.V., Hapert
The annual accounts of these group companies
are included in the consolidated balance sheet
and profit and loss account.
31 December 1999
31 December 2000
Group companies
Disclosed equity capital
416,083
384,768
Receivables and liabilities on balance
796,751
737,664
1,212,834
1,122,432
Other participating interests
This item relates to the minority interest in:
SBS Broadcasting B.V., Amsterdam (30%)
AMS Europe B.V., Arnhem (5.0%)
26,848
18,082
5,004
—.—
31,852
18,082
1,000
1,000
1,245,686
1,141,514
Other receivables
Funds lent
Total financial fixed assets
51
Movements in financial fixed assets:
Position at 1 January 2000
1,141,514
Add: – Net result participating interests
155,332
Acquisitions
5,004
160,336
Less: – The balance of the amounts paid and received
by the group companies, the receivables
and liabilities of which have been included in
N.V. Holdingmaatschappij De Telegraaf,
excluding settlement of results.
56,164
Position at 31 December 2000
1,245,686
Provisions
31 December 2000
31 December 1999
Deferred taxation
This item consists of deferred company tax
in respect of:
Provisions
–
2,769
207
Fixed assets
282
378
Inventories
4,288
2,948
1,801
3,533
52
Shareholders’ equity
31 December 1999
31 December 2000
Issued capital
The authorised capital amounts to
NLG 100,000,000 divided into shares of
NLG 0.50 par value
Issued:
Ordinary shares (including NLG 480 priority shares)
26,250
26,250
Statutory reserves
30
25
Add: – Foreign exchange differences
192
5
Position at end of the financial year
222
30
1,012,833
921,495
62,676
91,338
Position at end of the financial year
1,075,509
1,012,833
Total shareholders’ equity
1,101,981
1,039,113
Position at beginning of the financial year
Other reserves
Position at beginning of the financial year
Add: – Share in the change in shareholders’ equity
Commitments and contingent liabilities
Pursuant to section 403, paragraph 1, sub f, Book 2 of the Dutch Civil Code,
the company has assumed liability for any debts arising from legal actions
of the group companies consolidated under financial fixed assets, excluding
Media Groep West B.V., Franken Beleggingsmaatschappij B.V., Mobillion B.V.
and Drukkerij Van Groenigen B.V.
53
OTHER INFORMATION
C O N SO L I DAT E D B A L A N C E S H E E T (after distribution of profit)
In thousands of euros.
31 December 2000
31 December 1999
Fixed assets
Intangible fixed assets
185,766
54,367
Tangible fixed assets
343,441
296,924
Financial fixed assets
90,319
38,116
389,407
619,526
Total fixed assets
Current assets
Inventories
13,289
15,108
Receivables
115,603
105,099
Securities
14,140
15,240
Liquid assets
49,558
220,913
192,590
356,360
274,759
246,898
Total current assets
Current liabilities
Current assets net of current liabilities
–
Long-term liabilities
82,169
109,462
537,357
498,869
163
3,163
Provisions
Shareholders’ equity
34,137
27,177
500,057
471,529
537,357
54
498,869
C O N SO L I DAT E D P R O F I T A N D L O SS A C C O U N T
In thousands of euros.
