ANNUAL REVIEW 2020 Content Our companies 2 About 2020 3 CEO and Chairman of the Board 4 Bonnier Books 6 Bonnier News 11 Bonnier Fastigheter 16 Adlibris 22 Bonnier Publications 26 Bonnier Corporation 27 SF Studios 28 Bonnier Ventures 32 Albert Bonnier 36 Investments 37 Financial results 2020 38 The Board 42 Grand Prize for Journalism 44 Bonniers Konsthall 45 Sustainability 46 BONNIER GROUP 2020 – an unusual year

2020 WAS A YEAR UNLIKE any other – nalism and stories to read is strong. EBITA of SEK 1.4 billion is an improve- a pandemic left its mark on the world, The digital business models are work- ment of SEK 1.0 billion from the previ- causing enormous anxiety and conse- ing. Our property portfolio is stable ous year for comparable units. quences that remain difficult to fully and long-term, with hundred-year-old Bonnier News, Bonnier Books and grasp. buildings forming the basis of agile new Bonnier Fastigheter have contribut- Our companies operations. ed significantly to the profit. It is also Naturally, this also impacted Bonnier’s worth highlighting that Adlibris turned operations to greater and lesser degrees NEW QUESTIONS are emerging in the a loss into a profit during the year, with The Bonnier Group is the parent company in a group that depending on the company. For exam- wake of the transition, and we are ready a strong finish. ple, our employees, customers, users to do what Bonnier has always done – SF Studios delivered a good result includes several of the Nordic region's leading media and companies were all affected by lock- combine innovation with solid exper- given the circumstances. ­companies. We have operations in a number of different areas downs and appeals to work from home. tise to contribute to a better society. Bonnier Publications continues to Through journalism, stories, knowledge have a good margin, but less advertising with an emphasis on media, real estate and investments. ENSURING HUMAN health always and entertainment, we want to make revenue lowers earnings. comes first. Without individual for- the societies in which we operate more Our central costs have been further titude, businesses would come to a open, interesting and fun, and better ­reduced as part of the 2018 plan for standstill. But paradoxically, 2020 also informed. structural change. accelerated necessary changes and ad- BONNIER justments. Our services and products After great uncertainty, when we sum A strong financial result for 2020 gives have been able to help people manage up this unusual year, the results have us the conditions to shape a better the circumstances. Demand for jour- exceeded our expectations. ­future to the best of our ability. Real estate Media Investment operations operations operations

Adlibris Bonnier Books Bonnier Corporation Bonnier News Bonnier Publications SF Studios

SEK SEK 20, 771m 1, 432m total sales total EBITA in the companies in the companies

2 COMPANIES ANNUAL REVIEW 2020 ANNUAL REVIEW 2020 ABOUT 2020 3 Bengt Braun, Chairman of the Board: Erik Haegerstrand, CEO: “The plans for the future create hope that the “We must continuously learn new things and journey will continue in the right direction” innovation is more important than ever” WE BEGAN 2020 with an ambition for being closed for much of the year, SF a reassuring level, but the plans for the Bonnier to take the next step. Studios had strong numbers. future create hope that the journey will Behind us was 2019, the first full year Fastigheter has several exciting devel- continue in the right direction. But 2020 had both positives and after the restructuring of 2018, when we opment projects in Stockholm, its main Our finances have been further negatives. Digital ad revenues fell, transitioned from a cohesive Group to market. The company has also contin- strengthened and our historically large but above all, we lost 20 percent in an investment company structure, with ued to build up its portfolio in Uppsala net cash position offers significant room print. Movie theater closures pre- greater independence for the companies and has taken a strategically important for new investments moving forward. cluded the release of SF Studios’ and a clearer focus on profitability and step into the housing sector as a comple- In the midst of the process of getting movies and Bonnier News’ event growth. We recorded increased earnings ment to offices. The central costs of the short-term fundamentals in order, the business has been affected, of course. and growth for the first time in many headquarters, among other things, have long-term perspective is important. Property holdings grew in 2020, years and naturally, we hoped the turn- been cut further. How do we want to look in three to five with stable revenues and increased around was not a coincidence. years – and how will we get there? This value. We also began to invest in THE PANDEMIC HAS AFFECTED the area contains many important and in- residential properties, which is a AND WHAT PROGRESS we made in companies to varying degrees, but so far teresting questions for Bonnier Group’s new step for us.” 2020. The Group’s performance im- we have emerged relatively unscathed management and board to handle to- proved again, propelled this time by compared with many other companies, gether with our companies. Our future How does Bonnier’s strong cash News and Books. News’ investment in which have been badly affected and is governed by the decisions we make

Photo: Peter Jönsson position affect the business? journalism and digital subscriptions have not been equipped to adjust and today – which is both demanding and “The sales in recent years of SF and Books’ success with BookBeat in- take corrective action. Based on their re- inspiring! WITH A STRONG CASH POSITION Of what are you proudest? Bio, Bonnier Broadcasting and most dicate two strong growth areas for years spective circumstances, the Group’s em- to lean on and increased trust in “That our operations have func- recently Bisnode are a key to our to come. ployees have performed extraordinarily the products, Bonnier Group’s CEO tioned in difficult conditions. Our strong balance sheet. The Group is After the costly conversion of 2019, well, delivering beyond all expectations Erik Haegerstrand has sights set on employees have done incredible work; debt-free, which provides complete- Adlibris has come out of the gates and with a focus on earnings and growth. bold new ventures. they have acted with both power and ly different opportunities compared has started to deliver not only books, but “We have every reason to be sat- sensitivity. At the same time, we have to before. also financial results. Despite the chal- WE STILL have ground to cover before isfied, but we can’t stop. Innovation advanced strategically – which was Using our cash position, we need lenge of all-important movie theaters profitability in all of our companies is at Bengt Braun, Chairman of the Board and growth are more important accelerated in part by the pandemic. to add new businesses and invest in than ever,” he says. In 2018, we created a decentral- markets in which we are currently Erik Haegerstrand looks back on ized structure and organization, en- active, and in which we are not ac- a transformative, yet successful year abling the companies to make quick, tive yet, and where we see opportu- for the Bonnier Group. creative and independent decisions.” nities for growth.” “At the beginning of the pandem- ic, we painted some fairly dark sce- What was the most important What will guide the next steps? narios. At the time, I didn’t dare be- lesson you learned in 2020? “Humility and innovation. The lieve that our products would be in “That there is strong demand for pandemic has shown us how quick- such high demand or that our cost what we offer customers, especially in ly everything can change. We must reductions would have such a large digital channels. This was a great year continuously learn new things and impact. But we have substantially for journalism for us, and digital sub- innovation is more important than improved our performance in a year scriptions are increasing. With more ever. We may have every reason to that has been difficult in many ways, time, people have bought more books be satisfied, but we haven’t reached and that is impressive.” and listened to more audiobooks. a destination where we can stop.”

Erik Haegerstrand and Bengt Braun.

4 BONNIER GROUP ANNUAL REVIEW 2020 ANNUAL REVIEW 2020 BONNIER GROUP 5 Håkan Rudels, CEO Bonnier Books SALES EBITA SEK 6.1bn (5.8) SEK 392m (250)

422,818 134.7 paying BookBeat users million in 2020. books sold in all formats. 13.7 The number BONNIER BOOKS of countries in million which Bonnier The number of books 7Books operates. consumed by BookBeat “More people have customers during the year. read and listened to books than before” Bonnier Books – Sustainability INSTEAD OF A YEAR OF CRISIS, 2020 lishing in Sweden and Denmark and 70 denominators in the Group, we’ve fo- was a year of success. Bonnier Books percent in Norway. cused on what is best for Bonnier Books. FOR BONNIER BOOKS, it is essential to be an active EFFORTS ARE UNDERWAY on several fronts, includ- took market share, carried out three ac- With so many skilled competitors fo- part of society and take responsibility for sustainable ing the selection of printers, using paper with the quisitions and presented a major sus- IN 2020, Bonnier Books continued to cused solely on streaming or publishing development. The publishers in the company work to lowest possible environmental impact, and making tainability initiative. work with existing goals: to establish books, it is essential to survival.” promote inclusion, the pleasure of reading and free- climate-smart travel and transportation choices. When the most intense concerns publishing operations in Denmark, pro- dom of expression. One focus area in particular is to Emissions from Bonnier Books that are currently un- about the virus had subsided, it became mote growth in BookBeat (160,000 new 2021 WILL involve efforts to understand minimize the carbon footprint through continuous en- avoidable are offset through certified projects. In ad- clear that 2020 would be an unexpect- customers), and not least, to launch a what the book market will look like in vironmental improvements throughout the operations. dition, Bonnier Books is investing another 20 percent edly good year for Bonnier Books. comprehensive sustainability initiative the wake of the pandemic. in offsetting projects. In total, the publishing group “Last spring, we feared that we would that was preceded by 18 months of re- “Bonnier Books took market share IN FALL 2020, the company committed to reducing offsets 120 percent of its CO2emissions. However, off- lose around SEK 1 billion in revenue, search. during the year. Even if people now emissions in line with the Paris Agreement. Based on setting is not an end itself, but a way to reduce envi- but instead we had a fantastic boost. “We print 100 million books a year might have less time and consume fewer their own circumstances, all of Bonnier Books’ pub- ronmental impact until the long-term goals have been People used their extra time to read and and we’ve gone into significant depth books, things are looking good for us. In lishing houses must contribute to the overall goal of achieved. It is a necessary investment for the future. listen to more books than before,” says to map the size of our carbon footprint. 2021, we must also focus on traditional reducing company-wide emissions by 25 percent by Our future. Håkan Rudels, CEO of Bonnier Books. Our goal is to reduce emissions by 25 publishing work, in which we combine 2025, compared to the 2019 level. Sales increased in all markets in which percent by 2025,” says Håkan Rudels. good data with a healthy dose of intu- Bonnier Books is active, with the excep- ition. And of course, we also intend to tion of the UK. BONNIER'S NEW governance model has break a lot of new records with Book- During the year, Bonnier Books ac- benefited Bonnier Books. Beat.” quired 100 percent of Strawberry Pub- “Instead of searching for common

6 BONNIER BOOKS BONNIERANNUAL ANNUAL REVIEW REVIEW 2020 2020 ANNUAL REVIEW 2020 BONNIER BOOKS 7 Record year for ­children's books ­in ­Germany

CARLSEN VERLAG IS the market leader for children's book publishing in Ger- many. The company publishes over a thousand titles each year and its cata- Niclas Sandin, CEO of BookBeat. Photo: Andreas Carlfors logue includes successful German writ- ers as well as international bestsellers, such as the Harry Potter and Twilight BookBeat's CEO: series. “Sometimes I wonder how we “Nothing could stop the momentum we’ve built up” ­managed to do it.” Despite major challenges, 2020 was a FOR BOOKBEAT, 2020 was a year of mile- 30 and 45 years old. Instead, this year creased during lunch and in the eve- successful year. During the year, the stones and new records for user numbers, we’ve seen the largest increase among ning.” publisher increased market share in revenue, reading hours and more. customers under 25, and customers 65 the segment by 16 percent compared to “400,000 paying customers use our and over. And everything suggests that Strong growth 2019, which was also a very strong year. service for an average of 25 hours per we’ll be able to keep those users in the BookBeat is available in 28 European “Sometimes I wonder how we man- Renate Herre, publisher at Carlsen Verlag. Photo: Ulrich Perrey month. Measured from day one, we’re future. Analyses show that once the cus- markets. The focus for 2020 was on aged to do it. Just what superpowers do now up to over 200 million hours of tomer has established an audiobook or three of them: Sweden, Germany and our employees have? Despite a global book, Das Neinhorn, which was a formi- Investing in online work methods, reading and listening, and revenue ex- e-book habit, it tends to continue.” Finland. pandemic and intermittent lockdowns, dable success. It sold over 500,000 cop- which began before the pandemic hit, ceeded SEK 500 million for the year. “Sweden had about as much growth including closed bookstores and can- ies, which is unique for a picture book.” is another important factor for Carlsen Of course, it’s incredibly fun to see that “Want to read and listen to books that as before, but it was distributed more celed events, we managed to break mul- Verlag’s successful year. nothing could stop the momentum we’ve last a long time” evenly throughout the year. We reached tiple records,” says publisher Renate Online investment in the organization “We started an initiative to introduce built up, even in such an unusual year,” What and when users read has also our goals in Germany and we beat all Herre. Schools and preschools have periodi- Office365 and Teams as prioritized says Niclas Sandin, CEO of BookBeat. changed. of our goals in Finland. Only four years “We decided early on not to reduce cally been closed in Germany. Leisure work methods already in 2019. This was “This year, long series have been the after launching on the Finnish mar- working hours or postpone any releas- activities have also been canceled. widely implemented throughout the or- Increased use during the year most popular. Users want to read and ket, in 2020 BookBeat competed with es. We also wanted to try to hold as “As a result, children have spent more ganization during the first two months Listeners’ behavior patterns changed listen to books that last a long time. ­Finland's largest bookstore to be the many events online as possible. I think time at home and parents have had to of 2020. So we were well prepared to during the year – but overall, usage still We’ve also noticed that listening is biggest customer of Finnish publishers. that was a major contributing factor to take greater responsibility for their chil- work from home and for other new cir- increased. spread out throughout the day. Before, The result has exceeded our expecta- everything going so well. Just before dren's education and free time. Books cumstances, with absolutely no idea of “Among our new customers, the big- morning and afternoon commutes were tions by far.” the pandemic, for example, our author have filled a significant need in that what was to come. But sometimes you gest group is usually people between the peak times. In 2020, listening in- Marc-Uwe Kling published his picture area, of course,” says Renate. get a little lucky!”

