2023
ANNUAL
REPORT
* Audited
03
07
124
CEO’s review
Alma Media as an investment
Corporate Governance Statement
05
10
146
Key figures
Report by the Board of Directors*
Remuneration Report
06
56
Alma Media in brief
Financial statements*
Contents
157
Reporting framework
ANNUAL REPORT 2023
2
FINANCIAL
STATEMENTS
REPORT BY THE
BOARD OF DIRECTORS
YEAR
2023
CORPORATE
GOVERNANCE STATEMENT
REMUNERATION
REPORT
REPORTING
FRAMEWORK
CEO’S REVIEW
A strong year in spite of headwinds –
the team is in good shape to take on
the challenges ahead
A
lma Media had a strong year in
terms of its business performance in
2023. Revenue and operating profit
remained at a good level, largely on a par
with the previous year. Our performance
was excellent in spite of the weak economic
cycle, which speaks to our agility and adapt-
ability, the effectiveness of our strategy and
the strength of our diverse portfolio.
Revenue was close to the previous year’s
level at MEUR 304.9 (308.7), as the recruit-
ment markets and the demand for digital
services remained strong. Adjusted operat-
ing profit was on a par with the comparison
period at 24.1% of revenue, which is close to
the long-term target (over 25%). Profitability
remained high in spite of lower advertising
sales, which was due to the measures taken
by Alma Media to adjust costs, among other
factors. We continued to accelerate our
investments in product development and
business growth. Dozens of projects were
launched across the Group to leverage
artificial intelligence in our business opera-
tions. Employee satisfaction remained at a
high level and we continued to raise the bar
with regard to sustainability by substantially
reducing emissions, for example.
Our financial position remained good thanks
to strong cash flow. Our gearing at the end
of the year stood at 65.4% (69.3%) and our
equity ratio was 46.1% (45.8%).
The operating environment remained
turbulent as the war in Ukraine continued.
This also hampered economic development
throughout Europe, and growth slowed in
our operating countries compared to the
previous year.
Alma Career’s revenue came to MEUR
110.5 (+0.7%) and adjusted operating profit
increased by 6.4% to MEUR 45.3, represent-
ing 41% of revenue. In Alma Career’s most
significant operating countries in Eastern
Central Europe, the lively recruitment
market was driven by the increasing level
of activity among workers, competition for
skilled labour and low unemployment. At
the same time, the labour market situation
ANNUAL REPORT 2023
3
FINANCIAL
STATEMENTS
REPORT BY THE
BOARD OF DIRECTORS
YEAR
2023
CORPORATE
GOVERNANCE STATEMENT
REMUNERATION
REPORT
REPORTING
FRAMEWORK
YEAR
2023
remained challenging in the Baltic countries
and particularly in Finland.
Across 11 countries, our recruitment portals
had a total of 64 million visitors, 22 million
job alerts, 190,000 advertisers and 1.1 mil-
lion paid job adverts.
Alma Consumer had a challenging year,
with revenue declining by 3.6% and adjusted
operating profit falling by 19.7%. Revenue
from media and media-related services
decreased by 7.5% and advertising revenue
fell by 10.6%. However, content revenue
increased by 2.6%, driven by good growth in
the sales of digital subscriptions.
General interest in the news was at a high
level, as geopolitical tensions and Finland’s
NATO membership attracted readers. The
development of targeted and personalised
content saw the paid Iltalehti Plus service in-
crease its number of subscribers to roughly
50,000.
In spite of the difficult market situation
faced by the segment, we made determined
progress with our development projects,
particularly with regard to system projects
in the automotive and housing segments. We
also completed the first customer deploy-
ments of the OviPro system project in digital
real estate agency.
Towards advanced commerce
platforms
The slowing of consumer demand caused
by high inflation and the headwinds in the
market were also felt by the Alma Talent
segment, which nevertheless performed at
an excellent level considering the circum-
stances. Revenue remained on a par with
the comparison period but, thanks to active
cost-saving measures and the development
of the product portfolio, adjusted operating
profit increased by 4.4% and amounted to
MEUR 20.6, representing 21.7% (20.4%) of
revenue. A new milestone was reached in
digital business, which grew to represent
63% of the segment’s total revenue.
The revenue of Talent Services increased
by 7.1% and operating profit by as much as
37.1%, to MEUR 10.1. The growth of continu-
ously invoiced services continued in law-re-
lated services, among other areas. Strong
development continued in business premises
marketplaces in Finland and particularly in
Sweden. The figures indicate that the seg-
ment has successfully established a second
cornerstone in scalable digital services
aimed at businesses.
The decline in the segment’s media advertis-
ing decreased towards the end of the year
and came to -7%. The Talent Media unit’s
revenue decreased by 3.9% to MEUR 51.7,
while operating profit was MEUR 9.2 (10.9).
Acquisitions and divestments continued
Alma Media’s subsidiary Alma Career Ltd
sold the share capital of Talent’em to the
company’s acting management. Alma Media
also sold its holdings (79%) in Rantapallo Oy
to TukTuk Media Oy. We acquired a majority
interest in Suomen Tunnistetieto Oy and a
70% stake in Vrabotuvanje Online, North
Macedonia’s leading online recruitment
service. With Tau Online, which is part of the
Alma Media Group, already having owned
30% of the company, Vrabotuvanje Online
became wholly owned by the Alma Media
Group.
Over 82% of the company’s revenue is de-
rived from digital business. The marketplace
business accounts for nearly half of revenue,
the media business for about a third and
services for about a fifth. In the media busi-
ness, the digital transformation from print
to digital media is continuing. With regard
to the marketplace and service business,
our development is heading towards more
advanced digital trading platforms. We want
to help our customers to use online services
easily and smoothly, and we also want to
offer provide additional services at different
stages of the transaction process.
Most of our revenue streams are derived
from digital businesses that have strong mar-
ket positions, robust competitiveness and an
excellent capability for strong value creation
in the long run. We aim to further strengthen
our market leadership in our focus areas:
recruitment, housing and mobility. We will di-
versify and develop new revenue streams in
our existing service areas and complement
our core offering on our platforms by launch-
ing new services that benefit the entire value
chain. We will accelerate growth by investing
in product development, developing our op-
erational activities and making acquisitions
that complement our portfolio.
I want to take this opportunity to thank our
employees, customers and stakeholders for
their trust and excellent cooperation in 2023!
I hope you enjoy reading our Annual Report.
As usual, all of the people featured in the
photos are Alma employees from various
parts of our organisation.
Kai Telanne
President and CEO
ANNUAL REPORT 2023
4
FINANCIAL
STATEMENTS
REPORT BY THE
BOARD OF DIRECTORS
YEAR
2023
CORPORATE
GOVERNANCE STATEMENT
REMUNERATION
REPORT
REPORTING
FRAMEWORK
YEAR
2023
305
MEUR
Revenue
287
tCO
2
e
Scope 1 and Scope 2
emissions
1,695
excluding telemarketers
Number of employees
as of 31 December 2023
74
MEUR
24%
0.69
EUR
46%
Adjusted operating profit
Adjusted operating profit %
Earnings per share
Equity ratio
Key figures
82%
Share of digital business of
revenue
-1.8
-
8.0
19.6
12.1
-1.2
-10
-5
0
5
10
15
20
25
2019 2020 2021 2022 2023
Reported
Target-level 5 %
%
Revenue growth
0.3
-0.2
2.3
1.6 1.6
-0.5
0.0
0.5
1.0
1.5
2.0
2.5
3.0
2019 2020 2021 2022 2023
Reported
Target-level <2.5
Net Debt / EBITDA ratio
19.8
19.7
22.2
23.8
24.1
0
5
10
15
20
25
30
2019 2020 2021 2022 2023
Reported
Target-level 25 %
%
Adjusted operating profit margin
Alma Media’s key figures and the
performance indicators monitored
with regard to the Group’s long-term
strategic targets.
ANNUAL REPORT 2023
5
FINANCIAL
STATEMENTS
REPORT BY THE
BOARD OF DIRECTORS
YEAR
2023
CORPORATE
GOVERNANCE STATEMENT
REMUNERATION
REPORT
REPORTING
FRAMEWORK
YEAR
2023
26% in 2023
Return on equity (ROE)
46% in 2023
Marketplaces’ share of our revenue
Alma Media in brief
Alma Media
operates in
12 European
countries.
Alma Media is a highly innovative company focusing on digital services and
journalistic media content. The company builds sustainable growth from media
to services, providing content and services that benefit users in their everyday
lives, work and leisure time. Our products are leading media and service brands
in their respective fields. Our best-known brands in Finland include Kauppalehti,
Talouselämä, Iltalehti, Nettiauto, Etuovi.com and Jobly. Our international brands
in the recruitment business include Alma Career’s Jobs.cz, Prace.cz, CVOnline,
Profesia.sk, MojPosao.net, MojPosao.ba and Prace za rohem.
Alma Media has employees in 12 European countries. In Finland, our business
operations include financial and professional media, national consumer media,
digital consumer and business services, training and the publishing of profes-
sional literature. Alma Media’s international business in Eastern Central Europe,
Sweden and the Baltic countries consists of recruitment services and an online
marketplace for commercial properties.
Sustainability is part of day-to-day work at Alma Media. The most significant
sustainability impacts of Alma Media’s business are related to the media content
published by the company and digital services as enablers of responsible choic-
es by consumers and professionals. A high standard of data security and data
privacy and the responsible processing of data are important cornerstones of
our business. The themes of our sustainability efforts include creating a better
future for young people, good working life and climate change mitigation.
Alma Media’s share is listed on Nasdaq Helsinki.
ANNUAL REPORT 2023
6
FINANCIAL
STATEMENTS
REPORT BY THE
BOARD OF DIRECTORS
YEAR
2023
CORPORATE
GOVERNANCE STATEMENT
REMUNERATION
REPORT
REPORTING
FRAMEWORK
YEAR
2023
Why invest in Alma Media?
Taru Lehtinen, Chief Financial
Officer, Alma Media
1. An organisation with a strong
capacity for renewal
Our business has undergone a tremendous
transformation over the past years. Our
strategy has been focused on profitable
growth and building a solid foundation
around digital products. Our strategic focus
on renewal and digital services has enabled
us to increase shareholder value by taking
full advantage of the drivers of change in
our markets. Digital business now accounts
for over 82% of our revenue. Our digital busi-
ness models are cost-efficient and scalable,
and they have enabled us to expand our role
in our customers’ value chains in our key
business areas.
Our culture and strong expertise support our
growth and provide the foundation for con-
tinued renewal in the years to come. Through
good cooperation between businesses and
the Group’s unique competitive advantage,
we have built a successful combination of
media, marketplaces and digital services.
2. Strong brands and digital product
portfolio
Our products and services are the leading
brands among their respective target groups
and they have a strong market position. In
the recruitment business, we are the market
leader in several growing markets in Eastern
Central Europe. Our international business
operations account for just under 40% of
our revenue and approximately 60% of our
profit. Our business is not solely dependent
on our domestic market, which is character-
ised by slow growth.
In Finland, our financial media Kauppalehti
and Talouselämä, and our national news me-
dia brand Iltalehti, have a combined reach of
approximately 80% of all Finns. Our services
include the leading housing and automotive
marketplaces Etuovi.com, Nettiauto and Au-
totalli.com. In addition, we offer profession-
als and businesses a comprehensive range
of content related to company information,
real estate information and law, and we help
organisations manage the obligations arising
from increasing regulation. For advertisers,
we offer Finland’s largest digital advertising
network.
3. Solid financial position
Our business operations produce good cash
flow and do not tie up a lot of capital. Our
agile business model and profitable growth
provide us with a strong financial position in
spite of an increase in debt due to acquisi-
tions. Our return on equity was over 26% in
2023 and our liquidity is good. Alma Media’s
stable dividend payout capacity is based on
the Group’s ability to generate strong and
stable cash flow. Our target is to distribute
more than half of our profit for each financial
year as dividends on average.
0
2
4
6
8
10
12
14
Share price development
EUR
2019 2020 2021 2022 2023
ANNUAL REPORT 2023
7
FINANCIAL
STATEMENTS
REPORT BY THE
BOARD OF DIRECTORS
YEAR
2023
CORPORATE
GOVERNANCE STATEMENT
REMUNERATION
REPORT
REPORTING
FRAMEWORK
YEAR
2023
Important dates related to the
Annual General Meeting and
dividend payment in 2024
22/3 Record date for the Annual
General Meeting
5/4 Annual General Meeting
8/4 Proposed ex-dividend date
9/4 Proposed record date of
dividend payment
16/4 Proposed dividend
payment date
Information for shareholders
ALMA MEDIA AS AN INVESTMENT
Annual General Meeting
Alma Media Corporation’s Annual General
Meeting (AGM) will be held in the Grand Ball-
room of Scandic Grand Central Helsinki at
the address Vilhonkatu 13, FI-00100 Helsinki,
on Friday, 5 April 2024, at 12:00 noon EET.
The reception of registered participants and
the distribution of voting slips will commence
at 11:00 a.m.
Attendance
Shareholders may also exercise their voting
rights by voting in advance.
Participants may register for the AGM from
9:00 a.m. EET on 12 March 2024.
Key information about Alma Media’s share
MARKET Nasdaq Helsinki Ltd
SECTOR Media
TRADING CODE: ALMA
ISIN CODE: FI0009013114
2023
MARKET
CAPITALISATION
MEUR 790.9
HIGH: EUR 10.20
LOW: EUR 8.26
CLOSING: EUR 9.60
The Board of Directors’ dividend
proposal
Alma Media’s Board of Directors proposes to
the Annual General Meeting that a dividend
of EUR 0.45 per share be paid for the finan-
cial year 2023. The dividend will be paid
to shareholders who are registered in Alma
Media Corporation’s shareholder register
maintained by Euroclear Finland Ltd on the
record date of the payment, 9 April 2024.
Financial reporting calendar in
2024
16
February
Financial Statements
Bulletin 2023
19 April Interim Report
January–March 2024
18 July Half-Year Report
January–June 2024
18
October
Interim Report
January–September 2024
Alma Media applies a 30-day silent
period before the publication of the
financial statements bulletin, half-year
reports and interim reports.
Up-to-date information on Alma Media
and the financial calendar is available
online at
www.almamedia.fi/en/investors.
ANNUAL REPORT 2023
8
FINANCIAL
STATEMENTS
REPORT BY THE
BOARD OF DIRECTORS
YEAR
2023
CORPORATE
GOVERNANCE STATEMENT
REMUNERATION
REPORT
REPORTING
FRAMEWORK
YEAR
2023
Drivers of change in the operating environment
SLOWING ECONOMIC GROWTH
• The impacts of high inflation and market
interest rates on consumer purchasing
power
• Long-term structural challenges in the
Finnish economy
RECRUITMENT
• A growing shortage of skilled
professionals
• Global competition for talent
• Increasing workforce mobility
• Employers increasingly try to reach
passive jobseekers
• The use of freelancers and leased
employees is on the rise
STRUCTURAL CHANGE IN DIGITAL
MARKETING AND SALES
• Digital platforms take on a growing role
throughout the sales and marketing
ecosystem
• Growth in technical providers’ share of
the digital advertising market
• New forms of digital advertising, such
as content marketing, videos and visual
search, are increasingly effective in
marketing
CHANGING CONSUMER BEHAVIOUR
• Permanent change in consumer behaviour
caused by the digital transformation
• High expectations of a convenient and se-
cure digital experience and e-commerce
• Corporate sustainability plays a key role
HOUSING
• Growing popularity of rental housing
• The digitalisation of the housing ecosys-
tem and the increasing use of electronic
transactions
• Marketplaces evolve from listing services
to platforms for housing transactions and
services
• In construction and housing, reducing the
carbon footprint and sustainable develop-
ment continue to increase in significance
• Inflation and market interest rates have a
negative impact on the housing transac-
tion volume and consumer confidence
TECHNOLOGY AND DATA
• Increasing significance of AI, technology
and automation in businesses and
processes
• Data ownership and data-driven develop-
ment as key drivers of business success
• Cyber security and data protection are
increasingly important due to consumer
expectations, regulatory requirements
and the deteriorating global security
situation
CARS AND MOBILITY
• Digitalisation-related changes in mobility
and the automotive trade
• Changes in propulsion in the automotive
trade
• The growing significance of the sharing
economy in the mobility sector
• Marketplaces evolve to offer a wider
selection of services
REGULATION
• The EU’s expanding data regulations
create strict requirements for business
activities involving the use of data
• Continuous monitoring, reporting and
other actions as required by the develop-
ment of EU regulation
• The effect of the growing popularity of
digital services on the amount of data
used
MEDIA
• Paying for content is becoming more
common
• Focus on reliable, fact-based information
• Intensifying competition in the advertis-
ing market and for consumers’ time and
money
• News media production becomes more
data- and automation-driven
TENSIONS
• Russia’s war of aggression and its eco-
nomic impacts on our operating countries
• Uncertainty about political and economic
development and difficulties in forecasting
ANNUAL REPORT 2023
9
FINANCIAL
STATEMENTS
REPORT BY THE
BOARD OF DIRECTORS
YEAR
2023
CORPORATE
GOVERNANCE STATEMENT
REMUNERATION
REPORT
REPORTING
FRAMEWORK
YEAR
2023
Report by the Board of Directors
ANNUAL REPORT 2023
10
FINANCIAL
STATEMENTS
REPORT BY THE
BOARD OF DIRECTORS
YEAR
2023
CORPORATE
GOVERNANCE STATEMENT
REMUNERATION
REPORT
REPORTING
FRAMEWORK
REPORT BY THE
BOARD OF DIRECTORS
Group revenue and result in
2023
Alma Media’s revenue amounted to MEUR
304.9 (308.7). Marketplaces revenue and
digital service revenue increased, but
advertising revenue decreased by MEUR 4.4.
Adjusted operating profit was MEUR 73.6
(73.4), or 24.1% (23.8%) of revenue. Operating
profit was MEUR 73.0 (80.0), or 23.9% (25.9%)
of revenue. The adjusted items are itemised
in the table on the next page.
Total expenses were MEUR 233.3 (-1.1%).
Expenses were reduced by the effect of
divested and discontinued operations, a
decrease in spending on marketing and
advertising and a decrease in volume-linked
expenses. Depreciation and impairment
included in the total expenses amounted to
MEUR 17.6 (17.2).
Profit for 2023 came to MEUR 56.4 (71.9).
Earnings per share were EUR 0.69 (0.88).
Profit performance and financial position
REVENUE
MEUR
2023
Q1–Q4
2022
Q1–Q4
Change
%
Alma Career 110.5 109.7 0.7
Alma Consumer 100.4 104.1 -3.6
Alma Talent 94.8 96.5 -1.8
Segments total 305.6 310.3 -1.5
Non-allocated operations -0.7 -1.6 53.5
Total 304.9 308.7 -1.2
141.4
103.2
60.3
Marketplaces
Media
Services
Revenue split 2023
MEUR
Finland, 63 % (-3.0%)
Croatia, 4 % (15.4%)
Sweden, 2 % (15.4%)
Slovakia, 6 % (15.0%)
Baltics, 3 % (-21.9%)
Czech Rep., 21 % (-0.2%)
Other, 1 % (47.7%)*
Revenue split geographically
2023
* Taking intra-Group items into account, revenue growth
in the Other countries category was 28.1% in 2023.
ANNUAL REPORT 2023
11
FINANCIAL
STATEMENTS
REPORT BY THE
BOARD OF DIRECTORS
YEAR
2023
CORPORATE
GOVERNANCE STATEMENT
REMUNERATION
REPORT
REPORTING
FRAMEWORK
REPORT BY THE
BOARD OF DIRECTORS
Balance sheet and financial
position
At the end of December 2023, the consoli-
dated balance sheet stood at MEUR 527.7
(493.8). The Group's equity ratio at the end
of December was 46.1% (45.8%), and equity
per share was EUR 2.67 (2.48).
Cash flow from operating activities in 2023
amounted to MEUR 63.0 (79.2). Cash flow
from operating activities decreased year-
on-year due to increased interest expenses
and higher taxes paid. Cash flow after
investments and before financing was MEUR
52.5 (76.2) in 2023.
In December 2023, Alma Media signed a
new MEUR 160 Term Loan financing facility.
The new financing arrangement replaced the
MEUR 200 financing facility signed in 2021,
for which the remaining loan amount on the
repayment date was MEUR 140. The new
financing arrangement has a maturity of 36
months, including extension options of 12
or 24 months. The financing package also
includes a revolving credit facility (RCF) of
MEUR 30 that will be used for the Group’s
general financing needs.
The RCF has the same maturity as the Term
Loan. The limit was not in use on 31 December
2023. The financing arrangement includes the
usual covenants concerning the equity ratio
and the ratio of net debt to EBITDA.
The Group met the covenants on 31
December 2023.
Alma Media has a commercial paper
programme of MEUR 100 in Finland. The
commercial paper programme was unused
on 31 December 2023. At the end of 2023,
Alma Media's interest-bearing debt amount-
ed to MEUR 198.1 (172.7). Interest-bearing
net debt totalled MEUR 145.7 (142.6).
Alma Media signed an interest rate deriv-
ative agreement in December 2021. The
agreement is a four-year fixed interest
rate agreement that commences when
two years have elapsed from the signing
date. The nominal value of the derivative
is MEUR 50. The negative fair value change
of MEUR 1.1 generated by the derivative in
2023 is recognised in finance expenses. The
decrease in long-term market interest rates
contributed to the change in the fair value in
the latter part of the year. In 2022, a positive
fair value change of MEUR 5.2 generated by
the interest rate derivative was recognised in
finance income.
The interest rate on the Term Loan is linked
to a floating market rate. If the reference
rate of the loan were to increase by one
percentage point in 2024, the annual effect
on financial expenses would be MEUR 1.6.
The interest rate derivative taken out for the
Term Loan would reduce the cash-based
ADJUSTED OPERATING PROFIT/LOSS
MEUR
2023
Q1–Q4
2022
Q1–Q4
Change
%
Alma Career 45.3 42.5 6.4
Alma Consumer 19.6 24.4 -19.7
Alma Talent 20.6 19.7 4.4
Segments total 85.4 86.6 -1.4
Non-allocated operations -11.8 -13.2 10.6
Total 73.6 73.4 0.3
ADJUSTED ITEMS
MEUR
2023 2022
Alma Career
Restructuring 0.0 -0.2
Acquisition-related transaction costs and other items recognised
through profit or loss
0.3
Impairment losses -0.2
Gains (losses) on the sale of assets -0.3 6.2
Alma Consumer
Restructuring 0.0
Acquisition-related transaction costs and other items recognised
through profit or loss
-0.3
Gains (losses) on the sale of assets -0.2 0.2
Alma Talent
Restructuring -0.1 -0.1
Acquisition-related transaction costs and other items recognised
through profit or loss
0.5
Gains (losses) on the sale of assets 0.5
Non-allocated
Restructuring -0.1
Adjusted items in operating profit -0.6 6.6
Adjusted items in profit before tax -0.6 6.6
ANNUAL REPORT 2023
12
FINANCIAL
STATEMENTS
REPORT BY THE
BOARD OF DIRECTORS
YEAR
2023
CORPORATE
GOVERNANCE STATEMENT
REMUNERATION
REPORT
REPORTING
FRAMEWORK
REPORT BY THE
BOARD OF DIRECTORS
cost effect of a one percentage point
increase in the reference rate by MEUR 0.5
at the annual level.
Alma Media had MEUR 0.1 in financial
assets created in conjunction with business
combinations measured at fair value and
recognised through profit or loss, and MEUR
7.0 in items related to contingent consider-
ations and the redemption of non-controlling
interests measured at fair value and rec-
ognised through profit or loss or recognised
directly in equity.
Capital expenditure
Alma Media Group’s capital expenditure in
2023 totalled MEUR 25.8 (18.3). The capital
expenditure consisted of the acquisition
of Suomen Tunnistetieto Oy, maintenance
and product development investments and
increases in IFRS 16 lease liabilities.
Research and development
costs
The Group’s research and development
costs in 2023 totalled MEUR 8.5 (7.6). MEUR
6.1 (5.6) was recognised in the income state-
ment, and development costs of MEUR 2.4
(1.9) were capitalised on the balance sheet in
2023. There were capitalised research and
development costs totalling MEUR 5.2 (3.7)
on the balance sheet on 31 December 2023.
Business segments in 2023
Alma Media’s reportable segments consist
of Alma Career, which focuses on the
recruitment business and recruitment-relat-
ed services in Eastern Central Europe and
Finland; Alma Consumer, which focuses
on the consumer media and marketplaces
business; and Alma Talent, which provides
financial media and services aimed at
professionals and businesses. Centralised
services produced by the Group’s parent
company, as well as centralised support
services for advertising and digital sales
for the entire Group, are reported outside
segment reporting. The Group’s reportable
segments correspond to the Group’s
operating segments.
Alma Career
The Alma Career segment’s revenue in 2023
was on a par with the comparison period at
MEUR 110.5 (109.7). Divested and acquired
businesses had an effect of MEUR -0.3 on
revenue. Organic revenue growth was on a
par with the comparison period (+1.0%).
Revenue increased particularly in Slovakia
and Croatia, but decreased in Finland and
the Baltic countries. The segment’s adjusted
total expenses for 2023 decreased by 2.7%
year-on-year and amounted to MEUR 65.6
(67.4).
181.8
142.6
145.7
109.2 %
69.3 %
65.4 %
Q4/21 Q1/22 Q2/22 Q3/22 Q4/22 Q1/23 Q2/23 Q3/23 Q4/23
MEUR
Interest-bearing net debt Gearing
Interest
-
bearing net debt and gearing,
including discontinued operations
24.5
17.6
19.6
75.6
79.2
63.0
0
20
40
60
80
Q4/21 Q1/22 Q2/22 Q3/22 Q4/22 Q1/23 Q2/23 Q3/23 Q4/23
MEUR
Net cash flow from operating activities Net cash flow from operating activities, rolling 12 months
Cash flow from operating activities,
including continuing and discontinued operations
ANNUAL REPORT 2023
13
FINANCIAL
STATEMENTS
REPORT BY THE
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Adjusted operating profit was MEUR 45.3
(42.5) in 2023. The adjusted operating profit
was 41.0% (38.8%) of revenue. The segment’s
operating profit was MEUR 45.0 (48.5).
The adjusted items in 2023 consisted
of a write-down recognised on product
development investments, the restructuring
of operations, a loss recognised on the
sale of Talent’em and a non-recurring item
recognised in profit or loss arising from
the acquisition the Vrabotuvanje Online
D.o.o. business. The adjusted items in the
comparison year were related to a capital
gain recognised on the sale of shares in the
associated company Bolt Group Oy.
Alma Consumer
The Alma Consumer segment’s revenue
declined by 3.6% to MEUR 100.4 (104.1) in
2023. The effect of divested businesses on
the decrease in revenue was MEUR -0.4.
Digital business accounted for 82.6% (82.7%)
of the segment’s revenue.
Revenue from media and media-related
services decreased by 7.5%. Advertising
revenue decreased by 10.6%. Content
revenue increased by 2.6%, driven by growth
in the sales of digital subscriptions.
In the automotive and mobility business area,
revenue was on a par with the comparison
period. Revenue from comparison services
increased significantly, driven by the strong
development of the Etua loan comparison
service. Revenue from the housing business
area decreased by 3.8% due to a decline in
advertising.
The segment’s adjusted total expenses
increased by 1.4% to MEUR 80.9 (79.8). The
higher costs were attributable to investments
in product development and marketing
in marketplace and comparison services.
The segment’s adjusted operating profit
was MEUR 19.6 (24.4), or 19.5% (23.4%) of
revenue.
The segment’s operating profit amounted to
MEUR 19.0 (24.6). The adjusted items in 2023
were related to operational restructuring, ac-
quisition-related transaction costs and other
items recognised through profit or loss, and
a loss recognised on the sale of a business.
The adjusted items in the comparison year
were related to a gain recognised on the sale
of a business.
Alma Talent
The Alma Talent segment’s revenue amount-
ed to MEUR 94.8 (96.5) in 2023. Acquired
and divested businesses had an effect of
MEUR 0.9 on revenue. Comparable revenue
decreased by 2.7%. Digital business ac-
counted for 63.0% (59.0%) of the segment’s
revenue.
Talent Media’s content revenue decreased
by 2.1%, with digital content revenue growing
by 3.7% and print media revenue decreasing
by 8.0%.
Advertising sales decreased by 7.0%,
particularly due to a decline in advertising in
the ICT and real estate verticals as well as
recruitment advertising.
The revenue of Talent Services increased
by 7.1%. In addition to being affected by
acquisitions, revenue was increased by
continuously invoiced sales of company
information and law-related services as well
as good development of business premises
marketplaces in Finland and Sweden. Sales
were reduced by the decreased transaction
volume of the housing and real estate
markets. Adjusted operating profit increased
by 37.1% and the operating profit margin
rose to 27.7% (21.7%). Digital business
represented 85.9% (82.9%) of Alma Talent’s
services.
Revenue from direct marketing, excluding
divested businesses, decreased by 6.2% to
MEUR 9.1.
The segment’s adjusted total expenses
amounted to MEUR 74.2 (76.8). The Alma
Talent segment’s adjusted operating profit
was MEUR 20.6 (19.7) and operating profit
MEUR 21.0 (20.1). The adjusted items in 2023
were acquisition-related transaction costs
and other items recognised through profit
or loss and operational restructuring. The
adjusted items in the comparison year were
related to operational restructuring.
Changes in Group structure in
2023
Changes in Group structure are described
in the notes to the consolidated financial
statements, in Note 4.2 Subsidiaries, Note 4.3
Business combinations and 4.4 Associated
companies.
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Description of the operating
environment
The European Commission estimates that
GDP growth in 2023 amounted to 0.6% in
the EU and the eurozone. Inflation remains
high, although it has begun to decrease.
Combined with tighter monetary policy, it
has a negative impact on economic perfor-
mance. Economic activity is expected to
pick up gradually as consumption recovers,
supported by stable labour markets, the
development of wages and easing inflation.
GDP growth in the EU is projected to
accelerate to 1.3% in 2024. Overall inflation
in the EU is projected to fall from 6.5% in
2023 to 3.5% in 2024. In Finland, inflation in
2024 is projected to be 1.9% according to
the Commission’s forecast.
The development of the labour market
remained strong in the EU in 2023 in spite
of the slowing of economic growth. The
employment rate in the EU reached a
record-high level in the second quarter of
the year under review, and the European
Commission expects the employment rate to
remain stable in 2024. In spite of the strong
employment situation, the number of job
vacancies has stayed fairly high, and there
have been labour shortages in the service
sector and manufacturing in particular.
Economic growth in Finland is falling
substantially behind the rest of the EU. The
European Commission’s forecast of GDP
growth in the Finnish economy is 0.1% in
2023 and 0.8% in 2024.
In addition to Finland, Alma Media’s main
markets are the Czech Republic and Slovakia
in Eastern Central Europe, and Croatia in
Southern Europe. The Commission projects
that, in 2024, the GDP growth rate will be
1.4% in the Czech Republic, 1.7% in Slovakia
and 2.6% in Croatia. The Commission’s
forecasts of the unemployment rate in 2024
are 2.5% for the Czech Republic, 5.4% for
Slovakia, 6.2% for Croatia and 7.3% for
Finland.
Market situation in the main markets in
Finland
Market development in the automotive
industry
According to the Finnish Information Centre
of Automobile Sector, car dealerships’
transaction volume for used cars was
approximately 4% higher in 2023. The
average selling time increased to 43 (42)
days. Registrations of new cars increased
by 7% to approximately 87,500 vehicles, but
this figure was substantially lower than the
average for the past decade (114,000 per
year). Battery electric vehicles accounted for
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roughly one-third of new cars, while plug-in
hybrid accounted for one in five.
Market development in housing
According to the Central Federation of
Finnish Real Estate Agencies, the housing
transaction volume in 2023 was 24.5% lower
than in 2022. The year under review was
the second consecutive year with a sharp
decline in the market. The transaction vol-
ume decreased by 20.8% for old dwellings
and 63.4% for new dwellings. In November–
December, the housing transaction volume
recovered slightly compared to the previous
year. According to preliminary data from
Statistics Finland, the prices of old dwellings
in housing companies decreased by 5.2%
from the previous year.
Market development in the media business
According to Kantar TNS, the total media
advertising volume declined by 4.1% in 2023.
The industries with the largest increases in
media advertising during the year were oil
and energy, tourism and transport, finance,
and food. Job advertising decreased by
34.9% in December. Retail advertising de-
creased by 5.5% in December and classified
advertising by 14.2% year-on-year.
In terms of volume, the market for afternoon
papers declined by 8.4%.
Outlook for 2024
Alma Media expects its full-year revenue and
adjusted operating profit of 2024 to remain
at the 2023 level. The full-year revenue for
2023 was MEUR 304.9 and the adjusted
operating profit was MEUR 73.6.
Background for the outlook
The outlook is based on the assessment that
there will be no significant changes to the
prevailing situation in the company’s main
markets. The recruitment markets in the
company’s operating countries are projected
to remain stable on average. In Finland,
demand and employment are expected to
weaken, and there is continued uncertainty
around advertising. Acquisitions will increase
the company’s revenue and operating profit.
The diversification of the Group’s business
activities between multiple geographical
markets and business areas, and purposeful
cost control, stabilise the company’s outlook
even in challenging market conditions.
Events after the review period
Alma Media acquired the share capital of
the automotive industry software company
Netwheels Oy to strengthen its offering of
automotive and mobility services to cor-
porate customers. Netwheels Oy provides
software on a SaaS basis for the automotive
industry. In 2023, the revenue of Netwheels
Oy amounted to approximately MEUR 8, and
the company employs 29 people who will
become part of the Alma Media Group.
The transaction was finalised on 31 January
2024, after which Netwheels Oy is reported
as part of the Alma Consumer business
segment.
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W
e are continuing the transfor-
mation of our business from
media to marketplaces and
digital services. The three focus areas of the
company’s strategy are as follows:
1. digital transformation
2. growth of digital business
3. internationalisation.
Our aim is to strengthen our existing
business activities in the areas of recruit-
ment, housing and business premises,
mobility, services targeted at professionals,
and media. We seek synergies between our
businesses through cooperation and jointly
produced services in areas such as audience
consolidation, data and technology, and
advertising sales. In addition to organic
development, growth will be accelerated
through acquisitions.
In the marketplace and service businesses,
we are moving towards more advanced
trading platforms. Our goal is to expand our
role and offering in our customers’ value
chain to cover digital purchasing and selling
processes with end-to-end services that gen-
erate synergies. The benefits of advanced
platforms include increased efficiency and
productivity, scalability and flexibility, and
a more personalised user experience. They
also enhance cooperation between partners
Alma Media’s strategy
and improve the platform’s adaptability
to industry trends. Alma Media employs
hundreds of technology professionals and
pursues continuous improvement in its tech-
nology and product development expertise.
