Bonnier Annual Review

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2019BONNIER ANNUAL REVIEW Albert Bonniers Förlag publishes its first The statue Det Fria book by August Strindberg, Från Fjerdingen Ordet (The Free och Svartbäcken, in 1877. During the 1880s Word) from 1947 by and ’90s, Albert Bonniers Förlag becomes sculptor Puck Stock- the leading publisher of fiction, with lassa has long been authors such August Strindberg, Selma a symbol of Bonni- Lagerlöf, Gustaf Fröding and Verner von er’s core values. A Heidenstam. large version of the statue can be found outside Bonnier- huset on Torsgatan in Stockholm.

The characteristic B, designed by Karl-Erik Forsberg for Bonnier in the 1960s, is still a The daily paper symbol for the company. Seen Tidning Avesta here as cufflinks, designed by has been published since 1882. The In October 2019, silversmith Klara Eriksson. Dagens newspaper covers the industri, southern part of Dalarna as the first business daily in the world, province. It is included in starts to regularly publish MittMedia, which became climate indicators on the a part of Bonnier News in stock market pages and the spring of 2019. on di.se. By doing so, Di 75 years. Journalism just as sharp now as highlights climate factors in 1944, the year that as decisive business light of day. The first edition of ratios. was printed as World WarExpressen II was raging, on November 16, 1944. The ideas behind saw the Expressen Expressen and Carl-Adam came Nycop, from Albertand set Bonnier the tone. Jr. Expressen Karin Olsson, chief culture editor at currents in society.was founded to offset Nazi gives a speech at a manifestation in supportExpressen of , Swedish-Chinese bookseller Gui Minhai, being detained in China. The demonstration was arranged by the Swedish Union of Journalists, the Swedish Publishers´ Association, the Swedish Writers’ Union and Swedish Pen 2018. Photo: Anders Wiklund/TT Anders Photo:

2 BONNIER ANNUAL REVIEW 2019 Content

4 6 8 Messages from the Chairman of Bonnier in Brief Our Companies the Board and the CEO Business, core values and Journalism, books, digital New structure and the sale of key figures services, film, e-commerce and Broadcasting create new opportunities properties are in focus

4 SÖNDAG 18 AUGUSTI 2019

Politisk redaktör: Per Svensson, e-post: [email protected] Chef för ledarredaktionen: Amanda Sokolnicki SÖNDAGSKRÖNIKA Ledarskribenter: Erik Helmerson, Gunnar Jonsson, Martin Liby Troein, Lisa Magnusson, Sofia Nerbrand (vik), Mattias Svensson (vik)

sina härjningar mot public service-tv och radio, har omkring 300 journalister, populära programledare och andra anställda fått sparken eller i praktiken tvingats sluta, enligt Piotr Stasinski, andreredaktör på den tongivande dagstidningen Gazeta Wyborcza. Public service-medierna är förvridna till oigenkännlighet. Oberoende journalistik har ersatts av regelrätta regim- bulletiner, den självständiga rapporteringen och sökandet efter sanningen Nordens största affärstidning – nu 328 000 läsareär i praktiken bannlysta. Måndag 14 oktober 2019 ur lever man under en auktoritär Och precis som man kunde befara regim? Den ryska författaren och slutade det inte med angrepp på public ■■ · – Hjournalisten Masha Gessen besvarade service. De privata medier somHÅLLBARA ännu BOLAG 2019 16 17 för några år sedan frågan med ett vägrar att dansa efter högernationalis- antal råd: ternas pipa, anklagas återkommandeFULL POTT FÖR FOTO: MARTINA HUBER Lita på att den auktoritära ledaren för landsförräderi eller för attBILLERUD tjäna KORSNÄS menar vad han säger. Förleds inte utländska intressen. StatligaNär bolag Di rankar börsbolagen ber 2019 av tecken på normalitet. Och behåll och myndigheter4 okto har dragit tillbakaefter FN:s hållbarhetsmål Dagens industri · måndag 1 är skogsbolaget ett av åtta förmågan att bli ursinnig och chockad, sina annonser, BANK samtidigt sombolag privata som får full poäng. GVAROR ANZA ”För oss ligger målen nära DAGLI AV Utsläpps- <0,1 skrev hon. ANDEL företag uppmanassitet att inte förekommavår aff är”, säger Billerud DETALJH inten RIAL OCH MATE AXFOOD 0,4 Korsnäs hållbarhetschef Utsläpps- Gessens artikelR handlade inte om eti publikationer som rymmer kritik UD KORSNÄS intensit SEB 0,2 Malin Ljung Eiborn. BILLER KONSUMTIONSVARO pps- 11,6 Utsläpps- Utslä intensitet Polen. Men det är skrämmandesitet hur väl SSITY mot regimen. Den ledande oberoende AROR B inten E TALV BESQA Utsläpps- 24,9 28 KAPI <0,1 et Hållbarhet • utsläppsintensitet Utsläpps- intensit ensitet hennes auktoritäraint schemaSSAB passar- in dagstidningen Gazeta Wyborcza är en Demonstration i Gdansk 23 juli 2019, till stöd för den prideparad i Bialystok som SERNEKE Utsläpps 146,0 ps- 0,2 631 tet Utsläp OMXSPI intensiOMXSPI Ränta 10 år Dollar Euro DOW NASDAQ itet PP-AHL intens på utvecklingen+3,1%KA 620 i landet.3,4 I år +18,8% återkommande –0,19% 9,80 måltavla. kr 10,82 kr JONES den+1,3% 20 juli attackerades+1,4% av högerextremister. Foto: Alamy t och lägst Utsläpps- Högs sitet609 BORG 1 vecka 623,8inten 2019 623,8 1 vecka +0,15 1 vecka –4,13 öre 1 vecka - +1,64 öre 1 vecka 26 927 1 vecka 8 096 TRELLE utsläppsintensitet släpps- För varje11,8 år somMå TigåttOn To sedanFr höger- Ut et släpp tensit e. t i respektive branscherar ut in na på di.s o gar. t, per år, men sidorde finns hela tiden tillgäng e bolag som rapport ange å börs tacksamt em Avser d barhetsredovisnin nationalistiska Lag och rättvisa kom Syftetanh ärliga tydligt: p ligt attvis kväsa oppositio- har nyligen ackompanjerats av våld ”I Polen har man piskat upp hat mot och håll tur värdefulla för i års- r na n vara r Vi ta som ka . påverkan är, i det här samm edo visa framåt till makten har de antiliberala tum- er. nellar röster synpunkter ekonomisktarbete och politiskt, från högerextrema grupper mot en flyktingar, demonstranter,kvinnor förebild h 3 ortsatta VÄRLDSPREMIÄR FÖRr majoritet DI:S av bolagen KLIMATINDEX, 2 oc vårt f SID 2, 4, 26, 27, 28 teringen nDi Fakta En kla konceptet liggerk som Di, skruvarna dragits åt. De styrandes lista för utsläpp atti scope efter 1 liga ungersk modell alpressa fram en prideparad, följt av iögonfallande som försvarat sina reproduktiva rättig- ett ansvar dock inte åtskil t och Johan F - Di Bakom idénllbarh oche w vid Stock eftersatt i den löpande rappor krävs av i enlighet med detsult såatet kallade blir GHG- uell Hå llo ktiskt Scope 1–3 - ollet. Re Akt överav misshagligaviktiga nyckeltal. som Här fa har har ständigt fylltspro tpåok , somkör synes av nedan. antiliberala megafoner som för- lik giltighet från rättsväsendet. Det heter, tyskar, judar, ukrainare, eliterna Därför publicerarad ■ 1: Direkta utvir utsläppssiffrorär Senior Innovatione Centre Fe och Future Earth källo att visa på v släpp från streck i statistiken holm Resilienc Med start i dag elyfterltal för Dagens klimatet ringslivet. trolleras har valt är på intet udförfattare till ”Exponential tri in nyck sedannä valsegern 2015.jar Dagens Detsom förekon trädare vi stärker regeringenssamt huv makt över tanken. har noterats i den utländska nyhets- som är ’styrda av Soros’, unga läkare, indus bör orer get ingar kan görasings- anskning har den nya edningen dikat av företa Metoden som r oadmap”. och gr - Bolagen har in och invändn g på börssidorna.tt det är tt nl at rekta rfekt R lin a har a Av den a 2: Indi sätt pe utveck n, fil dr på Ekonomi Varför? För bolag för regimen sagt, och som■ en del för- kanske Vinner LagVid och rättvisabor det stun- rapporteringen, men inte framkallat människor med funktionsvariationer, industri nu publicera klim utsläpp från l, mot materialet. Men frågan om nä - verklighet som alla sidorna. Med det vill vi peka på e också Magnus Ji på börs en signal brukning av livets ansvar i klimatfrågan är alltför skolan vid Lunds universitet, och förhålla sig till. trott varit orealistiskicka galenskap, har dande valethög i höst är frågan vad nästa några utbredda protester. lärare och deras elever och företrädare vikten av jämförbarör allt information– sk och – fjärrvärme och viktig för att vi ska skjuta en publicering k Gasell, expert vid Engaged TrackEDT - ramf iden. Nic IERNST nya mål att kyla. amt ST nskligheten i decennier har kanske f fjärr på fr , deltagit. JENNY att mä gar börjar verklig terare, kapitalförvaltare, bolag direkta ing Efter omsattsnv ies destruktiv handling.tigaste ■ 3: In Ambitionen ärstegud attera över både blir.tid fler utveckla mått Kan för högernationalisterna Våra känselspröt tycks inte fungera för ’genusideologin’”, skrev tidningen. att komma ikapp – till i er om att hållbarhet de vik nu ska in som ag. S iffrorna levt över sina tillgåne rerna. h kund av utsläpp toden och inkl tryck på affä r oc som en me och fler bol heten å det brådast r framföGessenudfåran riktadeon omi.sina varningaräpp uppstår upp- till tänkas försöka ta över privata medier? som de ska när attacker mot mänskliga Men orkar vi engagera oss? e i huv vi utsl tröms prestation ett faktum som gör av visar och nes faktorerna i svensk ek kommer initialt att uppdateras en gång ÄPPSINTENSITETNG leva upp till arhet är, och komm UTSL SÄTTNI b t för ör 124 bolag 1+2/OM Håll er affärskritiskt. i värdekedjan. TNING SCOPE m vmedborgarnaklarhe I ett första steg i redoen auktoritär stat. Sådana tankar har redanOMSÄT R luftats. Och fri- och rättigheter sker i demokratiska Runt om i världen sveper just nu själ RONO LJONER K 2,3 allt att bli, allt - UTSLÄPP MI Ö NYCKELTAL E 1+2 F 0,7 R tkoll är i dag en och utsläppsintensitet f SCOP 129 Klima ranscher. De aktörer som öppet 124 0,3 torföretagens växande makt nom näringslivet med bara tår upp för sin klimat SCOPE 3 1 Men dei femborde b egentligens läsas av med tanke på att285000 regimen587 angripit länder i vår närhet. 2 1,9 antiliberala vågor över rader av länder. nsparent - 5 0000 alla aktörer i h tra 1 420 21 0,4 ställer dem inför nya utmaningar oc 0 8 en gnutta självbevarelsedrift. 12000 13352 5697 41085 - FÖRETAG 165000 1843 00 16161 där vinstmaximering inte längre omvärlden, för det är där risken för författningsdomstolen182150 79507 och försökt3,4 I själva verket borde vi bli chockade I Hongkong riskerar demokrati- I dag är bolagens information om hur T 2362 - PSINTENSITE 45160 5722 2752 UTSLÄP NING - /OMSÄTT 11818 - är den enda ledstjärnan. De 1+2 Electrolux 51009 13161 4760 - de presterar på klimatområdet dock ofta SCOPE 1 OMSÄTTNING door 28498 148 - 16222 7779 ONER KRONOR Fenix Out - avtrubbning verkarUTSLÄPP MILJ vara som störst. kriminalisera4241 - 1 forskning- 193 som vågat Sväxandeav klyftorna den råhet skapar alltmer som global präglar de polska aktivister livet när den kinesiska 2 M 18997 SCOPE 1+ 4,1 H& - 0,3 varna 16024 - - 1735 3 - Husq - SCOPE 198 - - - oro, samtidigt som halverade utsläpp BÖRSBOLAGENS UTSLÄPP 2 240441 6291 1,3 JM - 0,9 problematisera- - mörka1578 729sidor i Polens högernationalisternas framfart, som 1 000 10148 e övermakten kräver lydnad. I Moskva 988 - Kab - - fram till 2030 är en av våra absolut - -Ahl - - 13209 138000 40666 - Kapp 5040 - FÖRETAG 0 - - - 347 62700 - 53398 4320 Mekonomen 12000 - största frågor. - 3,1 1578 - - Ju361000 grövre en regim- beter4667 sig, desto historia, finns19800 det nog 1906ingen gräns- påfallande ofta understöds av före- blir demonstranter slagna på gatan 90050 1,0 Mips - - - - 300 - - 3226 KAPITALVAROR 33250 84048 - MQ - Vi har i över 40 år rapporterat om hur - 11700 - - - 2238 20148 - 260005 95363 New Wave Group ABB - - - 0,4 h - - 1748 - 947 Addtec större är faran72037 att93000 vi vänjer1058 oss - ochNilörngruppen för vilka oberoende institutioner- man företagträdare på och utanför för börsen den presterat katolska kyrkan. när de försöker göra sin röst hörda. - - - - Laval 193187 - 4803 1552 653 Alfa 170000 - Nobia - - 66818 - - International - - 271 1097 genom nyckeltal som vinstmarginal, limak 72000 4409 - Odd Molly 0,6 A es - - - roup 21000 - - - 13015 r Properti 10,5 3241 AQ G blundar för övergreppen. - Osca kan tänka- sig att överta. - Hbtq-fria zoner? Det är inte ett skämt I USA ger sig presidenten – i ännu ett loy - - - - 16,3 - - 6484 omsättning och direktavkastning. Assa Ab 3945 - Qliro - - 254,7 - 886 pco - - 3786 Retail and Brands 3721 Atlas Co ------2021 22624 - Nu är det dags att ta nästa steg. Balco - Sportamore - När- den- polska- regeringen- 410 i slutet av Om inte309 det ska- bli verklighet - utan resolutioner som drivits igenom exempellöst utspel – på oppositionen BE Group 2 - SSM - - - 3412 - - Framtidens investerare ställer nya - 315 Strax 006 Beijer Alma - - - 25 - Ref FRAMTIDEN- - - 2526 wedol er S - 7604 Beij ving - - ,6 krav på bolagens redovisning av andra 2015 inledde- förvandlingen- - 12194 av public måste alla som bryr sig om Polen11 börja i mer än 20 lokala styren i Polen. Bergman & Be Di först med utsläppssiffror- Thule på - börssidorna- 3031 genom att begära att Israel bannlyser - - Retail Group 18,5 - - 1366 Venue - - - Bufab - - ANDEL 23692 - nyckeltal. Det innebär att styrelser, vd:ar tec - - - 5621 - - Cavo - H DETALJH - 276000 52454 ric - - - - 1658 L OC - 22,1 Concent service till en propagandamaskin - för engagera sig.- Den polska1000 regeringens105 och bolag Beskrivningarfår nya mål att leva upp till.av regnbågsflaggan två demokratiska kongressledamöter MATERIA 412000 97 - 26 - - - - 1138 jö - 30