8 BONNIER BOOKS ANNUAL REVIEW 2020 ANNUAL REVIEW 2020 BONNIER BOOKS 9 Anders Eriksson, CEO Bonnier News

BONNIER NEWS

Lydia Sandgren, author and August Prize winner. Photo: Björn Larsson Rosvall Lydia’s debut novel won the August Prize “Good journalism

ON NOVEMBER 23, it was time for the Lydia sent the manuscript to a few pub- “I've been writing since I could hold a has paid off” announcement of the year's August lishers and it wasn't long before she re- pen and I couldn't imagine life without Prize winner. Because the gala was held ceived a positive response from Lotta it. I've been working on book two since online, Lydia Sandgren, who works as a Aquilonius, publisher at Albert Bon- the day I submitted the manuscript for psychologist at a clinic in Gothenburg, niers Förlag. Samlade verk. Who knows what will THE PANDEMIC HIT Bonnier News could maintain our journalism, espe- even more competitive. As an indepen- sat in her office and tried to distract her- “If Lydia had been working on the come of it. But I hope it won't be another hard. But demand for good, relevant cially given the enormous need for in- dent company, the business has been self with paperwork. book her entire adult life, you might say decade before I'm done.” journalism grew stronger. The digital formation about the pandemic,” says run with agility and a focus on digital “I don't have internet at home, so I it was the exact book I had been waiting transformation even accelerated. Anders Eriksson. growth.” had to be at work. When the phone rang my whole life to read. I was hooked from Bonnier News entered 2020 with the and I was told I had won, I was struck the first line,” says Lotta. wind at its back. The digital journey was FINANCIALLY, the pandemic resulted WHEN ANDERS ERIKSSON sums up by this sense that it was unreal. When going according to plan, as was the tran- in furloughed employees, terminated 2020, he believes the goals have been something you've dreamed of your Tenth edition sition to a more unmitigated subscrip- consulting contracts and pay cuts of 20 achieved. Efforts to simplify and im- whole life actually happens, it’s incredi- Samlade verk received great reviews tion model. percent for 75 managers. prove the user experience have made bly special,” she says. and garnered significant attention for But as strange as it may sound, the progress. Investments have been made a debut. But of course, readers are re- BUT IN THE SPRING, the pandemic de- pandemic also had some positive effects. to improve the technical structure. The “I couldn't make it any better” quired for a book to be considered a hit. scended upon Sweden. Anders Eriksson, “What we thought would happen over number of digital subscribers has in- Lydia Sandgren’s book, Samlade verk “This book is still nearly 700 pages CEO of Bonnier News, will never forget two or three years happened in two or creased. He highlights Dagens Nyheter (Collected Works), was published in long. It’s a 29-hour listen. But it was as if those months. In an ordinary month, three months. We lost advertising rev- in particular. spring 2020. By then, she had been readers had been waiting to step inside advertising revenue is approximately enue, but saw strong growth among on- “The newspaper has developed in- working on the book for over ten years, this fantastic fictional world the same SEK 200 million. But in a single week in line readers. Rather unexpectedly, we credibly well this year. DN has seen or as she puts it, for her entire adult life. way I had, because the book started sell- March, Bonnier News lost SEK 50 million. gained momentum in the process.” strong growth in subscriber numbers “That manuscript got to grow in total ing incredibly well almost immediately,” The management team held daily cri- The new governance model also made and is also making a great profit. Invest- solitude, without ever facing any other says Lotta. sis meetings at nine o’clock each eve- a difference. ing in good journalism and a clear pro- reader than me. But one day, I just felt Samlade verk is now in its tenth edi- ning throughout the spring. “With journalism as a core value, the file has paid off.” like I was done. I couldn’t make it any tion and continues to sell. But Lydia has “We had to make sure we were keep- new governance model has created better.” already moved on. ing our employees healthy and that we the conditions for Bonnier News to be

10 BONNIER BOOKS ANNUAL REVIEW 2020 ANNUAL REVIEW 2020 BONNIER NEWS 11 SALES EBITA SEK 7.7bn (7.6) SEK 647m (211) Local journalism leads to growth – and strengthens free speech in Sweden

Bonnier News – sustainability

SUSTAINABILITY HAS BEEN a key issue in several The sustainability strategy is based on four focus ar- ways this year, especially with regard to journalism for eas, each of which is linked to the UN’s Sustainable Bonnier News’ over 50 editorial offices around Swe- Development Goals: den. Environmental journalism is becoming increas- ● Freedom of expression and defense of free speech Mikael Nestius, Business Manager, and Pia Rehnquist, Editorial Manager at Bonnier News Local. ingly important and the impact of the COVID-19 crisis ● Business ethics Photo: Andreas Elgstrand, Peter Jönsson on the environment, travel, consumption patterns and ● Gender equality and inclusion business models continue to be prevalent topics of ● Environmental and resource efficiency news, debate and advocacy. IN SPRING 2020, investment in local The investment in local journalism DURING THE YEAR, Bonnier News also measured its journalism intensified for Bonnier News. was carried out with Norwegian Ame- SUSTAINABILITY IN A BROADER sense is also a key impact on the environment in order to map its envi- On February 25, the company acquired dia, whose strategy has served as a model “It’s great to see facet of Bonnier News’ overall strategy and a clear ronmental footprint. The measurement was carried Hall Media, which had about ten pub- for Bonnier News Local’s digital trans- such high-quality­ keyword in the company’s vision: “Our mission is to out according to the Greenhouse Gas Protocol (GHG), lications in Småland, Kronoberg and formation efforts. The strategy involves journalism and strengthen free speech and contribute to a democrat- which is the most internationally recognized standard Skaraborg. Bonnier News Local, with decentralizing responsibility for news- ic, sustainable and inclusive society.” for environmental calculations, and covers the impact about 50 titles, was formed shortly there- paper content, and as a result, Bonnier ­strength out in our “Our most important impact on and contribution of the entire value chain for high-emission areas such after. News Local appointed around 20 new editorial offices” to a more sustainable society is what we do through as printing, distribution, tech, energy and travel. “Bonnier News’ investment in leading editors-in-chief in 2019 and 2020. journalism and our commitment to freedom of speech “The idea is to conduct an annual measurement, the consolidation of the local newspaper “Schools, elderly care, infrastructure and other issues of sustainability,” says Lotta Edling, and for this to be a tool to reduce our footprint over market in Sweden is important, both for and safety – most of the issues that res- Editorial Director and head of sustainability initiatives time,” says Lotta Edling. ensuring Bonnier News’ growth, and for onate with people are local. If we didn't at Bonnier News. “Printing and distribution account for Bonnier making sure all of Sweden is covered by cover them, most of these stories would “In addition to environmental coverage, where for News’ biggest impact on the environment. The digital strong local journalism. In a time when remain unwritten. That's why it's great example Dagens Nyheter, Dagens industri and Danish transformation will help to reduce our footprint over attacks on free speech and democracy are to see such high-quality journalism and Børsen have taken exciting initiatives during the year, time. But we’ve already set aggressive goals for dis- becoming more and more evident and strength out in our editorial offices,” says this commitment characterizes everything from Ex­ tribution, and we’re quickly moving toward fossil-free alarming, this is something we need,” Pia Rehnquist, Editorial Manager for pressen's fight for the release ofDawit Isaak and Gui fuel for all our transports.” says Business Manager Mikael Nestius. Bonnier News Local. Minhai to the importance of local newspapers for de- mocracy and sustainable communities.”

12 BONNIER NEWS ANNUAL REVIEW 2020 ANNUAL REVIEW 2020 BONNIER NEWS 13 A new reality Peter Fellman, Dagens industri “When the world's stock markets crashed early in the pandemic, no one knew what the economic impact would be. As a provider of news and analysis, Dagens industri is at its most essential in times like these. Readers flock to the paper to learn how the and classic ­development will impact them as business leaders and inves- tors. Our solid increase in subscriptions is the best evidence that journalism we’ve met this growing demand.”

Christina Kennedy, Dagens Samhälle “Demand for the accurate journalism produced in our editorial family in the Di group has never been greater. Decision-makers in a wide range of areas, including health care, sustainability, business and more, have all tried to find their footing in this new reality. With new titles like Dagens Samhälle, Market and Daglig­ varunytt, we’re now covering the lion’s share of Swedish society and business.”

Klas Granström, Expressen “Expressen’s newsroom promptly came up with regulations for how to report safely in the editorial office and out in the field. That allowed us to conduct all the investiga- tions and reports that have given Expressen’s audience unique insight into policies to fight the virus, the impact on the most vulnerable populations, and what the healthcare system has looked like during the pandemic. I’m especially proud that we’ve given voice to people who have been overlooked, and that we’ve provided a brutal, but honest picture of the struggle in the health- care system. And that we’ve maintained Expressen’s mission as a ‘people’s univer- sity’ by providing round-the-clock, direct access to important information for the public, and by giving our audience the opportunity to have their questions answered The first case of COVID-19 was detected in Sweden on Jan- through interactions with experts and the editorial office.” uary 31, 2020. The spread of the disease accelerated quickly and 40 days later, the WHO declared that the coronavirus Peter Wolodarski, Dagens Nyheter outbreak constituted a pandemic. With rising death tolls and “The coronavirus pandemic was a unique test for Swedish society. In a crisis like this, global stock markets in free fall, publishers at Bonnier News journalism plays a central role by providing information, reflecting different per- spectives, and asking the people in charge difficult questions. had to adapt to a new reality. And the classic mission – to pro- I am proud that back in February 2020, DN chose to make our coverage avail- vide trustworthy journalism – was more important than ever. able to non-subscribers as well. This is particularly important during a crisis. The Here, the editors-in-chief of Expressen, Dagens industri, decision to ‘unlock’ our site led to a sharp increase in the number of visitors. In total in 2020, around 300,000 Swedes signed up for the free subscription. And more Dagens­ Samhälle and Dagens Nyheter discuss the impact of than one in four of them chose to subscribe after the trial period ended. Early on, the crisis on their organizations to date. DN also chose to question the Swedish coronavirus strategy, which permitted higher rates of infection than in our neighboring countries. Newspapers must maintain a critical perspective, especially in a national crisis – it is our democratic mission.” Neighbors Mona Gustafsson and Lill Khasal eased their forced solitude with a COVID-safe coffee break at a proper distance in the stairwell. The picture, taken by Anette Nantell, was published in DN in April 2020.