Artificial intelligence has been utilised in
service development for years, but the rapid
development of AI technology now means
that projects are under way in all businesses
and all employees’ AI-related competencies
are being increased.
Our services are important tools for our
corporate customers. For example, ERP
systems enable them to manage their key
workflows and business processes.
In the media business, we are continuing the
digital transformation from print to digital
media.
The Alma Media Solutions unit serves
advertisers in Finland in the development,
marketing and sales of media sales products
at the Alma Media level. Its focus areas are
digital advertising and content marketing
solutions.
Alma’s media reach millions of Finns every
week. Online users constitute a network that
advertisers can use to target their messaging
at the relevant audiences or target groups.
For example, the use of data and marketing
automation makes it possible to recom-
mend relevant and interesting content and
subscription products to subscribers and
direct users from one Alma network service
to another on a personalised basis. The stra-
tegic initiatives are also aimed at improving
the customer experience and strengthening
user commitment to the Group’s media.
Success in the digital transformation of
media requires user identification and the
diverse use of user data. As the use of data
improves the personalisation of content,
user registration is advantageous for both
consumers and the business. Alma Media
complies fully with data protection legisla-
tion with regard to the use of data.
Alma ID, a common sign-on system for the
readers of Alma Media’s digital content
and the users of services, enables smooth
and secure switching from one service to
another in Alma’s digital network under the
single sign-on principle. The single sign-on
solution will be expanded to cover all
of Alma Media’s services in Finland. The
solution allows consumers to manage the
collection and use of data related to the use
of services.
Alma Media employs
hundreds of technology
professionals and pursues
continuous improvement in
its technology and product
development expertise.
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Increased uncertainty regarding
economic growth
Economic growth in our operating countries
slowed during the year under review, and
uncertainty about future economic growth in-
creased. Geopolitical risks have increased in
our operating regions, and there is significant
uncertainty related to political and economic
development in the future.
Although long-term trends, such as digital-
isation, support the development of our
business throughout the strategy period
2024–2026, the company prepares for times
of uncertainty and various scenarios of
weakening economic growth through careful
planning and risk management.
Long-term targets
The Group’s long-term financial targets, set
by the Board of Directors, are related to
business growth, profitability and solvency.
They are based on our view of changes in
the operating environment, the competitive
landscape and the progress of the transfor-
mation strategy.
The targets are as follows:
• Growth: annual revenue growth of more
than 5%
• Profitability: adjusted operating profit
margin over 25%
• Financial solidity: net debt/EBITDA less
than 2.5
Alma Media’s business
segment strategies and their
implementation during the year
Alma Career
• Leading recruitment services in Eastern
Central Europe, for example Jobs.cz,
Prace.cz, Profesia.sk, MojPosao.net and
MojPosao.ba and, in Finland, Jobly.fi.
• The Seduo online training service and
the mobile service Prace za rohem.
• Operates in Finland and 10 other
European countries.
Alma Career’s objective is to strengthen
our position in the recruitment market and
expand into new services that support the
needs of job-seekers and employers, such
as job advertising-related technology, digital
staffing services and training.
During the year under review, we launched
a common B2B brand for corporate cus-
tomers under the name Alma Career. The
new common brand enables us to better
reach international enterprises that operate
in several of our operating countries in
particular. It also facilitates the convenient
buying of products and services throughout
Alma Career’s operating countries and more
broadly in Europe.
In addition to launching the new brand, Alma
Career also joined The Network, which is an
international network of job portals that will
enable Alma Career to serve international
companies even more extensively and
efficiently.
In product development, Alma Career
focused particularly on the development
of services that create added value for
customers, such as CV database solutions
and a common platform for job portals.
The common platform is aimed at harmon-
ising the service offering and providing all
operating countries with the same technol-
ogy to ensure the best possible customer
experience. The existing product portfolio
was expanded to new operating countries;
for example, the Prace za Rohem mobile
recruitment service, which is popular in the
Czech Republic, was also launched in the
Slovakian market.
The strong internationalisation of our recruit-
ment businesses will continue, and we are
simultaneously seeking new opportunities in
our existing markets.
Alma Consumer
• Iltalehti, a multi-channel national news
media and diverse lifestyle media that
reaches approximately three million
Finns each week.
• Several marketplaces targeted at
consumers and businesses, such as the
housing marketplaces Etuovi.com and
Vuokraovi.com, as well as the mobility
marketplaces Nettiauto.com, Nettimoto.
com, Nettikone.com and Autotalli.com,
and sales systems for industry cus-
tomers in housing and the automotive
industry.
• Profitably growing competitive tendering
services, such as Urakkamaailma.
fi., Muuttomaailma.fi, Autojerry.fi and
Katsastushinnat.fi.
• Operates in Finland.
Alma Consumer’s goal is to strengthen
synergies between national media and digital
services that make the daily life or free time
of consumers easier. Growth is sought both
organically and through acquisitions.
The segment’s competitiveness is based
on the comprehensive reach of media and
services as a digital network, the user data
pool, and the developing industry verticals in
the areas of media, housing, cars and com-
parison services. The focus of the strategy
is on a strong high-reach digital news media
with a growing and committed audience
and in whose readership the proportion of
registered users is growing.
As buying processes become increasingly
digital, development in the marketplace and
service business is moving to the next level
and towards more advanced digital trading
platforms. The goal is to help customers use
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online services smoothly and conveniently
and to offer additional services at different
stages of the transaction process. In mobility
services, new solutions for the car trade are
being developed: online documentation and
electronic payments, the “Helpot Kaupat”
(“Easy transaction”) smartphone-based
solution and Baana, a digital auction service
for used cars are examples of new services.
In housing-related services, significant invest-
ments have been made in digital solutions
for the industry by developing OviPRO,
which provides digital tools for all stages of
housing transactions.
Internationalisation
• Expanding to new geographical regions to accelerate growth
• Expanding business operations in the current geographical regions
Transformation of the core
business
• Further expansion of operations from media to marketplaces and digital services
• Developing marketplaces towards digital commerce platforms
• Strengthening cooperation and synergies within the Group and the business segments
Digital growth
• Developing new revenue streams and diversifying revenue streams in the current service areas
• Expanding in the value chain to new business areas that complement the existing businesses
Alma Talent
• Subscription-based digital content
media. Alma Talent publishes Finland’s
leading financial media brand
Kauppalehti along with other financial
and professional media, including
Talouselämä, Tekniikka&Talous, Tivi,
Mediuutiset and Arvopaperi.
• Digital information services and mar-
ketplace services. Alma Talent Services
offers professionals and businesses a
comprehensive range of information on
companies and real estate as well as
content related to law and management.
The services also include market-lead-
ing business premises marketplaces in
Finland and Sweden.
• The digital housing transaction platform
DIAS connects buyers, sellers and real
estate agents in a single system.
• Suoramarkkinointi Mega provides
telemarketing services to customers in
various industries in Finland.
• Operates in Finland and Sweden.
Alma Talent is developing a digital service
portfolio to complement its profitable media
business with the aim of further increase
stable subscription- and licence-based
revenue.
Alma Talent Media produces useful content
while continuously developing the reader
experience of its brands as well as subscrip-
tion packages and advertising productisation
around the brands. Investments in product
development help to grow and diversify the
audiences of the media brands.
The development of new, innovative
data-driven products is at the core of the
strategy of Alma Talent Services. The aim is
to build a next-generation legal information
service and expand the product portfolio
to include digital compliance and sales
intelligence solutions. We develop digital
housing transaction services in cooperation
with banks and real estate agents. The DIAS
platform covers over 3,000 real estate
agents and all significant banks providing
housing financing in Finland.
In the commercial premises marketplace
business, we will redesign the platform to
meet the diverse needs of our customers in
Finland and Sweden and expand our digital
services to cover the various stages of the
customer’s entire value chain.
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T
his section describes Alma Media’s
sustainability-related activities in
accordance with Chapter 3a of the
Finnish Accounting Act (non-financial infor-
mation). The Group’s reporting of non-finan-
cial information includes not only environ-
mental, social and governance perspectives
but also the themes of sustainable media,
responsible journalism and responsible
marketing as well as data security and data
protection, which are important aspects of
Alma Media’s digital business. The Group’s
reporting of non-financial information has not
been subject to an independent assurance.
It complies, where applicable, with the
supplement concerning the reporting of
climate-related information.
Alma Media takes into account in its strategy,
the GRI Standards of the Global Reporting
Initiative and opportunities related to the
climate according to the TCFD recommen-
dations (Task Force on Climate-related
Financial Disclosures). As a general rule, the
reporting covers all of Alma Media Group.
Alma Media observes the materiality principle
in its sustainability reporting and, in autumn
2023, the company updated its materiality
analysis, which was based on an extensive
stakeholder survey, personal interviews,
Statement of non-financial information
industry analysis and expert workshops that
were all conducted in 2021.
A stakeholder survey of the company’s Board
of Directors and management was used to
update the materiality analysis.
The following table presents Alma Media’s
material aspects of environmental responsi-
bility, social responsibility and good corpo-
rate governance, as identified on the basis of
the materiality analysis.
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Standard Materiality Stakeholder view of significance to Alma
Environmental
responsibility
Energy efficiency Wide-ranging impacts that the company itself can influence by favouring renewable energy and optimising consumption.
Environmental impacts of prod-
ucts and services
Alma’s digital business enables the development of low-emission products and services and the influencing of consumers’ sustainable decisions. Interests
customers and investors.
Circular economy For Alma, this means the efficient use of resources and a business opportunity. Alma’s media and services have a guiding impact on the users’ sustainable
buying decisions.
Climate change A global problem that belongs to all businesses. Related to the environmental load and climate consideration of print media, natural resources, energy, and
optimise material consumption in service design and technology choices.
Carbon footprint The carbon footprint of the digital business illustrates the adverse environmental impact of the company’s operations, provides a foundation for target-setting,
enables comparisons between companies.
Social
responsibility
Employee equality, DEI Affects the company’s attractiveness as an employer and securing critical competence resources, as well as employee commitment and increasing satisfaction and trust.
Working conditions Good working conditions in the company and throughout its value chain are a precondition for high-quality and productive operations. Human rights issues in
the value chain are incorporated into the sustainability of Alma’s services.
Developing employee compe-
tence
As the business environment changes, the development of expertise and the competence of the personnel are key to securing future competitiveness. The
optimal utilisation of knowledge capital and the construction of career paths are key, which also affects the employer's attractiveness and company's perfor-
mance.
Impacts on society Alma’s journalistic media help to promote a functional and balanced society, a sustainable economy and well-being. Positive impacts on local communities also
take concrete form through the development of the product and service offering in significant industries.
Secure service use, data
security and data protection
A high level of data security and user privacy/data protection are preconditions for Alma Media’s digital business. Constitutes the foundation for trust and legal
protection.
Customer satisfaction Alma’s product and service offering must be high-quality, safe, able to create added value and respond to the needs of customers and users. Measured by the
NPS (Net Promoter Score) indicator, among other metrics. Interests: customers, employees, and investors.
Responsible media Promoting pluralism, democracy and freedom of speech in society. Compliance with the marketing rules of the International Chamber of Commerce and the
guidelines of the Council of Ethics in Advertising.
Supply chain sustainability Due diligence in the subcontracting chain
Good governance Corporate culture Compliance with laws and regulations, a high level of business ethics, openness and transparency of governance. A modern and developing corporate culture
enables high performance and efficiency in day-to-day operations and facilitates sustainable growth and profitability. Corporate culture is important for the
realisation of good governance and provides a foundation for the company’s success and the achievement of the company’s other sustainability objectives.
Whistleblower protection A trustworthy organisation must be above suspicions of misconduct, and any reported incidents must be handled with integrity. Whistleblower protection is the
only way to guarantee the effectiveness of the process. This is essential for Alma Media to be a trustworthy operator in society.
Prevention of corruption and
bribery
Alma Media conducts business also in countries where there may be a higher risk of corruption and bribery in business than in Finland. This is a potential,
significant business risk if the company's processes for preventing corruption and bribery would not be in order..
Cooperation with
subcontractors and partners
Partnerships and cooperation in the value chain are key in sustainable growth, profitability and reputation.
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Description of the business
model
Alma Media’s business operations consist
of digital marketplaces, media and services.
The Group’s reporting segments are Alma
Career, Alma Consumer and Alma Talent.
The company supports the development of
democratic society by producing pluralistic,
objective and high-quality content as well as
by providing useful, secure and reliable digi-
tal services for consumers and businesses.
Marketplaces, digital services related to re-
cruitment, housing, business premises, cars
and mobility, and the media business, consti-
tute the key areas of Alma Media’s business.
The customers include both companies and
consumers. The company’s business model
is based on targeted media advertising,
transaction-based charges, subscription and
licence fees and classified advertising paid
by the customer, as well as additional visibil-
ity advertising on marketplaces. The digital
housing transaction platform DIAS serves
buyers and sellers in the housing market and
it was developed in collaboration with banks
and real estate agents. The company’s other
services include the training, book publishing
and direct marketing businesses.
The media business includes the profession-
al and financial media published by Alma
Talent as well as the national consumer
media published by Alma Consumer. The
media business is based on the reach of
the content and the customer and reader
relationship between the audience and the
media. The strength of this relationship can
vary from occasional visitors or buyers of
single copies to the use of online services as
registered users of online services, paying
consumers of digital content and long-term
subscribers of print publications.
Alma Media’s media and services are the
best-known brands in their segments in
Finland and the Group’s operating countries
in Eastern Central Europe. The popularity
of these services among users is based on
a high level of usability, unique content and
the importance of the social or communal
dimension. Responding to the needs of local
customers is key to success. In both the
service business and the media business,
readers and online visitors constitute target
groups that are characteristic to each brand.
These target groups are the basis for adver-
tising sales. These target group contacts are
sold to advertisers on a brand-specific basis
and as audience segments in Alma’s digital
media and service network.
Value creation
Alma Media’s purpose is to accelerate the
sustainable growth of individuals, companies
and society. The cornerstones of the com-
pany’s strategy are business transformation,
digital growth and internationalisation. The
resources required for value creation are
shown below on the left and the impacts of
Alma Media’s business operations on cus-
tomers, employees and society are shown
on the right. The key success factors in the
company’s value creation include cooper-
ation to enable sustainable development,
common audiences, data and technologies
between businesses, and a centralised
media sales organisation.
Alma Media encourages its key stakeholders,
such as its customers, employees and
investors, to make sustainable choices.
Sustainability efforts are an important and
continuously developing aspect of the com-
pany’s operations. Through its actions, Alma
Media aims to maximise its positive impacts
on society and minimise its environmental
footprint. One example of encouraging
stakeholders to make sustainable choices
is the fact that Alma Media is the first media
company in Finland to enable its customers
to measure the carbon footprint of digital
advertising. The environmental impact is
measured for each campaign published in
Alma’s advertising network.
Alma Media’s business
operations consist of digital
marketplaces, media and
services.
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2
Value creation
• The professional skills of 1,700
employees in 12 European countries
• Expertise in technology, digital
marketing, data and journalism
• Invested capital MEUR 400
• Investments MEUR 393 in
2019–2023
• The Alma brand and over 100
content and service brands
• Advanced technology
• Customer and user data
• A carefully selected and well
managed international network of
business partners
• Electricity and water consumption
at offices and data centres
• Paper consumption (for print and
publishing)
Customers
Employees
Investors
Environ-
ment
RESOURCES IMPACT (2023)
BUSINESS MODEL AND SUCCESS DRIVERS
SUSTAINABLE DEVELOPMENT GOALS
WE PROMOTE COLLABORATION
...AND ENABLE SUSTAINABLE
CHOICES
Advanced
MARKETPLACES
Intelligent
INFORMATION SERVICES
Inspiring
MEDIA
SHARED
AUDIENCES
DATA, TECHNOLOGY
SALES
* Corporate tax, social security contributions and other taxes paid MEUR
Society
Human
Talent
Financial
Capital
Technology &
intellectual
Property
Business
Partners
Natural
resources
• Trusted partner: data-safe digital services
• Enabling sustainable choices for
consumers and professionals in
work-life, living, mobility
• Over 82% of revenue from digital sources
• MEUR 91.5 per year in compensation
• Career and talent development of
workforce
• Promoting diversity, equality and
inclusion
• Adjusted operating profit MEUR 73.6
• Dividends MEUR 29
• TSR , Total Shareholder Return 4.3%
(2023) 380% (2014–2023)
• Sustainability linked investment target
• MEUR 85.7 in taxes paid*
• Defending democracy and economic
growth
• Impacting the life of 25M people
• Co-operation with 3rd sector
• Low emission operations ,
287 tCO2-eqv
• Industry forerunner in low carbon
services
• Accelerating the transition to a low-
carbon digital economy
Value creation model
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Description of the management
of non-financial information
Alma Media has a systematic sustainability
management method that includes the
necessary policies, processes, management
and organisation as well as competence and
communication. The Group develops the
sustainability of its operations with a long-
term approach as part of its strategy, based
on its Code of Conduct, commitments,
the objectives outlined in its sustainability
programme and its SBTi climate targets (sci-
ence-based targets). Alma Media observes
the principles of the UN Global Compact
initiative, the Universal Declaration of Human
Rights, the ILO Declaration on Fundamental
Principles and Rights at Work and other
essential international human rights conven-
tions and recommendations. Alma Media
develops the sustainability of its operations
at various levels of the organisation as part
of day-to-day business, and listens closely to
its customers and employees.
The Group Executive Team assesses the
sustainability programme regularly and the
Board of Directors monitors sustainability
performance based on the information
reported by the management. Unit-level
management teams and key individuals also
play a key role by making sustainability-re-
lated decisions in the context of developing
operations and services. In 2023, the Group
Executive Team discussed sustainability-re-
lated topics at eight of its meetings and
four of its strategy meetings. In 2023, Alma
Media’s Board of Directors discussed the
company’s sustainability programme four
times, in connection with interim reporting,
and when responding to the stakeholder
survey related to the materiality analysis.
Alma Media’s corporate communications
coordinates the progress of the sustainability
programme.
The cornerstones of Alma Media’s sustain-
ability programme are profitable growth
and a high standard of business ethics, a
Summary of Alma Media’s key sustainability targets
Topic KPI Target Results in 2023 Target for 2024
Environment Carbon footprint
Own operations (Scope 1 & 2)
CO2 emissions of electricity, heating and cooling, energy
consumption of company cars
-52% (2019–2030)
-4.3% per year
-60% compared to
2019
-31% per year
-4.3% (Scope 1 & 2)
per year
Carbon footprint
Subcontracting chain
(Scope 3)
CO2 emissions caused by the subcontracting chain -14% (2019–2030)
-1.23% per year
-8.9% compared to
2019
-2.5% per year
-1.23% (Scope 3)
per year
Social responsibility Own employees Quality Worklife (QWL) index QWL index >83% QWL index 79.7% NPS >8 (eNPS 43)
Data security and data
protection
The company’s services are secure and data and customer
information is processed in a diligent manner
There are no serious personal data breaches in the services for which the
authorities would impose a fine.
0 0
Responsible media:
journalism and marketing
Condemnatory decisions issued by the Council for Mass Media
Adherence to the International Chamber of Commerce’s
guidelines on good marketing practices
<5 condemnatory decisions issued by the Council for Mass Media
regarding Alma Media’s media
No violations of the guidelines of Ethics in Advertising by ICC (International
Council of Commerce)
5 decisions
Zero violations
<5 decisions
Zero violations
Good governance Ethics in business Code of Conduct compliance 100% of the company’s own employees complete Code of Conduct
training.
100% 100%
Subcontracting chain Completion of training on the Supplier Code of Conduct (SCoC) 90% of significant suppliers have completed SCoC training 92% 90%
future-fit workforce, environmental responsi-
bility, and responsible media, marketplaces,
and digital services. Targets have been set
for each element of sustainability and their
achievement is monitored annually.
Based on a materiality assessment, Alma
Media’s sustainability programme is linked
to nine of the UN Sustainable Development
Goals that relate directly to Alma Media’s
opportunities to have an impact through
its business operations: quality education,
gender equality, decent work and economic
growth, innovation and procurement,
sustainable cities and communities, respon-
sible consumption, climate action, peace and
justice, and partnerships for the goals.
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Environmental responsibility
The successful execution of Alma Media’s
digital transformation strategy has had
a positive impact on the company’s
environmental profile: the production and
distribution of digital content and services
is more cost-efficient than print products. At
the same time, the transition to low-carbon
society has created business opportunities
for the company and increased resource
efficiency. During the past seven years,
Alma Media has halved the greenhouse gas
emissions arising from its own operations
and further increased the ambition of its
environmental targets for its own operations
and its subcontracting chain.
In 2023, digital sources accounted for
82%, or over MEUR 250, of Alma Media’s
business. The transition from print to digital
has been reflected in improved profitability
and increased adjusted operating profit. The
Group’s capital expenditure under the digital
business model has amounted to at least
MEUR 4 annually over the past few years.
In 2018, Alma Media was the third media
company in the world to publish approved,
science-based climate targets (SBT). Thanks
to significant changes in the business
operations, the targets for 2025 based on
the 2016 baseline was achieved ahead of
schedule and the company updated its
climate targets. The SBT initiative (SBTi) aims
to limit global warming to 1.5°C. Alma Media
is committed to reducing its absolute Scope
1 and Scope 2 greenhouse gas emissions
by 52 per cent and the emissions of its
subcontracting chain by 14 per cent by 2030
compared to 2019.
Emission reductions in accordance with
Alma Media’s plan will focus particularly
on reducing emissions from company cars,
electricity, district heating and cooling in
business premises, and on magazine printing,
logistics and ICT procurement in the subcon-
tracting chain. The carbon footprint of Alma
Media’s own operations is small, and only
four per cent of the greenhouse gases arising
from the Group arise in the Group’s own
operations, while 96 per cent arise in the
subcontracting chain.
According to the SBTi target set by Alma
Media in 2022, the company must reduce
its greenhouse gas emissions caused by
electricity, district heating, district cooling
and fuel consumption by 4.3% annually until
2030. Indirect greenhouse gas emissions
from procurement must decrease until 2030
and by 1.23% annually.
To improve the reliability and continuity
of emission calculations, we adopted the
International Energy Agency IEA’s coun-
try-specific emission coefficients in 2021 for
instances where an energy producer-specific
emission factor is unavailable, and emission
figures were retrospectively recalculated
according to this decision. The figures for
2019–2022 have also been adjusted to only
reflect the Group’s continuing operations.
The reporting of environmental figures
covers all of Alma Media.
Alma Media achieved its environmental
targets for 2023. In 2023, the Scope 1 and
Scope 2 emissions reported by the company
decreased by 31% compared to 2022.
Compared to 2019, the baseline year for
the SBTi target, the change is -60%. Scope
1 emissions decreased by 10% during the
year under review. Half of this decrease took
place in Finland and the other half in Alma
Media’s international operations. Scope
2 emissions decreased by 54% compared
to 2022, which was mainly due to changes
in business premises and switching to
low-emission recycled heat. All of the Scope
2 emissions were generated in the compa-
ny’s operating locations outside Finland.
The following table describes the amounts
and development of own energy, direct
greenhouse gas emissions (Scope 1) and
indirect greenhouse gas emissions (Scope
2) in the Group’s continuing operations. The
energy consumption of properties controlled
by the Group totalled 3,015 MWh of elec-
tricity, district heating and district cooling.
Renewable energy accounted for 68% of the
total. The energy consumption of the cars
owned and used by the company decreased
by 11% compared to the previous year, while
the number of cars remained at the same
level as in the previous year. The decrease
in the energy consumption of company cars
was due to an increase in remote work and
remote meetings in business operations as
well as the renewal of the car fleet towards
a lower-emission, more energy-efficient
direction.
Alma Media calculates the consumption
of electricity, district heating and district
cooling at the company’s Finnish properties
based on the invoices issued by the energy
companies. The same practice is used
in the other operating countries where
consumption data is available. If the data
is not available and if energy is included in
the monthly rent for the property, electricity
consumption is calculated based on the
The electricity used by the
Group’s business activities
in Finland is hydropower-
generated, emission-free and
renewable
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floor area. In the business activities in
Finland, electricity is hydropower-generated,
emission-free and renewable. In addition
to improvements in energy efficiency,
renewable energy, hydrogen and new
technologies have increasingly transformed
from a possibility to a reality in almost all
of the company's operating countries. The
heating and cooling of Alma Media’s offices
in Finland generate zero emissions.
The table below shows Alma Media’s
environmental indicators, energy consump-
tion and the development of greenhouse gas
emissions during the period 2019–2023.
The energy consumption data for Alma
Media’s company cars and cars that fall
under an unlimited car benefit has been
primarily collected from service providers.
The calculation of emissions is based on
actual energy consumption where purchased
energy types are multiplied by energy
type-specific emission coefficients for each
country of use. Scope 1 emissions consist
primarily of carbon dioxide emissions (CO
2
).
When possible, Alma Media utilises the
energy supplier-specific emission figures in
the calculation of Scope 2 emissions using
the market-based method. If such figures are
not available, the Group uses the coun-
try-specific IEA emission coefficients that are
also used as the basis of location-specific
emission calculations.
In 2023, the Group’s greenhouse gas emis-
sion intensity was 0.3 tCO
2
e per employee.
The Group calculates its greenhouse gas
emission intensity based on its Scope 1 and
Scope 2 emissions. Scope 2 emissions are
calculated using the market-based method.
Emissions intensity is reported relative to
the number of employees. The greenhouse
gas emissions arising from the consumption
of electricity, district heating and district
cooling of properties decreased by 54%
from the comparison year, to 93.1 tCO
2
e,
calculated using the market-based method.
Energy consumption is measured using
country, type and supplier-specific emission
coefficients.
Alma Media’s indirect Scope 3 emissions
decreased by 2.5% during the year under
review, and they have decreased by 8.9%
compared to the baseline year 2019.
Emissions allocated to the media business
decreased as the circulations of print publi-
cations continued to decline and consumers
switched from print to digital media. The
emissions caused by business flights taken
by Alma Media employees increased by 39%
from the previous year but were still 13%
lower than in 2019.
The calculation of emissions associated with
the final recycling of publications covers all
of Alma Media’s newspapers, magazines and
books.
In 2024, Alma Media will continue to focus
on minimising the carbon footprint of its own
operations and reducing emissions in its
subcontracting chain, as well as on strength-
ening the climate-friendly impacts of its own
operations. The renewal of the company's
car fleet in a lower-emission, more ener-
gy-efficient direction will be continued in all
operating countries.
Alma Media and the environment Unit 2019 2020 2021 2022 2023
Amount of energy
Fuels GJ 6,151 3,946 3,604 3,344 2,901
Electricity GJ 7,455 5,991 5,390 5,330 4,227
District heating and district cooling GJ 4,955 3,880 6,071 5,423 4,565
Emissions
Direct emissions (Scope 1) tCO2e
Fuels 420 264 240 214 194
Indirect emissions (Scope 2) tCO2-eq
District heating, district cooling and electricity,
market-based
371 285 240 203 93
District heating, district cooling and electricity,
location-based
488 345 388 363 288
Share of renewable energy, Scope 1 and Scope 2 28% 36% 49% 53% 65%
Share of renewable energy, Scope 2 42% 49% 63% 69% 87%
Scope 3 tCO2e 16,100 12,933 13,872 15,034 14,665
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Reporting in accordance with
the EU Taxonomy Regulation
Alma Media’s purpose is to accelerate the
responsible growth of individuals, companies
and society. Digitalisation and reliable news
content also plays a key role in achieving
an economically and socially sustainable
green transition. Alma Media is committed
to low-emission operations and has set
emission reduction targets in accordance
with the Science Based Targets initiative.
More than half of Alma Media’s current
operations are related to the marketplaces
business, and digital business accounts
for over 82% of revenue. The scope of
application of the EU Taxonomy Regulation
has been expanded, and the marketplace
and digital services industries have not been
included among Taxonomy-eligible economic
activities. Consequently, the proportion of
Alma Media’s business that falls within the
scope of the Taxonomy is still limited with
regard to turnover, capital expenditure and
operating expenditure.
Reporting obligations for
concerning the financial year
2023
The Taxonomy Regulation applies to compa-
nies like Alma Media that have an obligation
to disclose non-financial information in
accordance with the Non-financial Reporting
Directive (NFRD). Taxonomy reporting is
governed by the Taxonomy Regulation, or
Regulation (EU) 2020/852 of the European
Parliament and of the Council and the relat-
ed Delegated Regulations (EU) 2021/2139,
(EU) 2021/2178 and (EU) 2023/2486. Under
the Taxonomy Regulation, Alma Media has an
obligation to report Taxonomy-related key
performance indicators (KPIs), namely the
proportion of turnover, capital expenditure
and operating expenditure derived from eco-
nomic activities that are Taxonomy-eligible
or Taxonomy-aligned according to Delegated
Regulation (EU) 2021/2139 on climate
change and from economic activities that are
Taxonomy-eligible according to Delegated
Regulation (EU) 2023/2486 on the other
environmental objectives covered by the
Taxonomy. The latter concerns objectives on
the sustainable use and protection of water
and marine resources, the transition to a
circular economy, pollution prevention and
control, and the protection and restoration
of biodiversity and ecosystems.
EU Taxonomy eligibility and
Taxonomy alignment
The economic activities described in the
Taxonomy Regulation are Taxonomy-eligible,
and Taxonomy-aligned activities are activi-
ties that are Taxonomy-eligible and meet the
following three criteria:
• The activity makes a substantial
contribution to at least one of the six en-
vironmental objectives of the Taxonomy
(TSC, technical screening criteria).
• The activity does not significantly harm
the other environmental objectives
(DNSH criteria).
• The activity is carried out in accordance
with minimum safeguards (MS).
Minimum social safeguards
Alma Media has assessed its operating
principles and processes pertaining to human
rights, workers’ rights, corruption and bribery,
taxation and fair competition in accordance
with the OECD Guidelines for Multinational
Enterprises, the UN Guiding Principles on
Business and Human Rights (UNGP) and
the principles and rights enshrined in the
Declaration on Fundamental Principles and
Rights at Work by the International Labour
Organization (ILO). Alma Media’s operating
principles and processes are in line with the
aforementioned principles. There have been
no violations or decisions by courts of law in
Alma Media’s operations that would indicate
that the minimum safeguards have not been
observed. While these issues require contin-
uous attention and development, the assess-
ment did not reveal any critical observations
or insufficient commitment to the MS princi-
ples that would prevent Taxonomy alignment
for the economic activities that meet the TSC
and DNSH criteria.
Alma Media’s approach to the
EU Taxonomy
To determine the Taxonomy-eligible and
Taxonomy-aligned proportion of our business
activities, we have analysed which of our ac-
tivities correspond to the economic activities
described in the Taxonomy. The goals of the
analysis were as follows:
• assess the realisation of minimum
safeguards (MS) at the Group level
• identify and assess the Group’s signifi-
cant Taxonomy-eligible activities
• assess the impacts of the identified
economic activities and evaluate them
against the technical screening criteria
(TSC) and DNSH criteria
• report key performance indicators (KPIs)
related to the Taxonomy
Based on the analysis, our interpretation
is that 21.4% of Alma Media’s business
activities make a substantial contribution to
climate change adaptation. Taxonomy-eligible
activities are presented in Annex II to the
Taxonomy Regulation (EU) 2021/2139. As
most of Alma Media’s business activities have
yet to be defined as being within the scope
of the EU Taxonomy, they are classified as
Taxonomy-non-eligible activities in the table
below. They include classified advertising
in the marketplaces business, print-based
media business, digital comparison services,
the data business, telemarketing and media
sales consulting.
The emissions caused by
Alma Media’s own operations
were below the emission
target by a clear margin
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Among ICT solutions, digital housing services
and services related to cars and mobility are
Taxonomy-eligible activities in accordance
with category 8.2 Computer programming,
consultancy and related activities. However,
the activities in category 8.2 are adapted
activities, and turnover derived from them
can therefore not be reported as Taxonomy-
aligned activities for climate change adap-
tation. The digital media business matches
the English-language description and criteria
provided for category 8.3 Programming
and broadcasting. Alma Media’s business
operations also include training services
that are Taxonomy-aligned activities under
the category 11 Education. Programming,
broadcasting and education activities make
a substantial contribution to climate change
adaptation because they promote climate
change adaptation by enabling climate
change adaptation in other activities. They are
enabling activities as referred to in Article 11,
section 1 (b) of the Taxonomy Regulation (EU)
2020/852 and which are defined as adapted
enabling activities in Commission Notice
C/2023/305.
As regards turnover, we have identified our
activities in the aforementioned categories 8.3
and 11 as Taxonomy-eligible and Taxonomy-
aligned activities in the Taxonomy tables. At
the same time, we have ensured that each
service or product produced by the Group
only counts once towards Taxonomy-eligible
and Taxonomy-aligned turnover.
As regards capital expenditure, we defined
1.9% of capital expenditure as Taxonomy-
eligible and Taxonomy-aligned. This reflects
the capital expenditure that is closely linked
to Taxonomy-eligible and Taxonomy-aligned
assets based on turnover and that meet
the more detailed specifications concerning
the reduction of emissions. Alma Media’s
Taxonomy-eligible and Taxonomy-aligned
capital expenditure mainly relates to business
premises projects and digital media business
systems.
As regards operating expenditure, we defined
28.9% of our operating expenditure as
Taxonomy-eligible and Taxonomy-aligned.
This reflects the operating expenditure that
aims to reduce environmental emissions or
promotes adaptation and is allocated to
research, server, business premises, motor
vehicle or training expenses. Operating
expenditure has been defined in accordance
with the Taxonomy regulations and it includes
Alma Media Group’s research and develop-
ment expenditure, expenditure on business
premises’ energy and renovations and the
leasing expenses for the motor vehicle fleet.
Changes from the previous reporting
period
In 2022, activities associated with computer
programming were reported as Taxonomy-
eligible in category 8.2. This category is
now reported as Taxonomy-eligible, but
Taxonomy alignment is reported only for
capital expenditure and operating expen-
diture. In programming and broadcasting
activities (8.3) and education (11), fewer
activities than last year are reported. For
activity 8.2, only capital expenditure is now
reported as Taxonomy-aligned. In 2023,
Alma Media also assessed the compatibility
of the four new environmental objectives
with the Group’s activities. Pursuant to
Delegated Regulation (EU) 2023/2486, none
of the Group’s activities were compatible
with the new environmental objectives.
