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Sanomawsoy.Fi Tel ANNUAL REPORT 2005 Contact Information SanomaWSOY Corporation President and CEO, Hannu Syrjänen Ludviginkatu 6–8 P.O.Box 1229, FI-00101 Helsinki, Finland tel. +358 105 1999, fax +358 105 19 5068 www.sanomawsoy.fi Group Treasury and Real Estate 5 Senior Vice President, Nils Ittonen Group Strategic Planning and Legal Affairs Senior Vice President, Kerstin Rinne Group Finance and Administration Senior Vice President, Matti Salmi Investor Relations and Group Communications tel. +358 105 19 5062 [email protected] Office of the Chairman Chairman, Jaakko Rauramo Erottajankatu 11 A P.O.Box 1229, FI-00101 Helsinki, Finland tel. +358 105 1999, fax +358 105 19 5508 200 SanomaWSOY Sanoma Magazines B.V. President and CEO, Eija Ailasmaa Jachthavenweg 124, NL-1081 KJ Amsterdam P.O.Box 90484, NL-1006 BL Amsterdam The Netherlands tel. +31 20 851 2100, fax +31 20 851 2149 www.sanoma-magazines.com Sanoma Corporation President, Mikael Pentikäinen Töölönlahdenkatu 2, Helsinki P.O.Box 95, FI-00089 Sanoma, Finland tel. +358 9 1221, fax +358 9 122 4809 www.sanoma.fi Werner Söderström Corporation President, Jorma Kaimio Bulevardi 12 P.O.Box 222, FI-00121 Helsinki, Finland tel. +358 9 616 81, fax +358 9 6168 3560 www.wsoy.fi SWelcom Oy President, Tapio Kallioja Ludviginkatu 6–8 P.O.Box 1019, FI-00101 Helsinki, Finland tel. +358 10 707 1111, fax +358 10 707 7008 www.swelcom.fi Rautakirja Corporation President and CEO, Erkki Järvinen Koivuvaarankuja 2 P.O.Box 1, FI-01641 Vantaa, Finland tel. +358 9 852 81, fax +358 9 853 3281, 852 8511 www.rautakirja.fi SanomaWSOY Corporation, P.O.Box 1229, FI-00101 Helsinki, Finland. Tel. +358 105 1999, fax +358 105 19 5068, www.sanomawsoy.fi Xxx SanomaWSOY – a strong European media company SanomaWSOY is the leading media group in the Nordic region operating in over 20 European countries in small and medium- sized language regions. Its five divisions op- erate in versatile fields of media: Sanoma Magazines ranks among the top five Euro- pean magazine publishers, Sanoma is the leading newspaper publisher in Finland, WSOY is Finland’s largest book publish- er and a significant European educational publisher, SWelcom is engaged in the field of electronic media, and Rautakirja is the market leader in kiosk operations and press distribution in Finland and the Baltic coun- tries. xxxx 2 Contents Mission, vision, values, and objectives 4 Key figures 2005 6 Management review 8 Key events in 2005 10 Market development 12 Organisation and main operating countries 14 Sanoma Magazines 16 Sanoma 22 WSOY 26 SWelcom 30 Rautakirja 34 Corporate responsibility 38 Personnel 41 Environment 44 Board of Directors 46 Management Group 48 Divisions’ Management Groups 50 Financials Key indicators 3 Net sales by business 4 Operating profit by division 5 Income statement by quarter 5 Board of Directors’ Report 6 Consolidated financial statements 12 Notes to the consolidated financial statements 16 Definitions of key indicators 52 Shares and shareholders 53 Parent Company financial statements, FAS 60 Board’s proposal for application of profits and signatures 70 Auditors’ report 71 Corporate governance 72 Investing in SanomaWSOY 76 Releases 2005 77 Companies analysing SanomaWSOY 78 xxxx 3 Mission, vision, values, and objectives The media company of opportunities and operational excellence Mission Vision Values SanomaWSOY’s mission is to SanomaWSOY’s vision is to be • Creativity be the market leader in satis- the media company of oppor- • Reliability fying people’s need for infor- tunities and operational excel- • Dynamism mation and education and for lence. an easier and happier life. Creative work is the essence of As an international multimedia communications. Creativity and re- Information and education form company we are extremely well liability form the basis of all our ac- a solid base both for our custom- positioned to identify growth are- tions. In addition to a solid base, our ers and ourselves as we strive to as and exploit them. We aim to sys- success so far has entailed dynamic create an even better future. In ad- tematically strengthen the ability actions and people who are able to dition to fulfilling our customers’ of our skilful personnel to act up- make things happen, creative, reli- needs for information and educa- on these opportunities and to cre- able, and dynamic people. The con- tion, our goal is to offer products ate new, successful businesses. We tinuous development of our per- and services that make our cus- base the development of our busi- sonnel is one of our key competi- tomers’ lives easier and happier. nesses on anticipating our custom- tive edges. Reaching ambitious goals is never ers’ needs and fulfilling them in a easy. We aim to do everything bet- timely manner. ter than our competitors. We be- lieve we can reach our goals best by offering high quality products and services; without compromis- ing our profitability. 