14 BONNIER NEWS ANNUAL REVIEW 2020 ANNUAL REVIEW 2020 BONNER NEWS 15 Tomas Hermansson, CEO Bonnier Fastigheter SALES EBITA SEK 740m (712) SEK 506m (474) 79% of properties are environmentally certified. 2ndplace among large companies BONNIER FASTIGHETER for the third year in a row in Fastighetsbarometern Kontor 200,000 (“Real Estate Barometer square meters Office”), which measures “We’ve become of rentable area. ­satisfaction among tenants. stronger in many ways”

CHALLENGING, EDUCATIONAL and Another major change is the estab- FOR THE THIRD YEAR in a row, Bon- successful. With these words, Bonnier lishment of Bonnier Fastigheter’s new nier Fastigheter has ranked second Bonnier Fastigheter – sustainability Fastigheter CEO Tomas Hermansson Housing business area, which involves place among large companies in the sums up 2020. developing and managing rental hous- Fastighets­barometern* (“Real Estate BONNIER FASTIGHETER AIMS to develop through BONNIER FASTIGHETER intends to obtain environ- “Our new Housing business area is an ing for private customers. Barometer”), which measures satisfac- profitable, sustainable growth. With a portfolio that in- mental certification for its entire property portfolio. At important step for us as a community “This is expanding our role as a com- tion among tenants. cludes multiple properties that are over one hundred the end of 2020, 80 percent had been certified. As of developer,” he says. munity developer – it’s a big and im- “Our employees have been responsive years old, creativity is key for improving sustainability 2020, the company’s greenhouse gas emissions are portant step. The new work methods and tried to find solutions in close dia- while preserving historic value. also reported based on the GHG* protocol. Heating the Tomas Hermansson reflects on a year of brought about by the pandemic will logue with our tenants, who have had properties is the primary cause of emissions. ­Efforts development. place new demands on offices and pri- a tough time this year. I’m especially To achieve this goal, in 2020 Bonnier Fastigheter to reduce these emissions will intensify in 2021. “We’ve become stronger in many vate residences. We want to be part of proud of this work.” ­updated its sustainability strategy, dividing it into “Our long-term perspective is a strength. Making ways. Financially, we’re performing very this development, and we want to push three focus areas: Neighborhood, Relationships and the necessary investments in sustainability is easier well this year, and operationally, we’ve it in a sustainable direction.” In 2021, Tomas Hermansson looks for- Portfolio. when you’re working for the next generation, rather learned a lot from the challenging de- ward to the plans to begin construction “In each area, we discuss how, what and why. Togeth- than the next quarter,” says Sara Björnberg. mands brought about by the pandemic.” THE COMPANY also fully integrated its of a new neighborhood in Värtahamnen. er, this creates a comprehensive approach to our sus- sustainability initiatives in 2020. “We’re building offices on three tainability initiatives,” says Sara Björnberg, head of * Greenhouse Gas Protocol, developed by the World Resources IT WAS SURPRISINGLY easy to switch to “For years, we worked with environ- blocks, totaling around 80,000 square sustainable development. Institute (WRI) and the World Business Council for Sustainable working virtually, he notes. mental issues separately. Now environ- meters of office space, in what might be Development (WBCSD) as a global standard for measuring, managing and reporting greenhouse gas emissions. “That is largely thanks to our employ- mental and sustainability issues are in- Stockholm’s most exciting construction ees’ positive attitudes. We’ve also de- terwoven throughout the business, from project.” veloped clearer, more structured work work methods and new production to *CFI Group and Fastighetsägarna Sverige’s annual ana­ processes.” financing and business objectives.” lysis of Swedish tenants’ perceptions of their landlords.

16 BONNIER FASTIGHETER ANNUAL REVIEW 2020 ANNUAL REVIEW 2020 BONNIER FASTIGHETER 17 Creating modern workplaces inside an old bicycle factory

It was once the largest bicycle facto- property comes on the market, it’s a ry in northern Europe. Now attractive duel,” he says. workplaces are being created inside. The block’s history made the opportu- In the middle of the crisis, Bonnier Fas- nity especially intriguing. tigheter bought an entire office block in “It's exciting to get to preserve the char- Uppsala. acteristic industrial feel while bringing this fairly sleepy neighborhood back to In the early 1950s, Nymanbolagen in life,” says Lars Skoglund, Market Man- Upp­sala was the biggest bicycle manu- ager Uppsala at Bonnier Fastigheter. facturer in Europe, with 1,300 employ- ees. Each year, 150,000 bicycles were “One of our specialties” made and exported to neighboring coun- The location in the eastern part of down- tries and to South America. town is also interesting. Uppsala’s cen- One of the classic models was Cres- ter of gravity has shifted there more and cent's “World Champion” bicycle, a se- more in recent years, while it is just over ries that went into production in Uppsala 500 meters from the central station and in 1954. the Travel Center, with bus and train But shrinking profit margins forced connections. a merger between Nymanbolagen and When the four-track railway between competitor Monarkkoncernen, marking Stockholm and Uppsala is completed, the beginning of the end. In 1963, the last the commute will be even shorter. bike was assembled in Uppsala. The bicycle factory was also a good fit for Bonnier Fastigheter for another rea- Acquired in the midst of the pandemic son. The property consists of four buildings “Developing an entire block is one of and two building rights and constitutes our specialties,” says Björn Boestad. an entire block. In Uppsala, it is still col- One of the buildings, building A, will loquially referred to as the “bicycle fac- be fully renovated and is expected to be tory.” finished within 18–24 months. The first In the midst of the coronavirus crisis, tenant, Uppsalahem, moved into these the property was acquired by Bonnier fresh, completely renovated premises in Fastigheter, which has also owned Upp­ December. Development and strategiz- sala’s well-known properties Stationsgal- ing for the block will continue in 2021. lerian and Muninhuset since 2018. This “A lot of work still remains to be done university city is attractive for multiple on the other buildings, too. I think it will reasons. take about five years to get where we “We got in a few years ago because Upp- want to be,” says Björn Boestad. sala and Stockholm are getting increas- ingly connected. It’s a highly educated “The office is a conveyor of culture” city and it also has a functioning business Overall, Bonnier Fastigheter is looking community, including the pharmaceu- forward to the future, despite the uncer- tical industry in particular,” says Björn tainty brought about by the pandemic. Boestad, who is responsible for transac- “Even if people work from home more tions at Bonnier Fastigheter. often, a shared office is necessary in Making an offer on the bicycle factory order to get together and grow. The office Rendering of the bicycle factory was an obvious choice. is a conveyor of culture in a company,” block in Uppsala produced by “Competition in the real estate mar- says Björn Boestad. White Arkitekter. ket is incredibly fierce. As soon as a good

18 BONNIER FASTIGHETER ANNUAL REVIEW 2020 ANNUAL REVIEW 2020 BONNIER FASTIGHETER 19 Rendering produced by Tengbom in consultation with artist Jens Fänge.

New production of residential property in Barkarbystaden – Art for a safer, more the Fyrklövern project. Render­ Bonnier Fastigheter invests ing produced by ByggVesta. beautiful street in even more rental apartments Bonnier Fastigheter is contributing as a more accessible and appealing en- to a safer, more vibrant urban setting trance to popular Vasaparken. in Stockholm. Art spilled out onto the Part of the process during the year was Bonnier Fastigheter continues its ef- tion agreement with housing develop- amount to approximately SEK 4.9 bil- street this year. to bring street art to Torsgatan. forts to become an increasingly im- er Bygg­Vesta and the formation of the lion. In this unique project, art has literally portant community builder. Two new jointly owned HållBo. Bonnier Fastigheter has ambitious Many people find the stretch between moved onto the street. Two new works residential properties in the Stock- Two new properties were acquired goals for the future. Sankt Eriksplan and Norra Bantorget of art now decorate the sidewalk in front holm area were added to the holdings during the year, one in Tyresö with 76 By 2025, 20 percent of the proper- in Stockholm to be drab and unsafe. But of the entrances to Bonnierhuset and this year. apartments, and one in Bagarmossen ty portfolio will consist of residential this street underwent a major upgrade Bonniers Konsthall. with 32 apartments. HållBo therefore properties. The longer-term target is 25 in 2020. They are by Jens Fänge, the artist who The company has long owned and man- owns a total of 307 apartments. In addi- percent, as well as wholly owned resi- The improvements have been planned debuted as a painter in the 1990s. He aged commercial properties. But follow- tion, production of 260 new residential dential properties among the holdings. for a long time in a collaboration be- has worked more and more with tex- ing a decision to make rental housing a apartments in Barkarby has begun. Stockholm and Uppsala are the current tween Bonnier Fastigheter and the City tiles, paint, wood and objects encroach- new business area in 2019, an import- The investments, which were initiat- focus areas. of Stockholm, and one of them is to cre- ing upon the room in recent years. ant step was taken through a coopera- ed in 2020 and will run through 2025, ate an open space on Torsgatan, as well

20 BONNIER FASTIGHETER ANNUAL REVIEW 2020 ANNUAL REVIEW 2020 BONNIER FASTIGHETER 21 Jonas Karlén, CEO Adlibris SALES EBITA SEK 2.7bn (2.3) SEK 50m (-217)

The Book That Did Not The number of books Adlibris Want to be Read sold per second by David Sundin was on Black Friday. the bestselling book of the year. 1 400% 55.1 increase in sales of the Swedish edition of Learn to Play Chess: ADLIBRIS million 35 Easy and Fun Chess Activities visits to Adlibris’ website in conjunction with the Swedish in Sweden in 2020. premiere of The Queen’s Gambit “The physical on Netflix. book has had a renaissance” Adlibris – Sustainability 2020 WAS A YEAR OF CONTRASTS for The focus on books, as well as stream- JONAS KARLÉN was proud of his ap- Adlibris and CEO Jonas Karlén. lining processes and offering more de- proximately 500 employees many times TRANSPORTS ACCOUNT FOR a significant share of large boxes, which limits the number of shipments “While the pandemic brought suf- livery options, was a recipe for success during the year. greenhouse gas emissions – about 40 percent in Swe- the trucks can hold. That is why in 2020, Adlibris in- fering and challenges for society over- in 2020. “I ordered a book at 1:00 pm on De- den, according to the Swedish Transport Administra- vested in a packaging machine that adapts the cor- all, our business was characterized by “We went strong all year and reached cember 23 and received it on the morn- tion. This is an important challenge, especially for rugated cardboard to fit the size of the contents. The ambition, community and growth. We an all-time high in December, which ing of Christmas Eve; that was a crown- e-retailers. In 2020, Adlibris therefore made major results are fewer transports and lower emissions. increased by as much as 19 percent was the best month in Adlibris’ more ing achievement. We were able to stay investments in eco-friendlier deliveries to reduce its during the year; we reached profitabil- than 20-year history.” open and deliver a week longer than our environmental footprint. One example is the collab- THE INVESTMENTS MADE IN 2020 are in line with ity and improved earnings by SEK 266 competitors in the run-up to Christmas oration with Instabox, a delivery service that reduces ­Adlibris’ sustainability initiatives, which are based on million,” he says. ADLIBRIS IS ONE OF the Nordic re- thanks to the efforts of so many people.” emissions by using fossil-free fuels in its vehicles. the UN’s 17 Goals of the 2030 Agenda for Sustainable gion's leading online stores and current- Development. The aim is to continuously find new Jonas Karlén took over as CEO in No- ly accounts for just over 60 percent of IN DECEMBER, Adlibris acquired Cam- Standard-sized boxes are problematic in e-com- ways to reduce environmental impact and contribute vember 2019. online book sales in Sweden, 40 percent pusbokhandeln, which sells new and merce. Orders often have to be sent in unnecessarily to a better world. “The company was in pretty good in Finland, and 20 percent in Norway. used textbooks. shape for 2020 after a tight situation “E-books and audiobooks are grow- “Sustainability is one reason for the during the preceding years. We had ing, but physical books also increased in purchase. We want to offer the full spec- adjusted our strategy, making it more 2020 after a period of declining sales. A trum of books, from audiobooks to used book-centric, and we divested or shut lot of people have had more time to read books, and we prioritize sustainability down businesses where we hadn’t been during the pandemic and the physical at all stages.” successful.” book has had a bit of a renaissance.”