Accounting principles
concerning the financial KPIs
related to the EU Taxonomy
The Taxonomy-related reporting obligations
include a description of the accounting prin-
ciples concerning the financial KPIs, including
the calculation criteria for the numerator
and the denominator. In this section, we
discuss how turnover, capital expenditure
and operating expenditure have been
defined and allocated to the numerator, and
describe the calculation criteria for turnover,
capital expenditure and operating expen-
diture included in the denominator. The
turnover KPI determines the degree to which
the Group’s activities are taxonomy-eli-
gible and taxonomy-aligned. The capital
expenditure and operating expenditure KPIs
illustrate how the Group aims to improve its
infrastructure, processes and production
lines to become a low-carbon operator or
reduce climate emissions.
Turnover
In determining Taxonomy-eligible and
Taxonomy-aligned turnover, the numerator
includes the estimated total turnover of
products and services relating to Taxonomy-
eligible and Taxonomy-aligned economic
activities. The denominator corresponds
to Alma Media Group’s total turnover as
reported in the consolidated financial
statements for 2023.
Capital expenditure
In determining Taxonomy-eligible capital
expenditure, the numerator includes capital
expenditure on assets relating to Taxonomy-
eligible and Taxonomy-aligned economic
activities. The denominator covers increases
in tangible and intangible assets during the
financial year, as reported in Alma Media
Group’s financial statements for 2023.
Operating expenditure
In determining Taxonomy-eligible operating
expenditure, Alma Media includes in the
numerator the direct operating expenditure
associated with products and services
relating to Taxonomy-eligible economic
activities. The denominator covers direct
expenditure relating to research and
development, building renovations, leases,
maintenance and repairs, and other direct
expenses associated with tangible and
intangible assets.
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Table 1: Turnover
Proportion of turnover from products or services associated with Taxonomy-aligned economic activities – disclosures on the year 2023.
Financial year 2023
2023 Substantial contribution criteria “Does Not Significant Harm” criteria (DNSH)
Economic activities
Codes
Turnover
Proportion of turnover, year 2023
Climate change mitigation
Climate change
adaptation
Water
Pollution
Circular economy
Biodiversity
Climate change mitigation
Climate change
adaptation
Water
Pollution
Circular economy
Biodiversity
Minimum safeguards
Taxonomy-aligned (A.1) or Taxon-
omy-eligible (A.2) proportion of
turnover, year 2022
Category enabling activity
Category transitional activity
MEUR % N/EL Y N/EL N/EL N/EL N/EL Y/N Y/N Y/N Y/N Y/N Y/N Y/N % E T
A. TAXONOMY-ELIGIBLE ACTIVITIES
A.1 Environmentally sustainable activities (Taxonomy-aligned)
Programming, broadcasting and other media activities CCA 8.3 63.0 20.7% N/EL Y N/EL N/EL N/EL N/EL Y Y Y Y Y Y Y 25.1% E
Education CCA 11 2.2 0.7% N/EL Y N/EL N/EL N/EL N/EL Y Y Y Y Y Y Y 4.9% E
Turnover of environmentally sustainable activities (Taxonomy-aligned)
(A.1) 65.2 21.4% 0% 21.4% 0% 0% 0% 0% Y Y Y Y Y Y Y 32.4%
Of which enabling 65.2 21.4% 0% 21.4% 0% 0% 0% 0% Y Y Y Y Y Y Y 32.4% E
Of which transitional 0 0.0% 0% Y Y Y Y Y Y Y 0.0% T
A.2 Taxonomy-eligible but not environmentally sustainable activities (not Taxonomy-aligned activities)
N/EL N/EL N/EL N/EL N/EL N/EL
Turnover Taxonomy-eligible but not environmentally sustain-
able activities (not Taxonomy-aligned activities) (A.2) 0 0% 0% 0% 0% 0% 0% 0% 0%
A. Turnover of Taxonomy-eligible activities (A.1+A.2) 65.2 21.4% 0% 21.4% 0% 0% 0% 0% 32.4%
B. TAXONOMY-NON-ELIGIBLE ACTIVITIES
Turnover of Taxonomy-non-eligible activities 239.7 78.6%
TOTAL 304.9 100%
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Table 2: Capital expenditure
Proportion of CapEx from products and services associated with Taxonomy-aligned economic activities – disclosures on the year 2023.
Financial year 2023
2023 Substantial contribution criteria “Does Not Significant Harm” criteria (DNSH)
Economic activities
Codes
CapEx
Share of CapEx, year 2023
Climate change mitigation
Climate change
adaptation
Water
Pollution
Circular economy
Biodiversity
Climate change mitigation
Climate change
adaptation
Water
Pollution
Circular economy
Biodiversity
Minimum safeguards
Proportion of Taxonomy aligned (A.1)
or eligible (A.2) CapEx, year 2022
Category enabling activity
Category transitional activity
MEUR % N/EL Y N/EL N/EL N/EL N/EL Y/N Y/N Y/N Y/N Y/N Y/N Y/N % E T
A. TAXONOMY-ELIGIBLE ACTIVITIES
A.1 Environmentally sustainable activities (Taxonomy-aligned)
Data-driven solutions for GHG emissions reductions CCA 8.2 0.0 0.2% N/EL Y N/EL N/EL N/EL N/EL Y Y Y Y Y Y Y E
Programming, broadcasting and other media activities CCA 8.3 0.4 1.6% N/EL Y N/EL N/EL N/EL N/EL Y Y Y Y Y Y Y 6.0% E
Education CCA 11 0 0.1% N/EL Y N/EL N/EL N/EL N/EL Y Y Y Y Y Y Y E
CapEx of environmentally sustainable activities (Taxonomy-aligned) (A.1) 0.4 1.9% 0% 1.9% 0% 0% 0% 0% Y Y Y Y Y Y Y 31.4%
Of which enabling 0.4 1.9% 0% 1.9% 0% 0% 0% 0% Y Y Y Y Y Y Y 31.4% E
Of which transitional 0 0% 0% Y Y Y Y Y Y Y 0% T
A.2 Taxonomy-eligible but not environmentally sustainable activities (not Taxonomy-aligned activities)
N/EL N/EL N/EL N/EL N/EL N/EL
CapEx of Taxonomy-eligible but not environmentally sustain-
able activities (not Taxonomy-aligned activities) (A.2) 0 0% 0% 0% 0% 0% 0% 0% 0%
A. CapEx of Taxonomy eligible activities (A.1+A.2) 0.4 1.9% 0% 1.9% 0% 0% 0% 0% 31.4%
B. TAXONOMY-NON-ELIGIBLE ACTIVITIES
CapEx of Taxonomy-non-eligible activities 23.1 98.1%
TOTAL 23.5 100%
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Table 3: Operating expenditure
Proportion of OpEx from products and services associated with Taxonomy-aligned economic activities – disclosures on the year 2023.
Financial year 2023
2023 Substantial contribution criteria “Does Not Significant Harm” criteria (DNSH)
Economic activities
Codes
CapEx
Share of CapEx, year 2023
Climate change mitigation
Climate change
adaptation
Water
Pollution
Circular economy
Biodiversity
Climate change mitigation
Climate change
adaptation
Water
Pollution
Circular economy
Biodiversity
Minimum safeguards
Proportion of Taxonomy aligned (A.1)
or eligible (A.2) CapEx, year 2022
Category enabling activity
Category transitional activity
MEUR % N/EL Y N/EL N/EL N/EL N/EL Y/N Y/N Y/N Y/N Y/N Y/N Y/N % E T
A. TAXONOMY-ELIGIBLE ACTIVITIES
A.1 Environmentally sustainable activities (Taxonomy-aligned)
Data-driven solutions for GHG emissions reductions CCA 8.2 0.0 0.1% N/EL Y N/EL N/EL N/EL N/EL Y Y Y Y Y Y Y E
Programming, broadcasting and other media activities CCA 8.3 3.8 28.8% N/EL Y N/EL N/EL N/EL N/EL Y Y Y Y Y Y Y 46.7% E
Education CCA 11 0.0 0.1% N/EL Y N/EL N/EL N/EL N/EL Y Y Y Y Y Y Y E
CapEx of environmentally sustainable activities (Taxonomy-aligned) (A.1) 3.8 28.9% 0% 28.9% 0% 0% 0% 0% Y Y Y Y Y Y Y 49.8%
Of which enabling 3.8 28.9% 0% 28.9% 0% 0% 0% 0% Y Y Y Y Y Y Y 49.8% E
Of which transitional 0 0% 0% Y Y Y Y Y Y Y 0% T
A.2 Taxonomy-eligible but not environmentally sustainable activities (not Taxonomy-aligned activities)
N/EL N/EL N/EL N/EL N/EL N/EL
CapEx of Taxonomy-eligible but not environmentally sustain-
able activities (not Taxonomy-aligned activities) (A.2) 0 0% 0% 0% 0% 0% 0% 0% 0%
A. CapEx of Taxonomy eligible activities (A.1+A.2) 3.8 28.9% 0% 28.9% 0% 0% 0% 0% 49.8%
B. TAXONOMY-NON-ELIGIBLE ACTIVITIES
CapEx of Taxonomy-non-eligible activities 9.3 71.1%
TOTAL 13.0 100%
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Climate change
Alma Media is committed to the Paris
Climate Agreement and supports ambitious
global climate action to reduce emissions
and improve resource efficiency.
Alma Media has drawn up two different cli-
mate scenarios that aim to identify the risks
and opportunities associated with climate
change. The two scenarios differ in terms of
their assessments of technological develop-
ment, regulation and changes in the political
operating environment as well as the level of
ambition concerning climate change.
The scenario analyses are based on the
company’s internal industry expertise and
conclusions drawn on the basis of external
sources. As digital sources represent
approximately 82% of Alma Media’s busi-
ness, climate change is not seen to constitute
a significant direct operational or financial
risk to the company. The digital scalability
of business, large reach, digital expertise
and in-house product development present
opportunities for Alma Media to mitigate
climate change through its actions in its key
industries and promote the transition to a
low-carbon society.
The optimistic scenario is based on warming
of 1.5–2°C, while the pessimistic scenario
is based on warming of 4°C. Transition
risks are the most significant risks in both
scenarios. Acute and chronic physical risks
are more relevant in higher-temperature
scenarios.
The EU’s ambitious climate targets, paired
with the still-unfinished regulations and
guidelines for digital business, as well as
differences in application in the company’s
operating countries, constitute a key
uncertainty factor. For example, most of
the company’s business activities are still
entirely excluded from the EU’s taxonomy
classification, which makes target setting
more difficult.
Climate-related risks
The management of climate-related risks
has been integrated into the Group’s risk
management process and adheres to the
same operating models as the management
of other significant risks and uncertainties.
Risks are identified and assessed on a
regular basis and in accordance with a
predetermined process.
Owners are designated for risks. They are
responsible for risk management. Risks are
reported and monitored on a regular basis
in various teams made up of management
employees and specialists. Climate-related
risks are divided into two categories: transi-
tion risks and physical risks. The identified
physical risks generally fall into the category
of operative risks, while transition risks are
generally strategic risks.
Financial impacts:
Low 0–1%
Medium 3–5%
High 10–20%
Time horizon:
Short-term: 1–2 years
Medium-term: 3–5 years
Long-term: 10–20 years
In addition to the impacts, the estimated
probability (improbable/probable/highly
probable) and indicated financial impacts
as a combination of probability. Risks and
opportunities related to temperature,
wind, water and solid mass were taken into
consideration, and the most significant of
these are listed in the table.
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Alma Media’s climate scenarios
Topic Transition risks and opportunities Transition risks and opportunities Preparing for transition risks: management
or adaptation, and probability
Financial
impact
Below 2°C climate model SSP1-2.6 +3–4°C climate model SSP5-8.5
Transition risk
Policies and
regulation
• The transition to a low-carbon society poses risks to the company, but
also presents opportunities.
• Carbon pricing. Emissions trading schemes. Carbon border tax. Car-
bon border adjustment mechanisms.
• The Sustainable Finance Disclosure Regulation (SFDR) enables low-
er-cost external financing for low-carbon companies.
• Increasing regulation limits the company’s choice of partners in sub-
contracting.
• Growing obligations for transparency in reporting increase costs within
the company but also present business opportunities, as Alma Media
already operates in the business information market.
• Growing requirements pertaining to biodiversity may limit the use of
hydropower as a source of Scope 1 energy for Alma Media.
• The unpredictable regulatory environment poses challenges to the
company’s operations and the fulfilment of its obligations.
• Major differences in regional adaptation.
• The business environmental becomes less predictable for both Alma
Media and its customers.
• Protecting biodiversity emerges as an objective that is even more im-
portant than climate targets, as climate targets are almost impossible
to achieve without protecting biodiversity.
• Alma Media’s strategy is based on digital growth
and development, which supports climate
change mitigation.
• Low-carbon business model.
• SBTi targets: reducing emissions from own oper-
ations and the subcontracting chain.
• Probable in the medium term.
Low
Technology
• Technological development speeds up, which accelerates digitalisation
but also increases the company’s costs.
• The development of technology enables the development of new
climate-related business.
• Adaptation requires increasing investments in technology and the rapid
acceleration of digitalisation.
• Rapid technological development and digital solutions are needed to
support adaptation for customers.
• Alma Media has the digital capabilities necessary for developing new
services relating to sustainable consumption and the circular economy.
• Alma Media uses continuity planning to prepare
for the identification of technological risks and
reacting to them.
• The company systematically strengthens its
digital and technology competencies.
• The geographical diversification of server loca-
tions reduces the risk of service disruptions.
• Highly probable in the short term.
Low
Market (de-
mand and
supply)
• Fluctuations in the energy market are reflected in consumer confi-
dence. Rising energy prices reduce household purchasing power and
the willingness to make larger purchases for one’s home.
• In the area of cars and mobility, the demand for non-fossil powered
vehicles exceeds the supply, production bottlenecks grow and market
growth in the automotive sector – for both new and used cars – slows.
• The business environment changes as increasing regulation affects
consumer preferences and the company’s customers.
• The demand for low-carbon goods and services grows, which also
presents a business opportunity for the company.
• Declining travel and tourism in Croatia and Slovenia leads to lower
demand for labour and recruitment services.
• Carbon pricing makes business difficult in certain geographical regions
and creates price-related barriers to economic activity with regard to
air travel, for example.
• The limited availability of commodities increases prices, including the
price of energy, raw materials that are critical to society, and techno-
logical components.
• The mobility of people and goods is significantly reduced.
• Waves of climate displacement from Africa and Asia can disrupt soci-
ety and negatively affect the advertising sales business.
• Quick digital solutions are needed to support customers’ adaptation,
which also presents an opportunity for a digital company with its own
product development activities.
• Alma Media actively develops its products and
services to respond to changes in the market,
such as the impacts of regulation.
• Consumer preferences and the changing needs
of business customers are closely monitored.
• Services and media are developed further to
provide solutions to climate change.
• Highly probable in the short term.
Low
Reputation
and brand
• Alma Media is a leader in its industry with regard to the transition to a
low-carbon society. The company has ambitious SBTi targets extend-
ing to 2030.
• Failure to grow taxonomy-aligned business is a potential risk that may
affect the availability of financing.
• Failure to grow taxonomy-aligned business could make the company
less attractive to investors.
• The SBTi targets are in line with the Paris Climate
Agreement (Scope 1, 2 and 3). Active develop-
ment of Alma Media’s product portfolio and
value-added services to mitigate climate change.
• Improbable.
Low
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Alma Media’s climate scenarios
Nature of
the risk
Transition risks and opportunities Transition risks and opportunities Preparation for physical risks: management
or adaptation, and risk probability
Financial
impact
Below 2°C climate model SSP1-2.6 +3–4°C climate model SSP5-8.5
Physical risk
Acute risks
• The increase in physical risks is moderate. Certain phenomena, such
as hurricanes, will become more common around the world. Floods
will become more common in Europe.
• Vulnerability to physical risks is considered to be lower in Europe than
elsewhere in the world, but extreme weather phenomena may have an
impact to some degree in Alma Media’s operating countries in Eastern
Central Europe.
• Extreme temperatures leading to fatalities and significant losses in
productivity will remain rare in Alma Media’s operating regions.
• Increased uncertainty in the operating environment increases the need
for information and real-time, reliable news coverage of events.
• Extreme weather phenomena, such as droughts and wildfires, storms
and subsequent flash floods and landslides will become more com-
mon, posing an acute physical risk of the loss of buildings, property
and human lives.
• Indirect losses will also occur due to transport and delivery issues or
the jeopardised continuity of business.
• The risks include losses of margins on interrupted business operations
and damage to movable property and equipment.
• Elevated risks may drive demand for investments in adaptation, poten-
tial relocation and business disruptions caused by damages and the
need to repair premises after extreme events.
• The most significant exposures to physical risks
can be avoided through Alma Media’s effective
continuity planning, which is updated on a
regular basis.
• The geographical diversification of operations
into smaller units reduces physical risks for the
Group as a whole.
• Probable in the short and medium term.
Low
Chronic
long-term
risks
• Long-term changes in the climate affect the availability of energy, hy-
dropower and wind power production, and energy demand, as heating
and cooling needs become increasingly seasonal.
• The flooding of rivers will increase due to sudden increases in rainfall.
• Long-term changes in the climate affect the availability of energy, hy-
dropower and wind power production, and energy demand, as heating
and cooling needs become increasingly seasonal.
• In the Nordic countries, the average temperature of waters will rise
more than in the rest of the world in relative terms.
• Productivity losses and health issues will be highlighted in certain
regions due to heat waves.
• The regular updating and re-evaluation of
climate scenarios.
• Developing new business models together with
customers and partners to mitigate climate
change.
Low
Financial impacts:
• Low 0–1%
• Medium 3–5%
• High 10–20%
Time horizon:
• Short-term: 1–2 years
• Medium-term: 3–5 years
• Long-term: 10–20 years
In addition to the impacts, the estimated probability (improbable/probable/highly probable)
Risks and opportunities related to temperature, wind, water and solid mass were taken into consideration, and the most significant of these are
listed in the table.
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Social responsibility
Own employees
Diversity, equality and inclusion
The foundation for the development of an
equal, diverse and inclusive workplace
community at Alma Media is provided by
regular employee surveys, among other
things. The survey results, salary analyses
and other employee data are used as the
starting point when Alma Media’s units
update their non-discrimination, diversity
and equality plans in two-year intervals
under the guidance of the HR function. The
plans cover topics such as differences in pay,
the justification for fixed-term employment
relationships and the job-specific gender
distribution in each unit. Alma Media recruits
new employees purely based on their
competence and aptitude.
All employees have the right to:
• fair and incentive pay;
• competence development;
• feedback;
• information about the company;
• a safe, comfortable, renewing and
evolving work environment, and
• respect for privacy and private life.
In accordance with the Group’s Code of
Conduct, everyone must respect basic hu-
man rights. The company does not condone
discrimination based on age, gender, race,
skin colour, nationality or ethnic origin,
religious beliefs, convictions, family relation-
ships, sexual orientation or disabilities. Alma
Media has a zero tolerance policy regarding
the discrimination and inappropriate
treatment of employees.
The Group reports annually on whether it
has been informed of any such incidents.
A total of five (5) suspected incidents of
bullying or sexual harassment were reported
in 2023. All of the incidents reported to the
company were thoroughly investigated. The
necessary measures were taken and all five
cases were closed by the end of the year.
Alma Media’s Board of Directors had seven
members in 2023. Two (29%) of them were
women. The average age of the Members of
the Board was 52 years. Alma Media’s Group
Executive Team consisted of 10 members
during the year under review, three (30%) of
whom were women. The average age of the
Group Executive Team was 55 years. Women
accounted for 38 per cent of supervisors
in the Group as a whole and 45 per cent
of supervisors in Finland. A more detailed
distribution of employees is provided in the
table on the next page.
More than 90% of Alma Media’s number of
employees were permanently employed
during the year under review. Most of the
employees worked full time. Each year,
the Group’s media brands employ dozens
of photographers and journalists by way
of freelance contracts in addition to their
in-house resources. The media brands
order stories, videos and photos from the
freelancers based on their needs. The Group
also has freelancers working in its operating
countries in Eastern Central Europe, mainly
in technology-related tasks.
In the year under review, the largest age
group in all of Alma Media’s country units
was 30–50. In Finland, the proportions of
employees aged under 30 and over 50
were almost equal. In the other operating
countries, the second-largest age group was
employees under 30 years of age. More
detailed country-specific information on the
type and duration of employment and the
age distribution of the employees is provid-
ed in the table on the next page.
In order to develop an equal and diverse
workplace community, we conducted an
employee survey to assess the realisation
of diversity, equality and inclusion in all of
our operating countries. The survey had a
response rate of 40%. Based on the respons-
es, employees have equal opportunities to
develop their skills and Alma is seen as a
flexible employer in different life situations.
Alma Media recruits new
employees purely based
on their competence and
aptitude
The employees perceive the workplace
community to be fairly equal and non-dis-
criminatory. Employees are provided with
opportunities to increase their diversity and
inclusion competencies through online train-
ing. Based on the survey results we obtained
in 2023, we also began to design training on
diversity, equality and inclusion that is aimed
at all of the Group’s employees.
ANNUAL REPORT 2023
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Employees*
Women as
supervisors, %
Men as
supervisors, %
Finland 1,020 46 54
Czech Republic 464 27 73
Baltic countries:
Estonia, Latvia,
Lithuania
73 50 50
Slovakia 134 16 84
Croatia 99 57 43
Bosnia 43 50 50
Sweden 16 0 100
Other 28 25 75
Total 1,877 38 62
* Alma Media’s number of employees on 31 December 2023, also includes part-time and fixed-term employees.
Under 30
years
30–50
years
Over 50
years Fixed-term Permanent full-time part-time Total
Baltic countries 14% 79% 7% 3% 97% 100% 0% 100%
Bosnia and
Herzegovina
27% 71% 2% 22% 78% 100% 0% 100%
Croatia 12% 86% 2% 0% 100% 100% 0% 100%
Other operating
countries
17% 75% 8% 25% 75% 88% 12% 100%
Sweden 19% 75% 6% 6% 94% 88% 12% 100%
Slovakia 18% 80% 2% 15% 85% 96% 4% 100%
Finland 17% 65% 18% 7% 93% 88% 12% 100%
Czech Republic 9% 88% 3% 10% 90% 90% 10% 100%
Competence development
In a constantly changing operating environ-
ment, competence development plays a key
role in ensuring future competitiveness. Alma
Media’s HR strategy supports the Group’s
business through the goal-driven develop-
ment of employee competence, amongst
other things. It is based on competence
targets, which are defined at the team level
at a minimum.
The Group’s aim is to have a personal plan
prepared for each employee to support the
development of their competence. Goal-
driven competence development is followed
up on in one-on-one discussions between
the supervisors and employees. Alma Media
arranges training programmes that support
the development of employee competence
and invests in the collaborative learning of
employees and knowledge sharing by organ-
ising mentoring programmes, competence
workshops and theme events, amongst
other things. The company takes a long-term
approach to the development of managerial
work and develops an international network
of supervisors to support the sharing of
best practices related to leadership and
management.
Alma Media measures its performance in
engaging the commitment of employees
and competence development by means of
annual employee surveys, which provide a
comprehensive picture of employee percep-
tions regarding the effectiveness of the work
community and Alma Media as an employer.
The most extensive of these surveys is the
QWL survey, which measures the quality
of work life and covers all of the Group’s
employees. The target set for the survey is a
QWL index of at least 83%. In the year under
review, the QWL index was 79.7%. The state
of the workplace community is also mea-
sured annually by finding out how willing the
employees are to recommend Alma Media
as an employer. On a scale of 8–10, eight
out of 10 employees (7.6) would be willing
to recommend Alma Media as an employer,
which gives the Group an eNPS of 17.
In addition to using surveys, Alma Media
evaluates its performance as an employer
ANNUAL REPORT 2023
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by monitoring the long-term retention of new
employees. The target is for 90 per cent of
new employees to stay with the Group for at
least two years after being hired. Of the em-
ployees who joined the company two years
ago as new employees in Finland, 89.7 per
cent remained with the company during the
year under review. The voluntary departure
turnover of Alma Media’s employees in the
Group’s operating countries was 12.9 per
cent on average.
Working conditions
Alma Media adheres to multi-location work
principles, which facilitate and increase flex-
ibility in the reconciliation of individual life
situations and work, and improve well-being
at work. The company provides its employ-
ees with workspace, equipment, technology,
support services and occupational health
care to support work performance. Good
working conditions, also in the company’s
subcontracting chain, are a precondition
for the quality and productivity of the value
chain. Respecting human rights, also in the
company's value chain, is a key aspect of
sustainability in Alma’s services.
Responsible media
Based on the materiality analysis, the Group’s
media are perceived to play a central role in
defending democracy, pluralism, freedom of
speech and peace in society. The responsibil-
ity of Alma’s media is measured by means of
performance indicators associated with the
truthfulness of the content, the reliability of
the sources, the accuracy of the content and
the promotion of good commercial practice.
Alma Media does not receive or grant political
or other contributions that could compromise
its independence. The Group’s media grant
discounts on advertising to non-profits and
non-governmental organisations as well as
parties and candidates in election advertising,
and the terms of the discounts are the same
for everyone. The Group’s target for the
reliability and accuracy of content is that the
number of condemnatory decisions of the
Council for Mass Media addressed to the
Group’s media must not exceed the threshold
of five (5) condemnatory decisions. During
the year under review, Alma Media’s Iltalehti
received four condemnatory decisions from
the Council for Mass Media and Kauppalehti
received one condemnatory decision. In
2023, the Council for Mass Media handled a
total of 32 complaints in Finland and issued a
condemnatory decision in 21 of those cases.
The truthfulness of marketing and preventing
the misleading of consumers is a basic
condition for campaigns published in the
Group’s media and services. The automation
and internationalisation of advertising and
the increasingly complex digital advertising
ecosystem require Alma Media to make
significant investments in maintaining a
high-quality and safe media environment.
The Group systematically strengthens
its technical capabilities and employee
competencies to ensure that no advertising
fraud or advertisements that are contrary to
good marketing practices are published in
its online and mobile services, and that user
data is not collected or used inappropriately
in connection with advertising. Alma Media
complies with the legislation governing mar-
keting as well as the marketing communica-
tions industry’s self-regulation in monitoring
the advertising activities of its customers and
when engaging in marketing communications
for its media brands and services.
The company promotes good commercial
practice and complies with the marketing
rules of the International Chamber of
Commerce and the guidelines of the Council
of Ethics in Advertising. The key principle
guiding responsible operations is that the
company's online or mobile services do not
contain advertisements that would violate
the marketing regulations of the International
Chamber of Commerce. Alma Media has
not received any complaints in its operating
countries from the authorities that supervise
ethics in advertising or the marketing
industry’s own self-regulatory bodies.
Secure service use, data security and
data protection
Alma Media develops its online services with
a long-term approach with the aim of provid-
ing consumers and advertisers with safe and
versatile services with the best customer
experience. It is essential for the success of
the Group’s business that the users of its dig-
ital services in all of Alma Media’s operating
countries feel confident that their customer
data is stored, managed and used respon-
sibly. Alma Media assesses its performance
as a responsible digital operator primarily
from the perspective of the users of the
Group’s services. Accordingly, the Group has
selected the security of its services as the
focus area of its responsibility efforts. The
target in this area is that there are no serious
data protection violations in the company’s
online services.
During the year under review, the company
submitted five personal data security breach
notifications to the data protection authority
and received one request for clarification.
The company received one request for
clarification from the Finnish Transport and
Communications Agency Traficom regarding
the use of cookies on the website. The
incidents did not result in condemnatory
decisions or a sanction imposed by a deci-
sion of the authority. During the year under
review, there were no claims for financial
compensation against the company, nor
was there any legal action taken against the
company related to the privacy of users.
ANNUAL REPORT 2023
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Alma Media’s business environment is con-
stantly changing. That is why the company
regularly reviews the risks affecting data
security and the ability to react to the risks
of the changing environment. Data security
and data protection will be strengthened
as necessary in order to reduce risks. In
order to mitigate these identified risks (both
external and internal threats), entities outside
Finland have been integrated into the Group
network, which has brought all units under
the same data security policies and controls,
as well as user and access management.
The Group’s privacy policy, which is
available in Finnish at www.almamedia.
fi/tietosuoja/, describes the Group’s
responsibilities, requirements and practices
related to the collection, use and storage
of data based on the applicable legislation.
At Alma Media, users of online services are
asked for the necessary permits and the
data is primarily used to deliver the service
ordered by the user, to develop the user
experience and to meet users' expectations.
Secondarily, user data is used, for example,
on the basis of user interest and behaviour,
to target relevant advertising and content.
The Group’s ICT organisation and the legal
department, together with the management
of the business units, are responsible for the
technical development of the online services
owned by the Group and for ensuring that
they comply with data protection and data
security recommendations and regulations
as well as maintaining the appropriate level
of employee competence pertaining to data
protection and data security.
Green ethical service design
Alma has a framework for ethical and green
service design. Most of Alma’s services run
in cloud environments that are optimised
as necessary to deliver the services as
cost-efficiently and energy-efficiently as
possible. The Group’s media have continued
the deployment of a design system, and
platforms have been updated to take
accessibility requirements into account even
better than before. Plans are being made
for the introduction of the Accessibility
Directive.
Customer satisfaction
Alma Media’s services and media are devel-
oped continuously. Customer satisfaction is
measured by means of customer surveys,
the Net Promoter Score and other customer
satisfaction measurements. Opportunities for
the harmonisation of the Net Promoter Score
as a customer satisfaction indicator were
assessed in 2023. Based on the assessment,
it was determined that harmonisation is not
necessary. The Group’s services continued
to measure customer satisfaction with their
existing tools. Regular measurements at
different stages of the customer path are
supported by separate customer surveys.
Alma Media’s tax footprint
Alma Media reports its tax footprint annually
to ensure the transparency of its operations.
The Group’s tax policy is to pay taxes in the
country where the result is generated. Alma
Media’s services are the leading services
in their segments in many of the Group’s
countries of operation and they are also
perceived as attractive employers. They sup-
port economic activity in their communities
by paying taxes and purchasing products
and services from their subcontractors.
Alma Media did not receive any subsidies
from public or private sources in the review
year. The value creation model on the next
page, describes the added value created by
Alma Media to its stakeholders
ANNUAL REPORT 2023
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STATEMENTS
REPORT BY THE
BOARD OF DIRECTORS
YEAR
2023
CORPORATE
GOVERNANCE STATEMENT
REMUNERATION
REPORT
REPORTING
FRAMEWORK
REPORT BY THE
BOARD OF DIRECTORS
Good governance
Information on the composition and diversity
of the company’s governance, management
and supervisory bodies is provided in
the Corporate Governance Statement on
pages 134–137. The statement includes a
description of the company’s governing
bodies, their composition, age and gender
distribution, academic and professional
experience, background and qualifications.
The statement also describes the gover-
nance, management and supervisory bodies’
operating model, roles, responsibilities and
reporting relationships in the context of
monitoring the company’s impacts, risks and
opportunities, for example.
Alma Media’s management, together with the
Nomination and Compensation Committee,
assesses and makes decisions on the
adequacy of competence and expertise
pertaining to the supervision of sustainability
aspects in the company. Where necessary,
expertise is increased through training. At
the same time, the company ensures that
the competence and expertise are related
to Alma Media’s material impacts, risks and
opportunities.
Alma Media’s Corporate Governance
Statement (pages 138–140) also describes
how frequently the governance, manage-
ment and supervisory bodies, including their
relevant committees, are informed of the
material impacts, risks and opportunities,
and by whom. Alma Media bears social,
economic and environmental responsibility
for its operations and does not condone
the use of unethical or environmentally or
socially unsustainable operating methods
by its suppliers and partners. The table on
the next page provides a summary of Alma
Media’s operating principles, objectives
and progress in 2023 with regard to good
governance.
ANNUAL REPORT 2023
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FINANCIAL
STATEMENTS
REPORT BY THE
BOARD OF DIRECTORS
YEAR
2023
CORPORATE
GOVERNANCE STATEMENT
REMUNERATION
REPORT
REPORTING
FRAMEWORK
REPORT BY THE
BOARD OF DIRECTORS
Code of Conduct Objectives for 2023 Progress made in 2023 Objectives for 2024
Alma Media does not condone the use of
unethical business practices or attempts to re-
strict competition by its employees, condemns
corruption and bribery and requires that human
rights are respected.
The Group’s own employees in all operating countries
have taken Alma Media’s Code of Conduct course.
100% of the employees had completed the company’s Code of
Conduct training by the end of the year.
The Group’s own employees in all operating countries have
taken Alma Media’s Code of Conduct course.
The most significant suppliers in Alma Media’s
subcontracting chain have issued a commit-
ment on compliance with the Group’s ethical
guidelines.
90% of the company’s significant suppliers have com-
pleted Supplier Code of Conduct training.
92% of significant suppliers have completed Supplier Code of
Conduct training.
90% of the company’s significant suppliers have completed
Supplier Code of Conduct training. The company assesses
its due diligence process concerning sustainability and identi-
fies potential measures necessary to enhance the process.
Alma Media provides all of its stakeholders with
a channel for the anonymous reporting of sus-
pected misconduct and ensures the protection of
whistleblowers.
The company is informed of any suspected miscon-
duct via its whistleblowing channel.
The whistleblowing channel is available in all of the Group’s
operating countries, in 12 languages. One report of suspected
misconduct was received in 2023 and handled by the Audit
Committee.
The company is informed of any suspected misconduct via
its whistleblowing channel.
Through its own actions, Alma Media prevents
bribery, corruption, attempts to restrict compe-
tition and human rights violations.
There are no incidents of corruption, bribery or
human rights violations in the Group or in its subcon-
tracting chain.
In 2023, Alma Media’s legal function was strengthened and it was
organised to cover all of the Group’s operating countries more
effectively. The company was not informed of any incidents of
bribery or corruption or attempts to restrict competition. The
company was not subject to official investigations regarding eco-
nomic, environmental or social responsibility.
Alma Media continuously improves risk management by
reviewing the risk profile of its operating areas and providing
training.
Alma Media monitors, manages and supervises
the company’s sustainability aspects.
The management and monitoring of sustainability
issues is developed continuously.
In 2023, the company prepared for the EU’s sustainability
reporting requirements and incorporated sustainability issues
more closely into the process of updating the company’s
strategy.
The company’s governance, management and supervisory
bodies discuss sustainability issues as part of their contin-
uous strategy process and in the context of acquisitions.
The company reports on its progress quarterly in the public
reporting of its results and will selects an external assurance
partner for its sustainability statement in spring 2024.
Alma Media’s sustainability performance is
incorporated into the company’s incentive
schemes.