CTT Systems - lstrom-Munks 128000 - - 12884 - - - - 904 Ah - Duroc - 148000 - - 13770 - - Arctic Paper 284600 - - - 5119 mber - - - Eltel regimen, var många i Sverige chockade.- ergs Ti respekt för inhemsk4200000 maktbalans16055 har som en smitta som vill behärska våra från inresa till landet. 28 - - - - B 56,0 1598 - Eolus Vind - rud Korsnäs 117100 - - 1532 Därför börjar Dagens industri, som - - - - Bille - 16848 167500 - - - Fagerhult chines - - Boliden 14999 - rdic Ma - - - 4414 - - 0 första aff ärstidning i världen, regel Ferrono - 839929 sson Mora Hur kunde- -ett demokratiskt- - land i vårEndomines visat sig minimal, men regimen är inte- själar, jämförbar med kommunismens M Matt 6667 - - - 1618 F - Granges 500999 - FOTO: MOSTPHOTOS - - - bundet publicera klimatindikatorer Garo 11956 - ol 473276 - - 2260 - - - - Hexp 146,0 9326 366653 - - - 2579 Haldex - - Holmen ,0 nic närhet genomföra- - en- sådan499 antidemo- opåverkad- av- vad omvärlden säger.33 på börssidornaröda? ochDet på di.se,är inte och därmed något obskyrt Så vem ska bry sig om Polen? Hexatro - - - 74941 - - - Lucara Diamond 14,1 - 1165 - - - 0 Indutrade ssenter - - Lundin Mining 1094400 107552 lyfta fram klimatfaktorer som avgörande Intre - - - 6024 es Inc - - Instalco 4,0 0 00 18755 - - - - NGEx Resourc 330000 35500 kratisk manöver? Borde inte7122 det vara- pen En internationell- solidaritetsrörelse konstaterande på en hatsajt utan Vi som befinner oss på andra Inwido ofilgrup 1189000 7890000 264000 nyckeltal. I ett första steg presenterar vi - - - - 7346 Pr Lifco l 5 9755000 060000 - tiona - - 1,1 Rottneros 1 616000 - 227000 3554 0 0,4 Lindab Interna - - Semafo 249000 61600 klimatindikatorer för 124 börsbolag. - - - 22516 27592 0 Malmbergs Elektriska omöjligt? 2,1 skulle kunna202400 bli en maktfaktor, precis5, ord från Krakóws ärkebiskop Marek sidan Östersjön måste bry oss. Holding - - 102 SSAB - 48085 Midway 10000 25667 8 - 24,9 Dagens industris klimatindex utgör - Stora Enso - 6218 217000 5533 - 2680 21422 0,6 Momentum 1,1 - - 2165 - SCA 773 31285 118500 Munters 5644 3112 - - ett viktigt fundament för vår ekonomi Det fanns liksom- inte på kartan att som under- kommunismens4016 - 0 sista dagar Jędraszewski under en minnesmässa. Faller det demokratiska Polen 23502 - - 52233 294700 115354 - NCC ng - - 2261 - DAGLIGVAROR 17406 19206 - 74659 2852 Nederman Holdi 58645 1224 2,3 journalistik och granskning av börs - 4,7 12079 - 8797 3383 47228 - 33156 AAK 1430000 75333 Nibe Industrier - 0,2 - - den polska regeringen1275 - skulle- 100072 framkalla Axfood på 1980-talet.1517000 35808 12966 bolagens klimatarbete,Redaktionen som vi hoppas för den viktigaste obe- faller 1989 års stora idé om ett enat Nolato oofing - - aterpr 57370 - - ta 38851 - 30261 467000 6516 Cloet Nordic W - 1,8 - - <0,1 - 1509 88 175344 ska fungera både som inspi ration OEM International 7,5 Essity - - - pen 21088 - utrensningareden 276000 bland - journalister171730 med Ica-Grup Men det kräver att vi bibehåller1049 vår roende dagstidningen Gazeta Wyborc- Europa. Och precis som tidigare Peab - 9173 - gemang Sw 191000 233 - och som en spark Projektenga 311997 85713 - Midsona 14,3 2216 1276 - Standard 0,1 474000 642243 5112 Scandi 67,7 - 2321 Saab - - Match 0,1 i baken. Och 36824 - - 622 Swedish - - Sandvik målet att gynna sig själv och svartmåla11,8 förmåga att bli upprörda.14,3 43770 - za hade helt rätt när man i en appell för i historien kan vi vara säkra på att 5173 - - - Serneke 27 580209 6864 - - - 5279 92362 - - 0,2 naturligtvis ercast 62034 - 34005 - - 330 3437 Sint - BANK 4094 8 0,2 - - - 900 1651 - Skanska 401 nza Bank 5238 31964 - 45868 varje form - av opposition.- Ändå skedde1,1 Ava I år har de polska högernationalister-- hoppastvå och veckor sedan manade till solidaritet det som börjar i Polen inte kommer - - 41 SKF 3492 - 6539 - 9401 41844 - Catella 259500 - - 390834 1791 - 628 Sweco Collector 13842 7031 tror vi att flera rg i Dalstorp 142400 - - 583 lsbanken - Svedbe 421000 Hande 7458 19952 - just det – dessutom- - i- rekordfart.- Svenskana bedrivit en regelrätt kampanj mot med de utsatta och slagna. Trakasserier att sluta i Polen. ystemair 1943 6014 - affärs tidningar S - Nordea Bank 198000 - <0,1 1017 - Trelleborg Resurs Holding 223000 - - - världen över Troax 1312 SEB Sedan Lag- och rättvisa påbörjade 0,1 hbtq-personer. De verbala attackerna [email protected] VBG 51 bank och våld sker inte i ett vakuum: 28382 - Swed snart kommer Volvo 99 - 710 ri <0,1 TF Bank Xano Indust 7,5 - 93 14008 - att följa efter. 43,5 - - NSVAROR 1562 2784 - NSUMTIO - 59 - 109 5100 KO - 34 - - - 8772 ■Besqab■ · ■■ · 0,2 ■■ · – LEDARE 2 - 24 - - DEBATT 4 ANALYS 26 27 som kallas för utsläppsintensitet. Bilia 4927 - 85 - - - 10300 Resultatet blir det ner Björn Borg n oner mellan bolagen beroende - - - ati Bonava 1631 1869 Generellt är en slägretora siffravari att föredravärdekedjan framför de en befin högre. Sustainability- - dock h var i The Future of Storytelling 360 - Di Så gjorde vi ns nsch oc som Financial Results 2019 Boozt n Här fin a - 1611 - har inhämtats från års- och - nd annat br - Byggmax 1, 2 och 3 på bla PM Nilsson: 20 - Miljöministern: Agnetha -Jönsson: OMX Nasdaq-noterade bolag ta över scope Clas Ohlson - n Da den mest etablerade stan sig. granskningen ingår Duni hållbarhetsredovisningar.G-protokollet Bara – de bolag som kommunicerar n I n utsläppen. öljer GH scope har inkluderats. Dusti en att de f tillhör GICS-industrigrupperna Kapitalvaror, Konsumtionslp av a Grupp st signifikanta fått hjä Electr terar sina utsläpp i varor och kläder, Material samt Dagligvaror. Inkluderas ”Revolutionen för ”Ekonominr de har de me måstedarden för att beräkna och jorrapportera”Bolagts. utsläpp av växthus som agerar all den redovisats gaser – och rappor ar har g 8. I de f gör också börsnoterade av materialet banker. har vi de kategorier dä tolkning för 201 älp n Vid insamlingen ter. Det gör att det irapporteringen dag finns ett stortav scope mått 3. av godtycklighet Inga egna ts ut med hj

Di Så läser du tabellerna beräkna till den stora osäkerheten scope n Omsättningen gällersvenska kronor har den räknats om enligt universitetsstuden n att och osäkerhet i läppen i n valuta än tkursen har räkna solenergirkortning kan för Greenhouse skapa Gas Med hänsynriggas tagen så vi klarari anna r 2018. Snithållbartch 2, har har större en fö standarden för n scope 1 o ade snittkursen fö PETER n GHG-protokollet, sgaser. : i rapporteringeninten avsitet, scope som 3 baserashar vi valt på attuts ta framantal ett mått ton som ligger i av Riksbankens publicerade crosskurser.en. Protocol, är den mest etabler (områden) 1, 2 och 3 på utsläpps tera utsläpp av i scope växthu ch 2. rapporteras och redovisas i n Bolagens egna utsläpp, FELLMAN, en ochhelt rappor ny frihet.” 1 o omställningen.” delats med omsättningchans att överleva.” n Utsläppen redovisasens direkta utsläpp från källor som n Bolagens utsläpp nable sedan Verksamhet har tagit fram av World Resources CHEFREDAKTÖR Scope 1: koldioxidekvivalenter (CO2e). kontrolleras av företaget. n GHG-protokolletWorld Business Council on Sustai 2: Indirekta utsläpp från förbrukning av el, fjärrvärme itute och Scope Inst nt. elopme ÅRGÅNG 44 · ochNUMMER fjärrkyla. 234direkta · PRISutsläpp 39 som KRONOR, inte inkluderas FREDAG i scope 2 45 KRONORDev (INKL DI WEEKEND) · VECKA 42 · 2019 LOGGA IN PÅ DI.SE 3: Alla in Scope värdekedjan både uppströmsas i 15 kategorier. och nedströms. Enligt rapporter som uppstårpen i i scope 3 n Utsläp Several companies see great By contributing to morePeter GHG-protokolletopen kan företag välja att rapportera endast Wolodarski: and Behåll Increased sales and The Bonnier Group is the parent förmågan att bli ursinnig opportunities in audio storytelling interesting societies, weoch make chockad. the improved profits

company of a corporate group Polen är ett skrämmande exempel på biggest impacthur snabbt demokratiska rättigheter vi har

tagit för givna kan tas ifrån oss. Peter Wolodarski, chefredaktör

•A4 that brings together many of the Hållbarhet_3.indd 1 2020-02-06 12:07:38 leading media companies in the Nordic region. The Group has over 200 years’ experience of an ever-changing market. Also included is Bonnier Fastigheter, which owns, manages and develops commercial and residential 34 39 rental properties. We are based in 38 Sweden, operate in 12 countries The Board Afterword Bonnier’s History Experience in media, corporate Storytelling is, and always has been, After 200 years, we continue to and are wholly owned by the management and business investment the foundation of Bonnier’s businesses safeguard a more open, entertaining

Photo: Anders Wiklund/TT Anders Photo: Bonnier family. and well-informed society

BONNIER ANNUAL REVIEW 2019 3 MESSAGES FROM THE CHAIRMAN OF THE BOARD AND THE CEO MESSAGES FROM THE CHAIRMAN OF THE BOARD AND THE CEO

The Chairman of the Board Ready for the Next Phase

BENGT BRAUN

WHEN I AGREED almost two years ago to act as several years, finances are stronger than in Chairman of the Board, it was with the ambi- decades. The broadcasting deal has made the tion, together with management and board, Group almost free from debt, which opens up to come up with a simpler structure for the entirely new opportunities for the future. Group. I wanted to ensure that our companies have managements and boards that are keen THE GROUP’S EARNINGS are increasing for the to reverse the undesirable development in both first time in many years, and we are definitely on turnover and results of the last years. the right track. We have not yet reached a level to be proud of and pleased with, but there are good AT THE RISK of sounding like a well-known pres- reasons to be happy and hopeful. All compa- ident, we can now tick these ambitions off the nies but one improved their results compared list. Erik Haegerstrand and his team have, in co- with the previous year. It has been a long time operation with the companies, made impressive since this happened. And after 10 years of adjustments, with a trimmed parent company declining turnover, the Group increased its and more independent business operations as sales, not counting the divested Broadcasting a result. business.

WHAT PLEASES ME the most is the fact that we THE BUDGET FOR 2020 and the three-year plans have so many talented members of staff to lead promise good years ahead. We also have a num- and operate our companies. I am very happy ber of exciting new initiatives. I can’t help but that they want to be a part of Bonnier’s future. think it will go well.

WE ARE ALSO pleased that during the year we The foundation has been laid, and now it is time completed the sale of Bonnier Broadcasting’s for the next phase. TV operations, with TV4, C More and Finnish Chairman of the Board Bengt Braun and Chief Executive Officer, Erik Haegerstrand.

MTV. After being burdened with debt for BENGT BRAUN, CHAIRMAN OF THE BOARD Jönsson Peter Photo:

4 BONNIER ANNUAL REVIEW 2019 MESSAGES FROM THE CHAIRMAN OF THE BOARD AND THE CEO MESSAGES FROM THE CHAIRMAN OF THE BOARD AND THE CEO

Interview with the CEO: “Continued improvement in results”

ERIK HAEGERSTRAND

We have entered a new decade, still a central to Bonnier ever since the start more the success also lies in doing what we have ant part. What is happening there? clean sheet. What characterized the than 200 years ago. Businesses have come always been best at. Several of our publica- “Bonnier Ventures continues to invest in, 2010s for Bonnier? and gone as conditions have changed. Our tions attracted a lot of attention. Two Bonnier- and build, exciting startups. The growth in “It was an eventful decade for Bonnier. strengthened resources and the new decen- published authors were awarded the Nobel value has been strong. We are also finding Early on, we saw the digitalization in the tralized structure will accelerate the growth Prize in literature. The publishers in Germany companies that could become new business media industry. In the 2010s this development of our companies. We will be able to make impressed with the best result for Bonnier opportunities for Bonnier.” seriously caught on. Digital technology gave us investments that were previously difficult to Media Deutschland in 10 years, without the What is Bonnier Fastigheter’s role in entirely new competitors, formats and busi- finance.” influence of any actual best sellers.” the new structure? ness models. It became necessary to switch to If we look at the companies and at And the Group’s other publishing “In a family-owned company, it is import- digital services. One reason we sold Broad- Bonnier News in particular, what businesses? ant to spread the financial risk. Through the casting was that streaming services completely would you like to highlight from the “SF Studios has had a positive growth for sale of our TV business, our dependence on changed the conditions for television. At the past year? a few years, and the conditions for 2020 are advertising revenue lessens, but we continue same time, the Group’s real estate business “Bonnier News’s initiative to focus on local good. Bonnier Corporation and Bonnier to be very dependent on traditional media. and asset management had positive growth.” media probably ended up in the background Publications operate in changing markets Real estate is therefore a very important part What lies ahead for Bonnier in the due to the sale of Broadcasting. Local jour- and therefore face interesting challenges. of our business and has the greatest value. It 2020s? nalism was strengthened with the purchase Bonnier Publications reported another fan- is also really exciting that in 2019, Bonnier “The sale of Broadcasting has greatly of MittMedia and Lokaltidningen. We also tastic result in 2019.” Fastigheter started investing in residential strengthened our financial base. We can act see great business opportunities ahead.” What is happening at Adlibris? properties, specifically to spread the risks. in a more long-term manner and continue There are also some exciting opportuni- “Adlibris has recently invested in logistics, Bonnier Fastigheter’s result and cash flow to invest in developing our historic core in ties for Bonnier Books? and the 2019 Christmas season was good. In are impressive. The asset management of journalism and publishing, while adding “Yes, with regard to Bonnier Books, we see addition to improved logistics, the manage- Boninvest is another way to diversify.” operations in growth industries.” strong growth for BookBeat, which is now ment is looking at the range of products on What is most important in 2020? Some may be wondering where Bonnier properly launched also in Germany. But even offer.” “Continued improvement in earnings and is heading after the sale of the TV though new technology and new consumer The sale of the TV business has given cash flow from the companies. We will also business. How do you reply to this? behavior are of great importance to our busi- Bonnier more room for investment, focus on lowering our central costs, which we “The entrepreneurial drive has been nesses, Bonnier Books showed in 2019 that and Bonnier Ventures plays an import- are already well on the way of doing.”

BONNIER ANNUAL REVIEW 2019 5 6 BONNIER ANNUAL REVIEW 2019 Our businesses span a wide range of media types, with a strong historical core in independent journalism About Bonnier and book publishing. Through journalism, stories, knowledge and entertainment, we want to make the communities in which we operate more open, interesting, entertain- Key figures The Bonnier Group is the parent company ing and well-informed. The Group also includes Bonnier Fastigheter, from 2019 of a corporate group that brings together which owns, manages and develops commercial real estate and and res- many of the leading media companies in idential rental properties, mainly in the Stockholm area. We are based in the Nordic region. Sweden, are present in 12 countries 28,746 and are wholly owned by the Bonnier family. SEK M Total company sales 1,537 Commitment of a Family Company: SEK M We plan for generations, not quarters. Total company EBITA Bonnier’s Core Values Freedom Passion for Power of the of Speech Media Individual 7,976 Our core values are a guarantee for Number of employees our unique and diverse business We believe an open, We’re in media. We believe in knowledge operations’ freedom and indepen- pluralistic public Adapting to changing and judgment. Freedom dence. They capture the values that dialogue is the market conditions is and independence. For our have shaped Bonnier’s history and foundation of our inherited strength, users as well as our that we believe will continue to drive democracy. innovation is our focus. employees. Bonnier forward.

BONNIER ANNUAL REVIEW 2019 7 OUR COMPANIES

Organization

BONNIER’S NEW STRUCTURE with operationally independent companies was introduced on January 1, 2019. The main idea of the new system is that responsibility and decision-making move as close to each operation as possible, creating a more efficient organization. BONNIER’S COMPANIES operate in a variety of areas:

BONNIER BOOKS comprises publishing house in Finland, Norway, Poland, the U.K., Sweden and Germany. BONNIER NEWS offers a wide range of media, from newspapers and magazines to e-learning and business-to-business services. BONNIER FASTIGHETER owns, manages and develops real estate, and now also residential rentals, in Stockholm and Uppsala. The e-commerce companies within ADLIBRISGRUPPEN offer books, toys and office supplies. Our Companies Magazines are the focus of Danish BONNIER PUBLICATIONS. In the U.S., The Bonnier Group consists of BONNIER CORPORATION runs the magazine business. companies focusing on journalism, SF STUDIOS produces and distributes films and TV series targeting the Nordic market. books, digital services, film, BONNIER VENTURES is Bonnier’s venture capital business. e-commerce and real estate. BONINVEST owns listed Swedish shares and has investments in private equity, venture capital and hedge funds.

