DOCSLIB.ORG

UPM-KYMMENE ANNUAL REPORT 1996 CONTENTS the Merger of Kymmene Corporation and Repola Ltd to Form UPM-Kymmene Corporation Took Effect on 30 April 1996

Total Page：16

File Type：pdf, Size：1020Kb

Download full-text PDF Read full-text
UPM-KYMMENE ANNUAL REPORT 1996 CONTENTS the Merger of Kymmene Corporation and Repola Ltd to Form UPM-Kymmene Corporation Took Effect on 30 April 1996 UPM-KYMMENE ANNUAL REPORT 1996 CONTENTS The merger of Kymmene Corporation and Repola Ltd to form UPM-Kymmene Corporation took effect on 30 April 1996. This report covers the operations of the merging The year in brief 1 companies and the UPM-Kymmene Group in 1996. Remarks by the Chairman of the Board 2 President’s review 3 Overview of the Group 4 ANNUAL GENERAL MEETING Divisional reviews UPM-Kymmene Corporation will hold its Annual General Meet- Magazine papers 8 ing at 3.00 pm on Thursday, 10 April 1997 in Marina Congress Newsprint 10 Center, address Katajanokanlaituri 6, 00160 Helsinki. Partici- Fine papers 12 pants’ names will be checked and ballot slips issued beginning at Packaging materials 14 2.00 pm. Shareholders wishing to attend the Annual General Meeting Sawmilling 16 must be registered in the list of shareholders kept by Finnish Cen- Plywood 17 tral Securities Depository Ltd no later than 27 March 1997. Share- Special Product Companies 18 holders whose shares have not yet been transferred to the book Resources 20 entry system also have the right to attend the Annual General Meeting on certain conditions. Details will be given in␣ the sum- The environment 23 mons to the meeting. Research and development 24 Shareholders wishing to attend the Annual General Meeting Personnel 25 must inform the company by 12.00 noon on 8 April 1997 at Rauma Corporation 26 the␣ latest by writing to: UPM-Kymmene, Share Register, Snellmaninkatu 13, P.O. Box 203, 00171 Helsinki, or by telephon- Events in 1996 28 ing +358 (0) 204 15 0108 or (0) 204 15 0109, or telefax Accounts for 1996 29 +358␣ (0)␣ 204␣ 15 0328. Written notice of a shareholder’s intention Report of the Board of Directors 30 to attend the meeting must arrive before the deadline stated above. Proposal for the distribution of profits 33 Any letters of authorization must be submitted at the time the shareholders concerned inform the company of their intention to Consolidated profit and loss account 34 attend. Consolidated funds statement 35 Consolidated balance sheet 36 DIVIDEND Parent company profit and The Board of Directors’ proposal to the Annual General Meeting loss account 38 for the distribution of dividend, together with information on the Parent company funds statement 38 payment of dividend, can be found on page 33 of this report. Parent company balance sheet 39 Notes on the accounts 40 FINANCIAL PUBLICATIONS Key figures, 1987–96 56 During 1997, UPM-Kymmene Corporation will publish the fol- Information on shares 58 lowing financial information in Finnish, Swedish, English, Ger- Abridged IAS financial statements 62 man and French: Calculation of key indicators 64 15 May 1997 Interim Review for January–March Exchange rates 64 14 August 1997 Interim Review for January–June Auditors’ report 65 13 November 1997 Interim Review for January–September Company directors and auditors 66 Group organization 67 These publications can be ordered from UPM-Kymmene’s Head Office, address P.O. Box 203, 00171 Helsinki, Finland, Trends by 4-month period 68 tel. +358 (0) 204 15 0022 or telefax +358 (0) 204 15 110. Production plants and sales network 69 Addresses 70 UPM-Kymmene’s Internet home page: http://www.upm-kymmene.com THE YEAR IN BRIEF 1996 1995 1994 1996 1996 FIM FIM FIM USD Ecu Turnover, million 51,757 54,738 47,966 11,267 8,997 Operating profit, million 5,591 8,504 5,477 1,217 972 Profit before extraordinary items, million 3,555 6,278 3,110 774 618 Earnings per share 10.24 20.09 10.04 2.23 1.78 Dividend per share (1996: Board’s proposal) 4.50 4.50 2.19 0.97 0.78 Return on equity, % 11.1 24.5 14.1 11.1 11.1 Return on capital employed, % 10.1 16.2 10.7 10.1 10.1 Equity to assets ratio at end of period, % 41.4 39.3 32.6 41.4 41.4 Gearing ratio at end of period, % 93 102 145 93 93 Shareholders’ equity per share 96.85 89.54 74.45 20.86 16.79 Net capital expenditure, million 4,432 3,318 2,697 954 768 Adjusted figures Return on equity, % 9.3 Equity to assets ratio at end of period, % 45.7 Gearing ratio at end of period, % 78 Shareholders’ equity per share 116.50 Formulae for calculation of indicators are shown on page 64. ª The merger was completed and UPM-Kymmene Corporation was formed. ª Financial results were poorer because of the decline in printing paper deliveries and the fall in fine paper prices. ª The profitability of the packaging materials division improved. Special products and the engineering group