The company’s management and personnel have a
common remuneration model that is linked to seven
sustainability targets and on which decisions are made
by the Nomination and Compensation Committee of
the Board of Directors.
Five of the company’s seven sustainability targets were
achieved (71.4%).
The weight assigned to sustainability targets relative to finan-
cial targets will be increased in the incentive model aimed at
the company’s personnel and management.
Corporate culture A modern and developing corporate culture enables
high performance and efficiency in day-to-day opera-
tions and supports sustainable growth and profit-
ability. Developing a coherent corporate culture is a
continuous process at Alma Media.
Alma Media focused particularly on the harmonisation of cor-
porate culture between its international and Finnish operations
where applicable. The position of the English language as a
common second working language was strengthened through-
out Alma Media’s 12 operating countries. The company offered
free English language training according to the starting level of
each employee. Practices related to common working methods
and cooperation were clarified and documented in employee
workshops.
The development of a more coherent corporate culture will
continue in 2024, and the company’s values will be updated,
taking into account the strong service orientation of the
current digital business and the international nature of the
employees.
Good governance at Alma Media
ANNUAL REPORT 2023
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FINANCIAL
STATEMENTS
REPORT BY THE
BOARD OF DIRECTORS
YEAR
2023
CORPORATE
GOVERNANCE STATEMENT
REMUNERATION
REPORT
REPORTING
FRAMEWORK
REPORT BY THE
BOARD OF DIRECTORS
Supply chain sustainability
As part of good governance, Alma Media
aims to engage its partners’ commitment
to the company’s climate targets, social
responsibility and good governance, and to
take various measures to ensure that coop-
eration for sustainable business is sufficiently
ambitious, comprehensive and effective.
Alma Media has also set science-based
climate targets for its subcontracting chain.
The emission reduction target mainly applies
to the Group’s printing and logistics procure-
ments and the procurement of ICT services.
Alma Media requires its most significant
suppliers to complete Supplier Code of
Conduct training aimed at the company’s
subcontractors. The company will carry
out a social responsibility and governance
assessment for the most significant partic-
ipants in its value chain in accordance with
the due diligence obligations stipulated by
the new EU Corporate Sustainability Due
Diligence Directive.
Cooperation and partnerships
for sustainable development
Alma Media has several cooperation proj-
ects to promote sustainable development
in its 12 operating countries. In Finland, the
most significant cooperation revolves around
securing a better future for young people
and providing positive working life experi-
ences for them. Together with the Finnish
Children and Youth Foundation, the Jobly
recruitment service and Alma Media have
launched an introduction to working life (TET)
project aimed at providing all young people
with equal opportunities for familiarisation
with working life regardless of their place
of residence or social background. Over
100 companies have joined the project to
provide introduction to working life opportu-
nities for young people.
The company has an ongoing partnership
with Aalto University to provide higher
education students with opportunities to get
acquainted with practical business problems
and participate in research projects to devel-
op the company’s business opportunities
and earn academic credits. Alma Career,
which provides employment services in
Eastern Central Europe, focuses on devel-
oping inclusion in working life in 12 countries
through cooperation with companies. One
example of these efforts is the Profesia Lab
project launched in the Slovakian unit to use
cooperation with companies to employ as
many people who are marginalised from the
job market, such as jobseekers with disabil-
ities. The project has roughly 10 companies
as funding partners and is growing.
Over 100
companies have joined Alma
Media’s project to provide
introduction to working life
opportunities for young
people
ANNUAL REPORT 2023
41
FINANCIAL
STATEMENTS
REPORT BY THE
BOARD OF DIRECTORS
YEAR
2023
CORPORATE
GOVERNANCE STATEMENT
REMUNERATION
REPORT
REPORTING
FRAMEWORK
REPORT BY THE
BOARD OF DIRECTORS
A
t Alma Media Group, the task of risk
management is to detect, evaluate
and monitor business opportunities,
threats and risks, to ensure the achievement
of objectives and business continuity. The
risk management process identifies and
controls the risks, develops appropriate risk
management methods, and regularly reports
on risk issues to the risk management
organisation and the Board of Directors. Risk
management is part of Alma Media’s internal
control function and thereby part of good
corporate governance.
Alma Media uses a harmonised risk
assessment and reporting model. With
regard to risks, the company also monitors
the development of national, EU-level and
international regulations. Risks are assigned
priorities with the help of a risk matrix by es-
timating the euro-denominated impacts and
probabilities of the realisation of each risk.
In estimating the impacts of the realisation of
risks, reputation impacts and environmental
impacts are taken into account in addition
to the estimated direct euro-denominated
impacts. Each segment, function and unit
is responsible for the management of risks
related to their operations.
The non-financial risk management process
also covers responsibility risks whose
significance is assessed both in financial
terms and in terms of the potential damage
caused to the Group’s reputation if the risk
were to materialise. The Group communi-
cates its sustainability risks and challenges
related to the development of corporate
sustainability transparently in its stakeholder
communications.
Strategic risks
Alma Media’s most significant strategic
risks are related to the economic operating
environment, rapid changes in the compet-
itive landscape and customer behaviour,
the rapid development of technology and
significant changes in regulation. Negative
impacts on business operations are pre-
vented through the effective identification of
strategic risks and taking sufficient prepara-
tory measures. The continuous development
of competence and rolling strategy work
ensure the company’s ability to adapt its
business plans as necessary.
Risks and risk management
ANNUAL REPORT 2023
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FINANCIAL
STATEMENTS
REPORT BY THE
BOARD OF DIRECTORS
YEAR
2023
CORPORATE
GOVERNANCE STATEMENT
REMUNERATION
REPORT
REPORTING
FRAMEWORK
REPORT BY THE
BOARD OF DIRECTORS
Risk Risk definition Risk mitigating actions
Strategic risks
Uncertainty in the
economic operating
environment
The negative impacts of macroeconomic cycles and the downturn on the Group’s business
operations. Negative impacts arise particularly from the decline of the advertising market
and market volumes (demand or supply) in the Group’s significant business areas in recruit-
ment, housing or the automotive sector. The impacts of cost inflation on profitability.
The active development of the company’s business portfolio and strengthening stable busi-
ness models. Expanding into several markets in addition to the domestic market. The ability
to react quickly helps adapt costs during market cycles.
Increased global uncertainty and geopolitical risks in our operating countries can have a
significant impact on the demand for services and cause significant production disruptions
in business processes.
Continuous monitoring and reacting quickly to the changing environment. The organisation’s
ability adapt its operations to the prevailing circumstances. Responding in accordance with
the continuity plan if necessary.
A widespread pandemic may have a significant impact on the demand for services and
products on the one hand and, on the other hand, it can cause substantial production
disruptions in business processes due to significant risks to employee health.
Monitoring the operating environment and reacting to changing circumstances with sufficient
speed. The organisation’s ability to adapt to the prevailing circumstances. Occupational safe-
ty measures concerning employees.
Rapid changes in
consumer behaviour
The ability to utilise the growing amount of customer data in delivering better and more
targeted service solutions. The capacity of product and service development to anticipate
changes in customer needs. Third-party cookies cannot be used for data collection and,
subsequently, for targeting advertising and content sales.
Business development driven by customer needs. Measures to promote digital business com-
petitiveness and data management. Sufficient investments and resources in data management
and systems as well as the development of data privacy procedures and employee compe-
tence. Increasing the number of registered users of services and increasing the use of Alma ID.
Changes in media behaviour that cause a significant drop in subscribers and readers,
resulting in a permanent decline in digital advertising sales.
Maintaining and developing an interactive media-reader relationship, ensuring that content
is interesting, customer satisfaction surveys, Alma Media’s internal cooperation in content
production, content sales, advertising sales, support functions and product development.
Distribution partnerships and cooperation with publishers.
Change in the
competitive landscape
and intensifying
competition
Expansion of international platforms, industry convergence, reduced price competitive-
ness. Technological solutions and implementations by platform providers that restrict the
operations of other companies.
Service business development, active development of the existing business, diversification of
revenue sources, geographic diversification of business.
Changes in the business model of marketplaces, the capacity of product and service devel-
opment to assess changes in consumer behaviour or invest in the appropriate technologi-
cal service solutions.
Business development driven by customer needs. Measures to promote digital business
competitiveness.Developing the user interfaces of services as well as purchasing paths and
payment systems, for example. Sufficient investments and resources in research and devel-
opment.
New competitive business models challenge the existing business operations. Aggressive
competition for market share.
Continuous development of the organisation and ensuring an agile decision-making model.
Continuous monitoring of the market and rolling strategy work.
Significant changes
in the regulatory
environment
The authorities’ interpretations relating to the practical application of the GDPR and the
EU’s expanding data regulation. Violations of the GDPR or other regulations governing data
protection.
Internal training, monitoring legislation and the regulatory interpretations of the authorities,
building processes for legally required changes in the organisation.
The final form and impacts of the EU’s data regulation package (DSA, DMA, DGA, Data Act,
AI Act) are not yet known but, in the worst-case scenario, the impacts on Alma Media’s
business operations could be significant.
Scenario analyses and preparation for various outcomes together with the business. Internal
training, monitoring legislation and the regulatory interpretations of the authorities, increasing
awareness of legally required changes in the organisation
ANNUAL REPORT 2023
43
FINANCIAL
STATEMENTS
REPORT BY THE
BOARD OF DIRECTORS
YEAR
2023
CORPORATE
GOVERNANCE STATEMENT
REMUNERATION
REPORT
REPORTING
FRAMEWORK
REPORT BY THE
BOARD OF DIRECTORS
Operational risks and business
continuity
The management of Alma Media’s operation-
al risks and business continuity is focused on
risk management and mitigation measures
aimed at reducing disturbances in various
areas. The operational risks identified by
Alma Media are related to data security,
vulnerabilities in technology infrastructure
and supply chains, the leveraging of intellec-
tual property rights, as well as the Group’s
employees, competence and physical safety.
Risk management ensures the flexibility and
continuity of our operations. We use our
comprehensive risk framework to proac-
tively identify, assess and manage potential
threats to protect our business and maintain
undisrupted service to customers. Data se-
curity risks are managed in various ways; for
example, by improving proactive automation
to detect server attacks in a timely manner
and by regularly training the employees on
data security and data privacy. The ability to
respond to data security breaches involving
personal data is enhanced by continuously
updated guidelines and training, and
guidance is also provided to the company’s
subcontractors.
Business continuity planning is an important
part of Alma Media’s operational risk
management. The purpose of the continuity
plan is to enable business to continue in
problematic circumstances by adopting
Risk Risk definition Risk mitigating actions
Operational risks
Risks related to
cybersecurity and data
security
Viruses, worms, ransomware, and other malware that can com-
promise system access and data.
Unauthorised use of the company’s systems or theft of sensitive
information, including data breaches involving customer data.
Disruption of the company’s internal or external services due to
hostile action, such as denial-of-service attacks.
Adequate plans and resources for responding to and recovering
from cyber attacks. Increasing employee awareness through data
security training.Securing, controls and monitoring of worksta-
tions, mobile devices and cloud software. Systematic installation
of data security and software updates, reacting quickly to acute
vulnerabilities.
Vulnerabilities arising from the inadequate data security practic-
es of third parties, suppliers and partners.
Identification of critical suppliers and monitoring cybersecurity
capabilities. Restricting access to the company’s network to
devices secured according to agreed-upon practices.
Technology
infrastructure
vulnerabilities
Disruptions to the company’s own IT solutions or services aimed
at customers due to inadequate scalability or flexibility.
Designing solutions to be resilient and scalable and moving them
from the company’s own data centres to the public cloud. Testing
for errors and deviations.
Disruptions to services due to unexpected interruptions in
technical infrastructure, including faults in data centres and
networks.
Identifying critical infrastructure and preparing contingency and
recovery plans.
Loss of critical data, including software source codes, and back-
ups of unique data.
Protecting the company’s services from denial-of-service attacks,
including the use of content distribution networks. Back-up mech-
anisms in place for critical data, including data recovery testing.
Copyright Leaks of business-critical data and business secrets. Effective practices for protecting business-critical data and
source code.
Unauthorised use of publications or data, and problems with the
utilisation of open source code.
Active monitoring of the use of open source software and related
terms and conditions. Practices, guidelines and employee training
regarding the use of AI.
Disturbances related to
supply chain stability
and management
Problems with the availability of materials, goods, tools and
services.
Regular assessment of critical suppliers, favouring technology
choices with multiple suppliers.
Disruptions in the delivery of third-party software or services
due to unexpected supplier problems or failing to notice the end
of the life-cycle.
Monitoring the use of third-party software, services and customer
support at Alma Media, taking into account the end of the life-cy-
cle in a timely manner.
Employees and
expertise
Employee turnover and ensuring critical competencies. We ensure the continuous development of competence through
a wide range of training activities. We identify future competence
needs and focus on them with special development measures.
Occupational safety and employee workload We look after the well-being at work and occupational safety
of employees by providing diverse support for developing and
maintaining well-being at work.
ANNUAL REPORT 2023
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FINANCIAL
STATEMENTS
REPORT BY THE
BOARD OF DIRECTORS
YEAR
2023
CORPORATE
GOVERNANCE STATEMENT
REMUNERATION
REPORT
REPORTING
FRAMEWORK
REPORT BY THE
BOARD OF DIRECTORS
an appropriate strategy and measures to
protect people and property. The continuity
plan secures the continuity of the company’s
operations in the event of disruptions, and it
systematically describes how the continuity
of certain functions, processes or systems is
ensured in the event of disruptions and how
they are recovered, including the actions to
be taken in response to a disruptive event.
The aim is to reduce negative impacts and
accelerate recovery. The continuity plan
is updated when significant changes in the
operating environment require it.
Financial risks
Alma Media classifies financial risks into
four categories: market risks, liquidity risks,
credit risks and operational risks. Market
risk occurs when potential losses arise from
changes in the market situation, such as fluc-
tuations in interest rates or exchange rates.
Liquidity risk occurs if Alma Media is unable
to meet its short-term or long-term financial
obligations. Credit risk occurs when custom-
ers, suppliers or partners are unable to meet
their financial obligations. Operational risks
and financial reporting risks cause potential
losses or inaccuracies in financial reporting
due to inadequate or failed internal process-
es, systems or human error.
Risk Risk definition Risk mitigating actions
Employees and
expertise
Uncontrolled growth of employee expenses and rising labour
costs and/or declining productivity.
We develop remuneration processes and practices and closely
monitor market salary data.
Physical safety Threats to the physical safety of employees at the company’s
premises: a threatening intrusion, burglary or other violent act
against employees.
Security guard arrangements for business premises and other
measures to promote security. Guidelines and regular exercises to
prepare for threatening situations.
Financial risks
Operative risks Misconduct concerning the company’s assets. Effective internal control environment processes and monitoring
measures. Utilisation of system controls as the first priority and
monitoring critical processes. Effective reporting of deviations.
Preventing dangerous work combinations.
A material error in the company’s reporting or the company’s
inability to meet regulatory requirements.
The operating model for the reporting process and ensuring
adequate controls. Developing employee competence and utilising
system controls.
Market risks A significant increase in interest rates. Treasury policy and the hedging principles defined therein.
A significant change in exchange rates (CZK, USD, SEK) and the
negative impact of the changes on the company’s financial results
and financial position.
Treasury policy and the hedging principles defined therein.
Impairment of goodwill or other non-current asset and conse-
quent write-downs.
Regular monitoring and rolling strategy work.
Liquidity risks The company is unable to cover its maturing obligations in the
short term.
Treasury policy, financing plan and agreements, sufficiently long
maturity of loans, sufficient equity ratio. Alma Media renewed its
long-term financing agreement with a maturity of 36 months. The
financing agreement includes an extension option of 12/24 months.
The company is unable to renew maturing financing agreements. Treasury policy, financing plan and agreements, sufficiently long
maturity of loans, sufficient equity ratio. Alma Media renewed its
long-term financing agreement with a maturity of 36 months. The
financing agreement includes an extension option of 12/24 months.
Alma Media’s ability to satisfy the terms of financing agreements,
especially covenants.
Operating guidelines and the continuous monitoring of covenants.
Proactive risk identification and preparing for risks in advance.
Credit risks Customer insolvency and credit loss risks. The need to extend the
payment terms of customer receivables and the resulting negative
impact on working capital.
Credit policy and the assessment of credit customers before grant-
ing a payment period. Monitoring and active collection measures.
The inability of suppliers and partners to fulfil their obligations,
resulting in disruptions to the company’s operational reliability.
Careful assessment of suppliers and other partners and the moni-
toring of contractual relationships. Active measures.
Disturbances related to
supply chain stability
and management
Problems with the availability of materials, goods, tools and
services.
Regular assessment of critical suppliers, favouring technology
choices with multiple suppliers.
Disruptions in the delivery of third-party software or services
due to unexpected supplier problems or failing to notice the end
of the life-cycle.
Monitoring the use of third-party software, services and customer
support at Alma Media, taking into account the end of the life-cy-
cle in a timely manner.
ANNUAL REPORT 2023
45
FINANCIAL
STATEMENTS
REPORT BY THE
BOARD OF DIRECTORS
YEAR
2023
CORPORATE
GOVERNANCE STATEMENT
REMUNERATION
REPORT
REPORTING
FRAMEWORK
REPORT BY THE
BOARD OF DIRECTORS
Corporate governance and
sustainability
Risks related to corporate governance and
sustainability include environmental risks
(climate change), governance-related risks
and risks pertaining to social responsibility
(employees, consumers, value chain).
These risks are associated with potential
consequences such as fines, reputational
damage, legal disputes, a negative customer
experience and adverse impacts on the
employee experience. Managing these risks
is important for maintaining the sustainability
of operations.
Risk Risk definition Risk mitigating actions
ESG risks
Risks related to
the environment
The identified risks and opportunities related to climate
change are described in the results of the +2–-4 degree cli-
mate scenario work carried out by the company (p. 33–34).
Alma Media manages its environmental risks by systematically developing
its operations in accordance with the Group’s science-based SBTi climate
targets and by engaging the commitment of its key suppliers to the Group’s
climate targets. The environmental risks associated with purchasing are
reduced by Alma Media operating in 12 European countries. The procure-
ment of each country unit is focused on the domestic market or nearby
regions, which enables comprehensive oversight of suppliers.
Governance-
related risks
Managing increasing data regulation and having the capability
to to respond to regulatory requirements.
Alma Media actively monitors upcoming regulatory changes in order to
identify business opportunities and risks.
Misconduct related to intellectual property rights (deliberate
and unintentional).
Careful preparation of contractual terms and terms of use, measures and
controls in the technology infrastructure.
Loss of reputation as a trusted partner, inability to comply
with regulations or stakeholder expectations.
Continuous employee training and monitoring. Continuous updating of
the Code of Conduct. All Alma Media employees complete the training
regularly.
Social
responsibility:
Own employees
Decline in employer reputation, having a reputation as a
reliable employer.
In our human resources policy, we observe fair, transparent and open pol-
icy principles. We continuously monitor employee satisfaction with various
surveys.
Employee safety and inappropriate treatment. The Group’s occupational safety committee, together with supervisors,
ensures compliance with occupational safety requirements and that the
instructions and policies issued cover the requirements for a safe working
environment.
Social
responsibility:
consumers and
customers
The erosion of the appreciation and reliability of media con-
tent. Monitoring and managing editorial content is challenging
in the digital environment.
Developing editorial teams’ practices and employee competence. Reader
satisfaction surveys, customer contacts and feedback. Participation in
journalism industry events and organisations.
Failures and errors in the careful processing of consumer
customers’ data and compliance with the GDPR and/or other
data protection regulations.
Investments in technology, developing internal data processing practices
and strengthening employee competence.
Fraudulent or criminal activity by a customer through a mar-
ketplace or platform operated by Alma.
Adequate restrictions on the use of the services. Product development
measures aimed at user safety and reliability.
Social
responsibility:
Supply chains
and partnerships
Failure in supplier selection Careful assessment of suppliers before signing an agreement. Procure-
ment-related policies and guidelines.
Ethics violations by the Group’s subcontractors or employees
could potentially have financial or legal repercussions for
Alma Media and they could damage the Group’s reputation.
Alma Media requires all of its employees and its most significant subcon-
tractors to commit to the Group’s ethical business principles and takes a
goal-driven approach to the development of its organisational culture and
operating methods and strives to minimise risks through target setting,
reporting and communication, among other things.
ANNUAL REPORT 2023
46
FINANCIAL
STATEMENTS
REPORT BY THE
BOARD OF DIRECTORS
YEAR
2023
CORPORATE
GOVERNANCE STATEMENT
REMUNERATION
REPORT
REPORTING
FRAMEWORK
REPORT BY THE
BOARD OF DIRECTORS
Annual General Meeting 2023
Alma Media Corporation’s Annual General
Meeting (AGM) held on 4 April 2023 confirmed
the financial statements for 2022 and re-
leased the members of the Board of Directors
and the President and CEO from liability. The
AGM confirmed the Remuneration Report for
the Governing Bodies. The AGM decided that
a dividend of EUR 0.44 per share be paid for
the financial year 2022.
Peter Immonen, Esa Lager, Alexander
Lindholm, Catharina Stackelberg-Hammarén,
Eero Broman, Heikki Herlin and Kaisa Salakka
were elected as Board members. In its
constitutive meeting after the AGM, the Board
of Directors elected Catharina Stackelberg-
Hammarén as its Chair and Eero Broman as
its Vice Chair.
The Board of Directors also appointed the
members to its permanent committees. Eero
Broman, Kaisa Salakka and Heikki Herlin were
elected as members of the Audit Committee,
with Esa Lager as Chair. Catharina
Stackelberg-Hammarén and Alexander
Lindholm were elected as members of the
Nomination and Compensation Committee,
with Peter Immonen as Chair.
The Board of Directors has assessed that,
with the exception of Eero Broman, Heikki
Annual General Meeting decided that the re-
muneration be kept unchanged, and that the
following annual remuneration be paid to the
members of the Board of Directors for the
term of office ending at the close of the
Annual General Meeting 2024: to the
Chairman of the Board of Directors, EUR
68,800 per year (previously EUR 62,500); to
the Vice Chairman, EUR 44,000 per year
(previously EUR 40,000); and to members
EUR 35,800 per year (previously EUR
32,500).
In addition, the Chair of the Board of
Directors and the Chair of the Audit
Committee will be paid a fee of EUR
1,500, the Chair of the Nomination and
Compensation Committee a fee of EUR
1,000, the Deputy Chairs of the committees
a fee of EUR 700 and members a fee of EUR
500 for those Board and Committee meet-
ings that they attend. The travel expenses
of Board members will be compensated
in accordance with the company’s travel
policy.
The attendance fees for each meeting are:
• doubled for (i) Members living outside
Finland in Europe or (ii) meetings held
outside Finland in Europe; and
• tripled for (i) members resident outside
Europe or (ii) meetings held outside Europe.
The Members of the Board shall, as decided
by the Annual General Meeting, acquire a
number of Alma Media Corporation shares
corresponding to approximately 40% of the
full amount of the annual remuneration for
Board Members, taking into account tax
deduction at source, at the trading price
on the regulated market arranged by the
Helsinki Stock Exchange. Members of the
Board are required to arrange the acquisition
of the shares within two weeks of the release
of the first quarter 2023 interim report or,
if this is not possible due to insider trading
regulations, as soon as possible thereafter. If
it is not possible to acquire the shares by the
end of 2023 for a reason such as pending in-
sider transactions, the annual remuneration
is paid in cash. Shares acquired in this way
cannot be transferred until the recipient’s
membership on the Board has ended. The
company is liable to pay any transfer taxes
that may arise from the acquisition of shares.
Authorisation to the Board of Directors
to repurchase own shares
The AGM authorised the Board of Directors
to decide on the repurchase of a maximum
of 824,000 shares in one or more lots. The
maximum authorised quantity represents
approximately one (1) per cent of the
company’s entire share capital. The shares
shall be acquired using the company’s
Herlin, Peter Immonen, Esa Lager and
Alexander Lindholm, the members of the
Board are independent of the company and
its significant shareholders. Heikki Herlin
is the Chair of the Board of Mariatorp Oy,
Peter Immonen is a member of the Board
of Mariatorp Oy, Esa Lager is a member of
the Board of Ilkka Oyj, Alexander Lindholm
is the CEO of Otava Group and, as of 2022,
Eero Broman has been a member of the
Board of Otava Ltd for over 10 consecutive
years (a relationship with a significant
shareholder pursuant to subsection J.)
of Recommendation 10 of the Corporate
Governance Code).
The AGM confirmed the number of Board
members as seven (7) as proposed by the
Shareholders’ Nomination Committee. Mikko
Korttila, General Counsel of Alma Media
Corporation, serves as the secretary to the
Board of Directors in accordance with the
Board’s Charter.
The AGM appointed
PricewaterhouseCoopers Oy as the compa-
ny’s auditors, with Niina Vilske, APA, as the
principal auditor.
Remuneration of Board members
In accordance with the proposal of the
Shareholders’ Nomination Committee, the
Alma Media’s share and shareholders
ANNUAL REPORT 2023
47
FINANCIAL
STATEMENTS
REPORT BY THE
BOARD OF DIRECTORS
YEAR
2023
CORPORATE
GOVERNANCE STATEMENT
REMUNERATION
REPORT
REPORTING
FRAMEWORK
REPORT BY THE
BOARD OF DIRECTORS
non-restricted shareholders’ equity through
trading on a regulated market arranged by
Nasdaq Helsinki Ltd and in accordance with
its rules and instructions, for which reason
the acquisition is directed, in other words,
the shares will be purchased otherwise than
in proportion to the shareholders’ current
holdings. The price paid for the shares must
be based on the price of the company share
on the regulated market so that the minimum
price of purchased shares is the lowest
market price of the share quoted on the
regulated market during the term of validity
of the authorisation and the maximum price,
correspondingly, the highest market price
quoted on the regulated market during
the term of validity of the authorisation.
Shares can be purchased for the purpose of
improving the company’s capital structure,
financing or carrying out corporate acquisi-
tions or other arrangements, implementing
incentive schemes for the management or
key employees or to be otherwise trans-
ferred or cancelled. The authorisation is
valid until the following AGM, but not later
than 30 June 2024.
Authorisation to the Board of Directors
to decide on the transfer of own shares
The AGM authorised the Board of Directors
to decide on a share issue by transferring
shares in possession of the company. A max-
imum of 824,000 shares may be issued on
the basis of this authorisation. The maximum
authorised quantity represents approximate-
ly one (1) per cent of the company's entire
share capital. The authorisation entitles the
Board to decide on a directed share issue,
which entails deviating from the pre-emption
rights of shareholders. The Board can use
the authorisation in one or more lots. The
Board of Directors can use the authorisation
to implement incentive schemes for the man-
agement or key employees of the company.
The authorisation is valid until the following
AGM, but not later than 30 June 2024. This
authorisation overrides the share issue
authorisation granted at the Annual General
Meeting of 29 March 2022.
Authorisation to the Board of Directors
to decide on a share issue
The AGM authorised the Board of Directors
to decide on a share issue. A maximum of
16,500,000 shares may be issued on the basis
of this authorisation. The maximum number
of shares that may be issued under the
authorisation corresponds to approximately
20 per cent of the company’s entire share
capital. The share issue can be implemented
by issuing new shares or by transferring
treasury shares. The authorisation entitles the
Board to decide on a directed share issue,
which entails deviating from the pre-emption
rights of shareholders. The Board can use the
authorisation in one or more lots.
The Board can use the authorisation for de-
veloping the capital structure of the company,
widening the ownership base, financing or
Amendment to the Articles of
Association
The AGM decided to amend the Articles of
Association as follows:
Article 4 Board of Directors: the first sen-
tence of the first paragraph of Article 4 will
be amended to read as follows: “The Board
of Directors shall see to the administration of
the company and the appropriate organisa-
tion of its operations.”
Article 5 CEO: Article 5 will be amended to
read as follows: “The company may have a
CEO. The Board of Directors decides on the
appointment and dismissal of the CEO.”
Article 9 Venue of the General Meeting:
the following sentences will be added to
Article 9 after the first sentence: “The Board
of Directors may decide that the Annual
General Meeting will be held without a
meeting venue so that the shareholders will
exercise their decision-making power fully
and in real time during the meeting by means
of a telecommunications connection and a
technological device. The Board of Directors
may also decide that a shareholder may
participate in the Annual General Meeting in
such a way that the shareholders exercise
their decision-making power fully during the
meeting by means of a telecommunications
connection and a technological device.”
Article 12 Obligation to redeem shares:
Article 12 will be removed altogether.
executing acquisitions or other arrangements,
or for other purposes decided on by the
Board. The authorisation cannot, however,
be used to implement incentive schemes for
the management or key employees of the
company.
The authorisation is valid until the following
AGM, but not later than 30 June 2022. This
authorisation overrides the corresponding
share issue authorisation granted by the AGM
of 29 March 2022, but not the share issue
authorisation proposed above.
Donations
The AGM authorised the Board to decide
on donations of a total maximum of EUR
100,000 for charitable or corresponding pur-
poses, as well as to decide on the recipients
of donations, their intended uses and other
terms and conditions of donations.
Dividend
In accordance with the proposal of the
Board of Directors, the AGM resolved that
a dividend of EUR 0.44 per share be paid
for the financial year 2022. The dividend
was paid to shareholders registered in Alma
Media Corporation’s shareholder register
maintained by Euroclear Finland Ltd on the
record date, 6 April 2023. The dividend
payment was made on 17 April 2023.
ANNUAL REPORT 2023
48
FINANCIAL
STATEMENTS
REPORT BY THE
BOARD OF DIRECTORS
YEAR
2023
CORPORATE
GOVERNANCE STATEMENT
REMUNERATION
REPORT
REPORTING
FRAMEWORK
REPORT BY THE
BOARD OF DIRECTORS
20 principal shareholders on 31 December
2023
Pcs % of shares and
votes
1. Otava Oy 25,686,167 31.18
2. Mariatorp Oy 15,675,473 19.03
3. Ilkka Oyj 8,993,473 10.92
4. Varma Mutual Pension Insurance Company 5,627,994 6.83
5. Ilmarinen Mutual Pension Insurance Company 3,221,695 3.91
6. Nordea Nordic Small Cap 1,859,045 2.26
7. Elo Mutual Pension Insurance Company 1,462,000 1.77
8. Sr Evli Suomi Select 1,262,616 1.53
9. Veljesten Viestintä Oy 851,500 1.03
10. Keskisuomalainen Oyj 808,317 0.98
11. Häkkinen Matti Juhani 721,390 0.88
12. C. V. Åkerlundin Mediasäätiö Sr 382,871 0.46
13. Broman Eero Väinö 348,248 0.42
14. Sinkkonen Raija Irmeli 333,431 0.40
15. Danilostock Oy 330,000 0.40
16. Alma Media Corporation 309,889 0.38
17. Telanne Kai Markus 280,946 0.34
18. Koskinen Riitta Inkeri 272,500 0.33
19. Tallberg Marianne Dödsbo 237,250 0.29
20. Tampereen Tuberkuloosisäätiö Sr 210,000 0.25
Total 68,874,805 83.60
Nominee-registered 3,005,116 3.65
Other* 10,503,261 12.75
Total 82,383,182 100.00
Ownership structure on 31
December 2023
Number of
shareholders
% of
shareholders
Number of
shares
% of
shares
Private companies 329 3.2 53,486,732 64.9
Financial and insurance institutions 16 0.2 3,713,787 4.5
Public entities 7 0.1 10,318,326 12.5
Households 9,743 95.1 10,462,459 12.7
Non-profit associations 96 0.9 1,173,161 1.4
Foreign owners 47 0.5 223,601 0.3
Nominee-registered shares 10 0.1 3,005,116 3.6
Total 10,248 100.0 82,383,182 100.0
Distribution of ownership Number of
shareholders
% of
shareholders
Number of
shares
% of
shares
1–100 3,990 38.9 168,607 0.2
101–1,000 4,630 45.2 1,868,972 2.3
1,001–10,000 1,447 14.1 4,089,588 5.0
10,001–100,000 150 1.5 3,631,078 4.4
100,001–500,000 18 0.2 3,840,857 4.7
500,000– 13 0.1 68,784,080 83.5
Total 10,248 100.0 82,383,182 100.0
* Alma Media Corporation owns a total of 309,889 of its own shares, representing 0.4% of the total number of the
company’s shares and related votes.
ANNUAL REPORT 2023
49
FINANCIAL
STATEMENTS
REPORT BY THE
BOARD OF DIRECTORS
YEAR
2023
CORPORATE
GOVERNANCE STATEMENT
REMUNERATION
REPORT
REPORTING
FRAMEWORK
REPORT BY THE
BOARD OF DIRECTORS
The Alma Media share
In 2023, altogether 3,605,303 Alma Media
shares were traded at the NASDAQ Helsinki
Stock Exchange, representing 4.4% of the
total number of shares. The closing price
of the Alma Media share at the end of the
last trading day of the review period, 29
December 2023, was EUR 9.60. The lowest
quotation during the review period was EUR
8.26 and the highest EUR 10.20. Alma Media
Corporation’s market capitalisation at the
end of the review period was MEUR 790.9.
At the end of the financial year, on 31
December 2023, Alma Media Corporation
held a total of 309,889 of its own shares. In
2023, the company purchased 409,203 of
its own shares for a total cost of MEUR 3.8.
In 2023, the company transferred 297,705
of its own shares without consideration as
part of the long-term share-based incentive
scheme for the company’s employees.
Share-based retention and
incentive schemes
The share-based incentive schemes are
described in Note 1.4.2 to the consolidated
financial statements.
Flagging notices
Alma Media Corporation received no
flagging notices.
Corporate Governance
Statement for 2023
In 2023, Alma Media Corporation applied
the Finnish Corporate Governance Code
2020 for listed companies in its unaltered
form. A Corporate Governance Statement
required by the Corporate Governance
Code is presented as a separate report in
connection with the Annual Report. In addi-
tion, it is publicly available on Alma Media’s
website at www.almamedia.fi/en/investors/
governance/corporate-governance/.
Remuneration policy and
remuneration report
In accordance with the EU Shareholder
Rights Directive, Alma Media has published
its Remuneration Policy, which documents
the principles of the remuneration of the
Group’s governing bodies and the key terms
applicable to service contracts on 8 March
2022. The remuneration report for the
Group's governing bodies was presented to
Alma Media’s Annual General Meeting on 4
April 2023 and it was approved without a
vote.
The 2023 remuneration report for the
Group’s governing bodies, produced in
compliance with the EU Shareholder Rights
Directive (SHRD) and the Finnish Corporate
Governance Code 2020 for listed compa-
nies, will be discussed at the Annual General
Meeting to be held on 5 April 2024.
