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Sanoma Magazines SanomaWSOY SanomaWSOY | ANNUAL REPORT ANNUAL REPORT 2004 ANNUAL REPORT 2004 The Report of the Board of Directors, detailed fi nancial statements, and associated material are published separately. Annual Report material can be ordered from Investor Relations & Group Communications via email (ir@sanomawsoy.fi ) or phone (+358 105 19 5062), and all information can be consulted at www.sanomawsoy.fi . SanomaWSOY Corporation, P.O.Box 1229, FI-00101 Helsinki, Finland. Tel. +358 105 1999, fax +358 105 19 5068, www.sanomawsoy.fi Lönnberg F.G. by: Printed Incognito Design: 552800_sw_ar_2004_kannet.indd2800_sw_ar_2004_kannet.indd 1 33.3.2005.3.2005 115:17:485:17:48 Contents 2 SanomaWSOY in brief 4 Mission, vision, values, objectives 6 Management review 8 Key fi gures 2004 10 Key events in 2004 12 Market development 14 Sanoma Magazines 20 Sanoma 24 WSOY 28 SWelcom 32 Rautakirja 36 Environment 38 Personnel 40 Corporate governance 44 Board of Directors 46 Management Group Financials 1 Key indicators 5 Board of Directors’ Report 12 Financial Statements 41 Shares and shareholders 48 Auditors’ report 49 IFRS reporting 50 Investing in SanomaWSOY SanomaWSOY » Contents 1 552800_Sanoma_VSK_FI_EN.indd2800_Sanoma_VSK_FI_EN.indd 1 77.3.2005.3.2005 112:16:512:16:51 SanomaWSOY Group • Chairman & CEO Jaakko Rauramo SanomaWSOY is the leading media group in the Nordic region operating • President & COO Hannu Syrjänen in 20 European countries. The Group comprises fi ve divisions. Sanoma • Net sales € 2 493.0 million Magazines is one of the fi ve largest magazine publishers in Europe, • Operating profi t € 239.5 million Sanoma is Finland’s leading newspaper publisher, WSOY is Finland’s largest book publisher and a signifi cant European educational publisher, SWelcom focuses on electronic media, and Rautakirja is the market leader in press distribution and specialized retailing. Sanoma Magazines • President & CEO Eija Ailasmaa • Magazine publishing • Net sales € 1 083.7 million and distribution • Operating profi t € 86.9 million Sanoma • President Mikael Pentikäinen • Newspaper publishing • Net sales € 435.2 million and printing • Operating profi t € 71.2 million WSOY • President Jorma Kaimio • Educational publishing, • Net sales € 253.9 million publishing, printing, • Operating profi t € 29.2 million and calendar operations SWelcom • President Tapio Kallioja • Electronic media • Net sales € 119.4 million • Operating profi t € 9.0 million Rautakirja • President & CEO Erkki Järvinen • Kiosk operations, press distri- • Net sales € 659.7 million bution, bookstores, and movie • Operating profi t € 41.5 million theatres 2 SanomaWSOY » In brief 552800_Sanoma_VSK_FI_EN.indd2800_Sanoma_VSK_FI_EN.indd 2 77.3.2005.3.2005 112:17:212:17:21 Sanoma Magazines Sanoma WSOY SWelcom Rautakirja Sanoma Magazines - Belgium, Bulgaria, Croatia, the Czech Republic, Finland, Hungary, the Netherlands, Romania, Russia, Serbia and Montenegro, Slovakia, Ukraine Sanoma - Estonia, Finland, the United Kingdom WSOY - Belgium, Denmark, Finland, the Netherlands, Norway, Poland, Sweden SWelcom - Finland Rautakirja - the Czech Republic, Estonia, Finland, Latvia, Lithuania, Romania SanomaWSOY » In brief 3 552800_Sanoma_VSK_FI_EN.indd2800_Sanoma_VSK_FI_EN.indd 3 77.3.2005.3.2005 112:17:212:17:21 Mission, vision, values, objectives A media company of opportunities and operational excellence Mission Vision Values SanomaWSOY’s mission is to be SanomaWSOY’s vision is to be the Creativity the market leader in satisfying media company of opportunities people’s need for information and operational excellence. Reliability and education and for an easier and happier life. • Our long history and wide prod- Dynamism uct range give us a sound base and put us in a strong position Creative work is the essence of to be the market leader in satis- communications; creativity and fying our customers’ needs for reliability form the basis of all our information and education, and activities. Dynamic people are for an easier and happier life. essential to our success. • As a media company, our suc- cess depends on skilful people. As an international company operating in several fi elds, we can offer our personnel a wide range of opportunities for con- tinuous learning, self-develop- ment, and job rotation. 