2000
Turnover
–
Changes in work-in-progress
Net turnover
1999
811,509
721,296
362
39
811,147
721,335
Raw and auxiliary materials
135,767
128,818
Wages and salaries
227,490
197,840
Social security charges
48,482
46,364
Depreciation of tangible fixed assets
42,595
39,947
255,449
204,864
Other operating costs
Total operating expenditure
709,783
617,833
Operating profit before depreciation of goodwill
101,364
103,502
20,995
14,896
80,369
88,606
Depreciation of goodwill
Operating profit after depreciation of goodwill
Income from participating interest
–
Interest income
5,671
3,818
6,739
869
Income from securities
Changes in value of securities
Interest charges
2,969
–
652
16
–
299
2,652
–
1,642
–
Balance of financial revenues and charges
Pre-tax result from ordinary trading
Tax on the result from ordinary trading
After-tax result from ordinary trading
Extraordinary items before tax
–
918
11,121
79,451
99,727
30,907
34,923
48,544
64,804
92
–
—.—
Tax on extraordinary result
5
–
Extraordinary result after tax
15
92
–
10
48,452
64,794
Other reserves
28,441
41,447
Dividend
20,011
23,347
48,452
64,794
 0.92
 1.23
Result after tax
Profit distribution:
Profit per share
55
P U B L I C AT I O N S A N D A C T I V I T I E S
O F D E T E L E G R A A F C O M PA N Y (January 2001)
Newspapers
MAN
Residence
De Telegraaf
Hitkrant
Limburgs Dagblad
OOR
Dagblad De Limburger
Autovisie
Haarlems Dagblad
Buitengewoon
IJmuider Courant
Tennis
Leidsch Dagblad
Voetbal Magazine
Noordhollands Dagblad
FHM (For Him Magazine)
including:
Alkmaarsche Courant
Sweden
Schager Courant
Vi Båtägare
Enkhuizer Courant
Båtnytt
Dagblad voor West-Friesland
Golf Digest
Helderse Courant
Residence
Dagblad Kennemerland
Dagblad Zaanstreek
Internet
Nieuwe Noordhollandse Courant
www.ttg.nl
De Gooi- en Eemlander
www.autovisie.nl
Dagblad van Almere
www.hitkrant.nl
Sp!ts
www.oor.nl
News.nl (until 4 April 2001)
www.privé.nl
www.fhm.nl
Internet
Door-to-door papers
and news journals
Greater-Amsterdam area
De Echo (11 editions)
Het Weekblad voor de NoordAmsterdammer
Amstelveens Nieuwsblad
Zondagochtendblad
Amstelland/Haarlemmermeer
Witte Weekbladen
Autojournaal
Zondagochtendblad
’t Gooi and surrounding area
De Gooi- en Eembode
Laarder Courant De Bel
Nieuwsblad voor Huizen
Het Vecht-Journaal
Het Baarns Weekblad
Woonbode
Goois Weekblad
De Nieuwe Weesper
www.telegraaf.nl
www.DFT.nl
www.basismedia.nl
Other
Internet activities
www.spitsnet.nl
www.wijzer.nl
www.news.nl
www.Speurders.nl
www.hdc.nl
www.autotelegraaf.nl
www.haarlemsdagblad.nl
www.telegraafnet.nl
www.ijmuidercourant.nl
www.chatweb.nl
www.leidschdagblad.nl
www.cybercard.nl
www.noordhollandsdagblad.nl
www.elcheapo.nl
www.noordhollandsweekblad.nl
www.mijntelegraafnet.nl
www.gooieneemlander.nl
www.netmail.nl
www.dagbladvanalmere.nl
www.quickalert.nl
www.mgl.nl
www.quicklink.nl
www.limburgsdagblad.nl
www.siteshopper.nl
www.limburger.nl
www.vacatures.telegraaf.nl
www.krant.branche.net
www.veilinghal.nl
www.vertel.nl
Magazines
www.weerkamer.nl
Netherlands
www.zoom.nl
Privé
www.woonkrant.nl
Elegance
www.reiskrant.nl
56
Flevoland
De Almare
’t Groene Weekblad
Zondagochtendblad
Haarlem and surrounding area
Nieuwsblad De Kennemer
Haarlems Weekblad
Heemsteedse Courant
Nieuwsblad IJmuiden
Nieuwsblad Santpoort
& Velserbroek
Zondagochtendblad
Leiden and surrounding area
Leidse Post
Zuid-Holland Post
Het op Zondag
Autojournaal
Witte Weekblad
Alphen a/d Rijn and
North Brabant East
Biegelaar Groep B.V.
surrounding area
De Trompetter (4 editions)
Biegelaar en Jansen B.V.
Witte Weekblad
De Schakel
Drukkerij Van Ketel B.V.
Witte Weekblad Weekend
Veldhovens Weekblad
Nederlands Drukkerij Bedrijf B.V.
Oirschots Weekjournaal
Franken B.V. (after-press)
Zaanstreek/Purmerend
Kempener Koerier
Noordhollands Weekblad
De Kempenaer
Internet
De Zaankanter
De Hilverbode
www.biegelaargroep.nl
De Krommeniër
Het Gezinsblad
Limburg
Zondagochtendblad
De Trompetter (12 editions)
Logistics
B.V. Dagblad De Telegraaf
West-Friesland
Audiovisual activities
Westfries Weekblad
Cable TV information services
Enkhuizer Weekblad
Nieuwsnet 9
Noordhollands Weekblad
De Telegraaf Transport B.V.