Dividend proposal to the Annual
General Meeting
On 31 December 2023, the Group’s parent
company had distributable funds totalling
EUR 152,095,452 (156,856,329). Alma
Media’s Board of Directors proposes to the
Annual General Meeting that a dividend of
EUR 0.45 per share be paid for the financial
year 2023 (2022: EUR 0.44 per share). The
dividend will be paid to shareholders who
are registered in Alma Media Corporation’s
shareholder register maintained by
Euroclear Finland Ltd on the record date
of the payment, 9 April 2024. The Board
of Directors proposes that the dividend be
paid on 16 April 2024. Based on the number
of outstanding shares on the closing date,
31 December 2023, the dividend payment
totals EUR 36,932,982 (36,161,308).
No essential changes have taken place after
the end of the financial year with respect
to the company’s financial standing. The
proposed distribution of profit does not, in
the view of the Board of Directors, compro-
mise the company’s liquidity.
Management ownership
The members of the Board of Directors, the
President and CEO of the parent company
and the other members of the Group
Executive Team together held 16,716,638
shares in the company on 31 December
2023, representing 20.3% of the total
number of shares and votes. Based on the
incentive schemes currently in effect, the
President and CEO and the members of
the Group Executive Team may receive a
total of 1,269,749 shares in the company,
corresponding to 1.5% of the total number of
shares and votes.
ANNUAL REPORT 2023
50
FINANCIAL
STATEMENTS
REPORT BY THE
BOARD OF DIRECTORS
YEAR
2023
CORPORATE
GOVERNANCE STATEMENT
REMUNERATION
REPORT
REPORTING
FRAMEWORK
REPORT BY THE
BOARD OF DIRECTORS
Shareholdings
31 December 2023*
2021
PSP
2021
MSP
2022
PSP
2022
MSP
2023
PSP
2023
MSP
Catharina Stackelberg-Hammarén, Chair of the Board 31,620
Eero Broman, Deputy Chair 348,248
Heikki Herlin, member of the Board 15,692,108
Peter Immonen, member of the Board 7,230
Esa Lager, member of the Board 21,055
Alexander Lindholm, member of the Board 7,230
Kaisa Salakka, member of the Board 2,925
Kai Telanne, President and CEO 280,946 126,000 150,000 180,000
Santtu Elsinen, Group Executive Team 56,633 36,000 42,000 48,000
Virpi Juvonen, Group Executive Team** 57,215 30,000 25,019 15,189
Vesa-Pekka Kirsi, Group Executive Team 6,600 39,600
Kari Kivelä, Group Executive Team** 79,913 42,000 31,956 19,945
Tiina Kurki, Group Executive Team 63,802 30,000 36,000 42,000
Mikko Korttila, Group Executive Team 52,855 36,000 42,000 48,000
Elina Kukkonen, Group Executive Team 29,315 13,500 24,540 42,000
Taru Lehtinen, Group Executive Team 8,142 6,000 6,000 6,000
Juha-Petri Loimovuori, Group Executive Team 107,929 42,000 48,000 60,000
Juha Nuutinen, Group Executive Team** 44,744
Merja Ristilä, Group Executive Team 2,000
Total on 31 December 2023 16,898,510 6,000 355,500 6,000 439,115 8,000 455,134
* The figure includes holdings of entities under their control as well as holdings of related parties.
** Shareholdings: Virpi Juvonen until 9 October 2023, Juha Nuutinen until 31 October 2023 and Kari Kivelä until 31 December 2023.
ANNUAL REPORT 2023
51
FINANCIAL
STATEMENTS
REPORT BY THE
BOARD OF DIRECTORS
YEAR
2023
CORPORATE
GOVERNANCE STATEMENT
REMUNERATION
REPORT
REPORTING
FRAMEWORK
REPORT BY THE
BOARD OF DIRECTORS
INCOME STATEMENT IFRS
2023
Change
%
IFRS
2022
Change
%
IFRS
2021
Change
%
IFRS
2020
Change
%
IFRS
2019
Revenue MEUR 304.9 -1.2 308.7 12.1 275.4 19.6 230.2 -8.0 250.2
Digital revenue MEUR 251.2 0.6 249.7 17.7 212.1 33.9 158.9 -4.7 166.7
% of revenue % 82.4 80.9 77.0 69.0 66.6
EBITDA MEUR 90.6 -6.8 97.2 32.3 73.5 24.8 58.9 -11.1 66.2
% of revenue % 29.7 31.5 26.7 25.6 26.5
Operating profit (loss) MEUR 73.0 -8.7 80.0 40.9 56.8 31.7 43.1 -13.0 49.5
% of revenue % 23.9 25.9 20.6 18.7 19.8
Adjusted operating profit MEUR 73.6 0.3 73.4 20.2 61.1 34.7 45.4 -8.2 49.4
% of revenue % 24.1 23.8 22.2 19.7 19.8
Adjusted items* MEUR -0.6 -109.3 6.6 -252.6 -4.3 90.2 -2.3 -2196.5 0.1
Profit before tax MEUR 68.5 -20.8 86.4 53.4 56.3 33.4 42.2 -13.8 49.0
Adjusted profit before tax MEUR 69.1 -13.5 79.9 31.7 60.6 36.3 44.5 -9.0 48.9
Profit for the period, continuing operations MEUR 56.4 -21.5 72.0 62.6 44.3 33.1 33.3 -17.8 40.5
Share of profit of associated companies MEUR 0.9 -26.3 0.7 31.3 1.0 755.2 0.1 -78.4 0.5
Net financial expenses MEUR 5.4 -193.2 -5.8 -504.1 1.4 47.0 1.0 -8.7 1.1
Net financial expenses, % of revenue % 1.8 -1.9 0.5 0.4 0.4
Profit for the period MEUR 56.4 -21.6 71.9 62.6 44.3 -55.2 99.1 103.6 48.7
* The adjusted items are specified in more detail on page 12 of the Report by the Board of Directors.
Key figures describing financial performance
The key figures are calculated according to IFRS recognition and measurement principles.
ANNUAL REPORT 2023
52
FINANCIAL
STATEMENTS
REPORT BY THE
BOARD OF DIRECTORS
YEAR
2023
CORPORATE
GOVERNANCE STATEMENT
REMUNERATION
REPORT
REPORTING
FRAMEWORK
REPORT BY THE
BOARD OF DIRECTORS
BALANCE SHEET* IFRS
2023
Change
%
IFRS
2022
Change
%
IFRS
2021
Change
%
IFRS
2020
Change
%
IFRS
2019
Balance sheet total MEUR 527.7 6.9 493.8 -4.7 518.4 55.2 333.9 -16.7 400.9
Interest-bearing net debt MEUR 145.7 142.6 181.8 -9.1 23.7
Interest-bearing liabilities MEUR 198.1 14.7 172.7 -26.1 233.7 500.9 38.9 -57.1 90.8
Non-interest-bearing liabilities MEUR 106.8 -7.3 115.2 -2.5 118.2 30.6 90.5 -15.9 107.6
OTHER INFORMATION* IFRS
2023
Change
%
IFRS
2022
Change
%
IFRS
2021
Change
%
IFRS
2020
Change
%
IFRS
2019
Average no. of employees, excl. telemarketers 1,695 0.9 1,679 8.4 1,549 3.4 1,497 -2.1 1,530
Telemarketers on average 144 -26.6 196 -41.8 337 0.6 335 10.2 304
Capital expenditure MEUR 25.8 41.2 18.3 -92.6 247.1 170.4 91.4 620.0 12.7
Capital expenditure, % of revenue % 8.5 5.9 89.7 39.7 5.1
Research and development costs MEUR 8.5 11.8 7.6 64.3 4.6 0.0 4.6 8.1 4.3
Research and development costs, % of revenue % 2.8 2.4 1.7 2.0 1.7
KEY FIGURES* IFRS
2023
Change
%
IFRS
2022
Change
%
IFRS
2021
Change
%
IFRS
2020
Change
%
IFRS
2019
Return on equity (ROE) % 26.3 -31.9 38.6 62.0 23.9 -51.0 48.7 94.7 25.0
Return on investment (ROI) % 15.7 -17.3 18.9 32.7 14.3 -61.9 37.4 96.5 19.0
Equity ratio % 46.1 45.8 34.7 63.1 54.1
Gearing % 65.4 69.3 109.2 -4.5 11.7
* The figures include both continuing and discontinued operations, unless otherwise mentioned
ANNUAL REPORT 2023
53
FINANCIAL
STATEMENTS
REPORT BY THE
BOARD OF DIRECTORS
YEAR
2023
CORPORATE
GOVERNANCE STATEMENT
REMUNERATION
REPORT
REPORTING
FRAMEWORK
REPORT BY THE
BOARD OF DIRECTORS
PER SHARE DATA* IFRS
2023
IFRS
2022
IFRS
2021
IFRS
2020
IFRS
2019
Earnings per share, basic EUR 0.69 0.88 0.53 1.13 0.51
Earnings per share, diluted EUR 0.67 0.86 0.52 1.11 0.50
Cash flow from operating activities per share EUR 0.77 0.96 0.92 0.68 0.87
Shareholders’ equity per share EUR 2.67 2.48 1.99 2.23 2.09
Dividend per share** EUR 0.45 0.44 0.35 0.30 0.40
Payout ratio % 65.6 50.3 66.0 26.5 78.0
Effective dividend yield % 4.7 4.7 3.2 3.4 5.0
P/E Ratio 14.0 10.7 20.4 7.9 15.5
Highest share price EUR 10.20 11.80 12.7 9.30 8.10
Lowest share price EUR 8.26 7.78 8.42 5.82 5.48
Share price on 29 December EUR 9.60 9.40 10.82 8.92 7.96
Market capitalisation*** MEUR 790.9 774.5 891.4 734.9 655.8
Turnover of shares, total kpcs 3,605 2,804 3,699 4,481 3,464
Relative turnover of shares, total % 4.4 3.4 4.5 5.4 4.2
Average no. of shares (1,000 shares), basic, excluding
treasury shares
kpcs 82,073 82,185 82,213 82,262 82,283
Average no. of shares (1,000 shares), diluted kpcs 83,637 83,706 83,991 83,692 83,673
No. of shares on 31 December kpcs 82,383 82,383 82,383 82,383 82,383
* The figures include both continuing and discontinued operations, unless otherwise mentioned
** Board’s proposal to the Annual General Meeting
*** Includes treasury shares
ANNUAL REPORT 2023
54
FINANCIAL
STATEMENTS
REPORT BY THE
BOARD OF DIRECTORS
YEAR
2023
CORPORATE
GOVERNANCE STATEMENT
REMUNERATION
REPORT
REPORTING
FRAMEWORK
REPORT BY THE
BOARD OF DIRECTORS
Calculation of key figures
Return on shareholders’ equity, % (ROE)
Profit for the period
x 100
Shareholders’ equity + non-controlling interest (average
during the year)
Return on investment, % (ROI) Profit for the period + interest and other financial expenses
x 100
Balance sheet total - non-interest-bearing debt (average
during the year)
Equity ratio, % Shareholders’ equity + non-controlling interest
x 100
Balance sheet total - advances received
Operating profit Profit before tax and financial items
EBITDA Operating profit excluding depreciation, amortisation and
impairment losses
Digital business, % of revenue Digital business revenue
x 100
Revenue
Basic earnings per share, EUR Share of net profit belonging to parent company owners
Average number of shares adjusted for share issues - trea-
sury shares
Diluted adjusted earnings per share,
EUR
Share of net profit belonging to parent company owners
Diluted average number of shares adjusted for share issues
Gearing, % Interest-bearing debt - cash and bank receivables
x 100
Shareholders’ equity + non-controlling interest
Net financial expenses, % Financial income and expenses
x 100
Revenue
Dividend per share, EUR Dividend per share approved by the Annual General
Meeting With respect to the most recent year, the Board’s
proposal to the AGM
Payout ratio, % Dividend/share x 100
Share of EPS belonging to parent company owners
Effective dividend yield, % Dividend/share adjusted for share issues
x 100
Final quotation at close of period adjusted for share issues
Price/earnings (P/E) ratio Final quotation at close of period adjusted for share issues
Share of EPS belonging to parent company owners
Shareholders’ equity per share, EUR Equity attributable to owners of the parent
Basic number of shares at the end of period adjusted for
share issues - treasury shares
Market capitalisation of share stock,
EUR Number of shares x closing price at end of period
Alternative Performance Measures
Alma Media Corporation additionally uses and presents Alternative Performance Measures to illustrate the
operative development of its business and improve comparability between reporting periods. The Alternative
Performance Measures are reported in addition to IFRS key figures.
The Alternative Performance Measures used by Alma Media Corporation are the following:
Operating profit excluding adjusted
items (MEUR and % of revenue)
Profit before tax and financial items excluding adjusted
items
EBITDA excluding adjusted items Operating profit excluding depreciation, amortisation, impairment
losses and adjusted items
Items adjusting operating profit are income or expenses arising from non-recurring or rare events. Gains or
losses from the sale or discontinuation of business operations or assets, and gains or losses from restructur-
ing business operations, acquisition-related transaction costs and other items recognised through profit or
loss as well as impairment losses of goodwill and other assets, are recognised by the Group as adjustments.
Adjustments are recognised in the income statement within the corresponding income or expense group.
Interest-bearing net debt (MEUR) Interest-bearing debt – cash and cash equivalents
ANNUAL REPORT 2023
55
FINANCIAL
STATEMENTS
REPORT BY THE
BOARD OF DIRECTORS
YEAR
2023
CORPORATE
GOVERNANCE STATEMENT
REMUNERATION
REPORT
REPORTING
FRAMEWORK
REPORT BY THE
BOARD OF DIRECTORS
MEUR Note 1.1.–31.12.2023 1.1.–31.12.2022
Revenue 1.1, 1.2 304.9 308.7
Other operating income 1.2 1.4 7.2
Change in inventories of finished products 0.0 0.0
Materials and services 1.3 35.0 37.6
Expenses arising from employee benefits 1.3, 1.4 118.1 119.6
Depreciation, amortisation and impairment 2.1, 2.2 17.6 17.2
Other operating expenses 1.3 62.6 61.6
Operating profit 1.1 73.0 80.0
Finance income 3.1 4.5 9.2
Finance expenses 3.1 9.8 3.4
Share of profit of associated companies 4.4 0.9 0.7
Profit before tax 68.5 86.4
Income tax 5.1, 5.2 -12.1 -14.5
Profit for the period 56.4 71.9
Other comprehensive income
Items arising due to the redefinition of net defined benefit liability (or
asset item)
Translation differences -0.1 0.3
Other comprehensive income for the year, net of tax -0.1 0.4
Total comprehensive income for the year, net of tax 56.3 72.3
MEUR Note 1.1.–31.12.2023 1.1.–31.12.2022
Profit for the period attributable to
Owners of the parent company 56.3 71.9
Non-controlling interest 0.1 0.0
Total comprehensive income for the period attributable to:
Owners of the parent company 56.2 72.3
Non-controlling interest 0.1 0.0
Earnings per share calculated from the profit for the period attributable to the
parent company shareholders (€)
Earnings per share (basic) 3.8 0.69 0.88
Earnings per share (diluted) 3.8 0.67 0.86
Consolidated comprehensive income statement
ANNUAL REPORT 2023
56
FINANCIAL
STATEMENTS
REPORT BY THE
BOARD OF DIRECTORS
YEAR
2023
CORPORATE
GOVERNANCE STATEMENT
REMUNERATION
REPORT
REPORTING
FRAMEWORK
FINANCIAL
STATEMENTS
437
429
90
65
528
494
0
100
200
300
400
500
600
2023 2022
Balance sheet, Assets
Short term assets
Non-current assets
MEUR
223
206
198
173
107
115
528
494
0
100
200
300
400
500
600
2023 2022
Balance sheet, Equity & liabilities
Non-interest bearing liabilities
Interest-bearing liabilities
Equity
MEUR
MEUR | Note | 31.12.2023 | 31.12.2022 |
| ASSETS | |||
| Non-current assets | |||
Goodwill | 2.1 | ||
Other intangible assets | 2.1 | ||
Tangible assets | 2.2 | ||
Right-of-use assets | 2.2 | ||
Shares in associated companies | 4.4 | ||
Pension receivables, defined benefit plans | 3.5 | ||
Other non-current financial assets | 3.2 | ||
Deferred tax assets | 5.2 | ||
| Current assets | |||
Inventories | 3.6 | ||
Tax receivables | |||
Trade and other receivables | 3.6 | ||
Other current financial assets | |||
Cash and cash equivalents | 3.2 | ||
Assets, total | |||
| EQUITY AND LIABILITIES | |||
Share capital | |||
Share premium reserve | |||
Translation differences | |||
Invested non-restricted equity fund | |||
Retained earnings | |||
Equity attributable to owners of the parent | 3.8 | ||
Non-controlling interest | |||
Total equity |
MEUR | 31.12.2023 | 31.12.2022 | |
| Non-current liabilities | |||
Deferred tax liabilities | 5.2 | ||
Pension liabilities | 3.5 | ||
Lease liabilities | 3.3 | ||
Non-current financial liabilities | 3.3 | ||
| Current liabilities | |||
Advances received | |||
Income tax liability | |||
Lease liabilities | 3.3 | ||
Current financial liabilities | 3.3 | ||
Trade and other payables | 3.6 | ||
Liabilities, total | |||
Equity and liabilities, total |
Consolidated balance sheet
ANNUAL REPORT 2023
57
FINANCIAL
STATEMENTS
REPORT BY THE
BOARD OF DIRECTORS
YEAR
2023
CORPORATE
GOVERNANCE STATEMENT
REMUNERATION
REPORT
REPORTING
FRAMEWORK
FINANCIAL
STATEMENTS
79.2
-3.0
-98.2
63.0
-10.5
-30.0
-120
-100
-80
-60
-40
-20
0
20
40
60
80
100
Cash flow from
operating activities
Cash flow from
investments
Cash flow from financing
Cash flow from investing activities
2022 2023
MEUR
MEUR | Note | 1.1.–31.12.2023 | 1.1.–31.12.2022 |
| Cash flow from operating activities | |||
Profit for the period | |||
Adjustments | |||
Change in working capital | - | ||
Dividends received | |||
Interest received | |||
Interest paid | - | - | |
Taxes paid | - | - | |
Net cash flow from operating activities | |||
| Investing activities | |||
Acquisitions of tangible assets | - | - | |
Acquisitions of intangible assets | - | - | |
Proceeds from sale of tangible and intangible assets | |||
Other investments | - | - | |
Proceeds from sale of available-for-sale financial assets | |||
Business acquisitions less cash and cash equivalents at the time of acquisition | - | - | |
Proceeds from sale of businesses less cash and cash equivalents at the time of sale | |||
Acquisition of associated companies | 4.4 | ||
Proceeds from sale of associated companies | 4.4 | ||
Cash flows from/(used in) investing activities | - | - |
MEUR | Note | 1.1.–31.12.2023 | 1.1.–31.12.2022 |
Cash flow before financing activities | |||
| Financing activities | |||
Long-term loans taken | |||
Repayment of long-term loans | - | - | |
Short-term loans taken | |||
Repayment of short-term loans | - | - | |
Payments of lease liabilities | - | - | |
Acquisition of own shares | - | - | |
Dividends paid and capital repayment | 3.8 | - | - |
Financing activities | - | - | |
Change in cash and cash equivalent funds increase (+) decrease (-) | - | ||
Cash and cash equivalents at beginning of period | 3.2 | ||
Effect of change in foreign exchange rates | |||
Cash and cash equivalents at end of period | 3.2 |
Consolidated cash flow statement
ANNUAL REPORT 2023
58
FINANCIAL
STATEMENTS
REPORT BY THE
BOARD OF DIRECTORS
YEAR
2023
CORPORATE
GOVERNANCE STATEMENT
REMUNERATION
REPORT
REPORTING
FRAMEWORK
FINANCIAL
STATEMENTS
MEUR Note 1.1.–31.12.2023 1.1.–31.12.2022
Cash flow from operating activities
Adjustments:
Depreciation, amortisation and impairment 2 17.6 17.2
Share of profit of associated companies 4.4 -0.9 -0.7
Capital gains (losses) on the sale of fixed assets and other investments -0.9 -7.2
Financial income and expenses 3.1 5.4 -5.8
Income tax 5.1 12.1 14.5
Change in provisions 1.3 0.0 0.0
Other adjustments 0.5 -1.2
Adjustments, total 32.8 17.0
Change in working capital:
Change in trade receivables -1.9 0.6
Change in inventories 0.0 0.0
Change in trade payables -0.3 2.1
Change in working capital, total -2.2 2.6
Investing activities
Investments financed through finance leases -13.6 -5.2
Gross capital expenditure, payment-based* -9.6 -4.2
Sold and purchased business operations, non-payment-based -4.6 -2.4
Investments, total -27.7 -11.8
* Excluding investments of acquired businesses
ANNUAL REPORT 2023
59
FINANCIAL
STATEMENTS
REPORT BY THE
BOARD OF DIRECTORS
YEAR
2023
CORPORATE
GOVERNANCE STATEMENT
REMUNERATION
REPORT
REPORTING
FRAMEWORK
FINANCIAL
STATEMENTS
| Foreign | Equity | ||||||||
| currency | Invested | attributable to | |||||||
| Share premium | translation | non-restricted | Retained | the owners of | Non-controlling | ||||
| MEUR Note Share capital | reserve | reserve | equity fund | earnings | parent | interest | Total equity | ||
Total equity 1 January 2022 | |||||||||
Profit for the period | |||||||||
Other comprehensive income | |||||||||
Translation differences | |||||||||
| Transactions with equity holders | |||||||||
Dividends paid by parent | - | - | - | ||||||
Share of subsidiaries’ dividends allocated to non-controlling interests | - | - | |||||||
Acquisition of own shares | - | - | - | ||||||
Tax-like payments related to shares transferred in connection with the share-based incentive scheme | - | - | - | ||||||
| Performance-based proportion of the share-based incentive scheme | |||||||||
| recognised for the financial year | |||||||||
Acquisitions and other changes in non-controlling interests | - | - | |||||||
Total equity 31 December 2022 | 3.8 | ||||||||
Total equity 1 January 2023 | |||||||||
Profit for the period | |||||||||
Other comprehensive income | |||||||||
Translation differences | - | - | - | ||||||
| Transactions with equity holders | |||||||||
Dividends paid by parent | - | - | - | ||||||
Share of subsidiaries’ dividends allocated to non-controlling interests | - | - | |||||||
Acquisition of own shares | - | - | - | ||||||
Tax-like payments related to shares transferred in connection with the share-based incentive scheme | - | - | - | ||||||
| Performance-based proportion of the share-based incentive scheme | |||||||||
| recognised for the financial year | |||||||||
Acquisitions and other changes in non-controlling interests | - | - | - | ||||||
Total equity 31 December 2023 | 3.8 | ||||||||
Consolidated statement of changes in equity
ANNUAL REPORT 2023
60
FINANCIAL
STATEMENTS
REPORT BY THE
BOARD OF DIRECTORS
YEAR
2023
CORPORATE
GOVERNANCE STATEMENT
REMUNERATION
REPORT
REPORTING
FRAMEWORK
FINANCIAL
STATEMENTS
Accounting principles used in the consolidated financial statements
| company |
ANNUAL REPORT 2023
61
FINANCIAL
STATEMENTS
REPORT BY THE
BOARD OF DIRECTORS
YEAR
2023
CORPORATE
GOVERNANCE STATEMENT
REMUNERATION
REPORT
REPORTING
FRAMEWORK
FINANCIAL
STATEMENTS
ANNUAL REPORT 2023
62
FINANCIAL
STATEMENTS
REPORT BY THE
BOARD OF DIRECTORS
YEAR
2023
CORPORATE
GOVERNANCE STATEMENT
REMUNERATION
REPORT
REPORTING
FRAMEWORK
FINANCIAL
STATEMENTS
ANNUAL REPORT 2023
63
FINANCIAL
STATEMENTS
REPORT BY THE
BOARD OF DIRECTORS
YEAR
2023
CORPORATE
GOVERNANCE STATEMENT
REMUNERATION
REPORT
REPORTING
FRAMEWORK
FINANCIAL
STATEMENTS
Notes to the consolidated financial statements
1. Segments and operating profit
1.1 Information by segment
Alma Media has three business segments: Alma Career, which focuses on the recruitment
business and recruitment-related services in Eastern Central Europe and Finland; Alma
Talent, which provides financial media and services aimed at professionals and businesses;
and Alma Consumer, which focuses on the consumer media and marketplaces business.
Centralised services produced by the Group’s parent company, as well as centralised sup-
port services for advertising and digital sales for the entire Group, are reported as non-allo-
cated items in segment reporting.
Recruitment-related services, such as Jobs.cz, Prace.cz, CV-Online, Profesia.sk, MojPosao.
net, MojPosao.ba, Jobly, the Seduo online training service and Prace za rohem, are report-
ed under the Alma Career segment. In addition to enhancing job advertising, Alma Career’s
objective is to expand the business into new services to support the needs of job-seekers and
employers, such as job advertising-related technology, digital staffing services and training.
Alma Career operates in 10 countries in Europe.
The Alma Consumer segment consists of a broad offering of over 30 consumer and B2B
brands. The business of the Alma Consumer segment includes the multi-channel news and
lifestyle media Iltalehti, Finland’s leading housing marketplace Etuovi.com and housing rental
marketplace Vuokraovi.com, the automotive marketplaces Nettiauto, Autotalli.com and
ANNUAL REPORT 2023
64
FINANCIAL
STATEMENTS
REPORT BY THE
BOARD OF DIRECTORS
YEAR
2023
CORPORATE
GOVERNANCE STATEMENT
REMUNERATION
REPORT
REPORTING
FRAMEWORK
FINANCIAL
STATEMENTS
Revenue
MEUR 2023
Share of total,
% 2022
Share of total,
%
Segments, Finland 191.7 62.9 197.9 64.1
Segments, other countries 113.1 37.1 110.8 35.9
Total 304.9 100.0 308.7 100.0
Operating profit
MEUR 2023 Share of total, % 2022
Share of total,
%
Segments, Finland 34.3 47.0 48.3 60.4
Segments, other countries 50.6 69.3 44.9 56.1
Segments total 85.0 116.4 93.2 116.5
Non-allocated * -12.0 -16.4 -13.2 -16.5
Total 73.0 100.0 80.0 100.0
* The non-allocated operations comprise the common services produced by the parent company.
Assets
MEUR 2023
Share of total,
% 2022
Share of total,
%
Finland 370.8 70.3 338.0 68.4
Other countries 157.2 29.8 156.1 31.6
Eliminations -0.3 -0.1 -0.3 0.0
Total 527.7 100.0 493.8 100.0
191.7
197.9
113.1
110.9
0
50
100
150
200
250
300
350
2023 2022
Revenue
International
Finland
MEUR
-12.0
-13.2
34.3
48.3
50.6
44.9
-20
0
20
40
60
80
100
2023 2022
Operating profit
International
Finland
Non-allocated
MEUR
ANNUAL REPORT 2023
65
FINANCIAL
STATEMENTS
REPORT BY THE
BOARD OF DIRECTORS
YEAR
2023
CORPORATE
GOVERNANCE STATEMENT
REMUNERATION
REPORT
REPORTING
FRAMEWORK
FINANCIAL
STATEMENTS
308.7
304.9
2022 Alma
Career
Alma
Consumer
Alma
Talent
Shared
services
2023
Change in revenue, 2022-2023
MEUR
0.8
-3.7
-1.7
0.9
Revenue
MEUR
Alma
Career
Alma
Consumer
Alma
Talent Segments, total
Non-allocated
items and
eliminations Group
Financial year 2023
Revenue
External revenue 111.0 100.0 93.6 304.6 0.2 304.9
Inter-segment revenue -0.5 0.4 1.1 1.0 -1.0
Segments total 110.5 100.4 94.8 305.6 -0.7 304.9
Financial year 2022
Revenue
External revenue 110.5 102.6 94.9 308.0 0.7 308.7
Inter-segment revenue -0.8 1.6 1.6 2.3 -2.3 0.0
Segments total 109.7 104.1 96.5 310.3 -1.6 308.7
Profit for the period
MEUR
Alma
Career
Alma
Consumer
Alma
Talent
Reportable
segments total
Non-allocated
items and
eliminations Group
Financial year 2023
EBITDA excluding adjusted
items 48.1 25.3 24.1 97.5 -6.5 91.0
Depreciation, amortisation
and impairment -2.9 -5.8 -3.5 -12.1 -5.3 -17.3
Operating profit excluding
adjusted items 45.3 19.6 20.6 85.4 -11.8 73.6
Adjusted items -0.3 -0.6 0.4 -0.5 -0.1 -0.6
Operating profit/loss 45.0 19.0 21.0 85.0 -11.9 73.0
Share of profit of associated
companies 0.9 0.0 0.0 0.9 0.0 0.9
Net financial expenses 0.0 -0.1 4.3 4.2 -9.6 -5.4
Profit before tax and appro-
priations 45.8 18.8 25.3 90.0 -21.5 68.5
Income tax -12.1 -12.1
Profit for the period 45.8 18.8 25.3 90.0 -33.6 56.4
73.4
73.7
2022 Alma
Career
Alma
Consumer
Alma
Talent
Shared
services
2023
Change in adjusted operating profit, 2022-2023
MEUR
2.7
0.9
-4.8
1.4
ANNUAL REPORT 2023
66
FINANCIAL
STATEMENTS
REPORT BY THE
BOARD OF DIRECTORS
YEAR
2023
CORPORATE
GOVERNANCE STATEMENT
REMUNERATION
REPORT
REPORTING
FRAMEWORK
FINANCIAL
STATEMENTS
ANNUAL REPORT 2023
67
FINANCIAL
STATEMENTS
REPORT BY THE
BOARD OF DIRECTORS
YEAR
2023
CORPORATE
GOVERNANCE STATEMENT
REMUNERATION
REPORT
REPORTING
FRAMEWORK
FINANCIAL
STATEMENTS
1.2 Operating income
ANNUAL REPORT 2023
68
FINANCIAL
STATEMENTS
REPORT BY THE
BOARD OF DIRECTORS
YEAR
2023
CORPORATE
GOVERNANCE STATEMENT
REMUNERATION
REPORT
REPORTING
FRAMEWORK
FINANCIAL
STATEMENTS
1.2.2 Other operating income
MEUR 2023 2022
Gains on sale of non-current assets 1.2 6.9
Other operating income 0.2 0.3
Total 1.4 7.2
ANNUAL REPORT 2023
69
FINANCIAL
STATEMENTS
REPORT BY THE
BOARD OF DIRECTORS
YEAR
2023
CORPORATE
GOVERNANCE STATEMENT
REMUNERATION
REPORT
REPORTING
FRAMEWORK
FINANCIAL
STATEMENTS
59%
41%
Personnel
Finland
International
ANNUAL REPORT 2023
70
FINANCIAL
STATEMENTS
REPORT BY THE
BOARD OF DIRECTORS
YEAR
2023
CORPORATE
GOVERNANCE STATEMENT
REMUNERATION
REPORT
REPORTING
FRAMEWORK
FINANCIAL
STATEMENTS
ANNUAL REPORT 2023
71
FINANCIAL
STATEMENTS
REPORT BY THE
BOARD OF DIRECTORS
YEAR
2023
CORPORATE
GOVERNANCE STATEMENT
REMUNERATION
REPORT
REPORTING
FRAMEWORK
FINANCIAL
STATEMENTS
ANNUAL REPORT 2023
72
FINANCIAL
STATEMENTS
REPORT BY THE
BOARD OF DIRECTORS
YEAR
2023
CORPORATE
GOVERNANCE STATEMENT
REMUNERATION
REPORT
REPORTING
FRAMEWORK
FINANCIAL
STATEMENTS
ANNUAL REPORT 2023
73
FINANCIAL
STATEMENTS
REPORT BY THE
BOARD OF DIRECTORS
YEAR
2023
CORPORATE
GOVERNANCE STATEMENT
REMUNERATION
REPORT
REPORTING
FRAMEWORK
FINANCIAL
STATEMENTS
ANNUAL REPORT 2023
74
FINANCIAL
STATEMENTS
REPORT BY THE
BOARD OF DIRECTORS
YEAR
2023
CORPORATE
GOVERNANCE STATEMENT
REMUNERATION
REPORT
REPORTING
FRAMEWORK
FINANCIAL
STATEMENTS
2 Tangible and intangible assets
ANNUAL REPORT 2023
75
FINANCIAL
STATEMENTS
REPORT BY THE
BOARD OF DIRECTORS
YEAR
2023
CORPORATE
GOVERNANCE STATEMENT
REMUNERATION
REPORT
REPORTING
FRAMEWORK
FINANCIAL
STATEMENTS
ANNUAL REPORT 2023
76
FINANCIAL
STATEMENTS
REPORT BY THE
BOARD OF DIRECTORS
YEAR
2023
CORPORATE
GOVERNANCE STATEMENT
REMUNERATION
REPORT
REPORTING
FRAMEWORK
FINANCIAL
STATEMENTS
ANNUAL REPORT 2023
77
FINANCIAL
STATEMENTS
REPORT BY THE
BOARD OF DIRECTORS
YEAR
2023
CORPORATE
GOVERNANCE STATEMENT
REMUNERATION
REPORT
REPORTING
FRAMEWORK
FINANCIAL
STATEMENTS
ANNUAL REPORT 2023
78
FINANCIAL
STATEMENTS
REPORT BY THE
BOARD OF DIRECTORS
YEAR
2023
CORPORATE
GOVERNANCE STATEMENT
REMUNERATION
REPORT
REPORTING
FRAMEWORK
FINANCIAL
STATEMENTS
2.2 Property, plant and equipment
MEUR
Buildings and
structures Machinery and equipment Other tangible assets
Advance payments
and purchases in
progress Total
Financial year 2023
Acquisition cost 1 Jan 63.0 4.4 1.2 0.1 68.8
Increases 12.8 2.1 0.9 15.8
Decreases -0.7 -0.1 -0.2 -0.1 -1.2
Exchange rate differences 0.0 0.0 0.0 0.0 0.0
Transfers between items
Acquisition cost 31 Dec 75.1 6.3 2.0 0.0 83.4
Accumulated depreciation, amortisation and impairment 1 Jan 32.1 2.8 0.1 0.0 35.1
Accumulated depreciation in decreases
Depreciation for the financial year 6.1 1.6 0.1 7.8
Exchange rate differences 0.0 0.0 -0.1
Accumulated depreciation, amortisation and impairments 31 Dec 38.2 4.3 0.2 0.0 42.7
Book value 1 Jan 30.9 1.6 0.9 0.1 33.6
Book value 31 Dec 36.9 2.0 1.8 0.0 40.7
ANNUAL REPORT 2023
79
FINANCIAL
STATEMENTS
REPORT BY THE
BOARD OF DIRECTORS
YEAR
2023
CORPORATE
GOVERNANCE STATEMENT
REMUNERATION
REPORT
REPORTING
FRAMEWORK
FINANCIAL
STATEMENTS
ANNUAL REPORT 2023
80
FINANCIAL
STATEMENTS
REPORT BY THE
BOARD OF DIRECTORS
YEAR
2023
CORPORATE
GOVERNANCE STATEMENT
REMUNERATION
REPORT
REPORTING
FRAMEWORK
FINANCIAL
STATEMENTS
Property, plant and equipment include right-of-use assets as follows:
MEUR Buildings
Machinery and
equipment Total
Financial year 2023
Acquisition cost 1 Jan 61.0 2.9 63.9
Increases 12.8 0.8 13.6
Decreases -0.1 -0.1
Acquisition cost 31 Dec 73.7 3.7 77.4
Accumulated depreciation 1 Jan 31.8 2.1 33.9
Accumulated depreciation in decreases
Depreciation for the financial year 5.9 0.6 6.5
Accumulated depreciation 31 Dec 37.7 2.7 40.4
Book value 31 Dec 36.1 1.0 37.0
Financial year 2022
Acquisition cost 1 Jan 57.0 2.6 59.6
Increases 4.2 1.0 5.1
Decreases -0.2 -0.7 -0.9
Acquisition cost 31 Dec 61.0 2.9 63.9
Accumulated depreciation 1 Jan 25.3 1.4 26.7
Accumulated depreciation in decreases
Depreciation for the financial year 6.6 0.8 7.3
Accumulated depreciation 31 Dec 31.8 2.1 33.9
Book value 31 Dec 29.2 0.8 30.0
ANNUAL REPORT 2023
81
FINANCIAL
STATEMENTS
REPORT BY THE
BOARD OF DIRECTORS
YEAR
2023
CORPORATE
GOVERNANCE STATEMENT
REMUNERATION
REPORT
REPORTING
FRAMEWORK
FINANCIAL
STATEMENTS
3. Capital structure and financial expenses
3.1 Financial income and expenses
ANNUAL REPORT 2023
82
FINANCIAL
STATEMENTS
REPORT BY THE
BOARD OF DIRECTORS
YEAR
2023
CORPORATE
GOVERNANCE STATEMENT
REMUNERATION
REPORT
REPORTING
FRAMEWORK
FINANCIAL
STATEMENTS
ANNUAL REPORT 2023
83
FINANCIAL
STATEMENTS
REPORT BY THE
BOARD OF DIRECTORS
YEAR
2023
CORPORATE
GOVERNANCE STATEMENT
REMUNERATION
REPORT
REPORTING
FRAMEWORK
FINANCIAL
STATEMENTS
ANNUAL REPORT 2023
84
FINANCIAL
STATEMENTS
REPORT BY THE
BOARD OF DIRECTORS
YEAR
2023
CORPORATE
GOVERNANCE STATEMENT
REMUNERATION
REPORT
REPORTING
FRAMEWORK
FINANCIAL
STATEMENTS
ANNUAL REPORT 2023
85
FINANCIAL
STATEMENTS
REPORT BY THE
BOARD OF DIRECTORS
YEAR
2023
CORPORATE
GOVERNANCE STATEMENT
REMUNERATION
REPORT
REPORTING
FRAMEWORK
FINANCIAL
STATEMENTS
ANNUAL REPORT 2023
86
FINANCIAL
STATEMENTS
REPORT BY THE
BOARD OF DIRECTORS
YEAR
2023
CORPORATE
GOVERNANCE STATEMENT
REMUNERATION
REPORT
REPORTING
FRAMEWORK
FINANCIAL
STATEMENTS
3.4 Other leases
The Group as the lessee
Minimum lease payments payable based on other non-cancellable leases:
MEUR 2023 2022
Within one year 0.6 0.4
Within 1–5 years 0.7 0.7
After 5 years 0.0
Total 1.3 1.1
The Group as the lessor
Minimum rental payments receivable based on other non-cancellable leases:
MEUR 2023 2022
Within one year 0.2 0.2
Within 1–5 years 0.2 0.2
Total 0.4 0.4
ANNUAL REPORT 2023
87
FINANCIAL
STATEMENTS
REPORT BY THE
BOARD OF DIRECTORS
YEAR
2023
CORPORATE
GOVERNANCE STATEMENT
REMUNERATION
REPORT
REPORTING
FRAMEWORK
FINANCIAL
STATEMENTS
ANNUAL REPORT 2023
88
FINANCIAL
STATEMENTS
REPORT BY THE
BOARD OF DIRECTORS
YEAR
2023
CORPORATE
GOVERNANCE STATEMENT
REMUNERATION
REPORT
REPORTING
FRAMEWORK
FINANCIAL
STATEMENTS
ANNUAL REPORT 2023
89
FINANCIAL
STATEMENTS
REPORT BY THE
BOARD OF DIRECTORS
YEAR
2023
CORPORATE
GOVERNANCE STATEMENT
REMUNERATION
REPORT
REPORTING
FRAMEWORK
FINANCIAL
STATEMENTS
3.6 Working capital
3.6.1 Inventories
MEUR 2023 2022
Finished products 0.6 0.7
Total 0.6 0.7
ANNUAL REPORT 2023
90
FINANCIAL
STATEMENTS
REPORT BY THE
BOARD OF DIRECTORS
YEAR
2023
CORPORATE
GOVERNANCE STATEMENT
REMUNERATION
REPORT
REPORTING
FRAMEWORK
FINANCIAL
STATEMENTS
3.7 Financial risks
Financial risk management is part of the Group’s risk management policy. The risk management
strategy and plan, the control limits imposed and the course of action are reviewed annually.