22 ADLIBRIS ANNUAL REVIEW 2020 ANNUAL REVIEW 2020 ADLIBRIS 23 The new strategy to focus on books clearly boosted sales

2020 was characterized by new paths multiple channels: TV, radio, billboards exemplary in that area,” says Sakari for the Adlibris Group, including a and our magazine, which is focused on Luovio, Sales Manager Adlibris B2C brand-new strategy and an acquisition books and inspiration. We have around Sweden, Norway and Finland. that strengthened the focus on sustain- 11 million titles, so it’s no wonder that ability, among other things. customers wanted clearer guidance,” How does the deal benefit your says Veronica Fras. ­customers? The new “Focus on Books” strategy was “Together, we’re stronger. We can use developed in the spring. After a few An obvious sales increase in late au- our expertise in selection and logistics, years spent focusing on a broader se- tumn showed that the strategy was the among other things, and we can offer lection, i.e. not just books, there was a right way to go. even faster deliveries, multiple deliv- desire to return to what used to be the “We quickly received positive feed- ery options, and a larger range of used core business. back from customers, which is won- books. Simply put, this deal will sig- “The idea behind a broader offering derful, of course. But work continues, nificantly benefit customers on many was to prepare for Amazon’s entry into including increasing the use of cus- levels.”­ the Swedish market. But it was difficult tomer data, personalizing the website to get customers to associate us with experience and expanding our delivery anything other than books, and some of options. The customer experience is “The customer the delivery logistics posed a challenge. key and determines the priorities of our So after two years of loss, we decided we business development.” experience is key needed to change our strategy and shift and determines our focus back to books,” says Veronica Steps toward improved sustainability the priorities of Fras, the Adlibris Group’s Chief Cus- In December 2020, the Adlibris Group our business tomer Officer. acquired Campusbokhandeln to in- crease the selection and strengthen sus- development.” Extensive customer surveys were tainability efforts. Campusbokhandeln conducted and the strategy was refined is a bookstore chain founded in 2005 based on the results. that specializes in textbooks. “Overall, customers were asking for The stores are located near campuses, more inspiration. They also wanted but a large portion of sales are also on- more help choosing what to read, both line. Since its inception, the focus has for themselves and when giving books been on used textbooks, but in recent as gifts.” years, increasing sales of new books have also been important to develop- An autumn of increasing sales ment. The new strategy was communicated “Campusbokhandeln has been our to the company in June and during the competitor and we’ve been following latter half of 2020, work on implemen- them for a long time. We’ve been im- tation was underway. pressed by their development, with ex- “We sold or shut down a number of ponential sales growth in recent years. The strategy that Adlibris launched in spring 2020 proved category sites and redesigned the look This acquisition really suits us! After all, to be the right way to go. Sales increased in late autumn. of adlibris.se. We made more best-of our strategy is to be able to offer cus- Photo: Anna Frykberg Källåker lists and more space for employee sug- tomers the entire ecosystem of books, gestions and customer reviews. We also and to be even better when it comes to Veronica Fras, Chief Customer Officer rolled out a marketing campaign in sustainability. Campusbokhandeln is Adlibris Group. Photo: Juliana Wiklund

24 ADLIBRIS ANNUAL REVIEW 2020 ANNUAL REVIEW 2020 ADLIBRIS 25 Jesper Buchvald, CEO Bonnier Publications SALES BONNIER CORPORATION SEK 1.1bn (1.2) EBITA SEK 86m (142)

David Ritchie, CEO Bonnier Corporation

A transformative Elisabeth Halmø, Executive Vice President & Chief Content Officer at year for Bonnier Bonnier Publications. Photo: Stine Østby Corp. BONNIER PUBLICATIONS From magazine publisher American Bonnier Corporation offers niche magazines, events, experiences and services. Major to modern media house changes were made in 2020. CEO David Ritchie explains them Bonnier Publications is in the midst of “We also created our own brand, further. “It’s impressive an intense transition from a traditional Wype, a service that makes it easy to magazine publisher to a multi-plat- read all content anywhere, anytime. The What were the key milestones form publishing house. But the core plan to roll out new digital subscription for Bonnier Corp. in 2020? remains the same: high-quality content products is also ambitious.” “It was the most transforma- how motivated and stories that readers can trust. All of this involves a significant invest- tive year since the company was ment, as well as extensive changes to founded. We introduced major Bonnier Publications has an extensive the editorial process. In the past, print management changes, imple- and proud history, and specializes in magazines were the source of all digital mented targeted redundancies the employees were” cross-border publications. With the content. But now the reverse is the case: and layoffs, quickly withdrew rapid evolution of the media industry, the digital experience serves as the start- from essentially all of our leases the company has also renewed itself and ing point. and renegotiated or terminated is now focusing more and more on new “Stories are at the center of all content, most corporate contracts. We DESPITE THE TURBULENCE of 2020, THE NEW governance model has also ees began working from home in a single platforms. and they are adapted for the different also started selling off unprofit- Bonnier Publications continued to in- been positive for Bonnier Publications. night; they adapted to the situation and “This means we’re expanding; we’re channels. Stories provide readers with able brands and completed two vest in digital subscriptions. The crisis “Instead of being part of a larger continued working according to plan. broadening our foundation and turn- the most value and to have more time major divestments in the third has demonstrated a keen appetite for group, we’ve increased our focus on our “I was impressed by how quickly it ing many business models into a digi- for them, we’re working in templates quarter. All in all, these mea- high-quality journalism. business, working extensively with stra- went and how motivated everyone was. tal base. This is essential for success in and modules as much as we can,” says sures allowed us to end the year The plan for 2020 was to continue to tegic issues.” I’m also proud of the high-quality infor- an industry with squeezed margins and Elisabeth Halmø. with positive cash flows from launch new digital subscription mod- Bonnier Publications fared better mation we contributed about the pan- when consumers are spending less time operating activities, and to enter els. The focus was not on starting new financially than had been feared last demic during the year.” on print media,” says Elisabeth Halmø, An environmental mindset is still 2021 in a strong position.” brands, but on taking a smarter ap- spring. Admittedly, ad sales dropped in Executive Vice President & Chief Con- important proach to working with the existing ones. the first three quarters, but the situation THE YEAR has demonstrated a contin- tent Officer at Bonnier Publications’ Digital platforms may be taking up more What lessons have you learned “‘Gør Det Selv, (Do it Yourself) is one turned around. ued keen appetite for high-quality jour- headquarters in Copenhagen. and more space, but magazines are still from managing the ongoing example, where we now work with a lot “We had higher revenue in digital nalism. important to readers. To reduce the en- challenges? of video content, and not just step-by- channels in the fourth quarter than the “It became clear during the crisis that “We also created our own brand, Wype” vironmental impact of paper, the pro- “We learned that as long as we step instructions in print, like before. corresponding period in 2019.” people seek out information not only In a short period of time, Bonnier duction process has been optimized and have a fantastic staff, we can de- Magazines haven’t changed as much on- from social platforms, but also from Publications has launched digital sub- the wood used for the company’s most liver excellent content and very line as news and books in recent years, WHEN THE MOST ACUTE phase of the ­traditional, trustworthy media,” says scription products based on three of common paper is from 100% environ- good results.” but I hope we can be part of driving the pandemic had subsided, Jesper Buch- Jesper Buchvald. the company's biggest brands: Illus­ mentally certified forestry. All subscrip- trend in that area,” says Jesper Buch- vald felt incredibly proud of his employ- treret Videnskab, Historie and Gør tion magazines are also Nordic Swan vald, CEO of Bonnier Publications. ees. After Denmark shut down, employ- Photo: Thomas Dahl Det Selv. Ecolabeled.

26 BONNIER PUBLICATIONS ANNUAL REVIEW 2020 ANNUAL REVIEW 2020 BONNIER PUBLICATIONS/CORP 27 Michael Porseryd, CEO SF Studios SALES EBITA SEK 1.9bn (1.9) SEK 20m (36) 1,800 The number of movie and 16 TV show titles SF Studios The number of movie and TV owns in its rights catalog. shoots that SF Studios ­managed to hold in 2020, despite the ­pandemic.

SF STUDIOS 35% 1.7 million growth for SF Anytime’s people saw the movie Jönsson­ consumer platform ligan, which was sold exclusively “Positive result in 2020. to C More, in one month. despite closed movie theaters”

DESPITE CLOSED CINEMAS and movie productions for 2020 – Utvandrar­ ed a new business area focused on rights. SF Studios – Sustainability productions that had to change loca- na (The Emigrants) and Sagan om “For example, we acquired Sandrew tions, Michael Porseryd, CEO of SF Stu- Karl-Bertil Jonssons Julafton, (The Metronome’s Swedish film catalog and FOR SF STUDIOS, sustainability is very much about it should be a matter of course to choose eco-friendly dios, considers 2020 an inspiring year. Tale of Karl-Bertil Jonsson's Christmas we took over distribution of around 100 social issues; commitment to the #metoo movement products, to use facilities and resources sustainably, “We’ve become closer knit,” he says. Eve) – were mostly going to be filmed classic Swedish movies.” and #tystnadtagning are two clear examples. to increase awareness regarding travel, and to follow At the beginning of the year, it was abroad. Efforts continued in 2020 to improve the workplace the applicable regulations. announced that Michael Porseryd had “We had to turn on a dime and move NEW GOVERNANCE was established environment and to effect other necessary changes in been named one of Variety magazine’s production to the Nordic region, and during the year and as a result, SF Stu- the film and TV industry, including in partnership with SF STUDIOS continues to prioritize supporting chari- 500 most influential people in the media adapt to the restrictions. Obviously it dios’ Board of Directors has greater in- the Swedish Film Institute and the unions. The goal is table organizations for children and adolescents, and and entertainment industry. was a challenge, but we’ve finished film- dependence from the Board of Bonnier for everyone to be treated with respect. this year, that focus has expanded to include support “In just a few years, we’ve increased ing both of them now.” Groups. for the elderly. When self-isolation was at its peak, all production fivefold. We deliver content Michael Porseryd is very proud of his “Decision pathways are faster now, SF Studios' efforts to minimize its carbon footprint people over age 70 in Sweden were able to watch clas- to players like Netflix and HBO, and employees. which simplifies and improves the busi- have also characterized 2020, both in daily work and sic movies for free via SF Anytime. we distribute the biggest companies’ “They’ve been fighting a headwind ness.” in strategic decision-making processes. This means This was a way to spread cheer in a difficult time. movies via theaters, DVD/Blu-ray and and have worked incredibly hard all When Michael Porseryd took over as streaming services. We are the leading year. Despite the loss of revenue due to CEO in 2016, he began to work with val- film production company in the Nor- closed movie theaters, the year’s perfor- ues with the employees. Together they dic region, and we also play a significant mance was positive at SEK 19 million.” developed the values that now charac- role in the industry globally.” terize the company, such as transparen- The pandemic has shaken up most of THE DIGITAL SERVICE SF Anytime has cy and cooperation. the company. Two of the biggest movie had a strong year. SF Studios also creat-

28 SF STUDIOS ANNUAL REVIEW 2020 ANNUAL REVIEW 2020 SF STUDIOS 29 The new Max von Sydow and Liv Ullman as Karl-Oskar and Kristina in Jan Troell’s Utvandrarna from interpretation of 1971. Photo: SF Utvandrarna was filmed in Sweden Photo: Mauricio Molinari