8 BONNIER ANNUAL REVIEW 2019 OUR COMPANIES

Boninvest

BONNIER ANNUAL REVIEW 2019 9 OUR COMPANIES BONNIER BOOKS

Bonnier Books brings together Bonnier’s book-related businesses. Today, these range from traditional publishers and chains of bookstores to digital subscription services for audiobooks and e-books. However, publishing is and always has been at the core of the business. A Story About Eels

ALBERT BONNIERS FÖRLAG has created and refined stories since 1837.In 2019, an unexpected book about eels was brought into focus. “I think I’ve written a book about eels and I don’t know what to do now.” “That sounds interesting. Send it to me.” The above is an e-mail exchange from late fall 2018 between journalist Patrik Svensson and Daniel Sandström, literary director and publisher at Albert Bonniers Förlag.

DANIEL SANDSTRÖM IS a literary scientist with a background as a journalist. He had previously worked with Patrik Svensson, and when he got the e-mail, he knew it came from a fantastic writer. Patrik had written a personal text about eels, about the knowledge of mankind and the fascination with an animal that we know surprisingly little about. It was also about the relationship between a father and son who had fished for eels together. Daniel was attracted to the approach – a Patrik Svensson, writer and journalist. nonfiction text with fictional ambition. For

10 BONNIER ANNUAL REVIEW 2019 OUR COMPANIES

Where to find Bestseller BONNIER BOOKS Bonnier Books Sales: 5,770 SEK M (5,522 SEK M) Number of copies sold in 2019 EBITA: 250 SEK M (148 SEK M) Number of employees: 1,830 Chairman of the Board: Maria Curman CEO: Håkan Rudels 1. The Tatooist Helsinki Oslo of Auschwitz Stockholm Heather Morris Zaffre, Bonnier Books UK Copenhagen 1,400,000 copies Northampton Hamburg London Berlin Stuttgart Warsaw Munich 2. Muttertag a publisher who works with both fiction and Nele Neuhaus nonfiction, it was particularly interesting Ullstein Buchverlage, that the story hovered right on the border Bonnier Media between the two. In addition, several narra- Deutschland tive nonfiction books had recently had major 430,000 copies success in the U.K. and U.S.

WHEN A MANUSCRIPT is sent to a publisher, Beijing it doesn’t have to be perfect. The important thing is that the story has something 3. Cilka’s unique. At a first meeting between author Journey and publisher, the message is often that the Heather Morris text has to be adapted before it can become a Zaffre, Bonnier published book. This time, Daniel Sandström chapters rewritten, added or moved. The book for the reader to enjoy. Books UK 415,000 copies immediately felt that the book had something childhood depictions, previously at the end of special. the book, were interposed between popular IN JULY 2019, Ålevangeliet (The Gospel of In March 2018, Patrik’s script was accept- science passages and essays on eels. Eels) was published in Sweden. By then, the ed for publication. rights had already been sold to more than Together, the author AT THIS POINT, the publisher’s work is 30 countries. In November, Patrik Svensson and publisher began to normally formalized. The publisher involves was awarded the August Prize. Ålevangeliet 4. The Holiday think about the book’s further experts – editor, proofreader, was Sweden’s best-selling non-fiction story in T.M. Logan core and how the story graphic designer/illustrator and several 2019. The initial gut feeling – that a personal Zaffre, Bonnier could develop. The professional communicators. Together they book about eels could become something Books UK 270,000 copies Illustration: Maja Sten Photo: Emil Malmborg, Peter Jönsson Peter Emil Malmborg, Photo: Maja Sten Illustration: Håkan Rudels, CEO text was edited and refine the author’s script into a finished special – turned out to be right.

BONNIER ANNUAL REVIEW 2019 11 OUR COMPANIES BONNIER NEWS

In 2019, high-quality journalism from credible brands manifested itself as increasingly important, demanded by an even bigger crowd. One way in which Bonnier News has strengthened its position is through the acquisition of local newspaper group MittMedia. Journalism Has Never Been More Important

2019 WAS A YEAR of change and growth for editorial strategy is to keep the independent IN 2019, BONNIER NEWS also invested in pack- Bonnier News, which today brings together titles. During the fall, 11 new editors-in-chief age distribution through the launch of Early Bonnier’s news and newspaper businesses. were appointed, with a clear responsibility Bird, a collaboration with media companies When the company was formed in 2015, for content and user revenue, according to Stampen, Gota Media, NTM, Hall Media it was centered on the four major newspa- the model that applies throughout Bonnier and NWT. The initiative utilizes existing pers Dagens Nyheter, Expressen, Dagens News. MittMedia’s magazines also retain early-morning paper distribution to deliver industri and Sydsvenskan. Today, as a result their former political profiles. The overall packages to readers. At the same time, the of Bonnier’s new structure, it also includes strategy is to protect the publication of paper media companies are given the opportunity the magazine section Bonnier Magazines & magazines in Sweden, as well as developing to increase the distribution value and benefit Brands and international business-to-busi- digital revenues and products. from the continuous growth of e-commerce. ness brands, mainly focusing on business magazines and niche services. THE ACQUISITION OF newspaper group Lokal DURING THE YEAR, Bonnier News’s main tidningen, offering free newspapers, is a nat- newspapers have been awarded several IN 2019, THERE were also breakthroughs on ural step to further strengthen the presence of prestigious honors for their journalism, the local newspaper market. Helsingborgs HD-Sydsvenskan in southern Sweden. Both while taking some major steps in their digital Dagblad and Sydsvenskan as well as acquisitions are an expression of Bonnier transformation. The mission for Bonnier’s Expressen’s editions GT and Kvällsposten News’s strong belief in the ability of local newspaper business is the same today as have been joined by media groups MittMedia journalism to involve readers, and in digital when the first investments were made in Avesta Tidning and Norrtelje Tidning are part and Lokaltidningen. growth through unique content. the middle of the 19th century: Better than of MittMedia, acquired by Bonnier News in 2019 in what became one of the most noticed Nordic Business media has also grown during the anyone else, and as quickly as possible, to media deals of 2019. THE ACQUISITION OF MittMedia, made year. Through the acquisition of Dagens Sam- meet the need for relevant, interesting and together with Norwegian Amedia, was one hälle, a newsmagazine about the public sector, truthful information about important events of the biggest events the Dagens industri Group further strength- and issues. Based on a unique and and grow- BONNIER NEWS in 2019 in Sweden’s ens its position in Sweden’s business sector. ing digital position as the owner of Sweden’s Sales: 7,579 SEK M (6,713 SEK M) media industry. A Simultaneously, some solid work has gone into strongest and most credible brands, Bonnier EBITA: 211 SEK M (174 SEK M) Number of employees: 5,000, of which total of 28 newspapers making former business area Magazines & News stands strong as it manages and re- 2,000 are journalists from central Sweden Brands (formerly Bonnier Tidskrifter) profit- generates the Bonnier Group’s 200-year-old Chairman of the Board: Tomas Franzén were integrated into able and integrating it into Bonnier News Life- tradition of independent journalism and CEO: Anders Eriksson Anders Eriksson, CEO Bonnier News. The style (sprung from Expressen’s magazines). defending free speech.

12 BONNIER ANNUAL REVIEW 2019 OUR COMPANIES

Where to find the editorial offices.

DN Travels to Europe Expressen Turns 75

BASED ON READER pressure to review travel ON NOVEMBER 16, 2019, 75 years had passed journalism, the idea grew that Dagens since Expressen’s very first issue. The news- Nyheter would organize train charters. paper was founded by Albert Bonnier Jr. and The concept was realized, the trips quickly Carl-Adam Nycop to fight “national socialism booked up, and in August 2019 the first train and related theories of violence.” From the departed. Some 350 passengers traveled to outset, liberalism, tolerance and solidarity Venice and back by train, with stops in Berlin, were important values. the Dolomites, Verona and Vienna. More DN THE CLASSIC EVENING paper has always train journeys are scheduled to take place in had a mission to “awaken, alarm and 2020. annoy.” Over the years, Expressen has THE DN TRAIN is a clear example of how the cli- been an agenda-setting “education for the mate issue is becoming increasingly important people,” with campaign journalism and in journalism, and thus also for Bonnier News. award-winning revelations, as well as the DN has invested in climate monitoring through occasional controversy. Today, Expressen reviews and high-profiled articles. Expressen and Expressen TV have three million readers has started Sweden’s first climate editorial and viewers every day. office. Under the name “Hållbart närings ONE CONTRIBUTOR TO the success is Thomas liv” (sustainable industry), Dagens industri Mattsson. In 2019, he left Expressen after 10 conducts journalism, events and conferences. With 70 editorial offices in 45 years as editor-in-chief. He was succeeded At the magazine Aktuell Hållbarhet (current Swedish municipalities, Bonnier by Klas Granström, who will continue to lead News takes responsibility for sustainability), employees have long focused on

Illustration: Maja Sten Photo: Jonas Lindkvist, Dagens Nyheter and Peter Jönsson and Peter Dagens Nyheter Jonas Lindkvist, Photo: Maja Sten Illustration: the newspaper’s editorial work. local journalism. reporting on the environment and climate.

BONNIER ANNUAL REVIEW 2019 13 OUR COMPANIES: BONNIER FASTIGHETER From Printing Works to Housing 1 .

Bonnier Fastigheter builds, owns and manages commercial and residential rental properties in Stockholm and Uppsala. Each property has its own exciting story. Together, they play an important part in the story of Bonnier.

1. Moraset 22 3. Vanda 3 5. Bulten 19 7. Fålhagen 70:1 and 70:3 Stockholm Kista Stockholm Uppsala Moraset 22 was built in the 1880s Home of Bonnier’s printing business Hornhuset was named Stockholm Stationsgallerian is well known and has a central location on Bold Printing. The premises also Building of the Year by the city of among the residents of Uppsala. Sveavägen, opposite Adolf Fredrik contain a restaurant, conference Stockholm in 2014. The spectacular Since 2018, the property is owned by Church. Bonnier’s publishing house facilities and a gym. stone and glass building, located in Bonnier Fastigheter. Here, close to has long had its premises beyond the new pedestrian area of Horns public transport and road networks, the double doors of the building. 4. Segmentet 1 tull, is part of a larger property offices share the space with shops Kungens Kurva that houses 36 shops, cafes and and other service establishments. 2. Lokstallet 7 Home of the trading area Orange- restaurants. Hornstull has become Stockholm riet. The property is now in its third a meeting place and a popular 8. Kungsängen 15:1 Bonnierhuset was the first high-rise and final development phase. destination for Stockholmers and Uppsala built in Stockholm after the World tourists alike. This office building has a prime War II. Now, 70 years later, it is location along the river Fyrisån, still a well-known landmark in the 6. Sågen 19 400 meters from Uppsala central BONNIER FASTIGHETER city skyline. From the beginning, Stockholm and bus stations, as well as within Sales: 712 SEK M (591 SEK M) Bonnier’s magazine business This property in the district of walking distance of the center. The EBITA: 474 SEK M (371 SEK M) resided in the property. Today there Södermalm in Stockholm was built glassed-in courtyard houses a lunch are a number of tenants. The glass in 1958 and renovated in 2008 as restaurant. The block consists of six Number of employees: 65 building next to Bonnierhuset was part of the initiative to revitalize the buildings. Chairman of the Board: constructed in 2006 and is the home Hornstull area. In 2017 the building Erik Haegerstrand of Bonniers Konsthall. was environmentally certified by the CEO: Tomas Hermansson

Sweden Green Building Council. Maja Sten Illustration:

14 BONNIER ANNUAL RWVIEW 2019 2.

1 . 8.

3. 7. 4.

5. 6. Illustration: Maja Sten Illustration:

BONNIER ANNUAL REVIEW 2019 15 OUR COMPANIES BONNIER FASTIGHETER

12.

9. 11.

1o.

16 BONNIER ANNUAL RWVIEW 2019 9. Moraset 2 10. Stormkransen 14 11. Stormkransen 11 12. Moraset 21 13. Lokstallet 6 Stockholm Stockholm Stockholm Stockholm Stockholm Built in early Art Deco style, Former home to the editorial This stunning building, with Centrally located by Sveavägen, Atlasmuren 1 is located this 1920s office building has offices of Bonnier Tidskrifter. spire and curved façade, is the building houses offices, between S:t Eriksplan and retained its original charm The building was completely home to offices, shops and shops and restaurants. The Torsgatan and was previously despite renovations. The build- renovated in 2018 and now has apartments. The property property has been owned by occupied by the Swedish ing is located just a stone’s new tenants. The modern office from the 1920s is located in Bonnier Fastigheter since 1986. Security Service. A new top throw from Stockholm’s main building in central Stockholm the northwest corner of the floor was added during shopping and business areas is close to shops, restaurants, Tegnérgatan/Sveavägen inter- renovations in 2016. and houses offices, shops and gyms and other facilities. There section. a small number of apartments. is even an entrance to the subway station Rådmansgatan. An environmental certification resulted in top ratings for the century-old property.

13. Our properties

EARLY ON, the property business became a part Although Bonnier Fastigheter differs some- of Värtahamnen. Here, Bonnier Fastigheter plans of Bonnier’s story. Printing works and book- what from Bonnier’s media business, it is a to build and develop three large properties. shops needed to be housed. As the businesses very important part of the whole. Read more In 2019, Bonnier Properties began collaborat- grew, so did the number of properties. about the individual properties – they tell ing with ByggVesta to own and manage rental During the 20th century, many now well- fascinating stories. properties in the Stockholm area through the known properties were acquired and built, In recent years, Bonnier Fastigheter has invest- jointly owned company HållBo AB. The collabo- properties that over time have become a part ed in future projects – buildings and neighbor- ration is based on building rights for more than of Bonnier’s as well as Stockholm’s history. hoods in new areas – that will contribute to a 1,600 apartments. Additionally, in December The properties secured an economic viability modern and vibrant city. Sweden’s largest urban 2019 HållBo acquired a 199-apartment prop- Tomas Hermansson, that enabled Bonnier to develop into a modern development, Stockholm Royal Seaport, is cur- erty in Barkarbystaden. Bonnier Fastigheter is CEO leading media company. rently being planned in Stockholm’s new district taking a step into the housing industry.

BONNIER ANNUAL REVIEW 2019 17 OUR COMPANIES BONNIER VENTURES

Bonnier’s venture capital business is operated from the Stockholm tech scene. Bonnier Ventures invests in fast-growing tech companies with international ambitions.

Investments that make Key Figures Bonnier broader from 2019 17 The Venture Capital portfolio consists of 17 companies. In addition to these, the Real Agency Group (the Spoon Group) is also part of Bonnier Ventures.

Invested capital: 500 SEK M STOCKHOLM HAS LONG been a hub for start- of 17 companies. The companies’ total value that market, which corresponds to today’s ups and tech companies. Per capita, only exceeds SEK 7 billion, of which Bonnier Ven- audiobook circulation in Sweden, that Realized capital: Silicon Valley has more so-called unicorns tures’ shares are worth over 700 million SEK. means 24 million paying users. – startups worth over a billion U.S. dol- Bonnier Ventures’ investments are of a Finnish startup SULAPAC develops a 204 SEK M lars. Stockholm is a leading ecosystem for purely financial nature, and at the same time patented material that can replace plastic identifying and developing startups and tech an important strategy in Bonnier’s desire to in packaging of everything from cosmetics Portfolio value: companies. expand future ownership by entering new and food to gift boxes. The material has all Given Bonnier’s historical roots and role in industries and markets. Although the invest- the advantages of plastic but is completely Stockholm’s communities, being part of this ments are made without connection to other degradable after use. 742 SEK M scene comes naturally to the company. The Bonnier companies, they have the potential The sale of Bonnier Broadcasting enables venture capital business has been operat- to contribute to the ecosystem that all Bon- Ventures to increase its investments to over Gross IRR: ed through Bonnier nier companies share. Two new investments SEK 200 million per year in digital growth Ventures since 2014. in 2019 illustrate this: companies, compared with SEK 100 million From the start, the KITAB SAWTI is the world’s largest Arabic in previous years. The ambition is also to 22% investments have had a audiobook company with over 2,000 audio- broaden perspectives outside of the Nordic return of more than 20 books and more than one million registered region, to make larger investments and Chairman of the Board: percent per year. Today, users in a market of 400 million potential continue working with successful companies Jens Müffelmann Ulrika Saxon, CEO the portfolio consists users. If Kitab Sawti reaches 6 percent of over time. CEO: Ulrika Saxon

18 BONNIER ANNUAL REVIEW 2019 Current investments

ABIOS GAMING offers HEJA is a sports team PAMONO is a fast-grow- RESOLUTION GAMES is statistics and content and communications ing online marketplace a virtual gaming studio in e-sports to a variety app for coaches, based in Berlin that con- focused on accessible of industries and managers, parents and nects individual antique and fun games in VR companies. players, with a majority shops and designers and AR formats, with of its users in the U.S. with interior design production for the major customers on the global global platforms. market. ACAST is a global technology and advertising KITAB SAWTI acquires platform for podcasts, rights and produces and STORYKIT is an SaaS with approximately 150 distributes audiobooks PILLOXA has developed (software as a service) million listening occa- in Arabic. Today it is the a digital platform that facility for content pro- sions each month. world’s largest Arabic effectively assists phar- duction that effectively audiobook platform. maceutical companies helps clients tell their with clinical trials of story in their own and new drugs in different social channels. ALL EARS is a B2B pro- patient groups. vider in media coverage LAVENDLA is a funeral of audio channels such agency disruptor that as podcasts, radio, offers a wide range of YouTube, TV and social online funeral services SULAPAC provides a media videos. under brand names REAL AGENCY GROUP is biodegradable alter- Lavendla and Wilja. a network of com- native to plastic, made munication agencies entirely from renewable consisting of Spoon, The sources and certified BLOK is an estate Domain Was Taken, Oh wood, to be used as agency disruptor based NATURAL CYCLES is a My, Trickle, KIT, Spoon packaging material on in Helsinki. The company digital fertility app that Inhouse, StoryCo and the global market. applies technology starts with the woman’s InFunnel. that helps the user to body temperature. The manage all stages of a app has spread globally home sale. and is regulated in WOSHAPP is an envi- Europe (CE) and the U.S. REFUNDER is Sweden’s ronmentally friendly (FDA). leading cash-back site. car wash platform that The shopping site gives challenges the Europe- DOKTOR.SE was online customers mon- an car wash market. founded in 2016 and ey back every time they is already Sweden’s make a purchase. second-largest and fastest-growing digital healthcare provider. Photo: Shutterstock Photo: Since the start, Bonnier Ventures has made exits from Toca Boca, United Screens, Perfect Day and FLX.