InterHolland Verspreiders B.V.
Reclameverspreiding ’t Gooi
Reclameverspreidbureau Spiral B.V.
Radio Amsterdam
Call centre services
Alkmaar and
Participating interests in
surrounding area
national commercial TV
Alkmaars Weekblad
Service company
De Koerier
De Amsterdammer
De Duinstreek
Teletext activities
Nieuwsblad voor Castricum
Noordhollands weekblad
Internet
Zondagochtendblad
www.nieuwsnet9.nl
North Holland North
Printing companies
and after-press
Helders Weekblad
Schager Weekblad
CTR/De Polderbode
B.V. Rotatiedrukkerij Voorburgwal
Noordhollands Weekblad
B.V. Drukkerij Noordholland
Wieringer Courant
Rotatiedrukkerij Limburgs Dagblad
Wieringermeerbode
Drukkerij Dagblad De Limburger
Zondagochtendblad
Participating interests
Media Groep West B.V.
V.o.f. SBS 6 Text
Mobillion B.V.
...................
(90%)
. . . . . . . . . . . . . . . . . . . . . . . . . . (45%)
............................
SBS Broadcasting B.V.
Wegener N.V.
Travel Portal B.V.
....................
...........................
Autobytel Nederland v.o.f.
(30%)
(22.3%)
. . . . . . . . . . . . . . (37.5%)
Interactive Real Estate.com B.V.
NWI Services B.V.
(63%)
Zoomnet B.V.
.........................
(50%)
............................
(50%)
Advanced Matching Systems Europe B.V.
Jump Technologies Inc.
Regio-i beheer B.V.
..................
(8.4%)
. . . . . . . . . . . . . . . . . . . . . . . . (75%)
De Nationale Regiopers C.V.
............
Exploitatiemaatschappij Nr. 1 B.V.
(19.6%)
........
(40%)
Televisiebedrijf Limburg B.V.
.............
(45%)
..............
..........
(50%)
Omroepbedrijf Limburg B.V.
........................
(20%)
TV Krant Nederland C.V.
57
. . . (5%)
.................
(45%)
(9.6%)
A U D I T O R S ’ R E P O RT
Introduction
We have audited the accompanying 2000 financial statements of N.V. Holdingmaatschappij
De Telegraaf, Amsterdam. These financial statements are the responsibility of the company’s
management. Our responsibility is to express an opinion on these financial statements based on
our audit.
Scope
We conducted our audit in accordance with auditing standards generally accepted in
the Netherlands. Those standards require that we plan and perform the audit to obtain reasonable
assurance about whether the financial statements are free of material misstatement. An audit
includes examining, on a test basis, evidence supporting the amounts and disclosures in the
financial statements.
An audit also includes assessing the accounting principles used and significant estimates made
by management, as well as evaluating the overall financial statements presentation. We believe
that our audit provides a reasonable basis for our opinion.
Opinion
In our opinion, the financial statements of N.V. Holdingmaatschappij De Telegraaf give a true
and fair view of the financial position of the company as at 31 December 2000 and of the result
for the year then ended in accordance with accounting principles generally accepted in
the Netherlands and comply with the financial reporting requirements as included in Part 9 of
Book 2 of the Netherlands Civil Code.
Leiden, 20 March 2001.
Deloitte & Touche
Accountants
DIVIDEND PROPOSAL
We propose to declare a dividend for 2000 of NLG 0.84 in cash per share of NLG 0.50 par value.
A dividend of NLG 0.98 a share of NLG 0.50 par value was paid out for 1999.
The pay-out ratio for 2000 amounts 41.3%, for 1999 it amounts to 36.0%.
2000
Distribution of profit:
Other reserves
Dividend
59
1999
62,676
44,099
91,338
51,449
106,775
142,787
POST BALANCE SHEET EVENTS
In January 2001, a joint venture was entered into between TTG Sverige AB and Hearst Magazines
International concerning the publication of ’Cosmopolitan’ on the Swedish market.