Rauma made steady financial progress. ª The markets for sawn timber, fine paper and plywood improved towards the end of the year. ª The Group’s structure was streamlined and the equity to assets ratio improved through the sale of shares and businesses. Turnover by division, FIM million Operating profit by division, (% of Group total in 1996) FIM million Magazine papers 22% Magazine papers Newsprint 11 % Newsprint Fine papers 12 % Fine papers Packaging materials 10 % Packaging materials Sawmilling 6 % Sawmilling Plywood 6 % Plywood Special products 7 % Special products Chemical pulp 2 % Chemical pulp Other 5 % Other Engineering 19 % Engineering 0 2,000 4,000 6,000 8,000 10,000 12,000 14,000 0 500 1,000 1,500 2,000 2,500 3,000 1996 Intra-Group 1996 1996 1995 Intra-Group 1995 1995 1 “UPM-Kymmene’s aim is to be a profitable investment for shareholders” Following the merger last cent. The main goal in the immediate year, UPM-Kymmene future is to reduce indebtedness, which it carried out an extremely would seem has a major impact on the thorough review of its stra- company’s share prices. UPM-Kymme- tegic and economic targets ne’s balance sheet includes some assets for the future. The starting- that have been valued at well below their point for this review was current market price. Liquid listed shares the␣ company’s ultimate not connected with business operations business goal: to be a profit- account for a sizeable proportion of these able investment for its share- assets. holders. Within the limits set by the targets set To achieve this aim, the for profitability and financial solidity, company must secure its UPM-Kymmene is seeking a rate of profitability and seek con- growth in its core businesses above the trolled growth without industry average. endangering its financial The Board of Directors’ proposal for solidity. Shareholders have the right to a the distribution of profits is in line with reasonable portion of profits in the form the company’s policy of distributing at of dividend. The company’s dividend least one-third of the profit as annual policy supports the growth and stability dividend. Our aim is a steady dividend of shareholder value. that rises along with the company’s UPM-Kymmene’s prospects for profitable growth, a dividend that offers improved profitability are good. The shareholders a predictable annual return benefits derived from the merger alone on their investment. will add about two percentage points to It is proposed to distribute two-thirds the return on capital employed. The of the dividend for 1996 in the form of recently completed major investment Rauma Oy shares. This applies only to programme will also enhance the return. 1996, and is part of UPM-Kymmene’s Key factors, however, will be careful plan to reduce its interest in Rauma to consideration of future capital expendi- below 50 per cent. It is also an indication ture and allocation of investment funds. of UPM-Kymmene’s policy of focusing Efficient use of capital is being stressed increasingly on its own core businesses, at all levels of UPM-Kymmene’s organi- and will at the same time simplify the zation. One way in which it is being Group’s structure. encouraged is through the new incentive The intention in offering these shares scheme, which offers all employees to UPM-Kymmene shareholders is to give bonuses based on the return on capital Rauma a stable, more broadly based own- employed. ership. I believe the proposal will meet The management has set a long-term with the approval of UPM-Kymmene’s profitability target of 15 per cent for the shareholders, who, indirectly, are already return on capital employed by the divi- Rauma Oy shareholders. sions and their units. This aims at giving a return on equity which exceeds risk- free returns by a clear margin. The Group has set a target for its Yrjö Niskanen equity to assets ratio of at least 40 per Chairman of the Board of Directors 2 “Group operations and structure now streamlined” 1996 was UPM-Kymmene’s first year of operations, although the company was not officially formed through the merger of its predecessors until the end of April. Behind the decision to merge were the important synergy benefits obtainable by bringing together a wealth of experience and two companies that complemented each other so well. During 1996 there was a rapid general decline in the markets for forest industry products, and this hindered the process of building up the new group and deferred some of the synergy benefits accruing from the merger. Meaningful conclusions about the economic benefits of the merger will not be possible before market market. This key development area is conditions give the Group’s well-tuned giving us another strong foothold along- production machinery a chance to show side printing and writing papers.