BONNIER ANNUAL REVIEW 2019 19 OUR COMPANIES SF STUDIOS

In 2019, SF Studios celebrated its 100th anniversary. For one of the world’s oldest film companies, its historical success provides inspiration for the road ahead. SF Studios Makes Award-Winning Films and TV Series

Teaser poster for Horizon Line, SF Studios’ first English-language feature film.

20 BONNIER ANNUAL REVIEW 2019 OUR COMPANIES

SF STUDIOS WAS founded in 1919 as AB Best Foreign Language Film. Since then, SF By producing English-language films for successful films and TV series in the last Svensk Filmindustri. The company quickly Studios has produced a number of inter- an international audience, SF Studios will decade. gained international attention through suc- nationally acclaimed films such as Persona become a prominent European film studio 5. At the end of 2018, Norwegian produc- cesses such as Thy Soul Shall Bear Witness! (1966), The Emigrants (1971), My Life as a with its roots in the Nordic region. tion company Paradox was acquired, giving (1921) and Gösta Berling’s Saga (1924), Dog (1985), A Man Called Ove (2015) and SF Studios its own production facility in the latter starring Greta Garbo. SF Studios Borg vs McEnroe (2017). Seven of the 10 SEVERAL IMPORTANT STEPS were taken in Norway. contributed to what was called the “golden most-viewed Swedish films of all time have 2019: age of Swedish cinema.” From the 1930s, been produced by SF Studios. These have 1. Production began on the thriller Horizon AT THE SAME time, SF Studios continues SF Studios continued to grow, targeting the contributed to at good international reputa- Line, SF Studios’ first English-language fea- to be a creative engine for talent in film Swedish market. The 1940s saw new inter- tion for Swedish films. ture film. The intention is for a major launch and television drama, not least by offering national successes when Torment (1944) Today, the business includes production in U.S. cinemas. An American remake of attractive and exciting film and television won the Grand Prix at the Cannes Film Fes- and distribution of films and TV series, for A Man Called Ove starring Tom Hanks projects, a stimulating work environment, tival, and Symphony of a City (1947) won an both the Nordic and global markets. is scheduled to start filming this coming freedom and market-leading knowledge in Oscar for best short. winter. movie marketing and launches. SF Studios IN RECENT YEARS, the film industry has 2. SF Studios will produce a stand-alone looks to the future with the same spirit that INGMAR BERGMAN PLAYED an extremely undergone major changes. Streaming of film sequel to Easy Money as a Netflix series. marked the company’s first 100 years. important part. Most of his films were pro- and television has grown dramatically. To The company will also produce Red Dot, duced by SF Studios, such as The Seventh face this development, SF Studios also offers Netflix’s first Swedish original movie. Seal (1957), one of the the digital services SF Anytime and SF Kids. 3. Extended collaborations with both War- most iconic films in The ambition of SF Studios is to be the ner Bros. Pictures and Sony will make SF SF STUDIOS history, as well as The leading distributor and producer of film and Studios their distribution partner on the Sales: 1,899 SEK M (1,256 SEK M) Virgin Spring (1960) television drama in the countries where the Nordic market. EBITA: 36 SEK M (17 SEK M) Number of employees: 160 and Through a Glass company operates. The company will also 4. SF Studios became the main owner of Chairman of the Board: Maria Curman Michael Porseryd, Darkly (1961), both return to the international market where it Felix Herngren’s production company FLX, CEO: Michael Porseryd CEO winning Oscars for had great success during its first decades. which is behind several of Sweden’s most

BONNIER ANNUAL REVIEW 2019 21 OUR COMPANIES ADLIBRISGRUPPEN

Adlibris focuses on simpler e-commerce and faster home deliveries. Full Focus on Customer Experience and Logistics

ADLIBRIS WAS ONE of the first e-commerce customers’ overall experience, from the companies in the Nordic region. Initially, moment they consider a purchase until the the company only sold books, and it quickly product is in their hand. An important part gained a strong position on the Swedish, of this is to offer attractive delivery options. Finnish and Norwegian book markets. More deliveries will go straight to the customer instead of to an agent. Today, IN 2004, ADLIBRIS was acquired by Bonnier. Adlibris’ customers in central Stockholm Eventually, the company branched out to and Gothenburg can have packages deliv- offer other types of products besides books. ered within the hour. Adlibris also offers delivery with the morning paper via the IN 2018, ADLIBRIS began extensive work Early Bird service, a collaboration among on expanding and developing its logistics a number of newspaper groups including facility. A task that continued and intensified Bonnier News. In 2020, Adlibris is planning during 2019, with the aim to trim, improve the next step to enable faster home deliver- and streamline the logistics flow. The invest- ies to more people. ments in this area have helped improve Adlibris’ services and increase the quality and efficiency of deliveries. ADLIBRISGRUPPEN IN 2020, ADLIBRIS to Sales: 2,282 SEK M (2,341 SEK M) focus on customer EBITA: -217 SEK M (-116 SEK M) experience and Number of employees: 500 Chairman of the Board: Johan Karlsson logistics. The ambition CEO: Jonas Karlén Jonas Karlén, CEO is to further improve

22 BONNIER ANNUAL REVIEW 2019 OUR COMPANIES BONNIER CORPORATION

Over time, the magazine market has also become an event and consulting business. U.S. based Bonnier Corporation offers these services. A More Equal Working Life

BONNIER CORPORATION’S MAIN business is development, Culture@Work was launched to States, the magazine has played an important BONNIER CORPORATION the publishing of around 30 magazines in the focus on strategic advice and analysis. role in discussions about gender equality Sales: 1,197 SEK M (989 SEK M) United States. The focus is special interests, and diversity. At the same time, the event EBITA: 9 SEK M (-6 SEK M) such as fishing, outdoor life and motorcycling. MORE THAN 500 organizations worldwide have business strongly contributes to profit and Number of employees: 325 already found help within the framework of the sales. Another interesting source of revenue Chairman of the Board: Jens Müffelmann ONE OF THE titles is Working Mother, which initiative. The concept is building and imple- is license agreements; new ones were drawn CEO: Eric Zinczenko when it was launched in 1978 was a regular menting strategies to change an organization’s up by the company in 2019. One example is magazine aimed at working mothers. Over the corporate culture, as well as increasing diversi- kitchen utensils, which in 2020 will be sold years, Working Mother reached new audiences ty and inclusion in the workplace. The business under the brand name Saveur Cookware. by offering conferences, approach is that a better corporate culture POPULAR TITLES FROM events and through digital always starts with a deep understanding of the THE DEVELOPMENT OF Bonnier Corporation, BONNIER CORPORATION channels. Gradually, the employees’ perspectives and experiences. from publishing magazines to offering events Boating Popular Photography Cycle World Sailing World purpose of the busi- and eventually consulting services, reflects Field & Stream Saveur ness became to achieve WORKING MOTHER still targets working par- how the media market has changed over Flying Wakeboarding cultural changes in the ents, but today it also reaches out to minori- time, and how Bonnier Corporation has Motorcyclist Working Mother Eric Zinczenko, CEO workplace. As part of this ty groups in the workplace. In the United adapted to this transformation. Popular Science Yachting

BONNIER ANNUAL REVIEW 2019 23 OUR COMPANIES BONNIER PUBLICATIONS

160 MILJONER ÅR SEDAN 40 MILJONER ÅR SEDAN I DAG ÄGG UNGAR ÄGG IGEN At times of change, we are guided by stories. Bonnier Publications’ ILLUSTRERAD VETENSKAP NR 15/2019 EVOLUTIONEN GÅR BAKLÄNGES I FORM 16/2019

cross-border publishing makes stories available to more people. BAGLÆNS EVOLUTION • JORDEN ER HELDIG • ESTONIA • KUNSTIGE HJERTER • HVAD ER INTELLIGENS? • HJEMMELABORATORIET • TRUSLEN FRA ETNA FÖR ATT DU ÄR FÖDD NYFIKEN

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Så liten var sannolikheten för att jorden skulle uppstå. Statistiskt sett DIN HJERNE borde vår planet ha slukats av Jupiter, sönderbombats av kosmisk strålning eller berövats Sådan kan ER ET allt syre. Men nio otroliga lyckträffar säkerställde vår lilla oas och tillsammans gör de jorden till ... VANEDYR du træne trods Men den kan godt E S T O N I A S F Ö R L I S N I N G lære nye tricks! Stories Across 25Å R VÄRLDENS DÅRLIGE

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PLANET GULDKORN Nr. Pris: Pris: Pris: Pris: 15/2019 93,50 kr. 93,50 93,50 kr. 93,50 RETURVECKA 42 til dig fra en personlig træner

Borders xxxxxx Tieteen Kuvalehti HELIKOPTERIN ENSIMMÄINEN LENTO

Historia 15/2019 Få stabilt blodsukker – og en krop 15/2019 10,25 € maailmanhistorian ilmiöitä lähikuvassa MINDRE 1948 i balance OLET PIILO- KAMERASSA! THE CONCEPT BEHIND 2. SCIENCE ILLUSTRATED KØD Bonnier Publications is attracts the curious HYMYILE! Tips til 4500 eaa. udendørs motion i to let unique and powerful stories guide us in reader. Writing about science often requires – men hvordan? en mørk Megaliittien tid times of upheaval. Stories combine knowledge great subject knowledge and an ability to bring salaisuudet Kysy historiasta

● Keitä olivat piktit? ● Miksi rengaspaidan + käytöstä luovuttiin? and entertainment. The traditional magazine to life complicated phenomena that can be dif- ● Ketkä maalasivat Opskrifter med ensimmäisinä kynsiään? AROJEN plantefars, så du har 1100-luvulta alkaen NR. 16 · 2019 · KR. 77,50 noget at plante her Vapaamuurarit is based on this logic. ficult to make interesting. The magazine’s con- Kurkistus lukittujen ovien taakse VALTIAS historianet.fi Timur Lenk Mongolihallitsija Timur Lenk lähti vuonna 1398 PAL. VKO 2019-42 sotaretkelle Intiaan puolustaakseen islaminuskoa – tai niin hän väitti. Bonnier Publications focuses on special- tributors create stories that are worth reading on Todellisuudessa hän halusi päihittää legendaarisen Tšingis-kaanin. 10.10.19-30.10.19 UBD 10203 Returuge 44 822080 – 1915 interest media, such as science and history, topics such as black holes and cancer research. DKIFO1916_37754Z_DKIFO_Forside 1916.indd 1 20/02/2020 12.33 health and fitness, interior design and DIY, beauty and fashion. The core products are 3. EVERYONE KNOWS HOW the Second World POPULAR TITLES, SERVICES AND APPS FROM magazines, both printed and digital, but Bon- War ended. The war is one of history’s most BONNIER PUBLICATIONS nier Publications also offers new platforms depicted episodes. Yet stories of World War Aktiv Träning Illustrerad Vetenskap and formats such as book series, travels, II are by far the most well read in the history Bil Magasinet Militär Historia websites, apps and other digital services. This magazines published by Bonnier Publications. Bo Bättre National Geographic gives the stories a bigger spread. One reason is that the writers have the Bolig magasinet PC för alla opportunity to use the entire toolbox, of Costume Populär Historia FOLLOWING ARE THREE EXAMPLES: accelerated pace, character descriptions, Digital Foto Släkthistoria Gör det själv Vi i Villa abrupt changes and crescendos. HISTORIA Wype 1. I FORM IS BASED on stories about how it I FORM is possible for everyone to become healthi- BONNIER PUBLICATIONS PUBLISHES more than er. The stories are not only spread through 30 titles internationally. The originals are BONNIER PUBLICATIONS printed and digital magazines. I FORM also written in Danish and translated into Swedish, organizes training trips and courses. This Norwegian, Dutch and Finnish, while also Sales: 1,208 SEK M (1,328 SEK M) EBITA: 142 SEK M (119 SEK M) gives the stories brand-new channels. being adapted to local circumstances and an- Number of employees: 115 gles. By utilizing the globalization of the media Chairman of the Board: Erik Haegerstrand landscape in this way, Bonnier Publications CEO: Jesper Buchvald make the stories accessible to more people. Jesper Buchvald, CEO

24 BONNIER ANNUAL REVIEW 2019 OUR COMPANIES OTHERS

Bonnier Group also has investments in Boninvest, holdings in Bisnode and forest properties in Bonnier Skog. Growth and Stability

BONINVEST OWNS LISTED Swedish stocks has long delivered integrated and quality- and has investments in private equity, assured data to help companies streamline venture capital and hedge funds. Parts of business processes and make informed the holdings are managed by the company, decisions. In 2019, Bisnode had a turnover while external managers are responsible of SEK 3.8 billion, and EBITA amounted for investments in more niched assets. The to SEK 480 million. The company operates value of the assets at the end of the year was in 19 European countries and has around SEK 1.5 billion. The value increased by 22.9 2,000 employees. (-0.5) percent in 2019. BONNIER SKOG owns and manages forest BONNIER GROUP OWNS 30 percent of Bisnode. properties in Dalsland, Sweden, covering The rest is owned by Ratos AB. In 2019, about 4,000 hectares. The book value of the Bonnier Group received SEK 75 million assets is SEK 197 million.