The activities of De Telegraaf Sponsored Media were disposed of through a management buy-out
with retroactive force from 1 January 2001.
In March 2001, the warrant in respect of Jump Technologies Incorporated was exercised. As a result,
the interest held by De Telegraaf in this associated company currently amounts to
approximately 20%.
On 4 April 2001, it was decided to take ’News.nl’ off the market with immediate effect in view of
the anticipated overrun of the initial loss budgeted for 2001.
60
P R O F I T A P P R O P R I AT I O N A S P R OV I D E D F O R
I N T H E A RT I C L E S O F A SSO C I AT I O N
Pursuant to article 34 of the articles of association of N.V. Holdingmaatschappij De Telegraaf, the
following rules apply to the appropriation of profits:
1. Subject to the approval of the Supervisory Board and Stichting Beheer van prioriteitsaandelen
N.V. Holdingmaatschappij De Telegraaf, the Managing Board shall decide every year what
percentage of the profit - the positive balance of the profit and loss account - is to be added to
the reserves.
2. Out of the profits, after addition to the reserves in accordance with the preceding paragraph, a
dividend shall be paid on the amount paid in on the preference shares, the percentage of which
shall be equal to the average yield of Dutch medium-term government bonds as at the beginning
of the financial year to which the distribution relates, increased by one per cent. The average
yield is determined by the Managing Board subject to the approval of the Supervisory Board.
3. A primary dividend amounting to five per cent of the nominal amount of their shares or - if the
profit is not sufficient for this - as high a percentage as possible, is then paid out to the holders
of ordinary shares and priority shares. Where it concerns priority shares, the percentage of the
above-mentioned dividend may not exceed the percentage of the legal interest rate prevailing on
the last day of the financial year in question.
4. If the distribution of dividend on preference shares, as referred to in paragraph 2, cannot be
effected or not in full because the profit is not sufficient, the deficit shall be paid out of the
distributable portion of shareholders’ equity. The dividend is determined over the paid-up portion
of the nominal amount.
5. The remaining profit shall be at the disposal of the General Meeting provided that no further
dividend is to be distributed on priority shares and preference shares.
61
S P E C I A L R I G H T S U N D E R T H E A RT I C L E S
O F A SSO C I AT I O N
Priority shares
The priority shares are held by the Stichting Beheer van prioriteitsaandelen N.V. Holdingmaatschappij De Telegraaf, the Board as at 31 December 2000 consists of Mrs J.A. Brewer-de Koster
and Messrs L.G. van Aken, E.F.M. Kok, A.J. van Puijenbroek and E.H. van Puijenbroek.
The goal of the foundation is to acquire and manage the priority shares in the company and,
partly by means this, to ensure continuity in the management of the company, to defend against
influences on the management that could prejudice the company’s independence and would be
contrary to the company’s interest, and to further a good policy in the company’s interest.
The powers attached to the priority shares consist, amongst other things, of the right of granting
approval for resolutions for the issue of shares, of fixing the number of Managing Board and their
remuneration, of fixing the number of Supervisory Board of the company, and of taking the
initiative for an amendment to the articles of association and dissolution of the company before
the General Meeting of Shareholders can make a decision on that.
Declaration of independence
The Managing Board of N.V. Holdingmaatschappij De Telegraaf and the Board of Stichting Beheer
van prioriteitsaandelen N.V. Holdingmaatschappij De Telegraaf hereby declare that, in their joint
opinion, the requirements in respect of the independence of the Board of Stichting Beheer van
prioriteitsaandelen N.V. Holdingmaatschappij De Telegraaf, set out in Annex X to the Listing and
Issuing Rules of Amsterdam Exchanges N.V., Amsterdam, have been fully satisfied.
Managing Board of N.V. Holdingmaatschappij De Telegraaf
Board of Stichting Beheer van prioriteitsaandelen
N.V. Holdingmaatschappij De Telegraaf
Amsterdam, March 2001.
62
Preference shares
The goal of Stichting Preferente Aandelen De Telegraaf is:
– To look after the interests of the company limited by shares N.V. Holdingmaatschappij
De Telegraaf, established in Amsterdam, hereinafter called: ’the company’, the companies
associated with it and all those involved, by defending the company as much as possible
against influences that could threaten its continuity, independence or identity and would be
contrary to these interests.