4 SanomaWSOY – Mission, vision, values, and objectives Strategic Strategic objectives financial targets Sustained growth and profitability Cash flow form SanomaWSOY’s key strategic • Improved profitability of our objectives. In order to achieve these present businesses SanomaWSOY’s target is to increase objectives, the Group has set sub- • Divestment of non-core assets net sales at the rate faster than that objectives for growth, market lead- and businesses of GDP in the main operating coun- ership, strong cash flow, and way of tries. The Group’s strategic operat- doing supplemented with internal Ways of doing ing profit target is 12%. goals of each business. • Customer driven product and It also has the target of record- service development ing net debt/EBITDA of less than 3.5, Growth • Fast and flexible processes equity ratio of 30–50%, and gearing • Development of profitable prod- • Group-wide cooperation to en- of less than 100%. ucts and services that can be suc- sure full use of the Group’s scale The basic level of annual capi- cessfully internationalised and ex- and scope tal expenditure, excluding major panded to be cross-media • Boosting growth and profitabili- acquisitions, amounts to less than • Geographic expansion of maga- ty by value-adding partnering and EUR 100 million. zines, educational publishing, and M&A, and integrating new organi- These targets are based on the press distribution in a value creat- sations successfully assumption that the development ing manner, including benefiting of the operating environment re- from synergies in the expansion of mains relatively stable. the portfolio Dividend policy Market leadership SanomaWSOY conducts an active • Value-adding market leadership dividend policy and primarily pays in our chosen businesses and mar- out over half of Group result after kets taxes in dividends. • One of the leading European mag- azine and educational publishers Mission, vision, values, and objectives – SanomaWSOY 5 Key figures 2005 KEY INDICATORS, EUR million 1–12/2005 1–12/2004 Change, % Net sales 2 622.3 2 504.6 4.7 Operating profit 301.3 296.7 1.5 Operating profit excluding major non-recurring capital gains 269.1 270.9 -0.7 Result before taxes 286.0 271.6 5.3 Balance sheet total 2 972.0 2 693.6 10.3 Return on equity, % (ROE) 22.3 22.7 Return on investment, % (ROI) 15.4 18.0 Equity ratio, % 41.3 38.6 Gearing, % 72.8 81.5 Earnings/share, EUR 1.45 1.31 11.1 Cash flow from operations/share, EUR 1.69 1.58 7.4 Equity/share, EUR 7.28 6.34 14.9 Dividend/share, EUR * 0.90 0.80 12.5 Market capitalisation 3 121.5 2 632.2 18.6 Personnel under employment contract, average 16 885 16 209 4.2 * Proposal of the Board of Directors. Net sales by division, Operating profit by division, % of the Group % of the Group Sanoma Magazines 44% Sanoma Magazines 42% Sanoma 17% Sanoma 19% WSOY 11% WSOY 18% SWelcom 5% SWelcom 3% Rautakirja 24% Rautakirja 17% Net sales Operating profit EUR million*** EUR million 3 000 350 2 505 2 622 297 301 2 358 2 396 2 500 300 250 2 000 1 734 205 200 1 500 134 150 1 000 96 100 500 50 0 0 2001** 2002** 2003** 2004 2005 2001** 2002** 2003** 2004 2005 ** 2001–2003 figures are according to the Finnish Accounting Standards (FAS). *** The accounting practice of net sales has been modified in 2003. The data from 2001–2002 has not been adjusted accordingly. 6 SanomaWSOY – Key figures 2005 Cash flow Earnings/share, Personnel under employment from operations Dividend/share contract, average EUR million EUR 1.45 300 1.50 20 000 18 657 261 17 330 248 241 1.31 16 885 250 16 209 1.20 15 129 15 000 187 1.00 200 0.90 172 0.90 * 0.80 150 0.69 10 000 0.60 0.51 100 0.40 0.35 Earnings/share 5 000 0.30 50 0.22 Dividend/share 0 0.00 0 2001** 2002** 2003** 2004 2005 2001** 2002** 2003** 2004 2005 2001 2002 2003 2004 2005 * Proposal of the Board of Directors. ** 2001–2003 figures are according to the Finnish Accounting Standards (FAS). Unit Net sales Operating profit (EBIT) Operating profit excluding major non-recurring capital gains 2005 2004 2005 % 2004 % 2005 % 2004 % Sanoma Magazines 1 181.9 1 097.8 129.1 10.9 139.7 12.7 129.1 10.9 137.3 12.5 Sanoma 446.4 435.2 59.1 13.2 70.8 16.3 58.1 13.0 59.5 13.7 WSOY 294.4 253.9 55.8 19.0 29.1 11.5 39.3 13.4 29.1 11.5 SWelcom 122.5 117.5 9.6 7.8 9.6 8.2 9.6 7.8 9.6 8.2 Rautakirja 635.9 659.7 51.2 8.0 47.2 7.1 42.3 6.6 46.2 7.0 Other companies and eliminations -58.8 -59.6 -3.5 0.3 -9.3 -10.8 SanomaWSOY 2 622.3 2 504.6 301.3 11.5 296.7 11.8 269.1 10.3 270.9 10.8 Investment highlights ● The leading Nordic media group ● Leading positions in the chosen segments ● Wide media portfolio in Finland, focused internationally in magazines, educational publishing, and press distribution ● Balanced portfolio of net sales – geographically – by business – in respect of advertising revenue ● Excellent position in the fast growing media markets in Central Eastern Europe and Russia ● Strong cash flow and financial position ● Active dividend policy Key figures 2005 – SanomaWSOY 7 Management review Opportunities reside in media i 2005 marked an important year for SanomaWSOY: sonnel training, and greater internal employee for the first time, almost half of our net sales ca- mobility, bearing in mind that skilled and com- 2me from outside Finland.
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