In 2020, SF Studios filmed a new inter- character. These movies are also prod- as Karl-Oskar. Pop star Tove Lo makes pretation of Vilhelm Moberg's classic ucts of their time; the storytelling is fair- her acting debut as Ulrika. Liv Ullman, Utvandrarna (The Emigrants), focusing ly slow. I felt very strongly that the time who played Kristina in the 1970s films, on Kristina as the main character this was right for a new adaptation, with was supposed to have played Kristina's time. For producer Fredrik Wikström Kristina as the main character.” mother in the new interpretation. But Nicastro, this project was a dream that because of the risk of COVID-19, she finally came true. But the road there A synopsis began to take shape and had to drop out of the project. was long and winding. Fredrik contacted Vilhelm Moberg's grandchildren, who own the rights. An emotional blockbuster Most people are familiar with Vilhelm “We presented the idea and they liked The budget for Utvandrarna was just Moberg's epic Utvandrarna – the four- it a lot. Above all, they felt that this story over SEK 100 million and 200 people part book series following Kristina and has a different political urgency today. worked on the movie behind the scenes. Karl-Oskar's journey from a farmhouse At that time, it was more of a historic de- 40 actors and several thousand extras in Småland to the big country to the scription of Sweden in the 1800s. Now appear on screen. west. Swedish emigration to the US in it’s an important story in the context of the nineteenth century was massive, to immigration,” he says. Fredrik Wikström Nicastro believes say the least. Nearly 1.5 million Swedes the decision to move the production crossed the Atlantic on huge ships in Major adjustments for the pandemic home to Sweden was the best thing hopes of a better life. When everything was finally in place, that could happen. Minister for Culture filming was scheduled for the summer Amanda Lind visited the set and is al- A new adaption of 2020 in the Czech Republic, one of ready using Utvandrarna as a positive Film producer Fredrik Wikström Nicas- many European countries with favor- case. tro is in charge of SF Studios’ interna- able conditions for attracting large for- “If you can make ends meet, then it’s tional productions. The idea to make a eign productions. But by early March, it much better for the industry, infrastruc- new film adaptation of Utvandrarna was clear that the pandemic was going ture, environment and jobs to produce had been brewing for years. to throw a wrench in the plans. They had in Sweden, of course. I hope this project “I was really touched by these books to rethink. Quickly. can contribute to the political debate when I was growing up. This is a story “We did some creative reconnais- about introducing better tax conditions that so many people love. But I thought sance in Sweden to see if we could find and production incentives here as well,” it was too bad that it had already been the right settings and add certain effects says Fredrik Wikström Nicastro. turned into a movie.” later. It turned out to be entirely pos- sible.” He describes Utvandrarna as “a true In the early 1970s, Jan Troell wrote blockbuster with a lot of emotion.” With the script and directed Utvandrarna But moving the production home to its premiere set for Christmas Day 2021, and Nybyggarna (The New Land). The Sweden would also entail significant ad- it will also be an epic movie theater ex- movies were enormously successful and ditional costs. By filming in Alingsås and perience. were nominated for a total of four Os- Munkedal, SF Studios got Film i Väst to “I hope it will be perceived as modern cars in the US. further invest in the project. The Swed- and fresh, with energy and realism, even ish Film Institute also wanted to con- though it’s set in the nineteenth century. In 2015, Fredrik decided to re-watch tribute additional funding so that they We also have high hopes for the US, es- them. Suddenly, he discovered a new could move the production home and pecially given the success of the earlier opportunity. make sure they could film in 2020. movies. This story is just as relevant for Gustaf Skarsgård “The focus of the story is clearly on American audiences today.” and Lisa Carlehed as Karl-Oskar and Kristina. Karl-Oskar, played by Max von Sydow. The movie was shot from September Photo: Baldur Bragason But I’ve always thought that Kristina to December 2020 with Lisa Carle- was the most complex and interesting hed as Kristina and Gustaf Skarsgård

30 SF STUDIOS ANNUAL REVIEW 2020 ANNUAL REVIEW 2020 SF STUDIOS 31 Ulrika Saxon, CEO Bonnier Ventures Gross IRR* 22% Net IRR 19% *Internal Rate of Return, return on invested capital

In Bonnier Ventures’ Eco-friendly carwash portfolio companies, company Woshapp uses less than 33% 1 liter of the founders of water per wash. A regular car- are female wash uses more than 150 liters.

BONNIER VENTURES “Innovation intensified during the crisis”

IN EARLY SPRING 2020, Bonnier Ven- We’ve also invested in new companies in Berlin, London, New York and San tures received a somewhat surprising bid such as Winningtemp and Future Or- Francisco to facilitate investments out- from Storytel for the audiobook compa- dering.” side of the Nordic region as well. ny Kitab Sawti. The deal went through over the summer. AT THE SAME TIME, the coronavirus THE NEW governance model has also “We worked on it during the spring pandemic has also catalyzed innovation. brought about positive changes. and it was a nice exit for us,” says ­Ulrika One example is the fertility app Natu- “During the year, we’ve gained new Ventures – Sustainability Saxon, CEO of Bonnier Ventures. With ral Cycles, which could be used to track board members and an advisory board the sale of the agency network Real COVID-related symptoms. that contributes knowledge and exten- BONNIER VENTURES AIMS to invest in sustainable WOSHAPP IS A BRAND NEW kind of carwash, in Agency Group to the founders later in Despite the turbulence, some of the sive investing expertise.” companies. In 2020, investments were made in the which the wash comes to the car instead of the other the year, Bonnier Ventures is now fo- companies have had strong growth. In Much of the focus has been on trying companies Sulapac and Woshapp. way around. The customer orders the service in the cused on startup investments. addition to Natural Cycles, this is espe- to take a step back and understand what app, and then a Woshapp employee cycles to the cus- cially true of Acast, Doktor.se and the will happen after the pandemic. Two Finnish biochemists founded Sulapac with the tomer's car and washes it using microfiber cloths and THE PRIMARY EMPHASIS this year has design and marketplace Pamono. “We’re currently particularly inter- goal of creating a sustainable alternative to plastic. a special nanoformula in a spray bottle. The method been on helping existing companies in “We’ve also expanded our investment ested in health tech, food tech, fintech The result is a compostable material, made exclusive- saves 99% of the water used in a traditional carwash, the portfolio. mandate, which allows us to follow our and green tech. In addition, audio tech ly from renewable raw materials and environmentally while ensuring that the harmful residues do not run “We’ve received a lot of questions winners in the portfolio at a later stage, continues to be an exciting growth area, certified wood. It can replace plastic in most product into stormwater drains. from the entrepreneurs and helped with when we’ve had time to get to know where we already have several interest- categories, including one of the biggest environmen- cost-cutting, putting things on hold, and them.” ing holdings. We’re starting 2021 with tal villains: straws. new capital that they needed during this During the year, Bonnier Ventures an intensive pipeline of investment op- Sulapac’s alternative does not soften the same way difficult time. also made contact with funding partners portunities.” some paper straws do, and it breaks down in nature.

32 BONNIER VENTURES ANNUAL REVIEW 2020 ANNUAL REVIEW 2020 BONNIER VENTURES 33 Investment Manager at Ventures: “Companies with gender equality perform better”

BONNIER VENTURES works intention- gender equality within companies in- How do you do that? ally with diversity, and has chosen to creases profitability; these companies “We meet with all female investors who place additional emphasis on one issue. simply perform better. So it was an easy contact us and we also actively search “We actively work with gender equali- choice.” for female-founded startups. We also ty, both internally and in the companies sponsor and participate in several in- we invest in,” says Elisabet Ålander, An active effort dustry initiatives, including the Female Investment Manager at Bonnier Ven- Today, one third of all companies in Founders event run by Di Digital. Some- tures. Sweden are started by women. At the thing else that distinguishes Bonnier same time, 93% of all venture capital Ventures from other VC companies is Why have you chosen to focus on gen- goes to companies started by men. that we have an even gender balance der equality in particular? “This is obviously something that both in our internal investment team “In addition to the fact that we think those of us in the industry have a re- and on our board.” it should be a matter of course in all sponsibility to change. Bonnier Ven- Today, 33 percent of the companies companies, there is also a financial tures works hard to find companies to Bonnier Ventures has invested in in- aspect. Research shows that greater invest in that were founded by women.” clude at least one woman on the found- ing team. “Since that number is still below 50 percent, we can’t be satisfied, but it’s still much better than the portfolios of many other venture capitalists. And sev- eral of the female-founded companies we’ve invested in are doing very well, including Natural Cycles and Pamono.”

Johan Billgren, co-founder and CTPO at Acast. Photo: Freddie Boston

Acast’s co-founder: “We adapted quickly during the pandemic”

BONNIER VENTURES’ audio tech in- ments that benefited from working New themes also climbed to the vestments include Acast, All Ears from home and lockdowns, and they did top of the charts this year, related to and We Are Voice. Johan Billgren, incredibly well overall, given the pan- where listeners obtain news and in- co-founder and CTPO at Acast, noticed demic. formation. a year of many changes and modified “Thanks to the speed of the organiza- “With the pandemic and the turbu- listening habits. tion, things went well; in hindsight, the lent US election, the News and Politics “We started out the year strongly, with year turned out to be a V-curve.” category has stood out in particular. the same high ambitions as usual. Then Podcasts have gone a bit under the the world turned upside down. In March New chart-topping themes radar for a long time when it comes to and April, we saw some caution from The behaviors of Acast’s users also comparisons with other media, but this advertisers. But thanks to our culture changed significantly in 2020. year, more and more people are using and work approach, which proved in “We’ve seen much more listening, podcasts as a primary source of news many ways to already be well-suited to and how and when users listen is also and other information. We hope that the new circumstances, we managed to different. Before, we saw clear peaks in this pattern continues beyond 2020, of Elizabeth Ålander, adapt quickly.” the morning, afternoon and evening, i.e. course.” Investment Manager Acast, a global podcast platform, during commuting hours. Now, listening at Bonnier Ventures. found new paying advertisers in seg- is more spread out throughout the day.” Photo: Calle Elf

34 BONNIER VENTURES ANNUAL REVIEW 2020 ANNUAL REVIEW 2020 BONNIER VENTURES 35

“To distribute, not to judge”