Load more

Recommended publications
  • Merita Group Annual Report 1997 Contents
    Merita Group Annual Report 1997 Contents 1997 in brief 3 Chief Executive’s statement 5 Shares and shareholders 6 Merita Group 11 Merita Plc: Review of operations Operating environment 16 Merger of Merita and Nordbanken 17 Operating results 18 Banking * 24 Insurance 39 Equity investments 41 Real estate brokerage 42 Real estate business 42 Outlook 43 Merita in figures 45 Financial information Merita Plc Consolidated profit and loss account 48 Profit and loss account of Merita Plc 49 Consolidated balance sheet 50 Balance sheet of Merita Plc 52 Proposals of the Board of Directors to the * The Report of Merita Bank’s Board of General Meeting and Auditors’ Report 53 Management is not included in this annual Merita Bank Ltd report as a separate section. Its contents are Consolidated profit and loss account 54 identical with the Banking section of the Profit and loss account of Merita Bank Ltd 55 Review of operations of Merita Plc. The Consolidated balance sheet 56 Report of the Board of Management, duly Balance sheet of Merita Bank Ltd 58 signed by the Board of Management and con- Proposals of the Board of Management to the firmed by the Supervisory Board, has been General Meeting, Statement of the Supervisory presented to the Bank’s Auditors. After pre- Board and Auditors’ Report 60 sentation to the Annual General Meeting of Accounting policies 61 Shareholders, it will be filed with the Finnish Notes to the financial statements 63 Trade Register. Administration and management 85 Merita Group in Finland 89 Photo: Magnus Scharmanoff Merita Bank
    [Show full text]
  • Baltic Rim Economies – a List of Writers
    Baltic Rim Economies – a list of writers The following expert articles have been published in the previous reviews: Review Author(s) Position Title of article 1/2021 Krista Mikkonen Minister of the Environment and Climate State of the Baltic Sea is a Change, priority to the Finnish Ministry of the Environment, government Finland 1/2021 Minna Arve Mayor, Sustainability as the policy City of Turku, framework Finland 1/2021 Brita Bohman Senior Lecturer in Environmental Law, Updating the Baltic Sea Action Department of Law, Stockholm University, Plan Sweden 1/2021 Anna Törnroos Assistant Professor (tenure track), The Decade for oceans and Faculty of Science and Engineering, Åbo humanity Akademi University, Finland 1/2021 Mati Kahru Ph.D., Researcher, The changing Baltic Sea Scripps Institution of Oceanography, University of California, San Diego, USA 1/2021 Karoliina A. Koho Dr., Project Officer, Towards a “green” future of the BONUS Secretariat (EEIG), Baltic Sea Helsinki, Finland 1/2021 Maciej Zalewski European Regional Centre For Ecohydrology Green Deal – Ecohydrological PAS, nature-based solutions for UNESCO Chair on Ecohydrology and improvement of Baltic ecological Applied Ecology, status Łódź, Poland 1/2021 Aija Caune Chairperson, Hope, stability and protection Coalition Clean Baltic Mikhail Durkin Executive Secretary, Coalition Clean Baltic Nils Höglund Fisheries Policy Officer, Coalition Clean Baltic 1 1/2021 Hannu Klemola Areal Manager, Vulnerable sea needs voluntary Finnish Association for Nature Conservation work to support common
    [Show full text]
  • Markkinatalouden Etujoukot