Photo: Gustav Gullstrand Gustav Photo: in dividends from the company. Bisnode

BONNIER ANNUAL REVIEW 2019 25 Storytelling

PODCASTS HAVE GROWN significantly OWNED BY BONNIER BOOKS, Book- in popularity since the format caught Beat spreads stories by making on a few years ago. Today, 1.8 million books available to more people. DAGENS NYHETER continuously Swedes listen to at least one podcast With the BookBeat app, users can presents unique stories and reports every week. One reason for the pop- choose from thousands of novels, of our time, from both Sweden and ularity may be that, in contrast to the biographies, short stories and the rest of the world. In 2019, a new short fragments that dominate social nonfiction books to listen to, or feature in the app was launched media, there is a need for longer and read, on their mobile devices. that lets subscribers choose more in-depth stories. between reading and listening to FREQUENT REPORTS TELL us that selected stories in DN Story. The The Future of ACAST, ONE OF Bonnier Ventures’ reading is in decline. Howev- best stories are gathered in the app investments, is the world’s largest er, the opposite is true for the under the section Upptäck. platform for podcasts, with over audiobook market. The will to Storytelling: 9,500 different programs and lis- spend both time and money on EVERY WEEK, Dagens Nyheter’s edi- teners in more than 200 countries. audiobooks is strong. By the end tors select articles that get recorded Since the company was founded of 2019, BookBeat had more than by professional audiobook readers. in 2014, it has brought together a quarter-million paying users in The readings are released on the Audio storytellers, listeners and advertisers a rapidly growing market, both in DN app and become available to and has played an important role in Sweden and internationally. the newspaper’s subscribers. Jour- professionalizing the audio industry. nalism that takes time, but is also BOOKBEAT WAS FOUNDED in worth the time. During 2019 Acast expanded into 2015, and the following year the Stories have always been told. But several new markets. The core was service was launched in Sweden. widened through hundreds of pods. Today’s focus is to grow not as technology and society evolve, The content venture Acast Studios only on the domestic market but was launched. The first acquisition also in Finland and Germany. the way we tell them is changing. for Acast was the pod company BookBeat is available in another Pippa, which opened up the possibil- 25 countries around Europe, and An ongoing trend that has already ity for the users to smoothly launch growth is expected to remain their own pods and share their strong in the coming years. As left a clear mark on Bonnier’s busi- stories. the way in which we take in ness is audio storytelling. Three books is changing, BookBeat IN 2020 AND moving forward, Acast aims to be industry best at ana- examples are Acast, BookBeat and will help more storytellers make lyzing the types of stories future podcasts that can grow from hobby listeners want to spend their

DN Story. projects to global successes. time and money on. Shutterstock Photo:

26 BONNIER ANNUAL REVIEW 2019 BONNIER ANNUAL REVIEW 20182019 27 Sustainability

4 SÖNDAG 18 AUGUSTI 2019 SÖNDAGSKRÖNIKA Politisk redaktör: Per Svensson, e-post: [email protected] Chef för ledarredaktionen: Amanda Sokolnicki An Open Society is Ledarskribenter: Erik Helmerson, Gunnar Jonsson, Martin Liby Troein, Lisa Magnusson, Sofia Nerbrand (vik), Mattias Svensson (vik)

att visa på vad som faktiskt krävs av släpp från källor streck i statistiken, som synes nedan. holm Resilience Centre och Future Earth societies that Med start i dag lyfter Dagens sedannäringslivet. valsegern 2015. Det företrädare harstärker valt är på intet regeringens makt över tanken. har noterats i den utländska nyhets- som är ’styrda av Soros’, unga läkare, 4. OUR EMPLOYEES. industri in nyckeltal för klimatet börjar Dagens som kontrolleras - samt huvudförfattare till ”Exponential the communities in which we operate. Sweden’s leading force for extensive freedom Attracting, developing av företaget Metoden som vi - Bolagen har på börssidorna. Roadmap”. Av den anledningen ■ 2: Indirekta sätt perfekt och invändningar kan göras Varför? För att det är den nyaför regimen sagt, och som en del- kanske Vinner LagVid och utveckling rättvisa och granskning det har stun- rapporteringen, men inte framkallat människor med funktionsvariationer, industri nu publicera klimatindikatorer utsläpp från för mot materialet. Men frågan om närings - verklighet som alla bolag har att också Magnus Jiborn, fil dr på Ekonomi trott varitpå börssidorna. orealistisk Med det vill vi peka galenskap, på brukning av el, harlivets ansvar i klimatfrågandande är alltförvalet högskolan i höst vid är Lunds frågan universitet, ochvad nästa några utbredda protester. lärare och deras elever och företrädare förhålla sig till. vikten av jämförbar information och – fjärrvärme och viktig för att vi ska skjuta en publicering - Nick Gasell, expert vid Engaged Track nya mål att kanske framför allt – skicka en signal fjärrkyla. på framtiden. ing, deltagit. JENNY STIERNSTEDT of expression and for free media. Freedom of and retaining the right competences is cru- Efter att mänskligheten i decennieromsatts har i destruktiv handling. ■ 3: Indirekta Ambitionen ärsteg att över blir.tid utveckla Kan högernationalisterna Våra känselspröt tycks inte fungera för ’genusideologin’”, skrev tidningen. till investerare, kapitalförvaltare, bolag levt över sina tillgångar börjar verklig och kunder om att hållbarhet nu ska in utsläpp som metoden och inkludera både fler mått för heten å det brådaste att komma ikappGessen – i huvudfåran riktade som en av sinade viktigaste varningar uppstår upp- till prestation och tänkas fler bolag. Siffrorna försöka ta över privata medier? som de ska när attacker mot mänskliga Men orkar vi engagera oss?

ett faktum som gör avtryck på affärerna. faktorerna i svensk ekonomi. och neströms kommer initialt att uppdateras en gång leva upp till Bonnier can make UTSLÄPPSINTENSITET Hållbarhet är, och kommer framför i värdekedjan. SCOPE 1+2/OMSÄTTNING medborgarnaI ett första steg i redovisaren auktoritär vi utsläpp stat. Sådana tankar har redanOMSÄTTNING luftats. Och fri- och rättigheter sker i demokratiska Runt om i världen sveper just nu 2,3 allt att bli, allt mer affärskritiskt. - UTSLÄPP MILJONER KRONORÖ NYCKELTAL F 0,7 R WE WANT TO och utsläppsintensitet för 124 bolag contribute to a sustainable soci- speech and nonjudgmental dialogue should cial to success. Creating environments where SCOPE 1+2 124129 torföretagens växande makt Klimatkoll är i dag en självklarhet för 0,3 SCOPE 3 Men dei femborde branscher. egentligen De aktörer som öppet läsas av med tanke på att285000 regimen5871 angripit länder i vår närhet. 2 1,9 antiliberala vågor över rader av länder. alla aktörer inom näringslivet med bara - 4205 ställer dem inför nya utmaningar och transparent står upp för sin klimat 1 210000 0,4 en gnutta självbevarelsedrift. 120000 13352 56978 41085 - FÖRETAG 165000 1843 16161 där vinstmaximering inte längre omvärlden, för det är där risken för författningsdomstolen18215000 79507 och försökt3,4 I själva verket borde vi bli chockade I Hongkong riskerar demokrati- I dag är bolagens information om hur 2362 45160 - 5722 2752 UTSLÄPPSINTENSITET - 11818 51009 - 4760 är den enda ledstjärnan. De de presterar på klimatområdet dock ofta SCOPE 1+2/OMSÄTTNING Electrolux 13161 - OMSÄTTNING 28498 1481 - 16222 7779 Fenix Outdoor - avtrubbning verkarUTSLÄPP MILJONER vara KRONOR som störst. kriminalisera4241 - forskning- 193 som vågat Sväxandeav klyftorna den råhet skapar alltmer som global präglar de polska aktivister livet när den kinesiska 189971 ety. The world faces major challenges linked also characterize our internal corporate people can develop and successfully manage 4,1 H&M 0,3 SCOPE 1+2 - 16024 - - 1735 3 - Husqvarna - SCOPE 198 - - - oro, samtidigt som halverade utsläpp BÖRSBOLAGENS UTSLÄPP 2 240441 6291 1,3 JM - 0,9 problematisera- - mörka1578 729sidor i Polens högernationalisternas framfart, som övermakten kräver lydnad. I Moskva 1 988000 10148 - Kabe - the biggest imprint in - - - fram till 2030 är en av våra absolut - 13209 138000 40666 - Kapp-Ahl 5040 - FÖRETAG - - - 347 627000 - 53398 4320 Mekonomen 12000 - största frågor. - 3,1 1578 - - Ju361000 grövre en regim- beter4667 sig, desto historia, finns19800 det nog 1906ingen gräns- påfallande ofta understöds av före- blir demonstranter slagna på gatan 90050 1,0 Mips - - - - 300 - - 3226 KAPITALVAROR 33250 84048 - MQ - Vi har i över 40 år rapporterat om hur 20148 - - 11700 - - - 2238 ABB 260005 95363 - New Wave Group 0,4 to health, equality and climate change, among the pressures of the changing media industry - - - - - culture. 947 1748 Addtech större är faran72037 att93000 vi vänjer1058 oss - ochNilörngruppen för vilka oberoende institutioner- man företagträdare på och utanför för börsen den presterat katolska kyrkan. när de försöker göra sin röst hörda. - - - - 193187 - 4803 1552 653 Alfa Laval 170000 - Nobia - - 66818 - - - - 271 1097 genom nyckeltal som vinstmarginal, 72000 4409 - Odd Molly International 0,6 Alimak - - - 21000 - - - 13015 10,5 3241 AQ Group blundar för övergreppen. - Oscar Properties kan tänka- sig att överta. - Hbtq-fria zoner? Det är inte ett skämt I USA ger sig presidenten – i ännu ett - - - - 16,3 - - 6484 omsättning och direktavkastning. Assa Abloy 3945 - Qliro - - 254,7 - 886 - - 3786 Retail and Brands 3721 Atlas Copco ------2021 22624 - Nu är det dags att ta nästa steg. Balco - Sportamore - När- den- polska- regeringen- i slutet av Om inte309 det ska- bli verklighet - utan resolutioner som drivits igenom exempellöst utspel – på oppositionen 2410 SSM BE Group - - - Framtidens investerare ställer nya others. The UN’s 17 sustainable development is central to our businesses. - - - - 315 3412 Strax Beijer Alma - - 25006 - FRAMTIDEN- - - - 2526 Swedol - 7604 sustainability. Beijer Ref - - krav på bolagens redovisning av andra 2015 inledde- förvandlingen- - 12194 av public måste alla som bryr sig om Polen11,6 börja i mer än 20 lokala styren i Polen. Bergman & Beving Di först med utsläppssiffror- Thule på - börssidorna- 3031 genom att begära att Israel bannlyser - - 18,5 - - 1366 Venue Retail Group - - - Bufab - - 23692 - nyckeltal. Det innebär att styrelser, vd:ar - - - 5621 - - Cavotec - - 276000 52454 - - - - - 22,1 Concentric service till en propaganda1658 maskin - för engagera sig.- Den polska regeringens105 och bolag Beskrivningarfår nya mål att leva upp till.av regnbågsflaggan två demokratiska kongressledamöter MATERIAL OCH DETALJHANDEL 412000 971000 ------CTT Systems 1138 - - - 12884 - - Ahlstrom-Munksjö 128000 - - - 904 - - WE SHARE THE Duroc - 148000 284600 13770 - - - - - Arctic Paper other four areas with most 5119 - - - - goals show the way forward regarding the Eltel 16055 regimen, var många i Sverige chockade. respekt för inhemsk4200000 maktbalans har som en smitta som vill behärska våra från inresa till landet. - - - - 1598 Bergs Timber - 56,0 Eolus Vind - 117100 - - 1532 Därför börjar Dagens industri, som - - - - Billerud Korsnäs - 16848 167500 - - - Fagerhult - - Boliden 14999 - - - - 4414 - - 0 första aff ärstidning i världen, regel Ferronordic Machines - 839929 Hur kunde- -ett demokratiskt- - land i vårEndomines visat sig minimal, men regimen är inte- själar, jämförbar med kommunismens 6667 - - - 1618 FM Mattsson Mora - Granges 500999 - FOTO: MOSTPHOTOS - - - bundet publicera klimatindikatorer Garo 11956 - 473276 - - 2260 - - - - Hexpol 146,0 9326 366653 - - - 2579 Haldex - - Holmen närhet genomföra- - en- sådan499 antidemo- opåverkad- av- vad omvärlden säger.33,0 på börssidornaröda? ochDet på di.se,är inte och därmed något obskyrt Så vem ska bry sig om Polen? Hexatronic - - - 74941 5. GOVERNANCE. - - - - Lucara Diamond 14,1 1165 - - - forward-looking companies: As a family-owned media Indutrade - 10944000 107552 lyfta fram klimatfaktorer som avgörande three dimensions of sustainable development: Lundin Mining - - - - 6024 - - Instalco Intressenter - 4,0 NGEx Resources Inc 3300000 3550000 18755 kratisk manöver?- - Borde- inte7122 det vara En internationell- solidaritetsrörelse Vi som befinner oss på andra Inwido - 1189000 264000 nyckeltal.konstaterande I ett första steg presenterar på en vi hatsajt utan - - - - Profilgruppen 7890000 Lifco 57346 9755000 - - - 1,1 Rottneros 1060000 616000 - 227000 3554 0,4 Lindab International - - Semafo 2490000 61600 klimatindikatorer för 124 börsbolag. - - - 22516 27592 Malmbergs Elektriska omöjligt? 2,1 skulle kunna202400 bli en maktfaktor, precis5,0 ord från Krakóws ärkebiskop Marek sidan Östersjön måste bry oss. - - SSAB - 48085 10000 25667 8102 - 24,9 Dagens industris klimatindex utgör Midway Holding Stora Enso - 217000 - 5533 - 2680 21422 6218 Momentum 1,1 - 0,6 - 2165 - SCA 773 31285 118500 Munters 5644 3112 - - ett viktigt fundament för vår ekonomi Det fanns liksom inte på kartan att som under- kommunismens4016 - sista dagar Faller det demo kratiska Polen economic, social and environmental. company, we are keen for our businesses to 23502 - - - 115354 Jędraszewski under en minnesmässa. NCC 52233 - 2947000 - - 2261 - DAGLIGVAROR 17406 19206 - 74659 2852 Nederman Holding 58645 1224 2,3 journalistik och granskning av börs - 4,7 12079 - 8797 3383 47228 - 33156 AAK 1430000 75333 Nibe Industrier - 0,2 - - den polska regeringen1275 - skulle- 100072 framkalla Axfood på 1980-talet.1517000 35808 12966 bolagens klimatarbete,Redaktionen som vi hoppas för den viktigaste obe- faller 1989 års stora idé om ett enat Nolato - - 57370 - - 38851 - 30261 467000 6516 Cloetta Nordic Waterproofing - 1,8 - - <0,1 - 1509 88 175344 ska fungera både som inspi ration OEM International 7,5 Essity - - - 21088 - utrensningar276000 bland - journalister171730 med Ica-Gruppen Men det kräver att vi bibehåller1049 vår roende dagstidningen Gazeta Wyborc- Europa. Och precis som tidigare Peab - 9173 - 191000 233 - och som en spark 2. ENVIRONMENT AND EFFICIENT Projektengagemang Sweden 311997 85713 - Midsona 14,3 2216 - 0,1 use of - 1276 642243 5112 Scandi Standard - 2321 have a long-term vision with established eth 474000 67,7 Saab - - 0,1 i baken. Och 36824 - - 622 Swedish Match - - Sandvik målet att gynna sig själv och svartmåla11,8 förmåga att bli upprörda.14,3 43770 - za hade helt rätt när man i en appell för i historien kan vi vara säkra på att - - - Serneke 275173 580209 6864 - - - 5279 92362 naturligtvis 62034 - - - - 0,2 Sintercast 34005 - BANK - 4094 8330 3437 - - - - 0,2 401900 1651 5238 - 45868 Skanska varje form - av opposition. Ändå skedde1,1 Avanza Bank I år har de polska 31964högernationalister -- hoppas och det som börjar i Polen inte kommer - - - två veckor sedan manade till solidaritet 3492 41 6539 - 9401 41844 SKF - - Catella 259500 - - 390834 1791 - 628 Sweco Collector 13842 7031 tror vi att flera 142400 - - 583 - Svedberg i Dalstorp 421000 7458 19952 - GIVEN OUR CORE - - Svenska Handelsbanken just det – dessutom i- rekordfart.- na bedrivit en regelrätt kampanj mot med de utsatta och slagna. Trakasserier att sluta i Polen. business, we also feel a resources. Although Bonnier’s environmen- ical guidelines and working alarm systems in Systemair 1943 6014 - affärs tidningar - Nordea Bank 198000 - <0,1 1017 - Trelleborg Resurs Holding 223000 - - - världen över Troax 1312 SEB Sedan Lag- och rättvisa påbörjade 0,1 hbtq-personer. De verbala attackerna [email protected] VBG 51 och våld sker inte i ett vakuum: 28382 - Swedbank snart kommer Volvo 99 - 710 <0,1 TF Bank Xano Industri 7,5 - 93 14008 - att följa efter. 43,5 - - 1562 2784 - - 59 - KONSUMTIONSVAROR 109 5100 - 34 - - - special responsibility to make our society tal impact is relatively limited and varies case these guidelines are violated. Besqab 8772 ■■ · ■■ · 0,2 ■■ · – LEDARE 2 - 24 - - DEBATT 4 ANALYS 26 27 som kallas för utsläppsintensitet. Bilia 4927 - 85 - - - Björn Borg 10300 n Resultatet blir det - - - Bonava 1631 1869 Generellt är en lägre siffra att föredravärdekedjan framför de en befinner högre. - - - Boozt 360 nDi Så gjorde vi Här finns dock stora variationer mellan bolagen beroende - 1611 - har inhämtats från års- och - - Byggmax på bland annat bransch och var i PM Nilsson: 20 - Miljöministern: Agnetha -Jönsson: OMX Nasdaq-noterade bolag som Clas Ohlson - n Data över scope 1, 2 och 3 sig. Duni hållbarhetsredovisningar. Bara de bolag som kommunicerar n I granskningen ingår more open, interesting, entertaining and between the different businesses, we shall Dustin scope har inkluderats. tillhör GICS-industrigrupperna Kapitalvaror, Konsumtions att de följer GHG-protokollet – den mest etablerade stan fått hjälp av ”RevolutionenElectra Gruppen för ”Ekonomin måstedarden för att beräkna och rapportera”Bolag utsläpp av växthus somvaror ochagerar kläder, Material samt Dagligvaror. Inkluderas gaser – och rapporterar sina utsläpp i gör också börsnoterade av materialet banker. har vi de kategorier där de har de mest signifikanta utsläppen. för 2018. I de fall den redovisats n Vid insamlingen Det gör att det irapporteringen dag finns ett stortav scope mått 3. av godtycklighet Inga egna tolkningar har gjorts. Di till den stora osäkerheten n Omsättningen gäller universitetsstudenter. n Så läser du tabellerna och osäkerhet i scope solenergi kan skapa Med hänsynriggas tagen så vi klarari annan valuta än svenskahållbart kronor har den räknats om enligt har större en förkortning för Greenhouse Gas n scope 1 och 2, har n GHG-protokollet, : i rapporteringen av scope 3 har vi valt att ta framantal ett mått ton snittkursen för 2018. Snittkursen som ligger har räknatsi ut med hjälp PETER WE REGARD OPEN av Riksbankens publicerade crosskurser. på utsläppsintensitet, som baseras på utsläppen i well-informed. This is where Bonnier can work to minimize our direct impact where it societies and freedom of Protocol, är den mest etablerade standarden för att beräkna n Bolagens egna utsläpp, i scope (områden) 1, 2 och 3 rapporteras och redovisas i FELLMAN, en ochhelt rapportera utsläpp ny av växthusgaser. frihet.” 1 och 2. omställningen.” chans att överleva.” n Utsläppen redovisas n Bolagens utsläpp sedan delats med omsättningen. Verksamhetens direkta utsläpp från källor som har tagit fram av World Resources CHEFREDAKTÖR Scope 1: koldioxidekvivalenter (CO2e). kontrolleras av företaget. n GHG-protokollet Indirekta utsläpp från förbrukning av el, fjärrvärme Scope 2: Institute och World Business Council on Sustainable ÅRGÅNG 44 · ochNUMMER fjärrkyla. 234 · PRIS 39 KRONOR, FREDAG 45 KRONORDevelopment. (INKL DI WEEKEND) · VECKA 42 · 2019 LOGGA IN PÅ DI.SE 3: Alla indirekta utsläpp som inte inkluderas i scope 2 Scope värdekedjan både uppströms och nedströms. be of most value to sustainability. is relevant in our value chain. speech as crucial sustainability issues. This som uppstår i rapporteras i 15 kategorier. Enligt n Utsläppen i scope 3 GHG-protokollet kan företag välja att rapportera endast is where Bonnier has great opportunities Peter Wolodarski: Behåll WE HAVE IDENTIFIED five areas that are cen- to make a difference. This is also where we förmågan att bli ursinnig tral to Bonnier’s work on sustainability and make the biggest imprint. long-term social benefits. och chockad.