The Group has a risk management organisation tasked with identifying the risks threatening
the company’s business, assess and update them, develop the necessary risk management
methods and regularly report on the risks. Alma Media categorises its financial risks as follows:
Interest rate risk
The interest rate risk describes how changes in interest rates and maturities related to various
interest-bearing business transactions and balance sheet items could affect the Group’s finan-
cial position and net result. The impact of the interest rate risk on net result can be reduced us-
ing interest rate swaps, interest forwards and futures and interest or foreign exchange options.
The Group’s interest-bearing debt totalled MEUR 198.1 (172.7) on 31 December 2023. The
interest-bearing debt consists of a Term Loan of MEUR 160 with a maturity of three years,
including extension options of 12 and 24 months, and IFRS 16 lease liabilities. The Group’s net
debt amounted to MEUR 145.7 (142.6) on 31 December 2023.
The computational interest rate used in calculating lease liabilities varies between 1.5% and
6.0% depending on the lease agreement, and the amount of the liability is based on the contrac-
tual obligations pertaining to leases for business premises. If the computational interest rate
used in calculating lease liabilities were to be increased by one percentage point, the effect on
the Group’s financial expenses would be MEUR 0.3.
In December 2021, the Group took out an interest rate hedge for its Term Loan. The interest
rate hedge has a nominal value of MEUR 50. The interest rate hedge agreement is a four-year
fixed interest rate agreement that will commence in December 2023. On the balance sheet
date, the fair value of the interest rate hedge was MEUR 4.4 (5.5). The change in fair value has
been recognised through profit or loss in financial items. The cash flow effect of the interest rate
derivative will be realised from 2024 onwards.
The interest rate on the Term Loan is linked to a floating market rate. If the reference rate
of the loan were to increase by one percentage point in 2024, the annual effect on financial
expenses would be MEUR 1.6. The interest rate derivative taken out for the Term Loan would
reduce the cash-based cost effect of a one percentage point increase in the reference rate by
MEUR 0.5 at the annual level.
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STATEMENTS
Reconciliation of net debt
MEUR 2023 2022
Interest-bearing long-term liabilities 191.8 163.7
Short-term interest-bearing liabilities 6.3 9.0
Cash and cash equivalents 52.4 30.0
Net debt 145.7 142.6
Total equity 222.8 205.9
Gearing, % 65.4% 69.3%
Equity ratio, % 46.1% 45.8%
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4. Consolidation
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4.3 Business combinations
Acquisitions in 2023
The Group carried out the following acquisitions in 2023:
Business Acquisition date Acquired share Group share
Alma Career segment
Vrabotuvanje Online d.o.o Online service 1 Jul 2023 70% 100%
Alma Talent segment
Toimitilat.fi Online service 1 Jan 2023 100% 100%
Suomen Tunnistetieto Oy Online service 3 Apr 2023 26% 51%
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Alma Career
Consideration
MEUR Fair value
Consideration, settled in cash 0.9
Fair value of acquisition achieved in stages 0.3
Value of previous holdings 0.1
Total consideration 1.3
The assets and liabilities recorded as a result of the acquisition were as follows:
MEUR
Fair values entered in integra-
tion, total
Property, plant and equipment 0.0
Intangible assets 0.5
Trade and other receivables 0.1
Cash and cash equivalents 0.2
Total assets acquired 0.7
Deferred tax liabilities 0.0
Trade and other payables 0.2
Total liabilities acquired 0.2
Acquired identifiable net assets at fair value, total 0.5
Group’s share of net assets 0.5
Goodwill 0.8
Annual amortisation of intangible assets related to acquisitions 0.1
Alma Talent
Consideration
MEUR Fair value
Consideration, settled in cash 4.2
Contingent consideration 0.6
Fair value of acquisition achieved in
stages 0.9
Value of previous holdings 0.5
Total consideration 6.1
The assets and liabilities recorded as a result of the acquisition were as follows:
MEUR
Fair values entered in
integration, total
Property, plant and equipment 0.1
Intangible assets 3.5
Trade and other receivables 0.2
Cash and cash equivalents 0.4
Total assets acquired 4.1
Deferred tax liabilities 0.7
Trade and other payables 0.1
Total liabilities acquired 0.8
Acquired identifiable net assets at
fair value, total 3.3
Group’s share of net assets 2.1
Non-controlling interest 1.2
Goodwill 4.0
Annual amortisation of intangible
assets related to acquisitions 0.5
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CORPORATE
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REMUNERATION
REPORT
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FINANCIAL
STATEMENTS
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4.5 Related party transactions
MEUR 2023 2022
Sales of goods and services 0.0 0.1
Purchases of goods and services 0.2 0.2
Trade, loan and other receivables 0.0
Related party transactions – principal shareholders
MEUR 2023 2022
Sales of goods and services 0.3 0.1
Purchases of goods and services 0.8 0.7
Trade, loan and other receivables 0.0 0.0
Trade payables 0.1 0.0
Related party transactions – corporations where management exercises influence
MEUR 2023 2022
Sales of goods and services 0.7 0.5
Purchases of goods and services 0.3 0.7
Trade, loan and other receivables 0.0 0.0
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5 Other notes
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Changes in deferred taxes during 2022:
MEUR 31.12.2021
Recognised
in income
statement
Recognised in
equity
Acquired/sold
subsidiaries 31.12.2022
Deferred tax assets
Provisions 0.0 0.0 0.0 0.0 0.0
Pension benefits 0.0 0.0 0.0 0.0 0.0
Deferred depreciation 0.0 0.0 0.0 0.0 0.0
Other items 0.4 0.0 0.0 0.0 0.4
Total 0.5 -0.1 0.0 0.0 0.4
Taxes, net 0.3 0.2
Deferred tax assets on balance
sheet 0.7 0.6
Deferred tax liabilities
Accumulated depreciation
differences 0.2 0.0 0.0 0.0 0.2
Business combinations 17.8 -1.5 0.0 0.0 16.3
Retained earnings of subsidiary
companies 0.5 0.0 0.0 0.0 0.5
Other items 0.0 0.1 0.0 0.0 0.1
Total 18.6 -1.4 0.0 0.0 17.1
Taxes, net 0.3 0.2
Deferred tax liabilities on
balance sheet 18.9 17.2
5.3 Events after the balance sheet date
The period during which matters affecting the financial statements are taken into account is the period from
the closing of the accounts to the release of the statements. The release date is the day on which the Financial
Statements Bulletin will be published. Events occurring during the period referred to above are examined to
determine whether they do or do not render it necessary to correct the information in the financial statements.
Information in the financial statements is corrected in the case of events that provide additional insight into the
situation prevailing on the balance sheet date. Events of this nature include, for example, information received
after the closing of the accounts indicating that the value of an asset had already been reduced on the balance
sheet date.
Alma Media acquired the share capital of the automotive industry software company
Netwheels Oy to strengthen its offering of automotive and mobility services to corporate
customers. Netwheels Oy provides software on a SaaS basis for the automotive industry. In
2023, the revenue of Netwheels Oy amounted to approximately MEUR 8, and the company
employs 29 people who will become part of the Alma Media Group. The transaction was
finalised on 31 January 2024, after which Netwheels Oy is reported as part of the Alma
Consumer business segment.
Business Acquisition date
Alma Consumer segment
Netwheels Oy Online service 31 Jan 2024
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STATEMENTS
Alma Consumer
Consideration
MEUR Fair value
Consideration, settled in cash 18.3
Total consideration 18.3
The assets and liabilities recorded as a result of the acquisition were as follows:
MEUR Fair values entered in integration
Intangible assets 6.6
Property, plant and equipment 0.0
Trade and other receivables 0.3
Cash and cash equivalents 3.8
Total assets acquired 10.7
Deferred tax liabilities 1.2
Trade and other payables 1.2
Total liabilities acquired 2.4
Acquired identifiable net assets at fair value, total 8.3
Group’s share of net assets 8.3
Goodwill 10.0
Annual amortisation of intangible assets related to acquisitions 0.7
The fair values entered on intangible assets in consolidation relate to acquired customer
agreements and the brand. Factors contributing to goodwill were the synergies related to
these businesses expected to be realised and the expectation of the growth of the business in
the coming years.
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Parent company income statement (FAS)
EUR Note 1 January–31
December 2023
1 January–31
December 2022
Revenue 6.1 26,538,424 24,627,319
Other operating income 6.2 101 2,185
Materials and services 6.3 1,550 1,881
Expenses arising from employee benefits 6.4 13,280,126 15,050,760
Depreciation, amortisation and impairment 6.5 653,387 443,291
Other operating expenses 6.6, 6.7, 6.8 24,794,641 22,374,554
Operating profit (loss) -12,191,179 -13,240,981
Financial income and expenses 6.9 20,920,734 30,972,534
Profit before appropriations and taxes 8,729,555 17,731,553
Appropriations 6.10 25,500,565 26,665,369
Income tax 6.11 -1,078,689 -3,300,496
Profit for the period 33,151,431 41,096,427
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Parent company balance sheet (FAS)
EUR Note 31.12.2023 31.12.2022
ASSETS
Non-current assets
Intangible assets 6.12 1,406,043 1,206,829
Property, plant and equipment 6.13 2,031,699 1,275,263
Investments
Holdings in Group companies 6.14 493,190,328 500,537,954
Other investments
6.14
1,248,560 2,280,269
Non-current receivables 6.15 3,278,746 5,468,485
Non-current assets, total 501,155,377 510,768,800
Current assets
Current receivables 6.15 34,269,696 31,546,165
Cash and cash equivalents 27,865,930 7,284,931
Current assets, total 62,135,626 38,831,096
Assets, total 563,291,004 549,599,896
EUR Note 31.12.2023 31.12.2022
EQUITY AND LIABILITIES
Equity
Share capital 45,292,112 45,292,112
Share premium reserve 119,295,759 119,295,759
Other reserves 5,357,269 5,357,269
Invested non-restricted equity fund 110,756,338 110,756,338
Retained earnings (loss) 8,940,054 5,126,546
Profit for the period (loss) 33,151,431 41,096,427
Total equity 6.16 322,792,963 326,924,451
Accumulated appropriations 6.17 170,307 181,872
Liabilities
Non-current liabilities 6.18 160,417,724 140,485,840
Current liabilities 6.19 79,910,010 82,007,734
Liabilities, total 240,327,734 222,493,574
Shareholders’ equity and liabilities, total 563,291,004 549,599,896
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STATEMENTS
Parent company cash flow statement (FAS)
EUR 1 January–31
December
2023
1 January–31
December
2022
Cash flow from operating activities
Profit for the period 33,151,431 41,096,427
Depreciation, amortisation and impairment 653,387 443,291
Gains on sale of non-current assets 27
Net financial expenses (income statement) -30,667,557 -27,738,786
Income tax 1,078,689 3,300,496
Other adjustments -12,009,120 -20,951,215
Change in working capital:
Change in trade receivables and other receivables -1,631,963 -5,557,372
Change in trade payables and other payables 829,502 305,941
Dividend received 38,498,484 29,942,746
Interest received 25,665 31,142
Interest expenses paid and other finance expenses -7,172,772 -2,235,102
Taxes paid -4,868,874 -212,449
Cash flow from operating activities 17,886,900 18,425,119
Capital expenditure
Acquisitions of business operations -943,849 -2,692,408
Divestments of business operations 739,876
Capital repayments 30,000,000
Acquisitions of tangible assets -922,357 -384,445
Acquisitions of intangible assets -686,680 -919,894
Other investments -270,000 -350,000
Proceeds from sale of available-for-sale financial assets 1,682
Acquisition and sale of associated companies
Net cash flows from/(used in) investing activities -2,081,328 25,653,253
EUR 1 January–31
December
2023
1 January–31
December
2022
Cash flow before financing activities 15,805,572 44,078,371
Financing activities
Non-current loans taken 160,000,000
Repayment of non-current loans -140,000,000 -60,000,000
Current loans taken 62,550,000 26,000,000
Repayment of current loans -64,000,000 -24,000,000
Acquisition of own shares -3,832,798 -4,191,315
Change in interest-bearing receivables -460,832 12,248,738
Group contributions received and paid 26,689,000 19,600,000
Dividends paid -36,169,943 -28,803,320
Net cash flows from/(used in) financing activities 4,775,427 -59,145,897
Change in cash and cash equivalent funds (increase +/decrease -) 20,580,999 -15,067,526
Cash and cash equivalents at beginning of period 7,284,931 22,352,457
Cash and cash equivalents at end of period 27,865,930 7,284,931
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Accounting principles used in the parent company’s financial statements
General information
Alma Media Corporation is a Finnish public limited company incorporated under Finnish law.
Its registered office is in Helsinki at the address Alvar Aallon katu 3 C, P.O. Box 140, FI-00101
Helsinki, Finland.
Parent company financial statements
The financial statements of the parent company are prepared in accordance with Finnish
Accounting Standards (FAS).
The parent company was established on 27 January 2005. On 7 November 2005, the old
Alma Media Corporation was merged with Almanova Corporation, which adopted the name
Alma Media Corporation after the merger. The merger difference arising in conjunction with
the merger has been capitalised to the Group’s shares.
Non-current assets
Tangible and intangible assets are capitalised at direct acquisition cost less planned depreci-
ation and write-downs. Planned depreciation is calculated from the original acquisition cost
based on the estimated economic life of the asset. The land areas are not depreciated. The
economic lifetimes of the assets are as follows:
Machinery and equipment 3–10 years
Other intangible assets 5–10 years
Intangible rights 5–10 years
Research and development costs
Research costs are recognised as an expense in the financial period during which they are
incurred. Development costs are capitalised when it is expected that the intangible asset
will generate future economic added value and the costs arising from this can be reliably
determined.
Taxes
Taxes in the income statement are the taxes corresponding to the results of the Group com-
panies during the financial year as well as adjustments to taxes in previous years. No deferred
tax assets are recognised in the parent company’s accounts.
Foreign currency items
Foreign currency items are entered at the rates prevailing on the transaction date.
Receivables and payables on the balance sheet are valued at the average rate on the
balance sheet date. Exchange rate differences arising from sales and purchases are treated
as additions or subtractions, respectively, in the income statement. Realised and unrealised
exchange rate differences related to loans and loan receivables are recognised in other
financial income and expenses in the income statement. The parent company does not have
any significant foreign currency loans.
Pension commitments
Statutory and voluntary employee pension benefits for the parent company's personnel are
arranged mainly through pension insurance companies.
Other employee benefits
The parent company has a long-term share-based incentive scheme for key management
in effect. In accordance with Finnish Accounting Standards (FAS), the option benefit and the
share reward are not measured at fair value, nor is the calculated employee benefit expensed
in the income statement
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FINANCIAL
STATEMENTS
Notes to the parent company’s financial statements
6.1 Revenue by market area
MEUR 2023 2022
Finland 26.5 24.6
Total 26.5 24.6
6.2 Other operating income
MEUR 2023 2022
Gains on the sale of assets 0.0 0.0
Other income 0.0 0.0
Total 0.0 0.0
6.3 Materials and services
MEUR 2023 2022
Materials and services 0.0 0.0
Total 0.0 0.0
6.4 Employee expenses
MEUR 2023 2022
Wages, salaries and fees 11.1 12.8
Pension expenses 1.4 1.4
Other payroll-related expenses 0.8 0.9
Total 13.3 15.1
Average number of employees 101 100
Salaries and bonuses paid to management
President and CEO 0.9 1.0
Other members of the Group Executive Team 2.3 2.7
Members of the Board of Directors 0.4 0.4
Total 3.6 4.0
The benefits to which the President and CEO of the parent company is entitled are described
in more detail in Note 1.4.1 to the consolidated financial statements.
6.5 Depreciation and write-downs
MEUR 2023 2022
Depreciation on tangible and intangible assets 0.7 0.4
Total 0.7 0.4
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6.6 Other operating expenses
MEUR 2023 2022
Information technology and telecommunication 13.9 12.7
Business premises 5.9 6.1
Other expenses 5.0 3.6
Total 24.8 22.4
6.7 Auditors’ fees
EUR 1,000 2023 2022
Audit 290.5 244.1
Reporting and opinions 25.9
Tax consultation 1.1
Other 42.9 69.2
Total 334.5 339.2
Parent company audit expenses include audit fees for the whole group.
6.8 Research and development costs
The Group’s research and development costs in 2023 totalled EUR 790,419
(EUR 125,000). EUR 790,419 was capitalised on the balance sheet. There were capitalised re-
search and developments costs totalling EUR 752,371 on the balance sheet on 31 December
2023. No development costs were capitalised on the balance sheet in 2022.
6.9 Financial income and expenses
MEUR 2023 2022
Dividend income
From Group companies 38.3 29.8
From associated companies 0.2 0.2
From others 0.0 0.0
Total 38.5 29.9
Income from other non-current investments
From others
Other interest and financial income
From Group companies 0.0 0.0
Fair value gain on financial assets at fair value through profit or loss -1.1 5.2
From others 0.0 0.0
Total -1.1 5.3
Impairment of non-current investments
Impairment of shares in Group companies -8.4 -2.0
Impairment of non-current investments -0.9
Total -9.3 -2.0
Interest expenses and other financial expenses
To Group companies -1.3 -0.8
To others -5.8 -1.5
Total -7.1 -2.3
Foreign exchange rate gains/losses
Foreign exchange rate gains and losses 0.0 0.1
Financial income and expenses, total 20.9 31.0
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6.10 Appropriations
MEUR 2023 2022
Difference between planned depreciation and depreciation made for tax
purposes 0.0 0.0
Group contribution 25.5 26.7
Total 25.5 26.7
6.11 Income tax
MEUR 2023 2022
Income tax from regular business operations -1.1 -3.3
Total -1.1 -3.3
6.12 Intangible assets
MEUR Intangible rights Advance payments Total
Financial year 2023
Acquisition cost 1 Jan 3.4 0.9 4.3
Increases 0.5 0.2 0.7
Decreases -2.1 -2.1
Transfers between items 0.9 -0.9
Acquisition cost 31 Dec 2.6 0.2 2.8
Accumulated depreciation, amorti-
sation and impairment 1 Jan 3.1 3.1
Accumulated depreciation in
decreases -2.1 -2.1
Depreciation for the financial year 0.5 0.5
Accumulated depreciation 31 Dec 1.4 1.4
Book value 31 Dec 2023 1.2 0.2 1.4
MEUR Intangible rights Advance payments Total
Financial year 2022
Acquisition cost 1 Jan 3.4 3.4
Increases 0.9 0.9
Acquisition cost 31 Dec 3.4 0.9 4.3
Accumulated depreciation, amorti-
sation and impairment 1 Jan 2.7 2.7
Depreciation for the financial year 0.3 0.3
Accumulated depreciation 31 Dec 3.1 3.1
Book value 31 Dec 2022 0.3 0.9 1.2
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6.13 Tangible assets
MEUR Machinery and equipment
Other tangible
assets Total
Financial year 2023
Acquisition cost 1 Jan 0.6 1.1 1.7
Increases 0.9 0.9
Decreases
Acquisition cost 31 Dec 0.6 2.1 2.6
Accumulated depreciation 1 Jan 0.2 0.2 0.4
Accumulated depreciation in decreases
Depreciation for the financial year 0.1 0.1 0.2
Accumulated depreciation 31 Dec 0.3 0.3 0.6
Book value 31 Dec 2023 0.3 1.8 2.0
Financial year 2022
Acquisition cost 1 Jan 0.2 1.1 1.3
Increases 0.4 0.4
Decreases
Acquisition cost 31 Dec 0.6 1.1 1.7
Accumulated depreciation 1 Jan 0.1 0.2 0.3
Accumulated depreciation in decreases
Depreciation for the financial year 0.1 0.1 0.1
Accumulated depreciation 31 Dec 0.2 0.2 0.4
Book value 31 Dec 2022 0.4 0.9 1.3
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6.14 Investments
MEUR Shares in Group companies Shares in associated companies
Shares,
other Total
Financial year 2023
Acquisition cost 1 Jan 635.7 1.6 0.7 638.0
Increases 1.4 0.3 1.7
Decreases -1.4 0.0 -1.4
Transfers between items 0.5 -0.5 0.0
Acquisition cost 31 Dec 636.2 1.2 0.9 638.3
Accumulated depreciation, amortisation and
impairment 1 Jan 135.2 135.2
Accumulated depreciation in decreases and transfers
Impairment 7.8 0.9 8.7
Accumulated depreciation, amortisation and
impairments 31 Dec 143.0 0.9 143.9
Book value 31 Dec 2022 493.2 1.2 0.1 494.3
Financial year 2022
Acquisition cost 1 Jan 663.2 1.6 0.3 665.2
Increases 2.7 0.4 3.0
Decreases -30.0 -30.0
Transfers between items
Acquisition cost 31 Dec 635.7 1.6 0.7 638.0
Accumulated depreciation, amortisation and
impairment 1 Jan 133.2 133.2
Accumulated depreciation in decreases and transfers
Impairment 2.0 2.0
Accumulated depreciation, amortisation and
impairments 31 Dec 135.2 135.2
Book value 31 Dec 2022 500.5 1.6 0.7 502.8
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REPORT BY THE
BOARD OF DIRECTORS
YEAR
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CORPORATE
GOVERNANCE STATEMENT
REMUNERATION
REPORT
REPORTING
FRAMEWORK
FINANCIAL
STATEMENTS
Parent company holdings in Group companies and associated companies
Company
Registered
office Holding %
Share of votes,
% Group holding %
Subsidiaries
Alma Career Oy
Helsinki,
Finland 100.00 100.00 100.00
Alma Finanssipalvelut Oy Helsinki 100.00 100.00 100.00
Alma Media Suomi Oy Helsinki 100.00 100.00 100.00
Alma Talent Oy Helsinki 100.00 100.00 100.00
Etua Oy Helsinki 100.00 100.00 100.00
Karenstock Oy Helsinki 100.00 100.00 100.00
Kotikokki.net Oy Helsinki 65.00 65.00 65.00
Objektvision AB
Stockholm,
Sweden 100.00 100.00 100.00
Suomen Tunnistetieto Oy Turku, Finland 51.00 51.00 51.00
Associated companies
Infostud 3 d.o.o. Serbia 25.00 25.00 25.00
Kytöpirtti Oy
Seinäjoki,
Finland 43.20 43.20 43.20
During the financial year 2023, Alma Media Corporation acquired 26% of the share capital of
Suomen Tunnistetieto Oy (previous shareholding: 25.0%) and thereby increased its sharehold-
ing to 51%. Alma Media Corporation also sold its entire shareholding in Rantapallo Oy (79%).
Netello Systems Oy merged with Alma Media Suomi Oy during the financial year 2023.
6.15 Receivables
MEUR 2023 2022
Non-current receivables
Interest rate derivatives 3.3 5.5
Non-current receivables, total 3.3 5.5
Current receivables
Receivables from Group companies
Trade receivables 0.0
Loan receivables* 27.6 28.8
Other receivables 0.0
Prepaid expenses and accrued income 0.8 0.7
Total 28.4 29.5
Receivables from others
Trade receivables 0.0 0.0
Other receivables 0.1 0.1
Prepaid expenses and accrued income** 4.7 1.9
Total 4.8 2.0
Financial assets, current
Interest rate derivatives 1.1
Total 1.1
Current receivables, total 34.3 31.5
* Cash and cash equivalents in Group bank accounts are included in loan receivables.
** Major items in prepaid expenses and accrued income consist of purchase invoice accruals.
ANNUAL REPORT 2023
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REMUNERATION
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STATEMENTS
6.16 Shareholders’ equity
MEUR 2023 2022
Restricted shareholders' equity
Share capital 1 Jan 45.3 45.3
Share capital 31 Dec 45.3 45.3
Share premium reserve 1 Jan 119.3 119.3
Share premium reserve 31 Dec 119.3 119.3
Other reserves 1 Jan 5.4 5.4
Other reserves 31 Dec 5.4 5.4
Restricted shareholders' equity total 169.9 169.9
Non-restricted shareholders’ equity
Invested non-restricted equity fund 1 Jan 110.8 110.8
Invested non-restricted equity fund 31 Dec 110.8 110.8
Retained earnings 1 Jan 46.2 34.3
Cancellation of unpaid dividends
Dividend payment -36.2 -28.8
Acquisition of own shares -3.8 -4.2
Disposal of own shares 2.7 3.8
Retained earnings 31 Dec 8.9 5.1
Profit for the period 33.2 41.1
Non-restricted shareholders’ equity total 152.8 157.0
Total equity 322, 8 326.9
MEUR 2023 2022
Calculation of the parent company's distributable funds on 31 December
Invested non-restricted equity fund 110.8 110.8
Capitalised research and development costs -0.8 -0.1
Profit from the previous year 8.9 5.1
Profit for the period 33.2 41.1
Total 152.1 156.9
6.17 Appropriations
MEUR 2023 2022
Difference between planned depreciation and depreciation made for tax
purposes 0.2 0.2
6.18 Non-current liabilities
MEUR 2023 2022
Loans from credit institutions 160.0 140.0
Other non-current liabilities 0.4 0.5
Total 160.4 140.5
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CORPORATE
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REMUNERATION
REPORT
REPORTING
FRAMEWORK
FINANCIAL
STATEMENTS
6.19 Current liabilities
MEUR 2023 2022
Loans from credit institutions 2.0
Trade payables 0.9 0.9
Total 0.9 2.9
Liabilities to Group companies
Trade payables 0.0 0.0
Other liabilities 75.0 73.7
Accrued expenses and prepaid income 0.0
Total 75.0 73.7
To others
Other current liabilities 0.2 0.4
Accrued expenses and prepaid income 3.7 5.1
Total 4.0 5.4
Current liabilities total 79.9 82.0
Most of accrued expenses and prepaid income consist of allocated employee expenses.
6.20 Commitments and contingencies
MEUR 2023 2022
Collateral for Group company’s commitments
Guarantees 2.5 2.5
Other own commitments
Rental commitments – within one year 5.1 5.6
Rental commitments – after one year 34.8 20.2
Rental commitments total 39.9 25.9
Total
Guarantees 2.5 2.5
Other commitments 39.9 25.9
Commitments total 42.4 28.4
Alma Media has a MEUR 30 committed financing limit at its disposal, which was entirely
unused on 31 December 2023. The company also has a commercial paper programme
of MEUR 100 in Finland. The commercial paper programme was entirely unused on 31
December 2023.
6.21 Derivative contracts
MEUR 2023 2022
Interest rate derivative
Fair value* 4.4 5.5
Nominal value 50.0 50.0
* The fair value represents the return that would have arisen if the derivative had been cleared on the balance sheet date.
ANNUAL REPORT 2023
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CORPORATE
GOVERNANCE STATEMENT
REMUNERATION
REPORT
REPORTING
FRAMEWORK
FINANCIAL
STATEMENTS
The distributable funds of the Group’s
parent company totalled EUR 152,095,452
on 31 December 2023.
There were 82,383,182 shares carrying
dividend rights.
The Board of Directors proposes to the
Annual General Meeting that a dividend
of EUR 0.45 per share be paid for the
financial year 2023. Based on the number
of outstanding shares of 82,073,293 on the
balance sheet date 31 December 2023, the
dividend payment totals EUR 36,932,982.
Catharina Stackelberg-Hammarén
Chair of the Board
Eero Broman
Deputy Chair of the Board
Heikki Herlin
Board member
Kaisa Salakka
Board member
Esa Lager
Board member
Peter Immonen
Board member
Alexander Lindholm
Board member
AUDITOR’S NOTE
A report on the audit carried out has been
submitted today.
Helsinki, 15 February 2024
PricewaterhouseCoopers Oy
Authorised Public Accountants
Niina Vilske
Authorised Public Accountant
No essential changes have taken place after
the end of the financial year with respect to
the company’s financial standing. The pro-
posed distribution of profit does not, in the
view of the Board of Directors, compromise
the company’s liquidity.
Signatures to the report by the Board of Directors and
the financial statements
Helsinki, 15 February 2024
Kai Telanne
President and CEO
ANNUAL REPORT 2023
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CORPORATE
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REMUNERATION
REPORT
REPORTING
FRAMEWORK
FINANCIAL
STATEMENTS
Auditor’s Report
To the Annual General Meeting of Alma Media Corporation
Report on the Audit of the Financial Statements
Opinion
In our opinion,
• tthe consolidated financial statements give a true and fair view of the group’s financial po-
sition, financial performance and cash flows in accordance with IFRS Accounting Standards
as adopted by the EU.
• the financial statements give a true and fair view of the parent company’s financial per-
formance and financial position in accordance with the laws and regulations governing the
preparation of financial statements in Finland and comply with statutory requirements.
Our opinion is consistent with the additional report to the Audit Committee.
What we have audited
We have audited the financial statements of Alma Media Oyj (business identity code 1944757-
4) for the year ended 31 December 2023. The financial statements comprise:
• the consolidated balance sheet, statement of comprehensive income, statement of changes
in equity, statement of cash flows and notes, which include material accounting policy infor-
mation and other explanatory information
• the parent company’s balance sheet, income statement, cash flow statement and notes.