4 SanomaWSOY » Mission - Vision - Values - Objectives 552800_Sanoma_VSK_FI_EN.indd2800_Sanoma_VSK_FI_EN.indd 4 77.3.2005.3.2005 112:17:222:17:22 Strategic objectives Financial targets Growth Financial targets are defi ned as operating • To develop profi table new products and services profi t (EBIT) of net sales, %. that can be successfully expanded cross-media or internationally • Sanoma Magazines 9.0% • To enter new growth markets • Sanoma 12.5% • To internationalize press distribution step by step • WSOY 12.0% • SWelcom 7.5% Market leadership • Rautakirja 6.0% • To be a market leader and successfully utilize • SanomaWSOY 9.0% that leadership in our chosen businesses and markets According to a preliminary estimate, the • To be a leading European magazine and IFRS reporting started in 2005 will improve educational publisher the Group’s operating profi t margin by some 2.5 percentage points. The modifi ca- Cash fl ow tions will be most signifi cant at Sanoma • To ensure that we continue to have the most Magazines. wanted and valued products and services SanomaWSOY revises its fi nancial targets • To increase the profi tability of our present next time in May 2005 when announcing its businesses result for the fi rst quarter 2005. • To divest non-core assets and businesses Capex yearly basic level under EUR 100 million. Business practices Equity ratio approximately 50%. • To ensure sustainable growth and profi tability • To continuously promote best management Dividend policy practices SanomaWSOY pursues an active dividend • To ensure fast, fl exible, and cost-effi cient policy, based on the principle of normally business processes distributing half of the Group’s result after taxes in the form of a dividend. SanomaWSOY » Mission - Vision - Values - Objectives 5 552800_Sanoma_VSK_FI_EN.indd2800_Sanoma_VSK_FI_EN.indd 5 77.3.2005.3.2005 112:17:222:17:22 Management review SanomaWSOY’s approach SanomaWSOY’s vision is to be a The same way of thinking steers media company of opportuni- communications in the whole of ties and operational excellence. SanomaWSOY Group. We want all our interest groups – customers, employees, owners, A media company and partners – to have the chance of operational excellence to be part of our success. It is also Our goal is that the different sec- important for us that the countries tors – content production, human and societies where we operate resources management, opera- succeed and develop. We want to tional processes, as well as effi - participate in contributing to this ciency and profi tability – will development. meet the criteria of operational We operate in accordance excellence. These same criteria with generally accepted prac- are applied when it comes to the tices, rules, and regulations. We interpretation of the spirit and are of the opinion that a societal letter of the law. approach and long-term objectives This is shown in the ethical should be obtained by a balanced principles of Sanoma Magazines: approach to stakeholders and Sanoma Magazines is an inter- bearing our responsibility. national company with roots in Europe which, above all, recognises Independent and freedom of speech and respects reliable news reporting the different cultures in the coun- Our objective can be seen in the tries where it does business. The operational principles of Helsingin Group has a long tradition and Sanomat: Helsingin Sanomat is interest in the development of an independent and non-aligned society and people’s intellectual newspaper promoting and rein- and economic wellbeing. A respon- forcing democracy, social justice, sible approach to environmental and freedom of opinion. Helsingin questions and a strong sense of Sanomat pursues its mission pri- corporate responsibility are an marily through balanced, rapid integral part of our operating and reliable news reporting. Hel- principles. singin Sanomat’s aim is to offer readers an overall picture based on Towards multimedia the information necessary for citi- Communications and advertis- zens to make their own decisions. ing develop from monomedia Helsingin Sanomat defi nes its towards multimedia. The develop- positions and views independently, ment in technology speeds up this free from political or economic trend. The most important forces decision-makers or other pressure of change are the digitalization groups. This independent policy is of TV, the internet, the increased also implemented in daily news use of personal video recorders, reporting. While aspiring to defend and reinforce democracy in a plural- istic society, Helsingin Sanomat pays special attention to secur- ing freedom of opinion. According to Hel singin Sanomat’s view, bal- anced social development is pos- sible only if all citizens are guar- anteed an uninterrupted fl ow of varied and essential information. 6 SanomaWSOY » Management review 552800_Sanoma_VSK_FI_EN.indd2800_Sanoma_VSK_FI_EN.indd 6 77.3.2005.3.2005 112:17:222:17:22 and wireless communication. Reading and literacy form the colleagues from Russia, Ukraine, SanomaWSOY is fi rmly involved basis for civilisation and develop- Serbia and Montenegro, the in this process, and has also man- ment. Hence SanomaWSOY has a Netherlands, and Belgium, among aged to make commercial use of it. responsible and important role in others. In Finland, we are
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