Albert Bonnier 1820–1900

36 ALBERT BONNIER ANNUAL REVIEW 2020 French entitled Proof that Napoleon than successfully taking all of Canaan Moses, as they love to call themselves, Never Existed. It was the beginning of would be.” with their usual humor.” a fantastic journey. Albert mostly let such anti-Semitic poi- THIS BECAME A FUNDAMENTAL prin- son darts from Strindberg pass; Strind- WHEN ALBERT BONNIER passed away ciple of Albert Bonnier’s work as a berg's undeniable talent as a writer in July 1900, he was Sweden’s fore- publisher. In a chaotic and unregulat- came first. A hint of gallows humor The Story most fiction publisher. ed book industry, where connections in Albert’s reactions can even be de- The publishing company's cata- between writers and publishers were tected at times, for example, when he logue is a minor encyclopedia of nine- rather promiscuous, he was the first to read Strindberg's striking poem, Loki's teenth century Swedish literature: create lasting ties and contacts. Many Curses: “Our time’s Gods, I who have of Sweden's Viktor Rydberg, August Strindberg, of his writers became his close friends, cursed you / Come to curse you yet Verner von Heidenstam, Oscar Lever- including Viktor Rydberg and Finn- again!” tin, Gustaf Fröding, Selma Lagerlöf ish-Swedish Zacharias Topelius, two of Albert turned to Karl Otto, who First Modern and more. the publisher’s headlining authors. In deeply admired Strindberg, and asked a patriarchal era, he set out to promote if it should not say, “Our time’s Jews.” As it should be, the list of non-Swed- female writers. ish authors is also impressive: Charles AUGUST STRINDBERG plays a key role Publisher Dickens, Émile Zola, Leo Tolstoy. But in the story of Albert Bonnier. This is almost from the very start, Albert Bon- not only thanks to Strindberg's impor- nier wanted to feature the literature of tance for the publisher's development, his new homeland. This ambition was “For a few or because the moody “Titan” gave his Albert Bonnier was just 17 years old when he began to publish books. made almost pompously clear by the anxiety-filled days, publisher the most beautiful review Modern and controversial in equal measure, Bonnier was born in dedication in the literary journal Svea, imaginable: “I went with you, for you Copenhagen and had roots in Dresden. He published novels by which he began publishing in 1844 it looked as if, as were most fearless.” Another explana- Swedish and non-Swedish writers alike, ranging from August Strind- and continued to edit himself until his the printer, Albert tion for the troubled, yet nearly sym- berg and Selma Lagerlöf to Charles Dickens and Émile Zola. death: “This attempt at a popular read- biotic relationship between Strindberg ing by the publisher is dedicated to the Bonnier could land and Bonnier would be the dramatic “His life demonstrates that what is perceived as genuinely Swedish is noble and generous Swedish Nation.” episodes that have become a part of often a mosaic of impulses, phenomena and experiences from the in prison” Swedish literary history. outside,” writes Per T. Ohlsson, author of Albert Bonnier och hans tid The idea for the journal, which was to Most famous is the 1884 charge of (Albert Bonnier and His Time), which was published in fall 2020 in serve as a trial run for literary talent, blasphemy resulting from Strindberg's conjunction with the 200-year anniversary of Albert Bonnier's birth. came to Albert while studying and in- short story collection Married, which terning at bookstores in Leipzig, Vien- This pairing of literary and social contained a wonderful yet, at that na and Pest in the early 1840s. Without competence was the main reason why time, provocative description of com- denying his Jewish identity or Danish Per I. Gedin gave Albert Bonnier the munion: “It didn't trouble him that WHEN SWEDISH POLITICIANS are oc- This fact reflects the fallacy of of the three brothers. He was deter- background, Albert Bonnier wanted to well-deserved epithet, Sweden's “first the minister offered him wine bought casionally seized by nationalistic fer- nationalism without reflection. Be- mined not to repeat the mistakes that be perceived and respected as Swedish, modern publisher,” in Litteraturens from the wine-merchant Hogstedt at vor, as was the case during Almedalen cause upon closer inspection, what had undermined his father's bookstore even in a time when the small Jewish örtagårdsmästare (The Literary Herb sixty-five öre the pint, and wafers from Week a few years ago, frequent refer- is presented and perhaps generally and publishing business in Copenha- minority in strictly Lutheran Sweden Gardener), a biography of Albert’s son Lettstroem, the baker, at one crown a ences are made to what is commonly understood as “genuinely Swedish” – gen, which forced him to start over on was subjected to stringent restrictions and heir, Karl Otto Bonnier. pound, as the flesh and blood of the called a literary canon, that is, a list of whether literature, technological in- the other side of Öresund Sound. on everything from place of residence great agitator Jesus of Nazareth, who books considered normative for Swed- novations or political ideas – appears to marriage. BUT AS A RESULT OF THEIR DESIRE was done to death nineteen hundred ish culture. to be based on a mosaic of impulses, OCTOBER 2020 saw the 200-year anni- to assimilate, the Bonnier brothers years ago.” The candidates seem obvious: phenomena and experiences from the versary of Albert Bonnier's birth – the IN DISCUSSIONS IN the Jewish com- and other Jews were subjected to de- August Strindberg's The People of outside. beginning of a long and rich life that munity, in which separation was pitted risive outbursts in a time of rampant For a few anxiety-filled days, it looked Hemsö, Selma Lagerlöf's The Won- laid the foundation for much of mod- against assimilation, Albert Bonnier anti-Semitism. That was one reason as if, as the printer, Albert Bonnier derful Adventures of Nils, and Vil- THE STORY OF Albert Bonnier is a ern publicity. Without him, it would be was firmly on the side of assimilation, why Albert found it difficult to toler- could land in prison, because Strind- helm Moberg’s epic, The Emigrants. clear illustration of the dynamic in- difficult to imagine the broad, public which ultimately prevailed when the ate August Strindberg, the publisher's berg, in self-imposed exile in Switzer- terplay between external and internal, breakthrough in Sweden of the genre Riksdag made its historic decision on most-discussed author. land, was unclear as to whether he in- But something is not quite right; between the world and the nation. with which he is primarily associated: Jewish civil emancipation in February They periodically approached a tended to appear in court in Stockholm something is off. Because if there is Together with his brothers Adolf and the novel. In September 1835, at bare- 1870. breaking point, due in part to sarcastic, to take responsibility. Finally, after indeed a blue and yellow canon, it was Felix, Albert Bonnier brought with him ly fifteen years old, Albert Bonnier left As early as 1847, he gave a speech condescending statements in Strind- a lightning-fast visit from Karl Otto made possible by a Jewish immigrant a Central European cultural tradition, Copenhagen for Stockholm, where he to his fellow believers in the associ- berg’s The New Kingdom, such as: “No in Switzerland, Strindberg returned with roots in Dresden, a city his fa- rooted in the Jewish experience, that would work as an assistant in his older ation Israelite Interests (II), urging other people of the old world have em- home – and was acquitted. ther, Gerhard Bonnier, left behind for would contribute to the revitalization brother Adolf's bookshop in Gamla them to build relationships with “De braced the Swedish nation with such the more tolerant environment of the of Swedish literature and journalism. Stan. Two years later, Albert published Christne”: “Each such friendship is sincere and persistent benevolence, It was a tremendous relief for Albert Danish capital, Copenhagen. Albert was by far the most successful his first book, a satire translated from a greater, more important victory one might say love, as the Jews, or Bonnier, but what he did not expect part by Married. In the words of Karl challenged old conventions, and with HOWEVER, Personne saved his most built, and as we are not in a position contains some roots of the rivalry be- Otto Bonnier, it would “inflict a wound them, the double standards preva- severe attacks for Albert Bonnier, Au- to achieve change in the desired direc- tween Sweden’s two leading publishing “Ever-more people on my father so deep that it could never lent in the era of King Oscar II, whose gust Strindberg’s publisher. Albert tion, we feel compelled to withdraw companies, Bonniers and Norstedts. were literate and be healed.” friends rallied to the defense of so- was accused of publishing Strindberg’s from the association.” By maneuver- called morality. books in exchange for the latter “leav- ing in the background, Holm brought BUT ABOVE ALL, the barrage of abuse new popular move- IN MANY WAYS,the latter half of the Young people in particular were ing ‘Moses’ alone”: “Bonnier the pub- along several other publishers, includ- and invective to which Albert Bonnier nineteenth century was an exciting thought to be influenced by morally lisher has made himself a martyr for ing Albert and Karl Otto’s good friend was subjected subdued his once spir- ments challenged era in long-quiet Sweden. New tech- suspect and socially subversive litera- Bonnier the Jew.” Personne went on to and fellow believer, Hugo Geber. The ited and fearless enthusiasm. Conser- old conventions” nology such as railways and telegra- ture, which must therefore be combat- liken Albert to “a criminal or a brothel­- publishers’ association had been shat- vative Stockholms Dagblad welcomed phy revolutionized communication, ed. A special magazine for this purpose, -keeper.” tered. the split of the Book Publishers’ As- freedom of business was introduced, Sedlighetsvännen (Friend of Morali- sociation as a manifestation “of the and unmarried women were granted ty), began to be published in 1879. It By then, Albert Bonnier had been A few weeks later, Gustaf Holm and the self-defense of a damaged sense of mo- was that the commotion surrounding the opportunity to obtain legal status. was directed at “literature which obvi- chairman of Svenska Bokförläggare­ protesters formed their own organiza- rality”: “Mr. Strindberg has written, Married would ignite something that The representation reform was a mis- ously must lead to depravity and thus föreningen, the Swedish Book Publish- tion, the New Book Publishers’ Associ- Mr. Albert Bonnier has published, and would later burst into flames tinged calculation for more radical reform to the unhappiness of society.” ers’ Association, for nearly ten years, a ation, whose statutes stipulated that a with curiosity, Sweden’s audience has with anti-Semitism. After that experi- proponents, but it ended the Riksdag position of honor that confirmed his member who published writing that is received one volume after the next of ence, Albert Bonnier was never quite of the Estates. Industrialization and After a few “immoral incidents” among achievement of a respected status. Per- “damaging to discipline and morality” this new gospel, which in fact consti- the same. Meanwhile, it was not even urbanization began to take off. Albert high school students in Stockholm, sonne emphasized this relationship, could be expelled. tutes the obliteration of the Ten Com- about the much-discussed and scan- Bonnier wanted to support this evo- priest and speaker on Christianity which fueled a growing conflict in the Albert Bonnier’s initial impulse was mandments.” dalous indictment of Gustaf Fröding lution toward modernity in various John Personne appeared in February association between Albert Bonnier to immediately step down as chairman, Albert Bonnier shied away from and his 1896 poetry collection, Splash- ways through his publishing activities, 1887 with a pamphlet that attracted a and the director of Norstedts, Gustaf but following appeals from friends and publicly mentioning his “confession,” es and Patches, which forced Albert from the first guidebooks for travelers great deal of attention: The Literature Holm. fellow publishers who had stayed with the expression he used in reference to Bonnier to run the gauntlet yet again, in Sweden to the publisher's cash cow, of Strindberg and the Immorality of him in the original association, he his Jewishness, but when it came to all while being subjected to anti-Jew- Handelskalendern (The Trade Calen- Schoolchildren. Personne, who was THE ANTAGONISM BETWEEN Albert chose to wait to resign until Septem- the background of the conflict, he was ish slurs and names like “brothel poet dar), which was first edited by Rudolf later Bishop of Linköping, attacked and Gustaf Holm was linked to their ber, which would mark ten years in the clear in his private communications. publisher.” Instead, it was a brutal and Wall, founder of Dagens Nyheter. virtually the entire generation of writ- diametrically opposed views of the position. The associations did not re- To his friend, literary critic and fellow somewhat overlooked interlude in the ers known as “Young Sweden” and the publishing business. Albert’s attitude unite until 1912. believer Karl Warburg, he wrote, “The so-called morality debate, a simmering EVER-MORE PEOPLE WERE LITER- “immoral writing that runs rampant was liberal and tolerant; he had been presence of anti-Semitism and envy, moral panic that had been fueled in ATE and new popular movements among us.” inspired by the ideas of the Enlight- IT WAS A TOUGH HIT for Albert Bon- among other niceties, is unquestion- enment and the French Revolution nier, but with time, it was also a Pyr- able.” throughout his life. He could also be rhic victory for the literary direction unapologetically commercial. On the favored by Gustaf Holm: today, it ap- It made a particular impression other hand, Holm, head of the coun- pears both repressive and unimagina- on Albert Bonnier that Zacharias try’s largest publishing house, was a tive. It may be the case that this drama Topelius, who was increasingly re- strictly conservative lawyer who was actionary as the years passed, was fixated on notions of the role of lit- critical of the publisher’s particular erature in moral edification. Conse- association with and publishing of quently, he loathed the new literature Strindberg’s work. Albert, concerned, attacked by John Personne. wrote to Topelius, asserting that he had “become more cautious (...) Already in the early 1880s, Holm had for in no way will I risk losing such an pushed for an amendment that would old and valued friendship as yours.” make it possible to exclude members from the association who spread “man- ALBERT'S SON KARL OTTO, who took ifestly immoral or otherwise criminal a more active role in managing the content.” The effort was rejected; Al- publishing house in the late nineteenth bert’s more permissive position was century, was critical in his memories of well supported in the association. But what he perceived as his father's “yield- opinions changed after the Married ing” reaction. Perhaps. But Albert Bon- trial. Once Personne lit the fire, Gustaf nier stayed true to his core idea as a Holm got to work. publisher – to distribute, not to judge – even after having only just endured ON APRIL 4, 1887, a letter written by the storm posed by the morality issue. The book Albert Bonnier och hans tid Holm was read aloud at the spring (Albert Bonnier and his time) by Per T. meeting of the Swedish Book Pub- Ohlsson was published in fall 2020 in In a letter to Topelius from late 1887, View of Norrbro, 1895. lishers' Association: “As we dislike the conjunction with the 200-year anni- he gave a statement of a sort, one that tenets upon which the association is versary of Albert Bonnier's birth. was delicately friendly, yet defiant in tone. The message is a summary of Albert Bonnier’s work: “A publisher – particularly within the branch referred to as fiction – cannot and should not, however, be accorded the unqualified right to always serve as judge and ex- ercise censorship – for what gives us absolute certainty that those whom we blame, dislike or condemn today may not be judged differently in the future.”

This mindset in a Jewish immigrant who faced adversity resulted in the cre- ation of essential parts of what tweet- ing party leaders now insist on calling Sweden’s literary canon. Perhaps this minor detail is worth reflecting on now, two hundred years after the birth of Albert Bonnier.

Per T. Ohlsson Author, journalist, Senior Columnist at Sydsvenskan and honorary doctor at the Faculty of Humanities, Lund University. “I went with you, This article was previously published in Dagens Nyheter in September 2020. for you were most fearless.”