    Filosofian, historian, kulttuurin ja taiteiden tutkimuksen laitos Humanistinen tiedekunta Helsingin yliopisto MARKKINATALOUDEN ETUJOUKOT Elinkeinoelämän valtuuskunta, Teollisuuden keskusliitto ja liike-elämän poliittinen toiminta 1970–1980-lukujen Suomessa Maiju Wuokko Väitöskirja Esitetään Helsingin yliopiston humanistisen tiedekunnan suostumuksella julkisesti tarkastettavaksi auditoriumissa XII perjantaina 30. syyskuuta 2016 klo 12. Helsinki 2016 Historiallisia tutkimuksia Helsingin yliopistosta 41 ISSN 2342-0138 ISBN 978-951-51-2455-5 (pbk.) ISBN 978-951-51-2456-2 (PDF) Unigrafia Helsinki 2016 Kansikuva on Kaarlo A. Rissasen (Käntsin) pilapiirros Kauppalehdestä 5.12.1980. Julkaistu Kauppalehden luvalla. “An invasion of armies can be resisted; an invasion of ideas cannot be resisted.” Victor Hugo1 ”Only a crisis – actual or perceived – produces real change. When that crisis occurs, the actions that are taken depend on the ideas that are lying around. That, I believe, is our basic function: to develop alternatives to existing policies, to keep them alive and available until the politically impossible becomes the politically inevitable.” Milton Friedman2 ”Pyrkiessään muuttamaan yhteiskuntaa teollisuuden olisi otettava huomioon olevat olosuhteet: vesi ei virtaa ylämäkeen. Silti tähän ei saa alistua. On maanalaisia voimia, jotka muovaavat maastoa. Ne saattavat synnyttää jopa uusia vuoristoja ja kyllä vesi sitten virtaa niiden mukaan.” Gustav von Hertzen3 1 Hugo, Victor (1877) The History of a Crime: The testimony of an eye-witness. Kääntäneet Joyce, T. H. & Locker, Arthur. 368. Project Gutenberg -internetsivusto. 2 Milton Friedman (1962/1982) Capitalism and Freedom. Chicago: University of Chicago Press. viii-ix. Teos on ilmestynyt alun perin 1962. Lainaus on vuoden 1982 laitoksen esipuheesta. 3 KA. EVA. Kauko Sipponen 1977–1990. Muistio ‘Teollisuuden keskusvaliokunnan suunnitteluryhmän ideapalaveri’, Aavaranta 11.-12.6.1984.
    [Show full text]
  • Alahuhdan Kausi Oli Huikea Menestys
    A 24 HELSINGIN SANOMAT KESKIVIIKKONA 29. TAMMIKUUTA 2014 KESKIVIIKKONA 29. TAMMIKUUTA 2014 HELSINGIN SANOMAT A 25 Taloustoimitus Euro/dollari (%) OMX Helsinki (%) [email protected] Talouden +358 9 122 2682 luvut –0,07 +0,92 TALOUS 1 € = 1,365 dollaria 7190,98 MARKUS JOKELA HS Alahuhdan Mikä Tulos? Aasia on Koneen kausi oli kasvun moottori MISTÄ TULOS SYNTYI Hissejä ja liukuportaita valmista- Kone van Koneen liikevaihto ylitti vii- 2012 2013 me vuoden viimeisellä vuosinel- liikevaihto, milj. e 6 277 6 933 huikea jänneksellä ensimmäisen kerran Koneen historiassa kahden mil- henkilöstö 38 477 41 139 jardin rajan, ja vajaan seitsemän liiketulos, milj. e 829 953 miljardin vuosiliikevaihdolla tah- nettotulos, milj. e 635 699 kottiin lähes miljardin liikevoit- menestys to. omavarais.aste, % 47 44 Tilaukset, myynti ja liikevoitto nettovelat, milj. e –569 –617 kehittyivät kaikki hyvin. Uusi johtaja Henrik Ehrnrooth Kasvun veturina oli vanhaan osake- tulos/ , e tapaan Aasia, mutta myös vai- kurssi osake, e pääsee vetämään oma / keuksissa olleiden Pohjois-Ame- / osinko pääoma osake, e huippukuntoista yhtiötä rikan ja Euroopan tilaukset para- osake, e nivat loppuvuodesta. 40 2,0 1,00 Koneen tuloksen ytimenä on 30 1,5 ”Kaikki on seurausta strategi- vakaata kassavirtaa tarjoava, jo Juha-Pekka Raeste HS 20 1,0 an valinnasta”, Alahuhta sanoi yli 950 000 laitteen huolto. 3,30 10 0,5 tiistaina, kun hän arvioi Koneen Näiden lisäksi uusi laitebisnes 0 0 HISSEJÄ ja liukuportaita valmis- menestystä vuosina 2005–2013. kasvaa yli 20 prosentin vauhdilla 12 13 12 13 tavan ja huoltavan Koneen tulos- Strategian ytimenä oli hakea vertailtavilla valuutoilla mitattu- Nettotulos on yhtiön tilikauden julkistus sai tiistaina ylimääräis- kasvua hissibisneksen suurim- na.
