Annual Review 2020
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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.