August Strindberg, 1884, in a letter to his publisher, Albert Bonnier

Interior of Albert Bonniers Förlag just after the turn of the last century. BONNIER GROUP

Investment activities

BONNIER GROUP holds various types venture capital and hedge funds. Parts of investments, including wholly owned of the holdings are managed by the com- companies, as well as stocks, funds, and pany, while external managers are re- investments of excess liquidity. sponsible for investments in more niche Bonnier Skog owns and manages ap- assets. proximately 3,500 hectares of forest In addition to investments in Bonin- land in Dalsland. vest and Bonnier Ventures, during the year, Bonnier Group invested in unlisted CLIO is a company that sells digital shares and funds, such as Klarna, In- teaching materials for primary schools. Farm and Messagebird. Course materials are supplied through a proprietary platform adapted for use In 2020, an agreement was signed to in classrooms and via distance learning. divest the 30 percent holding in Bisnode Clio is currently the market leader in and the shares were delisted in January both Denmark and Sweden. 2021. The Bonnier Group invests part of its ex- BONINVEST owns listed Swedish stocks cess liquidity in commercial paper and and has investments in private equity, corporate bonds. Betty and Albert with the children.

ANNUAL REVIEW 2020 INVESTMENTS 37 FINANCIAL RESULTS 2020 BONNIER BOOKS PERFORMED extremely at the end of the year, an increase of high activity in the healthcare sector. well in 2020. Sales amounted to SEK 6.1 167,000. Cost-saving measures initiated in the billion (5.8), where the increase is main- spring meant that the results from op- ly attributable to the publishing busi- BONNIER NEWS HAD SALES for 2020 erations could be maintained on a par ness and the audio and e-book service of SEK 7.7 billion (7.6), which included with last year, despite reduced revenues. BookBeat. The year was characterized revenue of SEK 280 million from the by improved EBITA amounting to SEK newly acquired Hall Media. The EBITA In 2020, government subsidies for pub- 392 million (250) and a corresponding amounted to SEK 647 million (211), lic news media in Sweden were tempo- Operating profit for operating cash flow, despite increased with Hall Media accounting for SEK 3 rarily increased due to the large revenue marketing investments in BookBeat. million. losses from the Corona pandemic. Local Bonnier’s operations During a year marked by the pandemic, newspaper titles were the main recipi- the publishing segment was particularly The Corona pandemic i releasen had a ents of the support, while the national strong and reached an EBITA margin negative impact on operations in 2020, news and business dailies Dagens Ny- more than tripled in 2020 of over 12 percent, driven by increased and mainly affected advertising reve- heter and Dagens industri abstained. market shares, accelerated sales of dig- nues, single-issue sales and event and During the year, three acquisitions ital formats and consistent cost reduc- training operations. In total, Bonni- were made: Hall Media, which is a local Bonnier’s operating profit increased in a manner that tions. er News Sweden lost 22 percent of its publisher in south-eastern Sweden, Es- advertising revenue and 12 percent of tate Media, a Norwegian/Danish busi- exceeded expectations for the unusual year that was 2020. On the individual publishers’ level, single-issue sales compared with the ness in real estate media and Hakon The EBITA improved by SEK 1 billion for comparable divisions, operations in Germany reached new previous year. Part of the reduction in Media, with a focus on retail. heights with their highest sales and best advertising revenue was countered by to SEK 1.4 billion, with an unchanged revenue level. Operating results ever. Werner Söderström in Fin- lower costs in the advertising business, BONNIER FASTIGHETER DELIVERED sta- cash flow improved by SEK 1.7 billion to SEK 2 billion. land also achieved record results and allowing for the contribution margin ble results for the year 2020. Sales in- the Swedish Bonnierförlagen showed for the advertising business to be main- creased to SEK 740 million (712) with The Group is now debt-free. increases compared to the previous tained. an EBITA of SEK 506 million (474). year with critical highlights that includ- Positive changes in the value of proper- ed winning the August Prize, among At the same time, the Corona pandemic ties amounted to SEK 703 million (824), other things. In the British operations, led to an increased pace of digitaliza- of which SEK 219 million was realized. positive results were reported despite tion, which had a positive impact on the The market value of the properties was the stringent lockdown measures as subscriber business. The total number estimated at SEK 14 billion at the end a result of the pandemic. The 50 per- of subscribers increased by 7 percent of the year. Bonnier Fastigheter's finan- Bonnier Group CEO Erik Haegerstrand says: cent-owned Cappelen Damm in Norway compared to the previous year, driven cial position remained very good, with showed stable results where, above all, by an increase in digital products that a loan-to-value ratio of 21 percent (25). general literature and educational titles rose by 26 percent. “Our way of working for the past few years, with showed a positive development, while Bonnier Fastigheter continued to grow strong and more independent companies, has proven the bookstore chain Tanum, which was In 2020, the business continued to pro- in Uppsala and acquired the centrally sold during the year, continued to show pel the digital transformation forward, located block Kvarngärdet 27: 2, known successful, with improved profits across the board. a loss. Naturally, the effects of the pan- which meant continued investments as “Cykelfabriken,” which complements The swift adaptations to this year’s challenges were demic hit hardest on an already exposed in the technical platform and reduced the company's existing property hold- physical retail trade, where Pocket costs for, among other things, printing ings in Uppsala. During the year, the impressive and the demand for journalism and stories, Shop’s sales declined markedly. Ak- and distribution. Cost reductions were industrial property Vanda 3 in Akalla not least in digital formats, inspired confidence. ademiska Bokhandeln in Finland also primarily driven by streamlining. was sold. suffered in terms of sales, but managed A strong financial position provides the foundation to improve its result compared to the Bonnier News continued to reduce the Bonnier Fastigheter continued to for future investments.” previous year. cost base in newly acquired and newly have a strong focus on its own project integrated businesses, such as MittMe- and property development. During the During the year, Bonnier Books launched dia, Hall Media and Bonnier Magazines year, Bonnier Fastigheter's first new extensive sustainability efforts with high & Brands. Both MittMedia and Hall construction project in Uppsala, Munin climate goals, established a new pub- Media turned to growth in the number NXT, started. The project comprises lishing business in Denmark, and ac- of subscribers and profit in 2020 after 3,600 square meters of office space in quired Strawberry Publishing in Swe- several years of declining editions and the southern part of the city and is ex- den and Denmark. As in the previous losses. pected to be ready for occupancy by the year, there was a major investment summer of 2022. focus on BookBeat, which maintained The international B2B business was its planned growth rate in both sales and affected by the Corona pandemic in a Bonnier Fastigheter is planning several subscriptions, while expanding its mar- similar way to the Swedish business. projects in the Värtahamnen neighbor- ket presence to Denmark and Poland. However, the healthcare business was hood of Stockholm and can now take the The number of paying members for the not affected to the same extent as the next steps in the development of these, service amounted to just over 420,000 Media & Services business, thanks to as the City Planning Board approved the

38 FINANCIAL RESULTS ANNUAL REVIEW 2020 ANNUAL REVIEW 2020 FINANCIAL RESULTS 39 first new detailed development plan for utes Warner’s titles. During the year, media, reported an EBITA of SEK 86 urban development there at the end of agreements were concluded with the million, lower than the previous year’s the year. American film companies Sony and SEK 142 million. Continued high prof- NET SALES BY COMPANY [SEKM] The operations of HållBo AB, which Universal for the distribution of phys- itability in traditional print media en- 2020 2019 is owned together with ByggVesta, are ical products in the Nordic and Baltic abled a higher level of investment in Bonnier Books 6,112 5,770 developing according to plan. Two ad- countries. digital products. A reorganization will Bonnier News 7,655 7,582 ditional residential properties were result in cost savings as early as 2021 Bonnier Fastigheter 740 712 acquired during the year and Håll- The production business had a high as a basis for even more focused work. Bonnier Ventures 197 386 Bo AB now owns a total of 307 apart- level of activity, and during the year the The EBITA margin amounted to 8 per- SF Studios 1,876 1,899 ments. In addition, the company's first collaboration with Netflix was expand- cent compared with 12 percent last year. Adlibris 2,705 2,282 joint new construction project started ed and FLX collaborated with a new Demand for print media is declining, Bonnier Publications 1,080 1,208 in Barkarbystaden­ in suburban Stock- partner, Discovery+. Despite challenges affecting the magazine market. Sales for holm, comprising a total of 260 apart- from and adaptations to the pandem- Bonnier Publications amounted to SEK Other and eliminations 406 833 ments with the project expected to be ic, strong titles produced during the 1.1 (1.2) billion for the year 2020. Bonnier Group total 20,771 20,671 complete in spring/summer 2022. year included Utvandrarna, Sagan om Karl-Bertil Jonssons Julafton and During the year, a digital edition of BONNIER VENTURES FOCUSES OPERATING PROFIT/LOSS (EBITA) BY COMPANY [SEKM] on mi- the Danish production Margrete den another brand – Gør Det Selv – was 2020 2019 nority investments in digital fast-grow- Første, as well as TV series such as launched and work on digital editions of ing startups. The companies have a Badehotellet in Denmark and Snabba the magazine titles continued. Although Bonnier Books 392 250 large presence in the Nordic region and cash for Netflix in Sweden. During the the pandemic had a negative effect on Bonnier News 647 211 an ambition to grow globally. The hold- year, the first international production, this year’s results, the crisis has also Bonnier Fastigheter 506 474 ings in these companies were valued at Horizon Line, was delivered. Part- shown that there is an interest and will- Bonnier Ventures -35 -6 more than SEK 900 million at the end owned FLX delivered its best year to ingness to pay for the type of high-qual- SF Studios 20 36 of 2020. Since the start in 2014, the in- date, mainly due to the large demand ity digital journalism that Bonnier Pub- Adlibris 50 -217 vestments have had an average value for TV and streaming productions. The lications offers. Bonnier Publications 86 142 increase of 22 percent per year before streaming service SF Anytime devel- Other and eliminations -234 -486 management costs and 19 percent after oped strongly. OTHER INCLUDES a number of smaller management costs. businesses, such as Bonnier Skog, Clio Bonnier Group total 1,432 402 THE ADLIBRIS GROUP made major im- and Bonnier Corporation, as well as In 2020, Bonnier Ventures invested provements in profitability in 2020. group-wide activities and functions. FINANCIAL RESULTS, BONNIER GROUP [SEKM] SEK 78 million in existing portfolio Sales totaled SEK 2.7 billion, which is Costs for central functions continued to 2020 2019 companies, primarily in Acast and Dok- an increase of 19 percent compared with be reduced, in 2020 by approximate- Net sales 20,771 20,671 tor.se. In addition, three new invest- the previous year. Book sales increased ly SEK 250 million compared with the EBITA 1,432 402 ments were made for a total of SEK 65 by 22 percent and were mainly driven by previous year. EBIT 2,325 3,697 million: We Are Voice, an app for choirs; private customers’ increased digital pur- Net financial results 1,240 180 Winningtemp, a platform to strengthen chases in connection with the pandemic Parts of the business within Bonnier employee well-being and commitment and increased investment in marketing Corporation, with titles published in Financial results before tax 3,565 3,816 and Future Ordering, a cloud service in digital channels. New York and California, were divested Year-end financial results 3,338 4,221 for restaurant orders. With the sale of during the year. the agency network Real Agency Group, Sales of items other than books also in- Bonnier Ventures’ operations have been creased during the year by 4 percent, An agreement was signed for the sale BALANCE SHEET, BONNIER GROUP [SEKM] 2020 2019 streamlined into start-up investments. with yarn, board games and puzzles on of Bonnier Group’s 30 percent holding During the year, Bonnier Ventures also the Adlibris sites, garden products on in Bisnode to Dun & Bradstreet, which Goodwill 2,793 2,576 divested its holdings in Abios and Kitab Odla.nu and gift cards via Morot & Co generated a profit of SEK 1.2 billion. Buildings and property 15,444 15,052 Sawti, and entered into an agreement to doing particularly well. The EBITA for Investments in funds and growth com- Tangible and intangible fixed assets 1,342 1,575 sell all shares in Refunder. the year amounted to SEK 50 million, panies such as Klarna, Infarm and Mes- Film and program rights 389 379 which is an improvement of SEK 267 sageBird of approximately SEK 300 mil- Working Capital -2,778 -2,037 SF STUDIOS was severely affected by million compared with 2019 and was lion were made in 2020. Other 3,483 1,408 the pandemic, which had consequenc- mainly due to higher sales, a stronger es for the financial results. The EBITA margin, inventory optimization and a Pension liabilities were amortized by Operating capital 20,673 18,953 amounted to SEK 20 million (36). The more efficient logistics chain. SEK 1.4 billion during the year and Net debt 32 1,232 business was affected by restrictions amounted to 0.6 at the end of the year. Shareholder equity including minority holdings 20,640 17,721 mainly linked to cinemas, which affect- In December 2020, Campusbokhandeln Net debt amounted to SEK 0 (1.2) bil- Financing of operating capital 20,673 18,953 ed the ability to launch films. The main was acquired, a company offering used lion and included accounting debt at- titles distributed during the year were and new textbooks via e-commerce and tributable to leased premises of SEK 1.4 Tenet and Greenland. Sales of physical on campuses in Sweden. billion. products such as DVDs and Blu-rays The comparative year 2019 refers to comparable entities and excludes Bonnier Broadcasting increased compared to 2019, mainly BONNIER PUBLICATIONS, THE LEADING because SF Studios now also distrib- Nordic publisher of special-interest