Basis for Opinion
We conducted our audit in accordance with good auditing practice in Finland. Our responsi-
bilities under good auditing practice are further described in the Auditor’s Responsibilities for
the Audit of the Financial Statements section of our report.
We believe that the audit evidence we have obtained is sufficient and appropriate to provide
a basis for our opinion.
Independence
We are independent of the parent company and of the group companies in accordance with
the ethical requirements that are applicable in Finland and are relevant to our audit, and we
have fulfilled our other ethical responsibilities in accordance with these requirements.
To the best of our knowledge and belief, the non-audit services that we have provided to
the parent company and group companies are in accordance with the applicable law and
regulations in Finland and we have not provided non-audit services that are prohibited under
Article 5(1) of Regulation (EU) No 537/2014. The non-audit services that we have provided are
disclosed in note 1.3.5. to the Financial Statements.
Our Audit Approach
Summary
Materiality • Overall group materiality determined for the consolidated finan-
cial statements was EUR 3.4 million
Audit scope • The audit scope included the parent company and its subsidiar-
ies in Finland, Slovakia and Czech Republic
Key audit matters • Valuation of goodwill and intangibles with indefinite lives
• Valuation of holdings in group companies (parent company)
As part of designing our audit, we determined materiality and assessed the risks of material
misstatement in the financial statements. In particular, we considered where management
made subjective judgements; for example, in respect of significant accounting estimates that
involved making assumptions and considering future events that are inherently uncertain.
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REPORTING
FRAMEWORK
FINANCIAL
STATEMENTS
Materiality
The scope of our audit was influenced by our application of materiality. An audit is designed
to obtain reasonable assurance whether the financial statements are free from material
misstatement. Misstatements may arise due to fraud or error. They are considered material
if individually or in aggregate, they could reasonably be expected to influence the economic
decisions of users taken on the basis of the financial statements.
Based on our professional judgement, we determined certain quantitative thresholds for
materiality, including the overall group materiality for the consolidated financial statements
as set out in the table below. These, together with qualitative considerations, helped us to
determine the scope of our audit and the nature, timing and extent of our audit procedures
and to evaluate the effect of misstatements on the financial statements as a whole.
Overall group materiality
EUR 3.4 million
How we determined it
We used 5% of profit before tax to determine overall group materiality.
Rationale for the materiality benchmark applied
We chose profit before taxes as the benchmark because, in our view, it is the benchmark
against which the performance of the group is most commonly measured by users, and
is a generally accepted benchmark. We chose 5% which is within the range of acceptable
quantitative materiality thresholds in auditing standards.
How we tailored our group audit scope
We tailored the scope of our audit, taking into account the structure of the group, the
accounting processes and controls, and the industry in which the group operates.
We have performed audit procedures in the most significant subsidiaries in Finland, Czech
Republic and Slovakia. We have considered that the remaining subsidiaries don’t present a
reasonable risk of material misstatement for consolidated financial statements.
Key Audit Matters
Key audit matters are those matters that, in our professional judgment, were of most sig-
nificance in our audit of the financial statements of the current period. These matters were
addressed in the context of our audit of the financial statements as a whole, and in forming
our opinion thereon, and we do not provide a separate opinion on these matters.
As in all of our audits, we also addressed the risk of management override of internal con-
trols, including among other matters consideration of whether there was evidence of bias that
represented a risk of material misstatement due to fraud.
Key audit matter in the audit of the group
Valuation of goodwill and intangibles with indefinite lives
Refer to Accounting principles and note 2.1 of the consolidated financial statements
On 31 December 2023 the Group’s goodwill balance amounted to EUR 298,0 million and
intangible rights with indefinite lives EUR 59,8 million. Goodwill and intangible rights with
indefinite lives are allocated to the cash-generating units.
The Company tests goodwill for potential impairment whenever there is an indication that the
carrying value may be impaired and at least once a year. The impairment testing is carried
out by comparing the recoverable amount against the carrying value of goodwill.
The recoverable amounts are determined using the value in use model. Value in use calcula-
tions are subject to significant management judgement with respect to cash flows forecasts
and discount rates.
Valuation of goodwill and intangible rights with indefinite lives is a key audit matter due to
the significance of the balance sheet amount and the high degree of management judgement
involved.
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FRAMEWORK
FINANCIAL
STATEMENTS
How our audit addressed the key audit matter
Our audit procedures included, for example, the following:
• We assessed the methodology applied in the value in use calculation by comparing it to
the requirements of IAS 36, Impairment of Assets, and testing the mathematical accuracy of
calculations.
• We evaluated the process by which the future cash flow forecasts were determined for the
value in use model and compared the forecasts to the budgets and strategic plans ap-
proved by the Board of Directors.
• We assessed the reasonableness of cash flow forecasts, for example, by comparing the
accuracy of prior period revenue growth and operating profit forecasts to actual outcomes.
• We considered whether the sensitivity analysis performed by the management around key
assumptions was appropriate.
• The discount rates applied within the model were assessed by PwC business valuation
specialists.
• We assessed the adequacy and the appropriateness of the disclosures in the financial
statements.
Key audit matter in the audit of the parent company
Valuation of holdings in group companies
Refer to note 6.14 of the parent company’s financial statements
On 31 December 2023 holdings in group companies in the parent company’s balance sheet
amounted to EUR 493,2 million. The parent company has accounted for a EUR 7,8 million
impairment of holdings in group companies during the financial year.
The holdings in group companies are tested annually for impairment by comparing the recov-
erable amount against the book value of an individual holding. The recoverable amounts are
determined using the value in use model.
Valuation of holdings in group companies is a key audit matter due to the significance of the
balance sheet amount and the high degree of management judgement involved.
How our audit addressed the key audit matter
Our audit procedures included, for example, the following procedures:
• We evaluated the process by which the future cash flow forecasts were determined for the
value in use model and compared the forecasts to the budgets and strategic plans ap-
proved by the Board of Directors.
• We assessed the reasonableness of cash flow forecasts, for example, by comparing the
accuracy of prior period revenue growth and operating profit forecasts to actual outcomes.
• The discount rates applied within the model were assessed by PwC business valuation
specialists.
There are no significant risks of material misstatement referred to in Article 10(2c) of
Regulation (EU) No 537/2014 with respect to the consolidated financial statements or the
parent company financial statements.
Responsibilities of the Board of Directors and the Chief Executive Officer for the
Financial Statements
The Board of Directors and the Managing Director are responsible for the preparation of
consolidated financial statements that give a true and fair view in accordance with IFRS
Accounting Standards as adopted by the EU, and of financial statements that give a true and
fair view in accordance with the laws and regulations governing the preparation of financial
statements in Finland and comply with statutory requirements. The Board of Directors and
the Managing Director are also responsible for such internal control as they determine is
necessary to enable the preparation of financial statements that are free from material
misstatement, whether due to fraud or error.
In preparing the financial statements, the Board of Directors and the Managing Director are
responsible for assessing the parent company’s and the group’s ability to continue as a going
concern, disclosing, as applicable, matters relating to going concern and using the going
concern basis of accounting. The financial statements are prepared using the going concern
basis of accounting unless there is an intention to liquidate the parent company or the group
or to cease operations, or there is no realistic alternative but to do so.
ANNUAL REPORT 2023
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CORPORATE
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REMUNERATION
REPORT
REPORTING
FRAMEWORK
FINANCIAL
STATEMENTS
Auditor’s Responsibilities for the Audit of the Financial Statements
Our objectives are to obtain reasonable assurance about whether the financial statements as
a whole are free from material misstatement, whether due to fraud or error, and to issue an
auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance,
but is not a guarantee that an audit conducted in accordance with good auditing practice will
always detect a material misstatement when it exists. Misstatements can arise from fraud
or error and are considered material if, individually or in the aggregate, they could reason-
ably be expected to influence the economic decisions of users taken on the basis of these
financial statements.
As part of an audit in accordance with good auditing practice, we exercise professional
judgment and maintain professional skepticism throughout the audit. We also:
• Identify and assess the risks of material misstatement of the financial statements, wheth-
er due to fraud or error, design and perform audit procedures responsive to those risks,
and obtain audit evidence that is sufficient and appropriate to provide a basis for our
opinion. The risk of not detecting a material misstatement resulting from fraud is higher
than for one resulting from error, as fraud may involve collusion, forgery, intentional
omissions, misrepresentations, or the override of internal control.
• Obtain an understanding of internal control relevant to the audit in order to design audit
procedures that are appropriate in the circumstances, but not for the purpose of ex-
pressing an opinion on the effectiveness of the parent company’s or the group’s internal
control.
• Evaluate the appropriateness of accounting policies used and the reasonableness of
accounting estimates and related disclosures made by management.
• Conclude on the appropriateness of the Board of Directors’ and the Managing Direc-
tor’s use of the going concern basis of accounting and based on the audit evidence
obtained, whether a material uncertainty exists related to events or conditions that may
cast significant doubt on the parent company’s or the group’s ability to continue as a
going concern. If we conclude that a material uncertainty exists, we are required to draw
attention in our auditor’s report to the related disclosures in the financial statements or,
if such disclosures are inadequate, to modify our opinion. Our conclusions are based
on the audit evidence obtained up to the date of our auditor’s report. However, future
events or conditions may cause the parent company or the group to cease to continue as
a going concern.
• Evaluate the overall presentation, structure and content of the financial statements,
including the disclosures, and whether the financial statements represent the underlying
transactions and events so that the financial statements give a true and fair view.
• Obtain sufficient appropriate audit evidence regarding the financial information of the
entities or business activities within the group to express an opinion on the consolidated
financial statements. We are responsible for the direction, supervision and performance
of the group audit. We remain solely responsible for our audit opinion.
We communicate with those charged with governance regarding, among other matters, the
planned scope and timing of the audit and significant audit findings, including any significant
deficiencies in internal control that we identify during our audit.
'
We also provide those charged with governance with a statement that we have complied with
relevant ethical requirements regarding independence, and to communicate with them all re-
lationships and other matters that may reasonably be thought to bear on our independence,
and where applicable, related safeguards.
From the matters communicated with those charged with governance, we determine those
matters that were of most significance in the audit of the financial statements of the current
period and are therefore the key audit matters. We describe these matters in our auditor’s
report unless law or regulation precludes public disclosure about the matter or when, in
extremely rare circumstances, we determine that a matter should not be communicated in
our report because the adverse consequences of doing so would reasonably be expected to
outweigh the public interest benefits of such communication.
Other Reporting Requirements
Appointment
We were first appointed as auditors by the annual general meeting on 20 March 2014. Our
appointment represents a total period of uninterrupted engagement of 10 years.
Other Information
The Board of Directors and the Managing Director are responsible for the other information.
The other information comprises the report of the Board of Directors and the information
included in the Annual Report, but does not include the financial statements and our auditor’s
ANNUAL REPORT 2023
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FINANCIAL
STATEMENTS
report thereon. We have obtained the report of the Board of Directors prior to the date of
this auditor’s report and the Annual Report is expected to be made available to us after that
date.
Our opinion on the financial statements does not cover the other information.
In connection with our audit of the financial statements, our responsibility is to read the other
information and, in doing so, consider whether the other information is materially inconsistent
with the financial statements or our knowledge obtained in the audit, or otherwise appears to
be materially misstated. With respect to the report of the Board of Directors, our responsibil-
ity also includes considering whether the report of the Board of Directors has been prepared
in accordance with the applicable laws and regulations.
In our opinion
• the information in the report of the Board of Directors is consistent with the information
in the financial statements
• the report of the Board of Directors has been prepared in accordance with the applica-
ble laws and regulations.
If, based on the work we have performed, we conclude that there is a material misstatement
of the other information, we are required to report that fact. We have nothing to report in this
regard.
Helsinki 15 February 2024
PricewaterhouseCoopers Oy
Authorised Public Accountants
Niina Vilske
Authorised Public Accountant (KHT)
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REMUNERATION
REPORT
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FRAMEWORK
FINANCIAL
STATEMENTS
Corporate Governance Statement 2023
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REMUNERATION
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CORPORATE
GOVERNANCE STATEMENT
126
135
143
Corporate Governance Statement
of Alma Media Corporation
The Shareholders’ Nomination
Committee
Internal control and risk management
systems in financial reporting
127
136
145
Alma Media Group
President & CEO and Group Executive
Team of Alma Media Corporation
Auditing
128
141
Board of Directors of
Alma Media Corporation
Insider Management
Contents
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REPORT BY THE
BOARD OF DIRECTORS
YEAR
2023
CORPORATE
GOVERNANCE STATEMENT
REMUNERATION
REPORT
REPORTING
FRAMEWORK
CORPORATE
GOVERNANCE STATEMENT
Corporate Governance Statement
I
n 2023, Alma Media Corporation applied
the Finnish Corporate Governance Code
2020 for listed companies, which entered
into force on 1 January 2020, in its unaltered
form. A Corporate Governance Statement,
required by the Corporate Governance
Code, is presented as a separate report in
connection with the Financial Statements.
In addition, it is publicly available on Alma
Media’s website: www.almamedia.fi/en/
investors/governance/corporate-governance
The Audit Committee of Alma Media
Corporation’s Board of Directors has
reviewed the Corporate Governance
Statement. The statement will not be updat-
ed during the financial period, but up-to-date
information on its sections is available on
Alma Media’s website:
www.almamedia.fi/en/investors/governance/
corporate-governance
The Finnish Corporate Governance Code
is downloadable from the website of the
Securities Market Association:
www.cgfinland.fi/en
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REPORT BY THE
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YEAR
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CORPORATE
GOVERNANCE STATEMENT
REMUNERATION
REPORT
REPORTING
FRAMEWORK
CORPORATE
GOVERNANCE STATEMENT
Alma Media Group
R
esponsibility for Alma Media Group’s
management and operations belongs
to the constitutional bodies required
by the Limited Liability Companies Act:
the General Meeting of Shareholders,
which elects the members of the Board of
Directors; and the President and CEO, who is
appointed by the Board of Directors.
Alma Media Corporation’s supreme deci-
sion-making body is the General Meeting of
Shareholders, where shareholders exercise
their decision-making power. The Board of
Directors is responsible for the company’s
governance and its appropriate organisation.
In its capacity as the Group’s parent compa-
ny, Alma Media Corporation is responsible
for the Group’s management, legal affairs,
corporate restructuring, strategic planning,
financial administration, human resources
and facilities management, financing, ICT,
internal and external communications as
well as the Alma brand.
Alma Media Group has three reporting
segments.
The Alma Career segment consists of the
recruitment business and complementary
services that respond to the needs of
jobseekers and employers in 12 European
countries.
The Alma Consumer segment includes
the national afternoon paper Iltalehti,
automotive and housing marketplaces and
comparison services, as well as housing
and automotive sales systems that serve
companies in those industries.
The Alma Talent segment publishes sub-
scription-based financial and professional
media and provides digital data, content and
marketplace services for professionals and
companies in various industries to support
business growth.
Alma Media’s shared sales function (Alma
Media Solutions) is a sales and development
organisation that serves the business
segments’ advertiser customers.
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REMUNERATION
REPORT
REPORTING
FRAMEWORK
CORPORATE
GOVERNANCE STATEMENT
Board of Directors of Alma Media Corporation
T
he Shareholders’ Nomination
Committee of Alma Media
Corporation prepares a proposal
for the General Meeting regarding the
composition and remuneration of the Board
of Directors. The Board of Directors shall
comprise no fewer than three (3) and no
more than nine (9) members elected by the
Annual General Meeting. The term of office of
a member of the Board shall be one (1) year,
ending at the close of the Annual General
Meeting following their election. The President
and CEO of the company may not act as the
Chair of the Board. There is no specific order
of appointment of members of the Board.
The Annual General Meeting decides on the
remuneration and travel allowances of the
members of the Board of Directors.
The Board Diversity Policy sets out the prin-
ciples concerning the diversity of the Board
of Directors. The principles are available in
their entirety on the Alma Media website at
www.almamedia.fi/en/investors/governance/
board-of-directors.
Pursuant to the Board Diversity Policy, the
Board of Directors and its members, as a
group, shall have sufficient complementary
expertise and experience on matters related
particularly to the company’s line of business
and operations, the management of a listed
company, financial statements and financial
reporting, internal control and risk manage-
ment, strategy, acquisitions and corporate
governance.
The members of the Board of Directors shall
represent diverse expertise and qualifi-
cations and the diversity of the members’
age and gender distribution, academic and
professional backgrounds and experience
of international business shall support the
company’s business and its development.
Members of the Board of Directors shall
possess the necessary qualifications and
the opportunity to dedicate sufficient time to
their duties as members of the Board. The
number of members and composition of the
Board of Directors shall enable the effective
fulfilment of the Board’s responsibilities. Both
genders shall be represented on the Board of
Directors.
Composition of the Board and
shareholdings of members
The Annual General Meeting 2023 elected the
following members to the Board of Directors:
Catharina Stackelberg-Hammarén,
Eero Broman, Heikki Herlin, Peter
Immonen, Esa Lager, Alexander Lindholm
and Kaisa Salakka. The Chair of the Board
was Catharina Stackelberg-Hammarén and
the Deputy Chair was Eero Broman.
Catharina
Stackelberg-Hammarén
Chair of the Board of Directors
Born: 1970
M.Sc. (Econ.)
Finnish citizen
Senior Vice President, Knowit Insight Oy
Member of the Board 2009–, member of the Nomination and Com-
pensation Committee
Essential work experience
• Marketing Clinic Oy: Founder and Executive Chair 2019–2022
• Marketing Clinic Oy: Founder and CEO 2004–2019
• Coca-Cola Finland: Managing Director 2003–2004 and 2000–2002
• Coca-Cola AB: Managing Director 2002–2003
• Coca-Cola Nordic & Baltic Division: Marketing Director (Copenha-
gen) 2000
• Coca-Cola Finland: Consumer Marketing Manager 1996–2000
• Sentra plc: Marketing Manager 1994–1996
Principal positions of trust
• Royal Unibrew A/S: member of the Board 2019–
• Kojamo plc: member of the Board 2021–
• Purmo Group Oy: member of the Board 2021–
• Harvia Oy: member of the Board 2023–
Independent of the company and its significant shareholders
Shareholding on 31 December 2023
31,620 Alma Media Corporation shares
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CEO of Broman Yhtiöt Oy
Deputy Chair of the Board, member of the Board 2022–,
member of the Audit Committee
Essential work experience
• Broman Yhtiöt Oy: CEO 2019–
• Motonet Oy: CEO 2007–2016
• Broman Group Ltd: Director of Administration 1987–1995
• Broman Group Ltd: Vice President 1995–2016
Principal positions of trust
• Broman Group Ltd: Vice Chair of the Board 2022–, Chair of the
Board 2013–2021, member of the Board 1987–
• Motonet Oy: member of the Board 2007–
• Suomalainen Kirjakauppa Oy: member of the Board 2013–
• Eventio Group Oy: Chair of the Board 2019–
• Varma Mutual Pension Insurance Company: member of the
Supervisory Board 2018–
Independent of the company, but not independent of its
significant shareholder
Shareholding on 31 December 2023
348,248 Alma Media Corporation shares
Chair of the Board of Mariatorp Oy
Member of the Board 2022–,
member of the Audit Committee
Essential work experience
• Mariatorp Oy: CEO, Chair of the Board 2017–
• Freelancer: editor, producer 2015–2017
Principal positions of trust
• Yellow Film & TV: member of the Board 2018–
• Publishing company Teos: member of the Board 2018–
• Riikka Herlin Foundation: Chair of the Board, member 2018–
Independent of the company, but not independent of its
significant shareholder
Shareholding on 31 December 2023
16,635 Alma Media Corporation shares directly, and
15,675,473 Alma Media Corporation shares through Mariatorp Oy
Eero Broman
Born: 1963
M.Sc. (Econ.)
Finnish citizen
Heikki Herlin
Born: 1990
Bachelor of Political Sciences
Finnish citizen
Chair of the Board of WIP Asset Management Oy
2005–
Member of the Board 2018–,
Chair of the Nomination and Compensation Committee
Essential work experience
• WIP Asset Management Oy: Chair of the Board 1995–2001 and
2005–, Managing Director 2002–2005
Principal positions of trust
• Mariatorp Oy: member of the Board 2015–
• Wipunen varainhallinta Oy: member of the Board 2005–
• Dasos Capital Oy: member of the Board 2010–
• Finsilva Oyj: member of the Board 2015–
• Stiftelsen Svenska Handelshögskolan, member of the Board
2019–
Independent of the company, but not independent of its signifi-
cant shareholder
Shareholding on 31 December 2023
7,230 Alma Media Corporation shares
Peter Immonen
Born: 1959
M.Sc. (Econ.)
Finnish citizen
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Member of the Board 2014–,
Chair of the Audit Committee
Essential work experience
• Outokumpu Group: Deputy CEO 2011–2013
• Outokumpu Group: Chief Financial Officer (CFO) 2005–2013
• Outokumpu Group: Director, Financing and Administration
2001–2004, Director, Financing 1995–2000, Vice President
1991–1994
• Kansallis-Osake-Pankki: various expert and managerial posi-
tions (Head Office foreign operations and the London branch)
1984–1990
Principal positions of trust
• SATO Oyj: member of the Board 2016–, Chair of the Board
2015–2016, Deputy Chair of the Board 2014–2015
• Ilkka Oyj: member of the Board 2011–, Deputy
Chair of the Board 2014–
• GRK Infra Oy: member of the Board 2020–
Independent of the company, but not independent of its signifi-
cant shareholder
Shareholding on 31 December 2023
21,055 Alma Media Corporation shares
Otava Group, CEO 2010–
Member of the Board 2018–,
member of the Nomination and Compensation Committee
Essential work experience
• Yhtyneet Kuvalehdet / Otavamedia: CEO 2008–2012
• Yhtyneet Kuvalehdet: Publishing Director 2005–2007
• Yhtyneet Kuvalehdet: Sales Director 2001–2004
Principal positions of trust
• Otava Ltd: member of the Board 2008–2023
• Yhtyneet Kuvalehdet Oy/Otavamedia Oy: member of the
Board/Chair 2008–
• Otava Publishing Company Ltd: Chair of the Board 2010–
• Suomalainen Kirjakauppa Ltd: Chair of the Board 2011–
• Kirjavälitys Oy: Chair of the Board 2013–
• Storytel AB: member of the Board 2023-
Independent of the company, but not independent of its
significant shareholder
Shareholding on 31 December 2023
7,230 Alma Media Corporation shares
Esa Lager
Born: 1959
LL.M., M.Sc. (Econ.)
Finnish citizen
Alexander Lindholm
Born: 1969
BBA
Finnish citizen
VP, Product at Wolt Enterprises Oy
Member of the Board 2022–,
member of the Audit Committee
Essential work experience
• Wolt: VP, Product 2022–
• Unity: Director, Research Labs 2020–2022
• Unity: Director, Product Management 2016–2020
• Unity: Senior Product Manager 2015–2016
• Omniata: Director, Product Management 2015–2015 and Direc-
tor, Data Analytics 2014–2014
• Comptel: General Product Director 2013–2014 and Director,
Analytics Technical Sales 2012–2012
• Xtract: Vice President, Professional Services 2006–2012 and
Project Manager 2005–2006
Principal positions of trust
• Remedy Entertainment: member of the Board 2022–
• Hive Helsinki: member of the Board 2022–
Independent of the company and its significant shareholders
Shareholding on 31 December 2023
2,925 Alma Media Corporation shares
Kaisa Salakka
Born: 1979
M.Sc. (Econ.)
Finnish citizen
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CEO of Mandatum Group and CEO of Mandatum Holding Oy
Member of the Board 2011–2023, Chair 2018, Deputy Chair 2011–2018 and
2019–2022, member of the Audit Committee until 4 April 2023
Essential work experience
• Mandatum Life Insurance Company Limited: CEO 2001–2023
• Evli Life Ltd: Managing Director 2000–2001
• Sampo Life Insurance Company Limited: Product Manager
(unit-linked insurance) 1999–2000
• Kaleva Mutual Insurance Company/Sampo Life Insurance
Company Limited: Life Insurance Sales Manager, 1995–1999
Principal positions of trust
• Sampo Oyj: member of the Group Executive Committee 2001–2023
• Topdanmark A/S: member of the Board 2017–2023
• Mandatum Life: member of the Board 2019–, Deputy Chair of the Board 2023–
• Kaleva Mutual Insurance Company: Chair of the Board 2014–, member of the
Board 2013–
• Varma Mutual Pension Insurance Company: member of the Board 2014–
• Finance Finland (FFI): member of the Board 2019–, Chair of the Life Insurance
Executive Committee 2019–2023, member 2017–2018, Chair 2015–2016, member
2011–2014, Chair 2007–2010
• Confederation of Finnish Industries EK, Finance and Tax Commission: member
2017–, Chair 2015–2016
• Enento Group: Chair of the Nomination Committee 2019–
• Mandatum Asset Management: Deputy Chair of the Board 2021–
• Precordior Oy: member of the Board 2021–
• Midaxo Oy: member of the Board 2022–
Independent of the company and its significant shareholders
Shareholding on 4 April 2023
26,756 Alma Media Corporation shares
Petri Niemisvirta
Born: 1970
LL.M.
Finnish citizen
Member of the Board until 4 April 2023
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It is the duty of the members of the Board of
Directors to provide the Board of Directors
with sufficient information for the assess-
ment of their competence and indepen-
dence. The Board of Directors has assessed
that all of the members of the Board are
independent of the company and, with the
exception of Eero Broman, Heikki Herlin,
Peter Immonen, Esa Lager and Alexander
Lindholm, the members of the Board are also
independent of the company’s significant
shareholders. The Board members are
assessed to be dependent of the company’s
significant shareholders based on the
following grounds: Eero Broman has been a
member of the Board of Otava Ltd for over
10 consecutive years in 2023 (a relationship
with a significant shareholder pursuant to
Recommendation 10, item j of the Corporate
Governance Code). Heikki Herlin is the Chair
of the Board of Directors of Mariatorp Oy,
Peter Immonen is a member of the Board
of Directors of Mariatorp Oy, Esa Lager is a
member of the Board of Directors of Ilkka
Oyj, and Alexander Lindholm is the CEO of
Otava Group.
Tasks and responsibilities of the
Board of Directors
The Board of Directors is responsible for
the company’s governance and the due
organisation of its operations. The tasks and
responsibilities of the Board of Directors
are determined by the Finnish Limited
Liability Companies Act and the Articles of
Association. The detailed working of the
Board of Directors is set out in the Board's
Charter. Principal tasks of the Board of
Directors include confirming the Group’s
strategy and objectives as well as deciding
on significant investments and acquisitions.
The Board of Directors monitors the Group’s
performance through monthly reports and
other information provided by the Group's
management. The company ensures that all
members of the Board of Directors receive
adequate information on Alma Media’s
operations, operating environment and finan-
cial position. New members of the Board of
Directors are familiarised with Alma Media’s
operations.
The duties of the Board of Directors include:
• confirming the Group’s strategy and
objectives, monitoring their implementa-
tion, and, if required, initiating corrective
action;
• considering and approving the interim
reports and the financial statements;
• approving strategically significant
corporate and real estate acquisitions
and disposals as well as investments
according to separate investment
instructions;
• deciding on Alma Media Corporation’s
capital financing programmes and ope-
rations according to a separate treasury
policy;
• approving Alma Media Corporation’s
dividend policy and submitting a divi-
dend proposal to the General Meeting
of Shareholders;
• annually reviewing the main risks asso-
ciated with the company’s operations
and the management of these risks; if
necessary, giving the President and CEO
instructions on how to deal with them,
and, if required, initiating corrective
action;
• approving the principles for the advance
approval of non-audit services provided
by the auditor;
• appointing and, if required, dismissing
the President and CEO;
• deciding on the Nomination and Com-
pensation Committee’s proposal for the
terms of employment of the President
and CEO and the other members of the
Group Executive Team;
• confirming the company’s organisation
based on the CEO’s proposal;
• confirming the terms of employment of
the CEO’s direct subordinates based on
the CEO’s proposal;
• based on the President and CEO’s
proposal, confirm the appointment
and dismissal of the Editors-in-Chief of
newspapers and magazines with signifi-
cant revenue and circulation;
• holding a meeting with the company’s
auditors at least once a year;
• deciding on matters that are exceptional
and have wide-ranging consequences;
• makes decisions on such activities
within the inner circle that are not part
of the company’s regular activities or
which diverge from normal commercial
conditions,
• considering other matters that the
Chair of the Board and President and
CEO have agreed to be included in the
agenda for the Board’s meeting. Other
Board members are also entitled to put
a matter before the Board by notifying
the Chair of such a matter;
• representing the company and entitling
individuals to represent the company, as
well as deciding on procurations;
• approving the principles concerning the
donation of sums to good causes.
The Board’s Charter is available in full on the
Alma Media website: www.almamedia.fi/en/
investors/governance/board-of-directors
The Board convenes approximately 12 times
a year according to a previously confirmed
timetable and, in addition, whenever
necessary. Most meetings are connected
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Name Role
Attendance at Board
meetings
Catharina Stackelberg-Hammarén Chair 12/12
Eero Broman Deputy Chair 10/10
Heikki Herlin Member 12/12
Peter Immonen Member 11/12
Esa Lager Member 12/12
Alexander Lindholm Member 10/10
Petri Niemisvirta Member until 4 April
2023
2/2
Kaisa Salakka Member 12/12
Assessment of the Board’s
performance
In 2023, the Board of Directors evaluated its
performance and working methods through
self-assessment.
Permanent committees
The Board of Directors has established two
permanent committees: the Audit Committee
and the Nomination and Compensation
Committee. At its constitutive meeting after
the Annual General Meeting, the Board of
Directors elects the members of these com-
mittees from among the Board members.
The Board of Directors confirms a written
Charter for the committees. The committees
report to the Board of Directors.
Audit Committee
The members of the Audit Committee shall
have the expertise and experience required
for the duties of the Committee, and at least
one member shall have special expertise
in accounting or auditing. As a whole, the
Audit Committee must possess sufficient
expertise and experience in the tasks of the
Audit Committee as well as the company’s
operating environment. At its constitutive
meeting after the Annual General Meeting,
the Board of Directors elects a minimum
of three members to the Audit Committee
from among the Board members, who then
elect a Chair for the Committee. The Audit
Committee meets at least four times a year.
From 4 April 2023, the members of the Audit
Committee were Esa Lager, Eero Broman,
Heikki Herlin and Kaisa Salakka. Esa Lager
was the Chair of the Audit Committee. The
Audit Committee’s meetings are attended
by the company’s Auditor, the Group’s
Chief Financial Officer and General Counsel.
Matters to the Committee are presented by
the CFO.
The Board of Directors has appointed the
Audit Committee to monitor the company’s
internal control systems. The work of the
Audit Committee includes tasks such as
evaluating compliance with legislation and
regulations; evaluating and monitoring the
financial reporting process and
financial statements reporting, including
compliance with financial statements
standards; monitoring the auditing process;
approving, in accordance with the principles
confirmed by the company’s Board of
Directors, or giving advance authorisation to
the Chair of the Audit Committee to approve,
all permitted non-audit services provided
by the auditor, including their scope and the
estimated fees payable for them; and moni-
with the publication of the company’s
financial statements and interim reports. Part
of the meetings are focused on strategy, and
at these meetings the Board discusses the
Group’s future scenarios and confirms the
strategy for each strategy period. The Board
met 12 times in 2023. The attendance of
each member is shown in the table below.
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toring significant financial, financing and tax
risks; and monitoring the company’s fiscal
position. The Audit Committee is required
to process the company's central approval
and operational instructions for investments
and funding, for example. In addition, the
Audit Committee monitors processes and
risks related to IT security and processes
any messages received through the Group’s
ethical reporting – the whistleblowing chan-
nel. The Audit Committee also monitors and
evaluates the independence of the auditor
and, in particular, the auditor’s provision of
non-audit services.
The Charter of the Audit Committee is
available in full on the Alma Media website:
www.almamedia.fi/en/investors/governance/
board-of-directors
The Audit Committee met five times in 2023.
The attendance of each member is shown in
the table below.
Name Role
Attendance at Audit
Committee meetings
Esa Lager Chair 5/5
Eero Broman Member 5/5
Heikki Herlin Member 5/5
Petri Niemisvirta Member until 4 April
2023
1/1
Kaisa Salakka Member 5/5
Nomination and Compensation
Committee
At its constitutive meeting after the Annual
General Meeting, the Board of Directors
elects the members to the Nomination and
Compensation Committee from among
the Board members. The Nomination and
Compensation Committee comprises at least
three members, who elect a Chair for the
Committee. On 4 April 2023,
Peter Immonen, Alexander Lindholm and
Catharina Stackelberg-Hammarén were
elected as members of the Nomination and
Compensation Committee. Peter Immonen
was the Chair of the committee.
The principal task of the Nomination and
Compensation Committee is to prepare
matters for the Board concerning appoint-
ments, compensation, incentive systems,
the self-evaluation of the Board and the
development of good governance. In the
Nomination and Compensation Committee,
the matters concerning compensation are
presented by the President and CEO.
The Charter of the Nomination and
Compensation Committee is available in full
on the Alma Media website:
www.almamedia.fi/en/investors/governance/
board-of-directors
The Nomination and Compensation
Committee met four times in 2023 to
consider matters according to its Charter.
The attendance of each member is shown in
the table below.
Name Role
Attendance at Nomina-
tion and Compensation
Committee meetings
Peter Immonen Chair 4/4
Alexander Lindholm Member 4/4
Catharina Stackelberg-Hammarén Member 4/4
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The Shareholders’ Nomination Committee
T
he Nomination Committee’s duties
include preparing proposals related
to the election and remuneration of
the members of the Board of Directors to the
Annual General Meeting.
The Shareholders’ Nomination Committee
consists of four members appointed by Alma
Media’s four largest shareholders, and the
members elect a Chair from among their
number.
More information on the members of the
Shareholders’ Nomination Committee of
Alma Media Corporation in 2023 is present-
ed in the table.
The Shareholders’ Nomination Committee
met three times during its term of office in
2023–2024: October and December 2023
and January 2024. All members of the
Nomination Committee attended all of the
meetings.
On 26 January 2024, the Shareholders’
Nomination Committee issued a proposal to
the Annual General Meeting to be held on 5
April 2024.
Name Role
Henrik Ehrnrooth
Born: 1954, B.Sc. (Forest Econ.), M.Sc. (Econ.)
Chair of the Board of Directors, Otava Oy
Member of the Board of AFRY AB (publ)
Shareholding on 31 December 2023: 0 Alma Media Corporation shares
Chair
Timo Aukia
Born: 1973, M.Sc. (Econ.)