– Defending the company against influences of third parties that could impair editorial
independence, as well as the principles underlying editorial policy concerning news publications
of enterprises within the group.
The foundation seeks to achieve this goal by acquiring preference shares in the company and by
exercising the rights attached to these shares. In doing so, the foundation takes into account the
purpose for which preference shares may be issued.
This purpose does not include the sale, encumbrance or any other way of disposing of shares except
in case of:
– sale to the company itself or to a company associated with it within the group and designated
by the company;
– collaboration in the repayment on and the cancellation of shares.
The right to issue preference shares of N.V. Holdingmaatschappij De Telegraaf has been granted
by Stichting Beheer van prioriteitsaandelen N.V. Holdingmaatschappij De Telegraaf.
The Board consists of one Chairman and four members.
Composition of the Board as at 31 December 2000:
G.G. Witsen Elias (Chairman), S.E. de Jong, H. de Groot,
E.F.M. Kok and A.J. van Puijenbroek.
As at the balance sheet date no preference shares had been issued.
Declaration of independence
The Managing Board of N.V. Holdingmaatschappij De Telegraaf and the Board of Stichting
Preferente Aandelen De Telegraaf hereby declare that, in their joint opinion, the requirements in
respect of the independence of the Board of Stichting Preferente Aandelen De Telegraaf, set out
in Annex X to the Listing and Issuing Rules of Amsterdam Exchanges N.V., Amsterdam, have been
fully satisfied.
Managing Board of N.V. Holdingmaatschappij De Telegraaf
Board of Stichting Preferente Aandelen De Telegraaf
Amsterdam, March 2001.
63
K E Y F I G U R E S A S AT B A L A N C E S H E E T DAT E I N G U I L D E R S
2000
1999
1998
1997
1996
1,101,981
1,039,113
947,770
852,623
767,550
61.6%
63.2%
65.3%
65.7%
65.9%
Current assets:
short term liabilities
0.70 : 1
1.44 : 1
1.55 : 1
1.48 : 1
1.58 : 1
Shareholders’ equity:
borrowed capital
1.60 : 1
1.72 : 1
1.88 : 1
1.92 : 1
1.93 : 1
Net turnover x NLG 1,000
Cash flow x NLG 1,000
Net profit x NLG 1,000
1,787,533
250,940
106,775
1,589,614
266,204
142,787
1,520,374
263,069
145,173
1,357,754
238,340
124,670
1,283,228
190,477
84,602
Net profit as a
percentage of net turnover
6.0%
9.0%
9.5%
9.2%
6.6%
Operating profit as a
percentage of net turnover
9.9%
12.3%
12.8%
12.8%
11.2%
345,300
6,070
339,200
5,337
332,800
5,180
312,100
4,901
310,800
4,599
9.7%
41.3%
13.7%
36.0%
15.3%
35.4%
14.6%
35.4%
11.0%
42.2%
Shareholders’ equity
Cash flow
Profit
Dividend
20.99
4.78
2.03
0.84
19.79
5.07
2.72
0.98
18.05
5.01
2.77
0.98
16.24
4.54
2.37
0.84
14.62
3.63
1.61
0.68
Price: low
Price: high
45.80
81.50
37.20
54.40
38.50
52.50
36.00
48.50
28.30
42.40
Shareholders’ equity x NLG 1,000
Shareholders’ equity as
a percentage of total assets
Average net turnover
per employee
Work force at year-end
Return on shareholders’ equity
Pay-out ratio
Per share of NLG 0.50 par value:
(rounded off to full cents)
* Including a jubilee dividend.