40 FINANCIAL RESULTS ANNUAL REVIEW 2020 ANNUAL REVIEW 2020 FINANCIAL RESULTS 39 BONNIER GROUP The Board

In fall 2018, governance at Bonnier changed, moving to independent companies and a clearer focus on profitability and growth. Following streamlining, the Bonnier Group is now an owner company with operating companies such as Fastigheter, Boninvest and Ventures, as well as the media-related businesses of Books, News, SF Studios, Publications and Adlibris. Bonnier Group got a new Board of Directors, in which Bengt Braun is chairman and Erik Haegerstrand is CEO. Bengt Braun Erik Engström Felix Bonnier

BENGT BRAUN, CHAIRMAN OF THE BOARD ERIK ENGSTRÖM, BOARD MEMBER FELIX BONNIER, BOARD MEMBER Joined the listed Tidnings AB Marie- Since 2009, CEO of RELX Group, an in- Currently head of analysis and business berg as CEO in 1989 after two decades formation and analytics company with development at Hennes & Mauritz, at Procter & Gamble, half of which was sales of approximately SEK 90 billion, where he has worked since 2009, in- spent internationally. President and and which is listed on the London, New cluding as head of sales in South Korea. CEO of Bonnier from 1998 until 2008, York and Amsterdam stock exchanges. He has an MBA from the Stockholm following Bonnierföretagen's acquisi- Erik was previously chief operating offi- School of Economics and he is also a tion of Marieberg. Bengt also currently cer of Random House, the world's larg- board member for Bonniers Konsthall. sits on the boards of Storskogen AB and est English-language publishing house, Mertzig Asset Management AB. and has been active in private equity.

GUN NILSSON, BOARD MEMBER JENS MÜFFELMANN, BOARD MEMBER PEDER BONNIER, BOARD MEMBER Gun Nilsson Jens Müffelmann Peder Bonnier CEO of Melker Schörling AB since 2017. Investor based in New York. Served Co-founder and former CEO of the Prior to that, Gun served as CFO for as chief digital officer at Axel Springer trendsetting digital and data-driven site listed companies such as Sanitec and while digital revenue grew from USD KIT. Co-founder and current CEO of the Duni and as CEO of Gambro Holding. 30 million to USD 2 billion. He was then rapidly growing video platform Storykit. She has combined her operational roles CEO of Axel Springer Digital Ventures Peder was previously Head of Digital at with important board positions. Cur- and a key individual behind the compa- Bonnier Tidskrifter. He holds a BS from rently chairman of the board of Hexa- ny’s development into Europe's leading the London School of Economics and gon and board member of AAK, Hexpol, digital media player. Chairman of the an MBA from the Stanford Graduate Einar Mattsson and the Swedish Corpo- Board of Bonnier Ventures and Bonnier School of Business. rate Governance Board. Corporation.

ULRIKA AF BURÉN, BOARD MEMBER ANDERS FORSSTRÖM, BOARD MEMBER MARTIN HARRIS, BOARD MEMBER Ulrika af Burén is Managing Director AND EMPLOYEE REPRESENTATIVE AND EMPLOYEE REPRESENTATIVE at Patricia Industries, a part of Inves- Anders has covered areas including Sales representative at Bonnierförlagen tor AB. She was previously Head of housing, crime and finance as a journal- with a focus on specialized sales and Group M&A strategy at SEB and has ist at Dagens Nyheter since 1993. Since business development. Editor/project held similar positions in AFRY, Saab 2011, he has been chairman of Dagens manager for certain children's books and Gambro. Board member of Vectura Nyheter’s union branch for journalists, at Bonnier Carlsen. He has extensive and Syncron. She has also been a board Journalistklubben. He is an employee experience with union positions and is member of the Wallenberg Founda- representative on the boards of Dagens also an employee representative on the Ulrika af Burén Anders Forsström Martin Harris

tion's holding company FAM. Nyheter and Bonnier News. board of Bonnier Books. Photo: Peter Jönsson

42 BOARD OF DIRECTORS ANNUAL REVIEW 2020 ANNUAL REVIEW 2020 BOARD OF DIRECTORS 43 Ida Idaida Ylva Lindgren, Emelie Rosén Emanuel Karlsten Photo: Christofer Dracke and John Guthed

Fathia Mohidin Photo: Pontus Englund, Monster/Paal Wilhelm Nesset

Johanna Bäckström Lerneby Henrik Evertsson Jacob Hård Where art has the power to interpret the present

The prestigious award in honor of journalism Since Bonniers Konsthall first opened the process of grief. Bonniers Konst­ “In the past thirty years, the Maria its doors in 2006, it has created space hall's digital presence was developed Bonnier Dahlin Foundation Grant has When Bonnier established the Grand the Year, Scoop of the Year and Lukas Grand Prize for Journalism in the Voice for contemporary art and artists. Dia- during the year and a new audience had become one of the most important Prize for Journalism, few people thought Bonnier’s Grand Prize for Journalism. of the Year category. logue with artists gives the art hall a the opportunity to take part in every- grants for young Swedish artists,” says that over 50 years later, it would be more unique energy, and artistic technique thing from live viewings in the form of Theodor Ringborg, Artistic Director of important than ever. The prize is now The jury had many choices From the jury's statement: is the focus of the gallery. “5-minute art” to longer, more in-depth Bonniers Konsthall. an institution in the media industry and The prize was founded and is made pos- “With courage and integrity, she has in- artist talks. “It therefore feels natural for the ex- a way to pay tribute to the best journa­ sible by Bonnier, but the independent spired all of us to have a necessary con- 2020 was marked by the coronavirus, hibition to grow in scale and for it to lism. jury appoints the winners. The jury con- versation about the role of family ties in but Bonniers Konsthall was still able Largest grant-winner exhibition now take up the entire gallery space. sists of twelve full members and three serious crime.” to present several high-profile exhibi- to date Furthermore, continued involvement Bonnier first presented the Grand Prize alternates. tions. The year began with The Trees, The gallery’s roots are in the Maria with local culture and young artists is for Journalism in 1966. It is the most Although the media industry is some- Winners of the 2020 Grand Prize for Light Green which became a favorite Bonnier Dahlin Foundation, which was particularly important right now, given prestigious award in the Swedish media times portrayed as an industry in cri- Journalism among the gallery's visitors and broke founded in 1985 by Jeanette Bonnier in the crisis that Swedish cultural life is ex- industry, especially today, when high- sis, the jury had many choices when it Storyteller of the Year: visitor records. Then, by changing some memory of her daughter, Maria. Every periencing.” lighting excellent examples of indepen- came time to name the best journalism Emelie Rosén and Ylva Lindgren, practices, Éva Mag’s exhibition There year, the foundation awards grants to dent, high-quality journalism is more of 2020. Sveriges­ Radio. is a Plan for This was able to open with young Swedish artists. Work with and “Most of my career has been about important than ever. The media industry The award-winners have covered Innovator of the Year: caution in late April. The exhibition development of the grant is run by creating the conditions for artistic work. faces challenges, not only in the form everything from why the M/S Estonia Emanuel Karlsten, freelancer. garnered significant attention and was ­Maria's cousin, Chairman of the Board Contemporary art is facing a number of bias and social media, but also when sank to what is happening beneath the Scoop of the Year: beloved by reviewers, who felt it cap- Christel Engelbert. The 2020 grant of challenges in a changed landscape. those in power hide behind the concept of surface in the gaming world. Or what Henrik Evertsson, freelancer. tured the experience of that spring in recipients are Ida Idaida and Fathia Bonniers Konsthall’s approach to these “fake news” when subjected to scrutiny. happens when a family runs an entire Voice of the Year: many ways. The same circumstances Mohidin­ who, in addition to receiving challenges will be my primary task,” The Grand Prize for Journalism is di- neighborhood, as explored by Johanna Johanna Bäckström Lerneby, SVT prevailed during the major fall exhi- SEK 100,000 each, showed their works says Ellen Wettmark, the new Executive vided into five categories: Storyteller of Bäckström Lerneby in her book Famil­ Lukas Bonnier’s Grand Prize for bition, The Work of Mourning, which in the largest grant-winner exhibition at Director of Bonniers Konsthall. the Year, Innovator of the Year, Voice of jen (The Family), for which she won the Journalism:­ Jacob Hård, SVT. presented works created through or in the gallery to date.

44 GRAND PRIZE FOR JOURNALISM ANNUAL REVIEW 2020 ANNUAL REVIEW 2020 BONNIERS KONSTHALL 45 How Bonnier wants to contribute to a sustainable society

BONNIER CAN HAVE the biggest impact The first area involves a unique obli- OUR EMPLOYEES. Attracting, develop- on sustainability by helping to make so- gation for Bonnier. We have carried this ing and retaining the right skills is a cru- ciety more open and interesting. issue with us throughout the company's cial factor for success. As a family-owned company with a history, but in recent years it has be- Creating environments in which peo- history of over 200 years, a long-term come even more important and higher ple can grow and successfully manage approach is the basis for how we run our -profile. the pressures of the changing media businesses. We have a responsibility for industry is a central challenge for our our impact on the world, and we want to FREEDOM OF SPEECH. Bonnier will be businesses. be a positive force in the communities in a leading force for wide-ranging free- which we are present. dom of speech and for freedom of the GOVERNANCE. As a family-owned com- press. Freedom of speech and open pany, we consider it important for our WE WANT TO CONTRIBUTE TO A SUS- mindedness will also characterize our businesses to be run with a long-term TAINABLE SOCIETY. The world faces internal corporate cultures. approach, with well-established eth- major challenges related to health, We share the other four areas with ical guidelines and functioning alarm equality, climate change and more. The most enterprising companies. systems in place in the event that those UN’s 17 Sustainable Development Goals guidelines are violated. (SDGs) define the path forward in terms THE ENVIRONMENT AND EFFICENT We consider open societies and free of the three dimensions of sustainable USE OF RESOURCES. Although Bonni- speech to be crucial issues of sustain- development: economic, social and en- er's environmental impact is relatively ability. Bonnier has excellent opportuni- vironmental. limited and varies among the different ties to make a difference in these areas. Given our traditional core business, operations, we will work to reduce our This is also where we can have the great- we feel particularly responsible for fos- direct impact where relevant in our est impact. tering more open, interesting, fun and value chain. better-informed societies. This is where Bonnier can have the greatest positive DIVERSITY. Our companies should offer impact on sustainability. fair career conditions, regardless of gen- We have identified five key areas for der or background, and our operations Bonnier’s work with sustainability and will contribute to an inclusive society in long-term societal benefit. which more people can participate.

46 SUSTAINABILITY ANNUAL REVIEW 2020 ANNUAL REVIEW 2020 SUSTAINABILITY 47 Editor and project manager Magnus Janson

Deputy project manager Elin Eriksson

Proofreading Anders Hvidfeldt

Production Bonnier News Brand Studio

Photo Ida Borg, John Guthed, Peter Jönsson

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