Polen är ett skrämmande exempel på 28 BONNIER ANNUAL REVIEW 2019 hur snabbt demokratiska rättigheter vi har

tagit för givna kan tas ifrån oss. Peter Wolodarski, chefredaktör

•A4

4 SÖNDAG 18 AUGUSTI 2019

i respektive bransch intensitet per år, men de finns hela tiden tillgäng Avser de bolag som rapporterar utsläpp nationalistiska Lag och rättvisa kom Syftet ärliga tydligt: på börssidorna att på di.se. kväsa oppositio- har nyligen ackompanjerats av våld ”I Polen har man piskat upp hat mot i års- och hållbarhetsredovisningar. Vi tar naturligtvis tacksamt emot påverkan är, i det här sammanhanget, visar till makten har de antiliberala tum- nella röster synpunkter ekonomiskt som kan vara värdefulla och för politiskt, från högerextrema grupper mot en flyktingar, demonstranter,kvinnor VÄRLDSPREMIÄR FÖRförebilder. DI:S KLIMATINDEXvårt fortsatta arbete framåt. SID 2, 4, 26, 27, 28 skruvarna dragits åt. Den Di styrandesFakta En lista klar majoritet av attbolagen efter redo ungersk modellkonceptet ligger pressa Di, fram en prideparad, följt av iögonfallande som försvarat sina reproduktiva rättig- dock inte för utsläpp i scope 1, 2 och 3 Bakom idén och - eftersatt i den löpande rapporteringen Scope 1–3 i enlighet med det så kallade GHG- Aktuell Hållbarhet och Johan Falk som över misshagliga har ständigt fyllts- protokollet. på Resultatetkör blir åtskilliga av antiliberala megafoner som för- lik giltighet från rättsväsendet. Det heter, tyskar, judar, ukrainare, eliterna Därför publicerarav viktiga nyckeltal. Här har Di ett ansvar ■ 1: Direkta utvi utsläppssiffrorär Senior Innovation Fellow vid Stock

att visa på vad som faktiskt krävs av släpp från källor streck i statistiken, som synes nedan. holm Resilience Centre och Future Earth Med start i dag lyfter Dagens sedannäringslivet. valsegern 2015. Det företrädare harstärker valt är på intet regeringens makt över tanken. har noterats i den utländska nyhets- som är ’styrda av Soros’, unga läkare, industri in nyckeltal för klimatet börjar Dagens som kontrolleras - samt huvudförfattare till ”Exponential av företaget Metoden som vi - Bolagen har på börssidorna. Roadmap”. Av den anledningen ■ 2: Indirekta sätt perfekt och invändningar kan göras Varför? För att det är den nyaför regimen sagt, och som en del- kanske Vinner LagVid och utveckling rättvisa och granskning det har stun- rapporteringen, men inte framkallat människor med funktionsvariationer, industri nu publicera klimatindikatorer utsläpp från för mot materialet. Men frågan om närings - verklighet som alla bolag har att också Magnus Jiborn, fil dr på Ekonomi trott varitpå börssidorna. orealistisk Med det vill vi peka galenskap, på brukning av el, harlivets ansvar i klimatfrågandande är alltförvalet högskolan i höst vid är Lunds frågan universitet, ochvad nästa några utbredda protester. lärare och deras elever och företrädare förhålla sig till. vikten av jämförbar information och – fjärrvärme och viktig för att vi ska skjuta en publicering - Nick Gasell, expert vid Engaged Track nya mål att kanske framför allt – skicka en signal fjärrkyla. på framtiden. ing, deltagit. JENNY STIERNSTEDT Efter att mänskligheten i decennieromsatts har till investerare, i destruktiv kapitalförvaltare, handling. bolag ■ 3: Indirekta Ambitionen ärsteg att över blir.tid utveckla Kan högernationalisterna Våra känselspröt tycks inte fungera för ’genusideologin’”, skrev tidningen. levt över sina tillgångar börjar verklig och kunder om att hållbarhet nu ska in utsläpp som metoden och inkludera både fler mått för heten å det brådaste att komma ikappGessen – i huvudfåran riktade som en av sinade viktigaste varningar uppstår upp- till prestation och tänkas fler bolag. Siffrorna försöka ta över privata medier? som de ska när attacker mot mänskliga Men orkar vi engagera oss?

ett faktum som gör avtryck på affärerna. faktorerna i svensk ekonomi. och neströms kommer initialt att uppdateras en gång leva upp till UTSLÄPPSINTENSITET Hållbarhet är, och kommer framför i värdekedjan. SCOPE 1+2/OMSÄTTNING medborgarnaI ett första steg i redovisaren auktoritär vi utsläpp stat. Sådana tankar har redanOMSÄTTNING luftats. Och fri- och rättigheter sker i demokratiska Runt om i världen sveper just nu 2,3 allt att bli, allt mer affärskritiskt. - UTSLÄPP MILJONER KRONORÖ NYCKELTAL F 0,7 R och utsläppsintensitet för 124 bolag SCOPE 1+2 Klimatkoll är i dag en självklarhet för 124129 0,3 torföretagens växande makt SCOPE 3 Men dei femborde branscher. egentligen De aktörer som öppet läsas av med tanke på att285000 regimen5871 angripit länder i vår närhet. 2 1,9 antiliberala vågor över rader av länder. alla aktörer inom näringslivet med bara - 4205 ställer dem inför nya utmaningar och transparent står upp för sin klimat 1 210000 0,4 en gnutta självbevarelsedrift. 120000 13352 56978 41085 - FÖRETAG 165000 1843 16161 där vinstmaximering inte längre omvärlden, för det är där risken för författningsdomstolen18215000 79507 och försökt3,4 I själva verket borde vi bli chockade I Hongkong riskerar demokrati- I dag är bolagens information om hur 2362 45160 - 5722 2752 UTSLÄPPSINTENSITET - 11818 51009 - 4760 är den enda ledstjärnan. De de presterar på klimatområdet dock ofta SCOPE 1+2/OMSÄTTNING Electrolux 13161 - OMSÄTTNING 28498 1481 - 16222 7779 Fenix Outdoor - avtrubbning verkarUTSLÄPP MILJONER vara KRONOR som störst. kriminalisera4241 - forskning- 193 som vågat Sväxandeav klyftorna den råhet skapar alltmer som global präglar de polska aktivister livet när den kinesiska 189971 SCOPE 1+2 4,1 H&M - 0,3 16024 - - 1735 3 - Husqvarna - SCOPE 198 - - - oro, samtidigt som halverade utsläpp BÖRSBOLAGENS UTSLÄPP 2 240441 6291 1,3 JM - 0,9 problematisera- - mörka1578 729sidor i Polens högernationalisternas framfart, som 1 10148 övermakten kräver lydnad. I Moskva 988000 - Kabe - - fram till 2030 är en av våra absolut - - - 13209 138000 40666 - Kapp-Ahl 5040 - FÖRETAG - - - 347 627000 - 53398 4320 Mekonomen 12000 - största frågor. - 3,1 1578 - - Ju361000 grövre en regim- beter4667 sig, desto historia, finns19800 det nog 1906ingen gräns- påfallande ofta understöds av före- blir demonstranter slagna på gatan 90050 1,0 Mips - - - - 300 - - 3226 KAPITALVAROR 33250 84048 - MQ - Vi har i över 40 år rapporterat om hur - 11700 - - - 2238 20148 - 260005 95363 New Wave Group ABB - - - 0,4 - - 1748 - 947 Addtech större är faran72037 att93000 vi vänjer1058 oss - ochNilörngruppen för vilka oberoende institutioner- man företagträdare på och utanför för börsen den presterat katolska kyrkan. när de försöker göra sin röst hörda. - - - - 193187 - 4803 1552 653 Alfa Laval 170000 - Nobia - - 66818 - - - - 271 1097 genom nyckeltal som vinstmarginal, 72000 4409 - Odd Molly International 0,6 Alimak - - - 21000 - - - 13015 10,5 3241 AQ Group blundar för övergreppen. - Oscar Properties kan tänka- sig att överta. - Hbtq-fria zoner? Det är inte ett skämt I USA ger sig presidenten – i ännu ett - - - - 16,3 - - 6484 omsättning och direktavkastning. Assa Abloy 3945 - Qliro - - 254,7 - 886 - - 3786 Retail and Brands 3721 Atlas Copco ------2021 22624 - Nu är det dags att ta nästa steg. Balco - Sportamore - När- den- polska- regeringen- i slutet av Om inte309 det ska- bli verklighet - utan resolutioner som drivits igenom exempellöst utspel – på oppositionen BE Group 2410 - SSM - - 3412 - - Framtidens investerare ställer nya - - 315 Strax Beijer Alma - - 25006 - FRAMTIDEN- - - - 2526 Swedol - 7604 Beijer Ref - - krav på bolagens redovisning av andra 2015 inledde- förvandlingen- - 12194 av public måste alla som bryr sig om Polen11,6 börja i mer än 20 lokala styren i Polen. Bergman & Beving Di först med utsläppssiffror- Thule på - börssidorna- 3031 genom att begära att Israel bannlyser - - 18,5 - - 1366 Venue Retail Group - - - Bufab - - 23692 - nyckeltal. Det innebär att styrelser, vd:ar - - - 5621 - - Cavotec - - 276000 52454 - - - - - 22,1 Concentric service till en propaganda1658 maskin - för engagera sig.- Den polska regeringens105 och bolag Beskrivningarfår nya mål att leva upp till.av regnbågsflaggan två demokratiska kongressledamöter MATERIAL OCH DETALJHANDEL 412000 971000 - - - - - 1138 - CTT Systems - 128000 - - 12884 - - - - 904 Ahlstrom-Munksjö - Duroc - 148000 - - 13770 - - Arctic Paper 284600 - - - 5119 - - - Eltel regimen, var många i Sverige chockade.- respekt för inhemsk4200000 maktbalans16055 har som en smitta som vill behärska våra från inresa till landet. - - - - 1598 Bergs Timber - 56,0 Eolus Vind - 117100 - - 1532 Därför börjar Dagens industri, som - - - - Billerud Korsnäs - 16848 167500 - - - Fagerhult - - Boliden 14999 - - - - 4414 - - 0 första aff ärstidning i världen, regel Ferronordic Machines - 839929 Hur kunde- -ett demokratiskt- - land i vårEndomines visat sig minimal, men regimen är inte- själar, jämförbar med kommunismens 6667 - - - 1618 FM Mattsson Mora - Granges 500999 - FOTO: MOSTPHOTOS - - - bundet publicera klimatindikatorer Garo 11956 - 473276 - - 2260 - - - - Hexpol 146,0 9326 366653 - - - 2579 Haldex - - Holmen närhet genomföra- - en- sådan499 antidemo- opåverkad- av- vad omvärlden säger.33,0 på börssidornaröda? ochDet på di.se,är inte och därmed något obskyrt Så vem ska bry sig om Polen? Hexatronic - - - 74941 - - Lucara Diamond 14,1 - - 1165 - - - Indutrade - - Lundin Mining 10944000 107552 lyfta fram klimatfaktorer som avgörande - - - 6024 - - Instalco Intressenter - 4,0 NGEx Resources Inc 3300000 3550000 18755 kratisk manöver?- - Borde- inte7122 det vara En internationell- solidaritetsrörelse Vi som befinner oss på andra Inwido - 1189000 264000 nyckeltal.konstaterande I ett första steg presenterar på en vi hatsajt utan - - - - Profilgruppen 7890000 Lifco 57346 9755000 - - - 1,1 Rottneros 1060000 616000 - 227000 3554 0,4 Lindab International - - Semafo 2490000 61600 klimatindikatorer för 124 börsbolag. - - - 22516 27592 Malmbergs Elektriska omöjligt? 2,1 skulle kunna202400 bli en maktfaktor, precis5,0 ord från Krakóws ärkebiskop Marek sidan Östersjön måste bry oss. - - SSAB - 48085 10000 25667 8102 - 24,9 Dagens industris klimatindex utgör Midway Holding Stora Enso - 217000 - 5533 - 2680 21422 6218 Momentum 1,1 - 0,6 - 2165 - SCA 773 31285 118500 Munters 5644 3112 - - ett viktigt fundament för vår ekonomi Det fanns liksom inte på kartan att som under- kommunismens4016 - sista dagar Faller det demo kratiska Polen 23502 - - - 115354 Jędraszewski under en minnesmässa. NCC 52233 - 2947000 - - 2261 - DAGLIGVAROR 17406 19206 - 74659 2852 Nederman Holding 58645 1224 2,3 journalistik och granskning av börs - 4,7 12079 - 8797 3383 47228 - 33156 AAK 1430000 75333 Nibe Industrier - 0,2 - - den polska regeringen1275 - skulle- 100072 framkalla Axfood på 1980-talet.1517000 35808 12966 bolagens klimatarbete,Redaktionen som vi hoppas för den viktigaste obe- faller 1989 års stora idé om ett enat Nolato - - 57370 - - 38851 - 30261 467000 6516 Cloetta Nordic Waterproofing - 1,8 - - <0,1 - 1509 88 175344 ska fungera både som inspi ration OEM International 7,5 Essity - - - 21088 - utrensningar276000 bland - journalister171730 med Ica-Gruppen Men det kräver att vi bibehåller1049 vår roende dagstidningen Gazeta Wyborc- Europa. Och precis som tidigare Peab - 9173 - 191000 233 - och som en spark Projektengagemang Sweden 311997 85713 - Midsona 14,3 2216 1276 - 0,1 474000 642243 5112 Scandi Standard 67,7 - 2321 Saab - - 0,1 i baken. Och 36824 - - 622 Swedish Match - - Sandvik målet att gynna sig själv och svartmåla11,8 förmåga att bli upprörda.14,3 43770 - za hade helt rätt när man i en appell för i historien kan vi vara säkra på att - - - Serneke 275173 580209 6864 - - - 5279 92362 naturligtvis 62034 - - - - 0,2 Sintercast 34005 - BANK - 4094 8330 3437 - - - - 0,2 401900 1651 5238 - 45868 Skanska varje form - av opposition. Ändå skedde1,1 Avanza Bank I år har de polska 31964högernationalister -- hoppas och det som börjar i Polen inte kommer - - - två veckor sedan manade till solidaritet 3492 41 6539 - 9401 41844 SKF - - Catella 259500 - - 390834 1791 - 628 Sweco Collector 13842 7031 tror vi att flera 142400 - - 583 - Svedberg i Dalstorp 421000 7458 19952 - just det – dessutom- - i- rekordfart.- Svenskana Handelsbanken bedrivit en regelrätt kampanj mot med de utsatta och slagna. Trakasserier att sluta i Polen. 1943 6014 - affärs tidningar Systemair - Nordea Bank 198000 - <0,1 1017 - Trelleborg Resurs Holding 223000 - - - världen över Troax 1312 SEB Sedan Lag- och rättvisa påbörjade 0,1 hbtq-personer. De verbala attackerna [email protected] VBG 51 och våld sker inte i ett vakuum: 28382 - Swedbank snart kommer Volvo 99 - 710 <0,1 TF Bank Xano Industri 7,5 - 93 14008 - att följa efter. 43,5 - - 1562 2784 - - 59 - 109 5100 KONSUMTIONSVAROR - 34 - - - 8772 ■Besqab■ · ■■ · 0,2 ■■ · – LEDARE 2 - 24 - - DEBATT 4 ANALYS 26 27 som kallas för utsläppsintensitet. Bilia 4927 - 85 - - - Björn Borg 10300 n Resultatet blir det - - - Bonava 1631 1869 Generellt är en lägre siffra att föredravärdekedjan framför de en befinner högre. - - - Boozt 360 nDi Så gjorde vi Här finns dock stora variationer mellan bolagen beroende - 1611 - har inhämtats från års- och - - Byggmax på bland annat bransch och var i PM Nilsson: 20 - Miljöministern: Agnetha -Jönsson: OMX Nasdaq-noterade bolag som Clas Ohlson - n Data över scope 1, 2 och 3 sig. Duni hållbarhetsredovisningar. Bara de bolag som kommunicerar n I granskningen ingår Dustin scope har inkluderats. tillhör GICS-industrigrupperna Kapitalvaror, Konsumtions att de följer GHG-protokollet – den mest etablerade stan fått hjälp av ”RevolutionenElectra Gruppen för ”Ekonomin måstedarden för att beräkna och rapportera”Bolag utsläpp av växthus somvaror ochagerar kläder, Material samt Dagligvaror. Inkluderas gaser – och rapporterar sina utsläpp i gör också börsnoterade av materialet banker. har vi de kategorier där de har de mest signifikanta utsläppen. för 2018. I de fall den redovisats n Vid insamlingen Det gör att det irapporteringen dag finns ett stortav scope mått 3. av godtycklighet Inga egna tolkningar har gjorts. Di till den stora osäkerheten n Omsättningen gäller universitetsstudenter. n Så läser du tabellerna och osäkerhet i scope solenergi kan skapa Med hänsynriggas tagen så vi klarari annan valuta än svenskahållbart kronor har den räknats om enligt har större en förkortning för Greenhouse Gas n scope 1 och 2, har n GHG-protokollet, : i rapporteringen av scope 3 har vi valt att ta framantal ett mått ton snittkursen för 2018. Snittkursen som ligger har räknatsi ut med hjälp PETER av Riksbankens publicerade crosskurser. Protocol, är den mest etablerade standarden för att beräkna på utsläppsintensitet, som baseras på utsläppen i i scope (områden) 1, 2 och 3 rapporteras och redovisas i n Bolagens egna utsläpp, FELLMAN, en ochhelt rapportera utsläpp ny av växthusgaser. frihet.” 1 och 2. omställningen.” chans att överleva.” n Utsläppen redovisas n Bolagens utsläpp sedan delats med omsättningen. Verksamhetens direkta utsläpp från källor som har tagit fram av World Resources CHEFREDAKTÖR Scope 1: koldioxidekvivalenter (CO2e). kontrolleras av företaget. n GHG-protokollet Indirekta utsläpp från förbrukning av el, fjärrvärme Scope 2: Institute och World Business Council on Sustainable ÅRGÅNG 44 · ochNUMMER fjärrkyla. 234 · PRIS 39 KRONOR, FREDAG 45 KRONORDevelopment. (INKL DI WEEKEND) · VECKA 42 · 2019 LOGGA IN PÅ DI.SE 3: Alla indirekta utsläpp som inte inkluderas i scope 2 Scope värdekedjan både uppströms och nedströms. som uppstår i rapporteras i 15 kategorier. Enligt n Utsläppen i scope 3 PeterGHG-protokollet kan företag välja att rapportera endast Wolodarski: Behåll förmågan att bli ursinnig och chockad.