    [Show full text]
  • Bilderberg Meetings?
    Table of Contents What are the Bilderberg Meetings?...................................................................................5 How do the Bilderberg Meetings work?.............................................................................6 Key of Participating Countries...........................................................................................8 2014 - The Mariott Hotel, Copenhagen, Denmark, 29th May - 1st June........................9 2013 - The Grove Hotel, Watford, UK, 6th - 9th June....................................................13 2012 - Chantilly, Virginia, USA, 31st May - 3rd June.....................................................17 2011 - St. Moritz, Switzerland, 9th -12th June.................................................................21 2010 - Sitges, Spain, 3rd - 6th June...................................................................................25 2009 - Vouliagmeni, Greece, 14th - 17th May..................................................................29 2008 - Chantilly, Virginia, USA, 5th - 8th June................................................................33 2007 - Istanbul, Turkey, 31st May - 3rd June..................................................................37 2006 - Ottawa, Canada, 8th - 11th June...........................................................................41 2005 - Rottach-Egern, Germany, 5th - 8th June..............................................................45 2004 - Stresa, Italy, 3rd - 6th June....................................................................................49
    [Show full text]
  • C. Ehrnrooth Family Foundation
    Surgical Neurology International The C. Ehrnrooth Foundation The C. Ehrnrooth Foundation provides grants and other financial support to individuals, institutes, organizations and universities engaged in promoting scientific research, studies, fine art, literature and cultural activities. The foundation may also provide financing for medical equipment and engage in punctual support in human or environmental incidents. The foundation has also established the Ehrnrooth Fellowship at the Clinic of Neurological Surgery of the Helsinki University Central Hospital, for post-graduate studies training and research in neurological surgery and diagnostics. The Ehrnrooth Fellowship The C. Ehrnrooth Foundation established the Ehrnrooth Fellowship with the purpose of granting scholarships to international fellows engaged in post-graduate studies, training or research at the Clinic of Neurological Surgery of the Helsinki University Central Hospital of the Helsinki University Central Hospital or the Helsinki University Department of Neurology. Scholarships are granted for purposes of funding cost-of-living and travel expenses of one or two visiting fellows for a period of six to twelve months. The scholarship is awarded for duration of six to twelve months and is paid to the approved fellow upon commencement of his or her stay in Finland. The fellows are selected on the basis of excellence and need for training by the head of the Clinic of Neurological Surgery of the Helsinki University Central Hospital, Professor Juha Hernesniemi and approved by the managing board of the C. Ehrnrooth Foundation. The scholarship has been granted to fellows from Egypt, Germany, Indonesia, Iran, Italy, Peru, Spain, Syria, Uzbekistan and Venezuela. Casimir Ehrnrooth Göran Albert Casimir Ehrnrooth (April 6, 1931 - July 8, 2015) was a Finnish businessman and industrialist.
    [Show full text]
  • Plantations, Poverty and Power
    1 Plantations, poverty and power: Europe’s role in the expansion of the pulp industry in the South Chris Lang http://chrislang.org December 2008 2 The contents of this publication can be reproduced totally or partially without prior authorization. However, the World Rainforest Movement should be duly accredited and notified of any reproduction. This report was produced within the framework of WRM's project “PLANTATIONS WATCH”, with support from the Dutch Ministry of Foreign Affairs' Directorate-General for International Cooperation (DGIS). The production of the publication was made possible thanks to funding provided by the Swedish Society for Nature Conservation and Oxfam Novib. The content of the report may not necessarily express the views of any of them. 3 CONTENTS Introduction 1. Plantations do not plant themselves. Nor do pulp mills build themselves 2. The anatomy of five pulp projects z Veracel (Brazil) z Sappi (Swaziland) z Advance Agro (Thailand) z APP (Indonesia) z Botnia (Uruguay) 3. Pulp Inc. Profiles of seven pulp industry proponents z Pöyry: The economic hit men of the pulp industry z The Confederation of European Paper Industries (CEPI): Expansion at any cost z Asian Development Bank: Plantations are increasing poverty in Asia z International Finance Corporation (IFC): Public money for private profits z European Investment Bank (EIB): Investing in destruction z The Food and Agriculture Organisation (FAO): Promoting the lie of “Planted Forests” z Forest Stewardship Council (FSC): Misleading consumers about paper products 4. Future plans for industrial tree plantation expansion and new pulp mills 5. Conclusion and recommendations 4 Introduction The area of industrial tree plantations is expanding in the global South.