Movements EBITDA
in relation to turnover
in millions of guilders
1283
1788
1520
1590
1358
Turnover
EBITDA
64
286
321
329
232
310
1996
1997
1998
1999
2000
1995
1994
1993
1992
1991
789,138
722,404
658,536
610,755
563,487
Shareholders’ equity x NLG 1,000
70.3%
69.1%
68.2%
71.2%
63.9%
Shareholders’ equity as
a percentage of total assets
2.25 : 1
1.87 : 1
1.43 : 1
1.33 : 1
1.11 : 1
Current assets:
short term liabilities
2.37 : 1
2.23 : 1
2.15 : 1
2.48 : 1
1.77 : 1
Shareholders’ equity:
borrowed capital
1,151,505
191,785
101,312
1,092,584
184,581
91,425
1,048,712
172,137
77,006
803,589
128,964
70,057
790,058
125,657
72,621
Net turnover x NLG 1,000
Cash flow x NLG 1,000
Net profit x NLG 1,000
8.8%
8.4%
7.3%
8.7%
9.2%
Net profit as a
percentage of net turnover
11.8%
11.3%
9.3%
10.1%
10.6%
Operating profit as a
percentage of net turnover
282,000
4,528
266,500
4,551
252,300
4,573
281,900
3,079
277,800
3,103
Average net turnover
per employee
Work force at year-end
12.8%
35.0%
12.7%
35.9%
11.7%
41.9%
11.5%
36.7%
12.9%
35.4%
Return on shareholders’ equity
Pay-out ratio
Per share of NLG 0.50 par value:
(rounded off to full cents)
15.03
3.65
1.93
0.68
13.76
3.52
1.74
0.63
12.54
3.28
1.47
0.62*
11.63
2.46
1.34
0.49
10.73
2.39
1.38
0.49
Shareholders’ equity
Cash flow
Profit
Dividend
21.50
30.75
18.85
25.06
11.50
19.88
10.13
11.81
9.75
12.94
Price: low
Price: high
Number of employees in relation to turnover
139
Index 1996 =100
118
106 105
1996
Turnover
124
1997
125
111 107
114
1998
1999
111
109
100
Av. number of employees
2000
Turnover per employee
65
K E Y F I G U R E S A S AT B A L A N C E S H E E T DAT E I N E U R O
2000
1999
1998
1997
1996
500,057
471,529
430,079
386,903
348,299
61.6%
63.2%
65.3%
65.7%
65.9%
Current assets:
short term liabilities
0.70 : 1
1.44 : 1
1.55 : 1
1.48 : 1
1.58 : 1
Shareholders’ equity:
borrowed capital
1.60 : 1
1.72 : 1
1.88 : 1
1.92 : 1
1.93 : 1
Net turnover x  1,000
Cash flow x  1,000
Net profit x  1,000
811,147
113,872
48,452
721,335
120,798
64,794
689,916
119,376
65,877
616,122
108,154
56,573
582,303
86,435
38,391
Net profit as a
percentage of net turnover
6.0%
9.0%
9.5%
9.2%
6.6%
Operating profit as a
percentage of net turnover
9.9%
12.3%
12.8%
12.8%
11.2%
156,690
6,070
153,922
5,337
151,018
5,180
141,625
4,901
141,035
4,599
9.7%
41.3%
13.7%
36.0%
15.3%
35.4%
14.6%
35.4%
11.0%
42.2%
9.52
2.17
0.92
0.38
8.98
2.30
1.23
0.44
8.19
2.27
1.26
0.44
7.37
2.06
1.08
0.38
6.63
1.65
0.73
0.31
20.80
37.00
16.88
24.69
17.47
23.82
16.34
22.01
12.84
19.24
Shareholders’ equity x  1,000
Shareholders’ equity as
a percentage of total assets
Average net turnover
per employee
Work force at year-end
Return on shareholders’ equity
Pay-out ratio
Per share of  0.50 par value:
(rounded off to full cents)
Shareholders’ equity
Cash flow
Profit
Dividend
Price: low
Price: high
* Including a jubilee dividend.