Polen är ett skrämmande exempel på BONNIER ANNUAL REVIEW 2019 29 hur snabbt demokratiska rättigheter vi har

tagit för givna kan tas ifrån oss. Peter Wolodarski, chefredaktör

•A4

Financial results 2019 Bonnier delivers improved profit

Our companies

The operating profit of Bonnier’s BONNIER BOOKS INCREASES its revenue to reform in Norway and due to continued losses Bonnier Magazines & Brands and Business to SEK 5.8 billion (5.5) in 2019, which is primarily in the bookstore chain Tanum. Akademiska Business. companies improved by 35 characterized by an improved EBITA of Bokhandeln in Finland also reports a negative As a consequence of the company’s digital percent compared to the previous SEK 250 million (148) and a maintained result, while Pocketshop improves its result, transformation and in line with Bonnier News’ year. EBITA amounts to SEK strong cash flow, despite investments in following consolidation and focusing efforts. strategy, cost synergies have been achieved in growth and a declining market for physical In 2019, the publisher Bazar was acquired conjuction with the acquisition as well as in 1,537 million (1,141). Excluding book retail in the Nordic countries. by WSOY in Finland, but otherwise no larger existing operations. For example, Magazines Bonnier Broadcasting, which was The publishing businesses in Germany structural changes were made. Investing activ- & Brands reports a positive result compared to divested on December 2, EBITA deliver, without the presence of any real best- ities are primarily focused on the audio- and last year’s losses, despite decreased revenue. sellers, its highest revenue and best result in e-book service BookBeat, which maintains The total subscribed edition was increased amounts to SEK 402 million (114), ten years. The Brittish publishing operation its three digit percentage growth rate, both in by approximately two percent, compared to an improvement by approximately reports increased sales and a positive result, terms of revenue and number of users. The the previous year. Revenues from single copy 250 percent. All of Bonnier’s following changes that were initiated in 2018. number of subscribers amount to approxi- sales (primarily Expressen and Magazines & It is also good news that WSOY in Finland re- mately 250 000 at the end of the year. Brands), as well as from print subscriptions, companies apart from one ports another good year and that the Swedish decreased compared to the previous year. improved their profit. publishing group Bonnierförlagen report yet BONNIER NEWS’ REVENUE in 2019 amounts However, many of the papers within News another stable year despite a weak market for to SEK 7.6 billion (6.7), whereof the newly had a strong growth in digital subscriptions, physical book retail. For the second consecu- acquired MittMedia contributes with SEK 1.2 both in terms of revenues and the number tive year, 50 percent owned Cappelen Damm billion. EBITA amounts to SEK 211 million of subscribers. The overall effect is that the reports a weak profit, burdened by weak (174), whereof MittMedia accounts for SEK growth in digital revenue exceeds the de- sales linked to a forthcoming school material -71 million. The figures from last year include crease in print revenue.

30 BONNIER ANNUAL REVIEW 2019 The decrease in advertising revenues of parable portfolio, sales increase by SEK 67 BONNIER VENTURES FOCUSES on minority in- about 11 percent compared to the previous million, or 12 percent. EBITA increases by 28 vestments in digital fast-growing startups. The year largely reflects a strongly challenged percent to SEK 474 million (371). In compa- companies have a strong presence in the Nordic market in, among other things, motor, rable portfolio, the corresponding increase in countries and an ambition to grow globally. travels, interior design and gaming, where EBITA was SEK 61 million, or 18 percent. The holdings in these companies are valued in the effect in gaming to a large degree has Positive changes in the value of proper- excess of SEK 700 million at the end of 2019. regulatory reasons. However, Bonnier News’ ties amount to SEK 824 million (749) and Since its inception in 2014, investments companies achieve a good result in 2019 contribute to an increase in profit before tax have returned 22 percent per year. In addition compared to the market, both in print and to SEK 1,243 million (1,062). The market to the venture portfolio, the agency network digital and the market shares also increase. value of the properties at the end of the year Real Agency Group is also included in Bonnier Bonnier News’ operations report lower is valued at SEK 13.6 billion. Ventures, with Spoon, Oh My, KIT Media, production and distribution costs in 2019 Bonnier Fastigheter’s financial position Trickle, InFunnel and The DomainWasTaken. compared with the previous year, largely is still very strong with a low loan-to-value Six new investments totaling SEK 111 driven by efficiency improvements and lower ratio. During the year, most of the bank million are made in 2019 – Doktor.se, online circulation. This is despite the fact that some financing was renegotiated, with the credit medical support, Kitab Sawti, offering audio- actions will not take full effect until 2020. facilities being extended and expanded. As in books in Arabic, Sulapac, developer of biode- On April 1, MittMedia, a media group with the previous year, financing is largely done gradable and microplast-free plastic alter- 28 daily newspaper titles and local brands in through commercial papers. natives, Woshapp, environmentally friendly central Sweden, is acquired. At the end of the A first step into the housing market is car wash platform, Pilloxa, digital partner for year, Lokaltidningen, a free magazine with taken in 2019. This is through the cooper- clinical studies, and All Ears, media monitor- 28 local titles in southern Sweden, is acquired, ation agreement signed between Bonnier ing service for spoken media. as well as Dagens Samhälle, a strong brand Fastigheter and ByggVesta to form a joint Acast has strong growth in 2019 and is in within the public sector covering municipal venture to develop, own and manage rental the process of attracting American investors. and regional issues. properties in the Stockholm area. During the year, Bonnier Ventures sells its Bonnier Fastigheter has a continued strong holdings in the production company FLX and BONNIER FASTIGHETER DELIVERS a strong focus on project and property development. Perfect Day. result for 2019. Sales increase by 20 percent The planning process is ongoing regarding Real Agency Group increases agency rev- and is SEK 712 million (591), where the the exploitation of offices and commercial enues by 11 percent in 2019 and during the increase is mainly explained by newly signed activitites in Värtahamnen, and detailed plans year it starts Spoon Inhouse. contracts, renegotiations, lower vacancies for Pirhuset and Portalen are expected to and additional rents from the properties be adopted at the end of 2020 with planned SF STUDIOS TAKES another step in sales acquired during the previous year. In com- construction commencing in 2021. and profitability in 2019, with an EBITA of

BONNIER ANNUAL REVIEW 2019 31 Financial results 2019

SEK 36 million compared with SEK 17 million compared with the previous year. Book sales companies and also consultancy incomes. Historia have been launched in four countries. last year. In general, SF Studios produces more decline by one percent, and are mainly affect- The market for the company’s traditional The decline in print media sales is not yet fully than ever, has a more stable distribution and ed by lower sales to private customers. B2B media products remains weak with reduced offset by digital revenue growth. an improved exploitation of the rights catalog. and library sales are up compared to the pre- advertising and subscription revenues. In 2019, 69 percent of the production company vious year due to won procurement contracts. Event operations contribute strongly to BONNIER BROADCASTING’S EARNINGS for 11 FLX is acquired. Sales of articles other than books decrease profit and turnover during the year. The months amounted to SEK 1,135 million, com- Distribution operations contribute slightly during the year where price and product range magazines Sport Diver and Scuba Diving are pared with a full-year result of SEK 1,027 million better than in the previous year, despite the revisions are carried out. sold at the half-year. last year. Sales amount to SEK 8.1 billion and fact that most of the local Nordic cinema re- EBITA for the year amount to SEK -217 During the year, the company signs new SEK 8.3 billion for the corresponding periods. leases during the year had a negative impact. million, which is a decrease of SEK -101 licensing agreements where, for example, The distribution is positively affected by the million compared with 2018, explained by kitchenware in 2020 will be sold under the OTHER INCLUDES A number of smaller operat- fact that SF Studios now distributes Warner non-recurring costs, mainly attributable to Saveur Cookware brand. ing companies, which together in 2019 had a in Sweden as well as Sony, which during the assortment, IT and staffing. Adjusted for turnover of SEK 173 million (177) with an oper- year was added in all four countries. The non-recurring costs, the underlying gross BONNIER PUBLICATIONS, THE leading Nor- ating loss of SEK -23 million (5), and partly by three most profitable distribution titles in margin is strengthened by approximately one dic publisher of special-interest magazines, group-wide activities and functions. The costs 2019 are Joker, Britt-Marie var här and percentage point, while EBITA on a com- reports an EBITA of SEK 142 million, which is for these functions have been reduced by SEK Once upon a time in Hollywood. parable basis improves by SEK 26 million a clear improvement compared with SEK 119 106 million compared to the previous year from Production operations improve its compared with the previous year. million last year. SEK 580 million to SEK 474 million. Looking earnings compared to 2018 with a positive In addition to online stores with a wide High profitability in the traditional magazine ahead, the cost level is expected to be just over contribution from both FLX and Norwegian range of books, yarns, toys, crafts, stationery, business partly enables to deliver a strong result SEK 250 million per year. Paradox. The production rate is high with kitchenware and decoration, the Adlibris and at the same time invest in new, digital prod- more than 15 productions in 2019, which Group also includes digital sales of newspaper ucts. The EBITA margin of 12 percent is among BONNIER GROUP’S BALANCE sheet changes is expected to be maintained in the coming subscriptions, gift cards and sales of maga- the highest in the industry and an improvement substantially as a result of the divestment of years. The narrative filmHorizon Line as well zines for waiting rooms. Sales and deliveries at from 9 percent last year. Bonnier Broadcasting. Goodwill decreases to as the TV productions Alex, Åreakuten and the end of the year work well. As readers’ habits change, demand for print SEK 2.6 billion (6.5) and Film and program Rita are some of the productions to mention media decreases, affecting the magazine market. rights decrease to SEK 0.4 billion compared from the year. BONNIER CORPORATION’S TURNOVER in The turnover for Bonnier Publications with SEK 2.7 billion last year. The purchase Digital Services improves earnings and 2019 amounts to SEK 1.2 billion (1.0). EBITA amounts to SEK 1.2 billion (1.3) for the year price, in cash and debt-free basis, amounts to has seen good growth during the year for the amounts to SEK 9 million, which is an improve- 2019. SEK 9.2 billion. consumer services SF Anytime and SF Kids. ment of SEK 15 million compared to 2018. Bonnier Publications is in a transition Net debt decreases by SEK 7.9 billion and in- The company is showing growth in the phase where the sales of print media is expect- cludes, from 2019, in a leasing debt attributable THE ADLIBRIS GROUP’S sales amount to SEK Event business. The operation within Working ed to continue decline. During the year, digital to leased premises of SEK 1.5 billion. Pension 2.3 billion, which is a decrease of three percent Mother increases membership income from subscriptions for Illustrerad Vetenskap and liabilities amount to SEK 2.0 billion (2.4).

32 BONNIER ANNUAL REVIEW 2019 Year-end result 2019

NET SALES BY COMPANY [SEK M] 2019 2018 Bonnier Books 5,770 5,522 Bonnier News 7,579 6,713 Bonnier Fastigheter 712 591 Bonnier Ventures 386 358 PROFIT, BONNIER GROUP [SEK M] 2019 2018 SF Studios 1,899 1,256 Adlibrisgruppen 2,282 2,341 Net sales 28,746 26,915 Bonnier Corporation 1,197 989 EBITA 1,537 1,141 Bonnier Publications 1,208 1,328 EBIT 4,822 937 Bonnier Broadcasting 8,075 8,253 Net financial items 127 -198

29,108 27,351 Profit before tax 4,949 739

Other -362 −436 Year-end result 4,221 298

Bonnier Group Total 28,746 26,915

BALANCE, BONNIER GROUP [SEK M] 2019 2018 OPERATING PROFIT (EBITA) BY COMPANY [SEK M] 2019 2018 Goodwill 2,576 6,518 Bonnier Books 250 148 Buildings and land 15,052 12,509 Bonnier News 211 174 Property, plant and equipments 1,575 2,067 Bonnier Fastigheter 474 371 Film and TV rights 379 2,715 Bonnier Ventures −6 −18 Working Capital −2,037 −1,999 SF Studios 36 17 Adlibrisgruppen −217 −116 Other 1,408 1,941 Bonnier Corporation 9 −6 Bonnier Publications 142 119 Operating capital 18,953 23,751 Bonnier Broadcasting 1,135 1,027 Net debt 1,232 9,164 Equity including minority 17,721 14,587 Other −497 −575 Financing of operating capital 18,953 23,751 Bonnier Group Total 1,537 1,141

BONNIER ANNUAL REVIEW 2019 33 Bonnier Group The Board At the annual meeting in May, Ulrika af Burén and Erik Engström were elected new members of the Bonnier Group Board of Directors. The board has extensive experience in the media as well as corporate and investment management.