    [Show full text]
  • Globalisation and the Finnish Forest Sector: on the Internationalisation of Forest-Industrial Operations
    Globalisation and the Finnish forest sector: On the internationalisation of forest-industrial operations ARI AUKUSTI LEHTINEN Lehtinen, Ari Aukusti (2002). Globalisation and the Finnish forest sector: on the internationalisation of forest-industrial operations. Fennia 180: 1– 2, pp. 237–250. Helsinki. ISSN 0015-0010. This article focuses on the most recent internationalisation of Finnish for- est companies. The profiles of the major companies are analysed. A ‘world map’ is drawn to illustrate the gradual formation of forest-industrial spac- es in three scales: the articulation of Finnish (national) forest interest is related to the strategic openings of the Finnish forest companies within European (continental) and global (transcontinental) contexts. The suggest- ed world map covers both the active exporting of the ‘Finnish model’ and the subsequent new location of Finland in the international networks. Both material and symbolic dimensions of the process are highlighted. The slow dynamics of the paper production is set against the current fluidity of so- cietal demands that are fed by intensifying competition between the lead- ing companies, profit maximation among the shareholders, and keen steer- ing by globally aware environmentalists and consumers. Finally, the eco-so- cial consequences of the contested globalisation process are addressed by ex- amining the most controversial signs and signals. These include size ranking of the companies, profit hunting, image and identity politics, and product cer- tifications. The theoretical framework is based on the political-ecology litera- ture inspired by actor- and context-specific approaches. Hence, the aim is a simultaneous analysis of both material and symbolic changes in forest-indus- trial practices.
    [Show full text]
  • Nordic Noblemen in Business: the Ehrnrooth Family and the Modernisation of the Finnish Economy During the Late 19Th Century
    Business History ISSN: (Print) (Online) Journal homepage: https://www.tandfonline.com/loi/fbsh20 Nordic noblemen in business: The Ehrnrooth family and the modernisation of the Finnish economy during the late 19th century Niklas Jensen-Eriksen , Saara Hilpinen & Annette Forsén To cite this article: Niklas Jensen-Eriksen , Saara Hilpinen & Annette Forsén (2020): Nordic noblemen in business: The Ehrnrooth family and the modernisation of the Finnish economy during the late 19th century, Business History, DOI: 10.1080/00076791.2020.1828868 To link to this article: https://doi.org/10.1080/00076791.2020.1828868 © 2020 The Author(s). Published by Informa UK Limited, trading as Taylor & Francis Group. Published online: 14 Oct 2020. Submit your article to this journal Article views: 171 View related articles View Crossmark data Full Terms & Conditions of access and use can be found at https://www.tandfonline.com/action/journalInformation?journalCode=fbsh20 BUSINESS HISTORY https://doi.org/10.1080/00076791.2020.1828868 Nordic noblemen in business: The Ehrnrooth family and the modernisation of the Finnish economy during the late 19th century Niklas Jensen-Eriksen , Saara Hilpinen and Annette Forsén Department of Philosophy, History and Art Studies, University of Helsinki, Helsinki, Finland ABSTRACT KEYWORDS This article explores the role of nobility in the modernisation of Finland Nobility; elite; during the late 19th century. We focus on the Ehrnrooths, undoubtedly entrepreneurship; family the most famous noble business dynasty in the country. We find that companies; business some members of this old military family were especially successful in dynasties; Finland expanding their inherited economic, social, and cultural capital as well as combining traditional and modern values and behaviour.