Movements EBITDA
in relation to turnover
in millions of euros
582
811
690
722
616
Turnover
EBITDA
66
130
146
149
105
141
1996
1997
1998
1999
2000
1995
1994
1993
1992
1991
358,095
327,813
298,831
277,149
255,699
Shareholders’ equity x  1,000
70.3%
69.1%
68.2%
71.2%
63.9%
Shareholders’ equity as
a percentage of total assets
2.25 : 1
1.87 : 1
1.43 : 1
1.33 : 1
1.11 : 1
Current assets:
short term liabilities
2.37 : 1
2.23 : 1
2.15 : 1
2.48 : 1
1.77 : 1
Shareholders’ equity:
borrowed capital
522,530
87,028
45,973
495,793
83,759
41,487
475,885
78,112
34,944
364,653
58,521
31,790
358,513
57,021
32,954
Net turnover x  1,000
Cash flow x  1.000
Net profit x  1,000
8.8%
8.4%
7.3%
8.7%
9.2%
Net profit as a
percentage of net turnover
11.8%
11.3%
9.3%
10.1%
10.6%
Operating profit as a
percentage of net turnover
127,966
4,528
120,932
4,551
114,489
4,573
127,921
3,079
126,060
3,103
Average net turnover
per employee
Work force at year-end
12.8%
35.0%
12.7%
35.9%
11.7%
41.9%
11.5%
36.7%
12.9%
35.4%
Return on shareholders’ equity
Pay-out ratio
Per share of  0.50 par value:
(rounded off to full cents)
6.82
1.66
0.88
0.31
6.24
1.60
0.79
0.29
5.69
1.49
0.67
0.28*
5.28
1.11
0.61
0.22
4.87
1.08
0.63
0.22
Shareholders’ equity
Cash flow
Profit
Dividend
9.76
13.95
8.55
11.37
5.22
9.02
4.60
5.36
4.42
5.87
Price: low
Price: high
Number of employees in relation to turnover
139
Index 1996 =100
118
106 105
1996
Turnover
124
1997
125
111 107
114
1998
1999
111
109
100
Av. number of employees
2000
Turnover per employee
67
Colofon
Design:
Reclameafdeling Dagbladen
Photography:
J. Knoote
S. van Rooij
The photography on the
illustration pages has been
provided by our contributing
(free-lance) photographers.
Printing & After-press
Drukkerij Van Ketel B.V.
This annual report
is a translation
of the original text
in Dutch, which is the
official version.
000-212/00
68
M A N A G E M E N T S U BS I D I A R I E S
B.V. Dagblad De Telegraaf
A.J.M. Boerma
J. Elekan
De Telegraaf
Tijdschriften Groep B.V.
W.Th.C. van Doorn
(until 31 December 2000)
Mrs. A.M.H. van Gaal
(ad interim)
E.T. van den Brakel
(as of 1 January 2001)
R. Mackloet
(as of 1 January 2001)
TTG Sverige AB
Mrs. K. Neld
Telegraaf Sponsored Media B.V.
E.T. van den Brakel
R. Mackloet
B.V. Rotatiedrukkerij
Voorburgwal
Drukkerij Van Groenigen B.V.
F.Th.J. Arp
A.J. Swartjes
Franken Beleggingsmaatschappij B.V.
F.Th.J. Arp
A.J. Swartjes
Verenigde Noordhollandse
Dagbladen B.V.
P. van der Chijs
J.E. van Ketel
E.P. van der Kley (until
18 January 2001)
Dagbladuitgeverij Damiate B.V.
B.M. Essenberg
B.V. Drukkerij Noordholland
J.E. van Ketel
Biegelaar Groep B.V.
P.T. Jorritsma
Biegelaar en Jansen B.V.
C. Smits (titular)
Franken B.V.
J. de Haan
Drukkerij Van Ketel B.V.
J.R. Talsma (titular)
Nederlands Drukkerij
Bedrijf B.V.
J. Geitenbeek
InterHolland Verspreiders B.V.
P. van der Chijs
Houdstermaatschappij
De Gooi- en Eemlander B.V.
G.P. Arnold
Dagblad De Gooi- en
Eemlander B.V.
G.P. Arnold
Goois Weekblad B.V.
H.W.Th.A. Ligthart
R. van der Plasse
Media Groep Limburg B.V.
B.V. Beleggingsmaatschappij
Voorburgwal
L.G. van Aken
F.Th.J. Arp
W.O. Kok
J. Olde Kalter
H. Schor
A.J. Swartjes
B.V. Agentenadministratiekantoor ‘t Gooi
A.J. Swartjes
De Telegraaf Transport B.V.
W.P. Delput
H. Schor
BasisMedia B.V.
F.A.M. van Hellemondt
H.C. Straat
Uitgeversmaatschappij
Limburgs Dagblad B.V.
J.W. Goessens
Uitgeversmaatschappij
De Limburger B.V.
G.H. Vogelaar
Grafisch Bedrijf Media Groep
Limburg B.V.
H.J.M.M. Eykenboom
Limburgse Dagbladen
Combinatie B.V.