1. BENGT BRAUN, Chairman of the Board, was information and analysis company with similar positions at Saab and Gambro. She 8. ANDERS FORSSTRÖM has been a journalist CEO of Bonnier AB from 1998 to 2007, and turnover of approximately SEK 90 billion in has worked for Investor and been a board at Dagens Nyheter since 1993, where he prior to that, CEO of Tidnings AB Marieberg 2018. He has previously held the position member of the Wallenberg Foundation has written about issues such as housing, from 1989. He has previously served on of CEO of Elsevier and COO of the world- management company FAM. crime and finance. He is chairman of Dagens the board of Bonnier Holding, Bonnier leading English-language publisher Random Nyheter’s journalist club as well as employee Broadcasting and Bonnier Corporation, as House. Erik has experience in working 6. PEDER BONNIER is CEO and co-founder representative of the boards of both Dagens well as external boards including that of with private equity as a partner of General of Storykit, a digital platform for content Nyheter and the Bonnier Group. Mertzig Asset Management. Atlantic. production. Before that, he was CEO of Swedish media company KIT, which he also 9. JENS MÜFFELMANN works with 2. GUN NILSSON has been CEO of Melker 4. FELIX BONNIER works with business co-founded. Peder has been digital manager investments and is based in U.S and Europe. Schörling AB since 2017, and previously development at the H&M head office in of Bonnier Tidskrifter, and has had several He was previously with the German media worked for many years as CFO of various Stockholm and was previously sales manager roles in marketing and digital media at, group Axel Springer, where he was digital EQT-owned companies, such as Duni and of H&M in South Korea. Felix has been a among others, Unilever and NBC Universal. manager and head of the venture business. Sanitec. She serves as Chairman of the Board board member within the Bonnier Group Jens has been a board member within at Hexagon and is a board member of AAK since 2014 and is also a board member of 7. MARTIN HARRIS is publishing editor of the Bonnier Group since 2016. He is also and Hexpol. Gun worked at Bonnier from Bonniers Konsthall. Bonnier Carlsen, Sweden’s largest publisher Chairman of the Board of Bonnier Ventures 1985 to 1993. for children and teens. He is currently and Bonnier Corporation. 5. ULRIKA AF BURÉN is Head of Group M&A responsible for publishing Pixi books and 3. ERIK ENGSTRÖM since 2009 has been Strategy at SEB. Previously head of business the early learning segment. Martin is an

CEO of RELX Group, an international development and M&A at ÅF, she has held employee representative on the board. Jönsson Peter Photo:

34 BONNIER ANNUAL REVIEW 2019 8.

3. 6. 7. 9.

The board photographed in Bonnierhuset on 1. Torsgatan in Stockholm, a building owned 2. 4. by Bonnier Fastigheter. Modern art can be admired not only in the lobby of the building but also at Bonniers Konsthall next door.

BONNIER ANNUAL REVIEW 2019 35 SOCIAL AND CULTURAL INITIATIVES

Bonniers Konsthall showcases Swedish and international contemporary art in the heart of Stockholm. Bonniers Konsthall Supports Contemporary Art

SINCE IT OPENED in 2006, Bonniers Konst who have not yet reached a wider audience. hall has showcased and discussed art from As well as introducing individual artists, the all over the world. The museum originates museum arranges group exhibitions that put from from an interest in young artistry, still the works of art in a larger cultural context. at the core today. The iron-shaped transparent building, designed by Johan Celsing, 2020 BEGINS WITH a large group exhibition has a glass façade that faces the city. It of landscape paintings, The Trees, Light reflects the museum’s desire to be open and Green. The exhibition brings together accessible. historical and contemporary artists who have depicted the forest, the land and the BY SUPPORTING CONTEMPORARY art, Bonnier landscape. Following this, there will be a passes on its cultural heritage. For nearly as solo exhibition with Éva Mag, Swedish art- long as the company has published books ist, who has attracted a lot of attention. She Recipient of the 2019 Maria Bonnier Dahlin Foundation grant, Iris Smeds, The Average. and magazines, the Bonnier family has sup- recently received an honorable mention for ported artists. The Bonnier family mansion, her work Dead Matter Moves, performed Nedre Manila on Djurgården in Stockholm, at Performa 19, the world’s leading perfor- holds a unique collection of portraits of mance artist biennial in New York. prominent Swedish writers, from August THE MUSEUM HAS its roots in the Maria some of Sweden’s most prominent artists. Strindberg to storytellers of today. VISITORS TO THE museum are welcomed by Bonnier Dahlin Foundation, founded in The 2019 grants were given to Olof Marsja hosts with a vast knowledge of contemporary 1985 by Jeanette Bonnier in memory of her and Iris Smeds. EXHIBITIONS ARE OPEN to everyone at art, most of whom are also practicing artists. daughter Maria, who tragically died in a car Bonniers Konsthall. One of its most important Open introductions to the exhibitions are accident. Since then, the foundation has JEANETTE BONNIER ALSO founded Bonniers goals is to promote strenghten people’s re- held daily. The museum also offers other op- awarded annual grants to young Swedish Konsthall. After her death in 2016, a foun- lationship to contemporary art. Artists from portunities to learn more through thematic artists. The Maria Bonnier Dahlin Founda- dation was set up in her name. The founda- Sweden and abroad are represented at the exhibitions, evening programs and get-to- tion has always been on the lookout for new tion continues to support the financing and

museum, both well-known names and artists gethers for pram-pushing parents. and innovative art. Past recipients are today development of Bonniers Konsthall. Béranger Jean-Baptiste Photo:

36 BONNIER ANNUAL REVIEW 2019 SOCIAL AND CULTURAL INITIATIVES

Freedom of speech and independent quality journalism are the WINNERS OF THE SWEDISH GRAND PRIZE FOR JOURNALISM 2019: focus of several awards and initiatives linked to Bonnier. Storyteller of the Year Scoop of the Year Karwan Faraj and Per Agerman, Joachim Rosa Fernandez, Dyfvermark, Axel Swedish Radio Gordh Humlesjö and The Swedish Grand Prize for Linda Larsson Kakuli, Innovator of the Year SVT Malin Mendel, SVT Lukas Bonnier’s Grand Voice of the Year Prize for Journalism Journalism Supports Freedom Hanna Hellquist Bibi Rödöö, Sveriges of the Press Radio

THE FOCUS OF several initiatives and awards from their home countries to join ISIS, to that are linked to Bonnier is freedom of amusing educational pieces from other parts speech and independent quality journalism. of the world. And from discussions with listen- In the early 1950s, book publisher Albert Bon- ers, readers and viewers to crucial scoops. nier Jr. saw the need to stimulate professional journalism – “the good pen” as he put it. THE JURY CONSISTS of 12 members and three deputies from all types of media within the THE FIRST AWARD, intended for Bonnier’s own industry, and often often from Bonnier’s journalists, was established in 1953. In 1966, competitors. it became the Grand Prize for Journalism and became available to any journalist in Sweden, TO BRING ATTENTION to, and to award, quality for excellent journalistic work. More than 50 journalism and freedom of the press is both years later, the award is still the most presti- morally and strategically justified for Bonnier. gious of its kind in the country. Therefore, several of Bonnier’s other businesses have their own activities that promote THERE ARE FIVE awards in total: Storyteller of these values. In Estonia, an annual Bonnier the Year, Innovator of the Year, Voice of the Prize is awarded for investigative journal- Year, Scoop of the Year, and Lukas Bonnier’s ism. Each year, Expressen gives out the Per Grand Prize for Journalism for long-term Wendel Prize for outstanding journalism. journalistic achievements. Expressen is also an active supporter in the campaign to free Swedish-Eritrean journalist THE PRIZE RECOGNIZES the best in journalism, Dawit Isaak, who has been imprisoned in

Photo: Jean-Baptiste Béranger Jean-Baptiste Photo: Magnus Bergström Photo: from authentic stories about people who travel Eritrea since 2001.

BONNIER ANNUAL REVIEW 2019 37 Afterword from the Owners Bonnier’s Stories Contribute to a More Open Society

STORYTELLING IS THE basis of our business. the issues of our time, but leaves room for upon commercial success. The company Storytelling continues to push Bonnier conflicts of interest and various conclusions. has constantly evolved to manage change. forward. Storytelling is also a prerequisite for However, there is also a limit to what is That is why we today invest heavily in the liberal democracy – the model of our society. contained within these frameworks: Bonni- transformation to digital revenue. The path That is why this year’s annual review high- er’s operations will never run agendas that from story or news item to audience takes on lights storytelling. diminish the individual or exclude groups new directions and forms, as technological from society. We are on the individual’s side developments change distribution and business FOR 200 YEARS, freedom of speech has been a and stand up for democracy, everyone’s equal models. It is important for us to invest in this core value for Bonnier. Through storytelling, value, fundamental freedom and rights. development. we simply want to make the communities in which we operate more open and interesting, CORPORATE GOVERNANCE WITHIN Bonnier has THEREFORE, WE WILL continue to operate in more well-informed and entertaining. changed. Our former business areas are now areas other than just storytelling, for example operationally independent companies with in real estate. This ensures a diversified WE BELIEVE IN quality, fact checking and the aim of maximizing the companies’ oppor- spread of financial risks. the search for truth. And in sensitivity and tunities for growth and profitability. We be- Professional and independent storytelling in transparency when we fail to reach these lieve that our companies benefit and become media, books and films is more important now high ambitions. Media, books and films that more agile by giving each management full than it has been for a very long time. With a originate from our companies should reflect focus, full mandate and full accountability for long-term vision, the Bonnier family continues a variety of perspectives, news services and their operations, and by letting them answer to be the owner of some of Northern Europe’s public opinions. Our storytelling is to be to their own board of directors. most important businesses in this field. independent and original. This means that it should also be inde- BONNIER’S BUSINESSES HAVE always been pendent from us, the owners. Our liberal influenced by market conditions. Indepen- CARL-JOHAN BONNIER

Carl-Johan Bonnier. heritage provides no given answers to all dence, quality and long-term vision relies REPRESENTATIVE OF THE OWNERS Jönsson Peter Photo:

38 BONNIER ANNUAL REVIEW 2019 Our Heritage 200 Years of Change and Oppourtunities

For over 200 years, Bonnier has been shaped into what it is today. Along the way, two driving forces have made their mark on the business. One is safeguarding freedom of speech and an open society. The other is finding new ways for the business to evolve.

1827 Adolf Bonnier, Gerhard’s oldest son, is sent to Gothenburg with some large book-filled boxes. He opens a 1804 bookstore and a library, which are a great success from the start. Four years later he gets permission to open a bookstore in Stockholm, and after yet another year, branches are opened in more rural locations in Sweden. 1804 Gutkind Hirschel moves from Dresden 1837 to Copenhagen. He changes his name Albert Bonnier, another of Gerhard’s to Gerhard Bonnier and publishes, eleven children, publishes Bevis among other things, an anthology of att Napoleon aldrig har existerat 1837 criminal stories called Underfulde (Proof that Napoleon Never og sandfærdige kriminalhistorier Existed), the first book from what 1929 (Strange and True Criminal Histories). is today Albert Bonniers Förlag.

BONNIER ANNUAL REVIEW 2019 39 OUR HERITAGE

1888 1846

1859 1900

1846 During a trip to Europe, Albert Bonnier’s eyes are opened to fashion magazines. He 1911 realizes that there is an appetite for fashion in Sweden and launches the magazine 1888 Stockholms Modejournal, Tidskrift för den Albert Bonnier buys shares in Dagens eleganta verlden (Stockholm’s Fashion Nyheter, one of the most popular media Journal, a Magazine for the Elegant World). innovations of the 19th century and a 1909 It is one of the first of a long series of success from the start. First to come out Selma Lagerlöf, one of Albert Bonnier titles that Bonnier has since published in the morning, it is delivered straight to Publishing’s most prestigious writers, focusing on women’s fashion and lifestyle. its subscribers, costs half as much as its becomes the first woman to win the Nobel competitors, and has short and intelligible Prize in literature. Since then, six Swedish 1856 articles. Around the turn of the century, authors published by Albert Bonniers Bonnier acquires its first property. Since when the paper hits a temporary low, Förlag, and a number of foreign ones, then, real estate ownership has been Bonnier becomes more seriously involved have been awarded the Nobel Prize. an important part of the business. in DN. Son Karl Otto Bonnier believes it will make a loss, but wants to safeguard a 1911 1859 liberal press and the freedom of speech. A year of internationalization. Bonnier Sveriges Handelskalender (Sweden’s opens a branch in Germany and buys Trade Directory) is published for the first 1900 Björck & Börjesson in New York, a company time. The idea is to offer an annual about When Albert Bonnier dies, his children that imports Swedish books to the U.S. Sweden’s new and growing business sector. decide to set up a scholarship fund in The time is right due to the abolition of the memory of their father. The grants 1929 the guild system and the introduction of will go to young Swedish writers and are Tor Bonnier, Karl Otto Bonnier’s eldest freedom of trade. Publication continues handed out to this day. Every year, five son, buys Åhlén & Åkerlund, Sweden’s for more than 140 years and is crucial to authors are awarded SEK 100,000 each. largest magazine publisher, with 1909 the company’s revenue for a long time – a Karl Otto Bonnier continues to build capital titles Vecko-Journalen, Husmodern, good example of Albert Bonnier’s foresight. by publishing all the great authors. Allt för alla and Hela världen.

40 BONNIER ANNUAL REVIEW 2019 OUR HERITAGE

1909

1989 1951-1977

1965 Dagens Nyheter AB is listed on the stock exchange. One reason is to make it easier for partners to sell their shares. The company later changes its name to Tidnings AB Marieberg, 2000’s 1911 after the main business location. 1973 Acquisition of Svensk Filmindustri, one of the world’s oldest film companies, 1947 today called SF Studios. Crime clas- 1998 sic The Man on the Roof, directed by Bonnier buys Tidnings AB Marieberg from Bo Widerberg, premieres in 1975. the stock exchange. The acquisition is a step to streamline Bonnier’s business 1947 1977 to have a more distinct focus on media, Construction of Åhlén & Åkerlund’s Extensive restructuring of Bonnier’s not least the TV market, as Marieberg 1973 new premises, later known as operations is underway. Industrial is an important part-owner of TV4. Bonnierskrapan, commences on companies are sold or liquidated, and Torsgatan in Stockholm. Architects Foto: © AB Svensk Filmindustri © AB Svensk Foto: media becomes the core activity. 2000’s are Ivar and Anders Tengbom. Media becomes digital and social, and 1989 competition global. Bonnier faces the new 1951 Just before the collapse of the Soviet Union, consumer patterns by digitizing the com- AB Bonnierföretagen is formed to consti- Bonnier launches the business magazine pany’s services. Online bookstore Adlibris tute the parent company of new industrial Äripäev in Estonia. As both technology is acquired in 2004. Companies such as companies. Bonnier’s industrialization and freedom of speech are limited at BookBeat and KIT see the light of day. had begun during the interwar period, this time in the Baltic region, Äripäev is with the aim to control the entire chain, printed in Stockholm and shipped over 2019 the Baltic Sea. In the following years, Bonnier Broadcasting is sold. At 1929 from pulp to printing services. During the 1950s and ’60s, business grows Bonnier-published media in the young the same time, a major investment into areas as diverse as ferry traffic, Baltic democracies become important in is made in local journalism when furniture, paper cups and looms. establishing and spreading free speech. Bonnier News acquires MittMedia.

BONNIER ANNUAL REVIEW 2019 41 2019 BONNIER ANNUAL REVIEW

Editor and Project Manager Magnus Janson/JKL Kekst CNC Assistant Project Manager Elin Eriksson Art Director Josefin Tolstoy

Production Spoon

Cover Tomas Monka, Wilda Winclair

Photographers, stylist and illustrator Peter Jönsson, Tomas Monka, Maja Sten Translation Mikaela Hincks / Between the T´s AB Printer Trydells Tryckeri AB

Bonnier Group 113 90 Stockholm Sweden Phone +46 8 736 40 00 www.bonnier.com

42 BONNIER ANNUAL REVIEW 2019 Sköna hem is Sweden’s leading interior On November 22, 2017, journalist Matilda design magazine – a reliable source Gustavsson’s story about the so-called of inspiration that always stands for cultural profile was published inDagens trends, tradition and quality. Nyheter. In it, 18 women bear witness to rape, threats and harassment. In Novem- ber 2019, the book Klubben (The Club) was published by Albert Bonniers Förlag.

by Elsa Beskow.

Sleeping Thumbelina A graphic artwork created in a limited, with edition exclusively for NOA Gallery, a digital marketplace ownedThumbelina by Bonnier News. The motif is taken from Hans Christian Andersen’s story illustrations by Elsa Beskow. Journalism on track. During 2019, the Dagens Nyheter train made its maiden journey. Readers became travelers and experienced a combination of learning and adventures across Europe, all from a single train.

(The Gospel

Ålevangeliet of Eels) is a book about the world’s most enig- matic fish. Written by Patrik Svensson, it was awarded the August Prize The trading area Orangeriet is located by in 2019. The BookBeat the southern entrance to Kungens Kurva audiobook is narrated by and has the property designation Hannes Meidal. Segmentet 1. Illustrator Maja Sten has depicted Bonnier Fastigheters properties. This is an early sketch of Segmentet.

BONNIER ANNUAL REVIEW 2019 43 Through journalism, stories, knowledge and entertainment, we want to make the communities in which we operate more open, interesting, entertaining and well-informed.