    [Show full text]
  • Kingdom of Nokia
    Carl-Gustav Lindén Carl-Gustav Lindén ingdom of Nokia tells a fascinating story of corporatism in Finland. How did the mobile phone giant Nokia make the Finnish elite Kwilling to serve the interests of the company? Nokia became a global player in mobile communications in the 1990s, Kingdom and helped establish Anglo-Saxon capitalism in Finland. Through its success and strong lobbying, the company managed to capture the attention of Finnish politicians, civil servants, and journalists nationwide. With concrete detailed examples, Kingdom of Nokia illustrates how Nokia organised lavishing trips to journalists and paid direct campaign funding of Nokia to politicians to establish its role at the core of Finnish decision-making. As a result, the company influenced important political decisions such as joining the European Union and adopting the euro, and further, Nokia even How a Nation drafted its own law to serve its special interests. All this in a country Nokia Kingdom of considered one of the least corrupt in the world. Served the Needs of One Company Carl-Gustav Lindén is an Associate Professor of Data Journalism at the University of Bergen and Associate Professor (Docent) at the University of Helsinki. Lindén’s background is in journalism, and he was a business journalist working for newspapers, magazines, and television until 2012, when he turned to academia. Carl-Gustav Lindén Kingdom of Nokia How a Nation Served the Needs of One Company Published by Helsinki University Press www.hup.fi Text © Carl-Gustav Lindén 2021 Translation © Patrick Humphreys 2021 First published in 2021 Cover design by Ville Karppanen Cover photo by Martti Kainulainen, Lehtikuva Print and digital versions typeset by Siliconchips Services Ltd.
    [Show full text]
  • Georg C. Ehnrooth
    View metadata, citation and similar papers at core.ac.uk brought to you by CORE provided by Helsingin yliopiston digitaalinen arkisto GEORG C. EHRNROOTH – KEKKOSEN KAUDEN TOISINAJATTELIJA Suomen ja Pohjoismaiden historia Pro gradu -tutkielma Helsingin yliopisto Historian laitos Syyskuu 2005 Riku Keski-Rauska SISÄLLYS Lyhenteet........................................................................................................................2 1. JOHDANTO ................................................................................................................3 1.1. Taustaa....................................................................................................................3 1.2. Tutkimusongelma...................................................................................................5 1.3. Aikaisempi tutkimus ja lähteet ...........................................................................11 2. POLIITTINEN ILMAPIIRI 1945–1974..................................................................14 2.1. Suomi Paasikiven linjalle 1945–1956..................................................................14 2.2. Suomi K-linjalle....................................................................................................17 2.3. Suomettuminen: reaalipolitiikkaa vai rähmällään oloa?.................................28 2.4. Antikommunismi YYA-Suomessa......................................................................32 3. GEORG C. EHRNROOTH......................................................................................36
    [Show full text]
  • Case Study 4: the Collapse of Nokia's Mobile Phone Business
    See discussions, stats, and author profiles for this publication at: https://www.researchgate.net/publication/326691715 Case Study 4: The Collapse of Nokia’s Mobile Phone Business: Wisdom and Stupidity in Strategic Decision-making Chapter · January 2019 DOI: 10.1007/978-3-319-91719-1_6 CITATIONS READS 0 6,125 1 author: Tuomo Peltonen Åbo Akademi University 42 PUBLICATIONS 382 CITATIONS SEE PROFILE Some of the authors of this publication are also working on these related projects: Wisdom View project All content following this page was uploaded by Tuomo Peltonen on 08 July 2019. The user has requested enhancement of the downloaded file. 6 Case Study 4: The Collapse of Nokia’s Mobile Phone Business From: Peltonen, Tuomo (2018). Towards Wise Management: Wisdom and Stupidity in Strategic Decision-making. Springer. Nokia’s loss of dominance in the mobile market after 2007 is one of the most significant failures in modern business history. For Finland, this was an economic catastrophe, when the largest company in the country lost grip on its core business. In 2007, Nokia’s mobile division was the leading mobile device manufacturer in the world, with a market share of about 40% (Cord, 2014). In 2011, its market share was only 25%, and the company started software collaboration with Microsoft. In 2013, it was announced that Nokia would be selling its entire mobile business to Microsoft. By this stage, the company’s market share was only 14%. By 2015, the market share was a measly 1%. Microsoft, in turn, announced in spring 2016 that it will stop manufacturing mobiles it inherited from Nokia.
    [Show full text]