R. Holterman
Media Groep Limburg
Elektronische Media B.V.
J.J.W. Janssen (ad interim)
Hollandse Huis-aan-huisbladen Combinatie B.V.
J. Smit
B.V. Uitgeverij De Echo
F.H.M. Nijpels
B.V. Reclame ‘t Gooi
J.B. van Dijk
H.F.F. Schaeffer
B.V. Noorderpers
J.H.H. Nijpels
Uitgeverij Van Groenigen B.V.
R.D. Keller
Uitgeverij HET B.V.
R.D. Keller
Logistiek B.V. i.o.
W.P. Delput
J.J.M. van der Veen
F. Volmer
Uitgeversmaatschappij
De Trompetter B.V.
A.C.P. Peters
De Kempen Pers B.V.
A.C.P. Peters
Hollandse Dagbladcombinatie B.V.
G.P. Arnold
P. van der Chijs
B.M. Essenberg
J.E. van Ketel
Reclameverspreidbureau
Spiral B.V.
J.J.C.H. Litjens
(ad interim)
STRUCTURE OF THE TELEGR A AF COMPANY JANUARY 2001
BasisMedia
B.V.
B.V.
Dagblad
De Telegraaf
De Telegraaf
Transport
B.V.
Media
Groep
Limburg
B.V.
B.V.
Rotatiedrukkerij
Voorburgwal
De Telegraaf
Tijdschriften
Groep B.V.
Franken
Beleggingsmaatschappij
B.V.
Hollandse
Huis-aanhuisbladen
Combinatie
B.V.
B.V.
Beleggingsmaatschappij
Voorburgwal
Logistiek
B.V. i.o.
Biegelaar
Groep B.V.
Drukkerij
Van
Groenigen
B.V.
B.V.
Agentenadministratiekantoor
’t Gooi
Uitgeversmaatschappij
De
Trompetter
B.V.
Hollandse
Dagbladcombinatie
B.V.
Media
Groep West
B.V.
SBS
Broadcasting
B.V.
(90%)
(30%)
Travel
Portal
B.V.
Zoomnet
B.V.
Advanced
Matching
Systems
Europe B.V.
Regio I
beheer B.V.
i.o.
Regio I
beheer B.V.
i.o.
Autobytel
Nederland
v.o.f.
Jump
Technologies
Inc.
Wegener
N.V.
Interactive
Real
Estate.com
B.V.
NWI
Services
B.V.
Regio I
beheer B.V.
i.o.
De
Nationale
Regiopers
C.V.
Mobillion
B.V.
(50%)
(50%)
(5%)
(25%)
(25%)
(37,5%)
(8,4%)
(22,3%)*
(50%)
(20%)
(25%)
(19,6%)
(70%)
Franken
B.V.
Biegelaar
en Jansen
B.V.
Grafisch
UitgeversUitgeversMedia Groep
Bedrijf
maatschappij maatschappij
Limburg
Media Groep
Limburgs
De Limburger Elektronische
Limburg
Dagblad
B.V.
Media B.V.
B.V.
B.V.
Omroepbedrijf
Limburg
B.V.
Televisiebedrijf
Limburg
B.V.
Exploitatiemaatschappij
Nr. 1
B.V.
(45%)
(45%)
(40%)
Limburgse
Dagbladen
Combinatie
B.V.
De Telegraaf
Sponsored
Media B.V.
TTG
Sverige
AB
B.V.
Uitgeverij
De Echo
Uitgeverij
Van
Groenigen
B.V.
Uitgeverij
HET B.V.
* An average of ordinary and preference shares.
B.V.
Reclame
’t Gooi
B.V.
Noorderpers
Reclameverspreidbureau
Spiral B.V.
Drukkerij
Van Ketel
B.V.
Nederlands
Drukkerij
Bedrijf
B.V.
De Kempen
Pers B.V.
Dagbladuitgeverij
Damiate
B.V.
Houdstermij.
De Gooi- en
Eemlander
B.V.
Dagblad
De Gooi- en
Eemlander
B.V.
Verenigde
Noordhollandse
Dagbladen
B.V.
InterHolland
Verspreiders
B.V.
Goois
Weekblad
B.V.
B.V.
Drukkerij
Noordholland