Managing Director, Timo Aukia Oy & Jaakko Aukia Oy
Shareholding on 31 December 2023: 5,246 Alma Media Corporation shares
Member
Peter Immonen
Born: 1959, M.Sc. (Econ.)
Chair of the Board of Directors, WIP Asset Management,
member of the Board of Directors of Mariatorp Oy
Shareholding on 31 December 2023: 7,230 Alma Media Corporation shares
Member
Timo Sallinen
Born: 1970, M.Sc. (Econ.)
Head of Listed Securities,
Varma Mutual Pension Insurance Company
Shareholding on 31 December 2023: 0 Alma Media Corporation shares
Member
Catharina Stackelberg-Hammarén
Born: 1970, M.Sc. (Econ.)
Senior Vice President, Knowit Insight Oy
Chairman of the Board of Directors of Alma Media,
Member of the Board 2009–, member of the Nomination and Compensation
Committee
Shareholding on 31 December 2023: 31,620 Alma Media Corporation shares
Expert member during
the term 2023–2024
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President and CEO, Chair of the Group Executive
Team
In the current position 2005–
Member of the Group Executive Team 2005–
Essential work experience
• Kustannus Oy Aamulehti: Managing Director 2001–2005
• Kustannus Oy Aamulehti: Deputy Managing Director 2000–2001
• Kustannus Oy Aamulehti: Marketing Director 1999–2000
• Suomen Paikallissanomat Oy: Marketing Director 1996–1999
• Kustannus Oy Aamulehti: Marketing Manager 1993–1996
• Kustannus Oy Aamulehti: Sales Manager 1991–1993
• Kustannus Oy Aamulehti: Research Manager 1990–1991
• Nokian Paperi Oy: Product Manager 1989–1990
Principal positions of trust
• Teleste Corporation: Member of the Board 2008–
• ETLA Economic Research: member of the Board 2023–
• Tampere Chamber of Commerce & Industry: member of the
Board 2018–2023
Shareholding on 31 December 2023
280,946 Alma Media Corporation shares
Kai Telanne
Born: 1964
M.Sc. (Econ.)
President & CEO and Group Executive Team
of Alma Media Corporation
T
he President and CEO of Alma Media
Corporation is Kai Telanne, M.Sc.
(Econ.), born 1964.
The President and CEO is responsible for the
day-to-day management of the company in
accordance with the guidelines and instruc-
tions of the Board of Directors. The President
and CEO is responsible for the company’s
accounts conforming to legislation and its
assets being reliably managed. The President
and CEO must supply all the information
necessary for the appropriate working of the
Board of Directors to the Board or any of its
members.
The President and CEO may undertake
matters that are exceptional or have
wide-ranging consequences with regard to
the scope and nature of the company’s busi-
ness only through authorisation by the Board
of Directors or in circumstances in which it is
not possible to wait for the Board’s decision
without causing essential damage to the
company’s operation. In the latter case, the
Board must be notified of the action taken as
soon as possible.
The President and CEO, Mr Kai Telanne, is
supported by a Group Executive Team, in
2023 comprising Kari Kivelä (Senior Vice
President, Alma Consumer) until the end
of December; Vesa-Pekka Kirsi (Senior
Vice President, Alma Career); Juha-Petri
Loimovuori (Managing Director, Alma Talent);
Tiina Kurki (Senior Vice President, Alma
Media Solutions); Santtu Elsinen (CDO), who
was appointed Senior Vice President, Alma
Consumer at the beginning of December;
Tommi Raivisto, who was appointed CDO
in November; Virpi Juvonen (Senior Vice
President, Human Resources) until the
beginning of October; Merja Ristilä, who was
appointed Senior Vice President, Human
Resources in September; Mikko Korttila
(General Counsel), Elina Kukkonen (Senior
Vice President, Communications and Brand);
Juha Nuutinen (CFO) until the end of October
and Taru Lehtinen, who was appointed CFO
in October. The members of the executive
team take turns acting as secretary to the
Group Executive Team.
The Group Executive Team prepares the
monthly reports, investments, Group
guidelines and policies, the strategy and
other long-term plans, action plans covering
the following 12 months and the financial
statements for confirmation by the Board of
Directors. The Group Executive Team met 24
times in 2023.
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Senior Vice President, Alma Career
In the current position 2021–
Member of the Group Executive Team 2019–
Essential work experience
• Fonecta Ltd.: Business Unit Director, B2B business unit, and
member of the executive management team 2016–2019,
Fonecta Markets, Vice President and member of the executive
management team 2011–2016
• Openbit Oy/Tanla Solutions Ltd.: Vice President, Sales
2008–2011
• Nokia Corporation: Head of Nokia Games Publishing
2004–2007, Senior Manager Games Application Forum Nokia
2002–2004
• Riot Entertainment Ltd: Head of Product Development and
Publishing Director 2000–2002
• Hewlett-Packard Oy: Program Manager 1998–2000
• Dava Ltd: Product Marketing Manager 1996–1998
Principal positions of trust
• Salama BidCo Oy: member of the Board 2022–
• Salama TopCo Oy: member of the Board 2022–
Shareholding on 31 December 2023
6,600 Alma Media Corporation shares
Senior Vice President, Human Resources until the
beginning of October 2023
Senior Vice President, Human Resources 2013–2023
Member of the Group Executive Team 2012–2023
Essential work experience
• Alma Media Corporation: Acting Senior Vice President, Human
Resources, December 2012–April 2013
• Alma Media Corporation: Director, Human Resources, Market-
places unit, 2011–2012
• Kustannusosakeyhtiö Iltalehti: Human Resources Manager
2007–2011
• Elisa Corporation: Human Resources Manager 2004–2007
• Oy Radiolinja Ab: Human Resources Manager 2002–2004
Principal positions of trust
• Finla Työterveys Oy: member of the Board 2017–2023
Shareholding on 9 October 2023
57,215 Alma Media Corporation shares
Senior Vice President, Alma Consumer
Chief Digital Officer (CDO) until the end of
November 2023
In the current position 2023–
Member of the Group Executive Team 2016–
Essential work experience
• Alma Media Corporation: Chief Digital Officer (CDO) 2016–2023
• Talentum Oyj: Business Development Director, member of
extended Group Management Team 2012–2016
• Trainers’ House Oyj: Vice President, Business Development,
member of the Management Team 2011–2012
• Satama Interactive Oyj: Director, Business Development,
2005–2010
• Quartal Oy: Chair of the Board of Directors 2000–, CEO 2011–,
Business Development Director 1998–2005, Creative Director
1997–1998
• Kauppamainos Bozell Oy: Director, Digital media, 1997
• Specialist positions at advertisement agencies and the media,
1994–1996
Principal positions of trust
• Digia Corporation: member of the Board 2018–
• Finnmedia, Chair of the Technology team 2019–
• Finnish Authentication Cooperative: Chair of the Board 2021–
Shareholding on 31 December 2023
46,533 Alma Media Corporation shares directly and 10,100
shares through Winterfell Capital Oy
Vesa-Pekka Kirsi
Born: 1969
BA
Virpi Juvonen
Born: 1963
M.Soc.Sc.
Santtu Elsinen
Born: 1972
B.Sc.-level studies in Economics
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General Counsel, Legal Affairs, M&A and
Corporate Development
Secretary to the Board of Directors of Alma Media Corporation
In the current position 2007–
Member of the Group Executive Team 2008–
Essential work experience
• Raisio plc: Executive Vice President and General Counsel,
member of the Executive Committee 2003–2007
• Raisio plc: Executive Vice President, HR and Legal; General
Counsel, member of the Executive Committee 2001–2003
• Raisio plc: Legal Counsel, Chemicals and Benecol divisions
1997–2001
• Attorney-at-Law 1990–1997
Principal positions of trust
• Advisory Board of Finnish Listed Companies: Chair, member
2008–
• International Chamber of Commerce, Finnish Committee:
Member of certain working groups 2006–
• Securities Market Association, Member of the Takeover Board
2019–
Shareholding on 31 December 2023
52,855 Alma Media Corporation shares
Senior Vice President, Alma Consumer until the
end of December 2023
Senior Vice President, Alma Consumer 2018–2023
Member of the Group Executive Team 2005–2023
Essential work experience
• Director, Alma News & Life 2016–2017
• Publisher and Editor-in-Chief of Iltalehti, 2005–2017
• Startel Oy: Managing Director 2002–2004
• Saunalahti Group Corporation: Deputy Managing Director
2000–2002
• Uutislehti 100 Oy, City-lehti: Managing Director 1997–2000
• City-lehti: Editor-in-Chief 1986–1997
Principal positions of trust
-
Shareholding on 31 December 2023
79,913 Alma Media Corporation shares
Mikko Korttila
Born: 1962
Master of Laws, Master of Laws
trained on the bench, eMBA
Kari Kivelä
Born: 1959
M.Soc.Sc., MBA
Senior Vice President, Communications and Brand
In the current position 2017–
Member of the Group Executive Team 2017–
Essential work experience
• Alma Media Corporation: Marketing Director, Alma Media
Solutions, 2015–2018
• Kauppalehti Oy: Marketing Manager, 2006–2015
• Gant/Profashion Oy: Product Manager, 2006
• C More Entertainment / Canal+, Sweden: Marketing Manager
2006
• Kustannus Oy Aamulehti: Marketing Manager, 2003–2006
• Kustannus Oy Aamulehti: Specialist positions, 1999–2003
Principal positions of trust
• Media Industry Research Foundation of Finland: Member of the
committee for labour market issues 2019–, Deputy Chair of the
Board 2022–
Shareholding on 31 December 2023
29,315 Alma Media Corporation shares
Elina Kukkonen
Born: 1970
Doctor of Business
Administration DBA (KTT)
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Managing Director, Alma Talent Oy
In the current position 2016–
Member of the Group Executive Team 2006–
Essential work experience
• Alma Media Corporation: Director, Kauppalehti Group,
2006–2015
• Alma Media: Director, Media Sales 2004–2006
• Kustannus Oy Aamulehti: Director, Media Sales 2002–2006
Principal positions of trust
• Finnmedia: member of the Board, Chair of the committee for
labour market issues 2017–
Shareholding on 31 December 2023
107,929 Alma Media Corporation shares
Juha-Petri Loimovuori
Born: 1964
M.Sc. (Econ.)
Senior Vice President, Alma Media Solutions
In the current position 2015–
Member of the Group Executive Team 2017–
Essential work experience
• Alma Media Corporation: Senior Vice President, Alma Media
Solutions 2015–
• Kauppalehti Ltd: Director, Sales and Marketing 2013–2015
• Iltalehti Oy: Director, Sales and Marketing 2008–2013
• Iltalehti Oy: Director, Customer Relations 2006–2008
• Iltalehti Oy: Sales Manager 2004–2006
Principal positions of trust
• Pihlajalinna: member of the Board 2023–
Shareholding on 31 December 2023
63,802 Alma Media Corporation shares
Tiina Kurki
Born: 1970
M.Sc. (Econ.)
Chief Financial Officer
In the current position 2023–
Member of the Group Executive Team 2023–
Essential work experience
• Alma Talent: Director, Head of Alma Talent Services 2021–2023
• Alma Talent: Director, Head of Alma Talent Information Ser-
vices 2019–2020
• Alma Media Corporation: Director, Reporting & Planning
2017–2019
• Alma Media Corporation: Group Financial Manager 2011–2017
• Alma Media Corporation: Group Reporting Manager
2008–2010
• Ernst & Young Oy: Auditor 2001–2008
Principal positions of trust
-
Shareholding on 31 December 2023
8,142 Alma Media Corporation shares
Taru Lehtinen
Born: 1977
M.Sc. (Econ.)
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Senior Vice President, Human Resources
In the current position 2023–
Member of the Group Executive Team 2023–
Essential work experience
• Alma Career Oy: Head of HR 2021–2023
• Alma Career Oy: HR Manager 2018–2021
• F-Secure Oy: HR Manager 2010–2018
• Nokia Siemens Networks Oyj: HR Consultant 2007–2010
• Nokia Oyj: HR Consultant 2006–2007
Principal positions of trust
-
Shareholding on 31 December 2023
0 Alma Media Corporation shares
Merja Ristilä
Born: 1970
M.Sc. (Econ.)
Chief Digital Officer (CDO)
In the current position 2023–
Member of the Group Executive Team 2023–
Essential work experience
• KONE Oyj: Chief Technology Architect 2020–2023
• Helvar Oy: Chief Technology Officer 2017–2020, Chief Digital
Officer 2016–2017
• HERE Technologies GmbH: Vice President, Map Platform
Services 2013–2015
• Nokia Inc.: Vice President, Services R&D 2010–2013, Director
of Technology Strategy & Architecture 2008–2009
• Nokia Oyj: Head of Software Technology 2004–2007, mobile
services product development roles 1997–2003
Principal positions of trust
• Finnmedia: member of the Technology Committee
Shareholding on 31 December 2023
0 Alma Media Corporation shares
Tommi Raivisto
Born: 1972
M.Sc. (Computer Science)
Chief Financial Officer until the end of October
2023
Chief Financial Officer 2012–2023
Member of the Group Executive Team 2012–2023
Essential work experience
• University Properties of Finland Ltd: CFO, member of the Exec-
utive Team 2009–2012
• Alma Media Corporation: Group Financial Manager 2005–2009
• IF P&C Insurance Company: Financial Manager 2003–2005
• KPMG Oy: Auditor, APA (as of December 2000) 1996–2003
Principal positions of trust
-
Shareholding on 31 October 2023
44,744 Alma Media Corporation shares
Juha Nuutinen
Born: 1972
M.Sc. (Econ.)
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Insider Management
A
lma Media Corporation’s Board of
Directors approved Alma Media
Group’s current Guidelines for
Insiders on 29 March 2022. The Guidelines
for Insiders are based on the Market Abuse
Regulation, Level 2 European Commission
Regulations and the rules and guidelines
issued by the European Securities and
Markets Authority (ESMA), and they sup-
plement the valid provisions of NASDAQ
Helsinki Ltd’s Guidelines for Insiders,
Chapter 51 of the Finnish Criminal Code,
the Finnish Securities Markets Act and the
regulations and guidelines issued by the
Finnish Financial Supervisory Authority
regarding the management and handling of
insider information.
Insiders are divided into two categories at
Alma Media Corporation: managers subject
to the notification obligation and project
insiders.
At Alma Media Corporation, the following
shall be considered managers subject to the
notification obligation: the Chair of the Board
and the Deputy Chair, the members of the
Board and any deputy members, the CEO
and any deputies to the CEO, and the mem-
bers of the Group Executive Team. Managers
subject to the notification obligation shall not
trade in the company’s financial instruments
before the publication of the company’s in-
terim reports and financial statement release
within a time frame beginning 30 days before
the publication of the interim reports and
the financial statement release and ending
on the day following the publication date
(“closed window”). Project insiders shall not
trade in Alma Media Corporation’s financial
instruments until the project in question has
ended.
Alma Media Corporation has further decided
that the persons involved in the preparation
and drafting of Alma Media Corporation’s
interim reports and financial statement
releases Permanent insiders must not trade
with financial instruments issued by the
Company before the publication of the
company’s interim reports and financial
statement releases within a time frame be-
ginning 30 days before the publication of the
interim reports and the financial statement
release and ending on the day following the
publication date (“extended closed window”).
The extended closed window also applies
to persons who, in the course of performing
their duties, obtain information on Alma
Media Group’s sales figures or the sales
figures of a business unit that has material
significance to the result of the Alma Media
Group as a whole.
Alma Media Corporation uses an ethical
reporting channel, Alma-Whistleblow, which
is intended for employees and third parties
to report suspected incidents of criminal ac-
tivity and misconduct that cannot, for some
reason, be communicated directly to Alma
Media’s responsible persons or if the person
submitting the report wishes to remain
anonymous. The whistleblowing channel can
also be used to report suspected violations
of securities market regulations.
Alma Media Corporation shall disclose
transactions by managers and their closely
associated persons involving the company’s
financial instruments by issuing a stock
exchange release in accordance with the
Market Abuse Regulation.
Information concerning the sharehold-
ings of the company’s management
is updated every day on the Alma
Media website: www.almamedia.fi/
en/investors/share-and-shareholders/
insider-shareholdings
The Company’s General Counsel is respon-
sible for the insider management of the Alma
Media Group.
Related party transactions
The Group’s parent company, subsidiaries,
associated companies and joint ventures
included in Alma Media’s related parties.
Pursuant to IAS 24, the Group’s related
parties consist of its Board of Directors,
the CEO and the Deputy CEO of the parent
company and the managing directors of
the major subsidiaries as well as the other
executives of the Group and the Group’s
key shareholders who exercise control or
significant influence over the decision-mak-
ing processes relating to the finances and
business of the parent company or signifi-
cant subsidiary.
The close family members of the aforemen-
tioned persons are also considered to be
related parties of the Group.
The related parties also include Alma Media
shareholders who own more than 20 per
cent of the Group’s shares or the total
number of votes carried by the Group’s
shares.
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The Group maintains a record of its related
parties in order to identify transactions with
related parties. Transactions with related
parties are monitored using the Group’s
reporting system. Related party transactions
that are not part of the ordinary course of
the Group’s business or are not carried out
on an arm’s length basis are subject to a
decision by the Board of Directors. Related
party transactions and the nature of their
terms is assessed on a case-by-case basis
and in relation to the Group’s ordinary
course of business and the arm’s length
principle as well as the industry’s generally
observed and accepted market practices.
To organise the identification, reporting and
monitoring of related party transactions,
the Board of Directors has assigned the
Audit Committee to monitor transactions by
the Group’s management and their related
parties and any potential conflicts of interest
involved therein. The Audit Committee mon-
itors and evaluates the degree to which con-
tracts and other legal transactions between
the Group and its related parties comply
with the legal requirements for being part of
the ordinary course of business and being
conducted on an arm’s length basis. The
CEO reports all related party transactions
to the Audit Committee annually. The Group
has issued guidelines for the members of the
Group Executive Team on the identification
of related party transactions and they are
obligated to notify the Group in advance of
any contracts and legal transactions they
plan to carry out with Group companies.
The Group reports any transactions with
related parties annually in its Report by
the Board of Directors and the notes to the
financial statements in accordance with the
Limited Liability Companies Act and the
legislative provisions governing the prepa-
ration of financial statements. The Group
publishes related party transactions in the
manner stipulated by the Securities Market
Act, the rules of the stock exchange and the
Market Abuse Regulation.
During the financial year, Alma Media did
not have related party transactions that
deviated from the Group’s normal business
operations or were not made on market or
market-equivalent terms.
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Internal control and risk management systems in financial reporting
Internal control
Internal control is an essential part of the
company’s governance and management
systems, covering all of the Group’s func-
tions and organisational levels. The purposes
of internal control include providing sufficient
certainty that the company will be able to
execute its strategy. Internal control is not
a separate process; instead, it is part of the
company’s operations, covering all Group-
wide operational principles, guidelines and
systems.
Financial reporting
The Board of Directors and the President
and CEO carry the overall responsibility
for organising the internal control and risk
ma nagement systems for financial reporting.
The President and CEO, members of the
Group Executive Team and the heads of the
business units are responsible for ensuring
that the accounting and administration of
their respective segments comply with
legislation, the Group’s operating principles
and the guidelines and instructions issued
by Alma Media Corporation's Board of
Directors. In Alma Media Group, the control
over business unit administration and
accounting is centralised in the Group’s
financial administration. The financial
administration monitors and gives guidance
regarding internal control measures and
practices, based on the Group’s operating
principles and guidelines. The financial ad-
ministration, working under the Group CFO,
is the centralised source of financial state-
ment data required by external accounting,
as well as the analyses and result reports to
Group and business unit management teams
for monitoring the profitability of business
operations. The Group’s internal control
practices ensure the correctness of financial
reporting within the Group. Risks related
to financial reporting are managed with the
help of the Group’s accounting manual,
finance and investment policy, acquisition
guidelines and internal control.
Alma Media Group follows the International
Financial Reporting Standards (IFRS)
approved for use within the European
Union. Guidelines for financial reporting
and accounting principles are collected in
an accounting manual that is updated as
standards change, as well as the financial
department guidelines that are applied in
all Group companies. Group accounting is
responsible for the monitoring and obser-
vance of the financial reporting standards
as well as maintaining financial reporting
principles and communicating them to the
business units.
Risk management
Risk management is part of Alma Media
Corporation’s financial reporting process
and one of the company’s significant
measures of internal control. At Alma Media
Group, the task of risk management is
to continuously evaluate and monitor all
business opportunities and threats and to
manage risks to ensure the achievement of
objectives and business continuity.
The Board of Directors carries the primary
responsibility for Alma Media’s risk man-
agement. The Board of Directors considers
the most significant identified risks and is in
charge of defining the Group’s risk appetite
and risk tolerance. The Audit Committee
prepares for the Board of Directors the risk
management principles of the Group and
monitors the efficiency of the risk manage-
ment systems.
The Audit Committee also discusses the
management reports on significant risks
and the company’s exposure to them and it
considers the plans to minimise risks.
Alma Media’s internal control and risk management organisation
ALMA CAREER ALMA CONSUMER ALMA TALENT
ALMA MEDIA’S BOARD OF
DIRECTORS
ALMA MEDIA’S AUDIT COMMITTEE
PRESIDENT AND CEO
CHIEF FINANCIAL OFFICER
GROUP EXECUTIVE TEAM
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GOVERNANCE STATEMENT
The CEO, the Group Executive Team and
other managers in the Group at all orga-
nisational levels are responsible for daily
risk management. In each business unit,
a member of the unit’s executive group,
usually the person in charge of the finances,
is responsible for risk management and
reporting on risk management operations.
The risk management process identifies the
risks, develops appropriate risk manage-
ment methods and regularly reports on risk
issues to the risk management organisation
and the Board of Directors. Risk manage-
ment is part of Alma Media Corporation’s
internal control and, thus, is part of good
corporate governance. Alma Media sets
limits and procedures for quantitative as
well as qualitative risks in writing in its risk
management system. Alma Media classifies
its business risks as strategic, operational
and financial risks.
Alma Media’s most significant strategic risks
are related to disturbances in the economic
operating environment, rapid changes in
the competitive landscape and customer
behaviour, the rapid development of tech-
nology and significant changes in regulation.
Negative impacts on business operations can
be prevented through the effective identifi-
cation of strategic risks and taking sufficient
preparatory measures. The continuous
development of competence and rolling
strategy work ensure the company’s ability
to adapt its business plans as necessary.
The management of Alma Media’s operatio-
nal risks and business continuity is focused
on risk management and measures aimed at
mitigating disturbances in various areas. The
operational risks identified by Alma Media
are related to data security, vulnerabilities in
technology infrastructure and supply chains,
the leveraging of intellectual property rights,
as well as the Group’s employees and their
competence and physical safety.
Risk management ensures the flexibility and
continuity of operations. A comprehensive
framework is used to proactively identify,
assess and manage potential risks in order
to protect business operations and maintain
uninterrupted services to customers. Data
security risks are managed in various
ways; for example, by improving proactive
automation to detect server attacks in a
timely manner and by regularly training
the employees on data security and data
privacy. The ability to respond to data
security breaches involving personal data is
enhanced by continuously updated guide-
lines and training. Related guidance is also
provided to the Group’s subcontractors.
Business continuity planning is an important
part of Alma Media’s operational risk
management. Its purpose is to enable
the continuity of business in problematic
circumstances by adopting an appropriate
strategy and measures to protect people
and property. This helps ensure the continu-
ity of the Group’s operations in the event of
a disruption. The continuity plan systemati-
cally describes how the continuity of certain
functions, processes or systems is ensured
in the event of disruptions and how they
are recovered, and the actions to be taken
to mitigate adverse impacts and accelerate
recovery. The continuity plan is updated
when significant changes in the operating
environment require it.
Alma Media’s financing risks are related to
market, liquidity and credit risks as well as
risks in operational activities. Market risk
occurs when potential losses arise from
changes in the market situation, such as
fluctuations in interest rates or exchange
rates. Liquidity risk occurs if Alma Media is
unable to meet its short-term or long-term
financial obligations. Credit risk, in turn, oc-
curs when customers, suppliers or partners
are unable to meet their financial obligations.
Operational risks and financial reporting
risks cause potential losses or inaccuracies
in financial reporting, which may be due to
inadequate or failed internal processes,
systems or human error.
Risks related to corporate governance and
sustainability include environmental risks
(climate change), governance-related risks
and risks pertaining to social responsibility
(employees, consumers, value chain). These
risks are associated with potential conse-
quences such as fines, reputational damage,
legal disputes, a negative customer expe-
rience and a poor employee experience.
Managing these risks is an important part
of the sustainable management of business
operations..
The strategic, operational and financial risks
related to Alma Media’s business and the
actions taken to mitigate them are described
in more detail in the Report by the Board of
Directors. Financial risks are also described
in more detail in the notes to the consolida-
ted financial statements.
Internal audit
In Alma Media Group, internal audit functions
have been incorporated into the responsibil-
ities of Alma Media Corporation’s financial
administration. Internal audits test the
effectiveness of processes and the controls
included in them. Internal auditing is carried
out by means of monitoring reports as well
as separate reviews.
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Auditing
T
he General Meeting of Shareholders
annually elects an auditor and deputy
auditor for the Group.
An auditing firm can also be appointed as
the auditor. If an auditing firm that is entered
in the register of auditors of the Finnish
Patent and Registration Office (PRH) and
whose key audit partner is an Authorised
Public Accountant is appointed the auditor,
no deputy is required.
The term of office of the auditors expires at
the close of the next Annual General Meeting
following their election. The auditor’s task
is to ensure that the financial statements
are prepared in accordance with current
regulations and that they provide correct
and sufficient information on the company’s
result, financial position and other aspects of
the business for the stakeholders.
As part of their annual auditing assignment,
the auditors of Alma Media Corporation
audit the accounting and governance of the
business units. The requirements set by the
internal audit are taken into account in the
audit plans.
The auditors submit their report to Alma
Media Corporation’s shareholders at the
Annual General Meeting. Furthermore, the
auditors submit an annual summary of their
auditing plan and a written report on the
entire Group to the Board of Directors and
Audit Committee in conjunction with the
publication of each interim report and the
annual financial statements. In addition,
the auditors provide a separate report on
any observations concerning the audit of
the financial year to the Group’s financial
management and the Audit Committee.
Alma Media Corporation’s Annual General
Meeting 2023 elected Authorised Public
Accountants PricewaterhouseCoopers
Oy as the company’s auditors, with Niina
Vilske, Authorised Public Accountant,
as the principal auditor. As a rule,
PricewaterhouseCoopers is the auditor of
the subsidiaries of Alma Media Group.
Alma Media Group’s auditing fees for 2023
amounted to EUR 290,450. In addition, the
auditing firm PwC charged the Group a total
of EUR 44,037 in fees for other services in
the 2023 financial year. PwC has served as
the Group’s auditor since 2014.
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Remuneration Report 2023
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REMUNERATION
REPORT
148
152
156
From the Chairman
Comparison data
Verification of the Remuneration Report
150
153
Key remuneration principles
Remuneration of the Board of Directors
151
155
Deviation from the Remuneration Policy
and clawback of remuneration
Remuneration of the President and CEO
Contents
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REMUNERATION
REPORT
From the Chairman
Dear shareholders
Alma Media’s business continued to develop
favourably in 2023 and, in spite of the chal-
lenging business environment, the Group’s
revenue and operating profit were on a par
with the record highs seen in 2022.
The recruitment business and the business
premises marketplaces business continued
their strong development in particular.
Russia’s war of aggression against Ukraine
continued, but inflation began to slow as
the year progressed. Nevertheless, the
increased market interest rates slowed
economic growth throughout Europe.
The Group continued to shift its strategic
focus to the development of digital and
international business.
In the media business, the digital transfor-
mation from print to digital media continues.
At the same time, the marketplaces and ser-
vices business is moving towards advanced
trading platforms.
Remuneration systems
align the interests of
the management and
shareholders
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Alma Media’s incentive schemes emphasise
the reconciliation of the interests of the
executives and the interests of Alma Media’s
shareholders, engaging the commitment
of the executives through long-term share
ow nership and thereby increasing the com-
pany’s shareholder value in the long term.
In accordance with the proposal of the
Shareholders’ Nomination Committee, the
Annual General Meeting 2023 resolved to
increase the annual fees of the Board of
Directors. It was decided that the following
annual fees be paid to the members of the
Board of Directors elected at the Annual
General Meeting for a term of office ending
at the close of the Annual General Meeting
2024: to the Chair of the Board of Directors,
EUR 68,800 (previously EUR 62,500) per
year; to the Deputy Chair, EUR 44,000
(previously EUR 40,000) per year, and to
the members EUR 35,800 (previously EUR
32,500) per year.
The key criteria for the short-term incentive
bonuses of Alma Media’s President and CEO
were the development of the Group’s adjust-
ed operating profit, sustainability targets and
the implementation of strategic projects.
Alma Media’s long-term incentive scheme,
in turn, is based on the total shareholder
return of the company’s share, earnings per
share and sustainability targets. The rewards
based on these criteria are paid in Alma
Media shares. Variable remuneration compo-
nents, i.e. short-term and long-term incen-
tives, represent a significant proportion of
the remuneration of the President and CEO.
This ensures a strong alignment between the
implementation of the Group’s strategy and
the President and CEO’s remuneration, as
the targets set for the short-term and long-
term incentive systems are directly linked to
the Group’s business development.
The total remuneration paid to the President
and CEO in 2023, including pension contri-
butions (supplementary pension + statutory
pension), amounted to EUR 2,729,843, with
variable remuneration components repre-
senting 62 per cent of the total.
This remuneration report for the Group’s
governing bodies has been produced
in compliance with the EU Shareholder
Rights Directive (SHRD) and the Finnish
Corporate Governance Code 2020 for listed
companies.
Peter Immonen
Chairman of the Nomination and
Compensation Committee
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CORPORATE
GOVERNANCE STATEMENT
REMUNERATION
REPORT
REPORTING
FRAMEWORK
REMUNERATION
REPORT
Key remuneration principles
I
n accordance with its strategy, Alma
Media builds sustainable growth by taking
advantage of the opportunities presented
by the digital transformation. The objective
is to increase shareholder value through
revenue growth and improved profitability.
Alma Media is developing and expanding
its current business operations and seeking
growth opportunities in new businesses
and markets. The company’s Remuneration
Policy and remuneration systems are aimed
at promoting the Group’s long-term financial
success, competitiveness and the develop-
ment of shareholder value.
The remuneration of the members of the
Board of Directors at Alma Media must be
competitive to ensure that the Board of
Directors consists of members with sufficient
expertise to carry out the duties of the
Board of Directors, which include, among
other things, deciding on the company’s
strategy and monitoring its implementation.
The remuneration schemes concerning the
company’s President and CEO are based
on the principle of achieving the Group’s
strategic objectives defined and confirmed
by the Board of Directors as well as the prin-
ciple of improving the company’s result. The
incentive schemes emphasise the reconcil-
iation of the interests of the executives and
the interests of Alma Media’s shareholders,
engaging the commitment of the executives
through long-term share ownership and
thereby increasing the company’s sharehold-
er value in the long term.
The remuneration principles include the pro-
motion of a performance-based operating
culture, offering competitive compensation
for development that promotes the imple-
mentation of strategy and the achievement
of targets. Alma Media’s remuneration
principles and processes are transparent,
clear and consistent.
Alma Media’s Annual General Meeting
confirmed the Remuneration Policy of Alma
Media’s Governing Bodies, prepared in
accordance with the Corporate Governance
Code 2020 for Finnish listed companies
and the EU amendment directive concern-
ing shareholder rights (SHRD II), in spring
2022. The Remuneration Policy is available
in full on Alma Media’s website at www.
almamedia.fi/en/investors/governance/
remuneration.
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REPORT
Deviation from Alma Media’s Remuneration Policy
and clawback of remuneration in 2023
T
emporary deviations from Alma
Media’s Remuneration Policy may be
made if such a deviation is necessary
to ensure the long-term interests of Alma
Media. The assessment may take into
account, among other things, the company’s
long-term financial success, competitiveness,
ensuring the undisrupted continuation of
business and the development of sharehold-
er value.
Deviations from the Remuneration Policy
concerning the President and CEO shall be
prepared by the Board’s Nomination and
Compensation Committee and decided
on by the Board of Directors. If there are
grounds for temporary deviation, the devi-
ation may concern any component or aspect
of remuneration.
There were no deviations from the
Remuneration Policy in 2023. There were
also no circumstances that would have
given cause for the Group to exercise its
right to claw back or cancel paid or unpaid
incentives.
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REMUNERATION
REPORT
Comparison figures on the remuneration of the management and employees
and Alma Media’s financial performance 2019–2023
A
lma Media’s businesses achieved
strong development and profitability
rose to a record-high level in 2023.
Revenue grew broadly across the Group’s
businesses, with recruitment services seeing
very strong demand, for example.
The remuneration schemes concerning the
company’s President and CEO are in line
with the updated long-term targets and
they are based on the achievement of the
Group’s strategic objectives, digital business
growth and improving the Group’s result.
These criteria are also reflected in the
short-term and long-term remuneration of
the President and CEO. The remuneration
of the President and CEO is closely aligned
with the principle of performance-based
remuneration.
The development of the remuneration of the
Board of Directors and the President and
CEO compared to the average remuneration
of the Group’s employees and the Group’s
financial performance for the past five
financial years:
EUR 2019 2020 2021 2022 2023
Average fees paid to a member of the Board of Directors 56,571 54,014 49,533 46,650 52,829
Basic salary + benefits paid to the President and CEO (excluding pension
benefits)
511,777 523,853 552,988 577,935 573,529
Year-on-year change, % 8.0% 2.4% 5.6% 4.5% -0.8%
Total remuneration paid to the President and CEO 600,004 1,246,306 442,390 2,401,031 1,685,820
Year-on-year change, % -8.3% 107.7% -64.5% 442.7% -29.8%
Average employee salary* 50,242 49,523 53,257 56,129 55,036
Adjusted operating profit (MEUR) 49.3 45.4 61.1 73.4 73.4
Digital business growth, % 3.7% -4.7% 33.9% 17.7% 0.6%
Share price (end of the year) 7.96 8.92 10.82 9.40 9.60
Dividend 0.40 0.30 0.35 0.44 0.45**
* The average employee salary is calculated by dividing employee expenses by the average number of employees (excluding telemarketers).
** The Board of Directors’ proposal to the Annual General Meeting
The comparison figures illustrate the salaries
and fees paid during each financial year.
The bonuses based on short-term and
long-term incentive schemes are always
paid in the year following the performance
period. For example, the figures for 2023 are
based on the short-term incentive scheme’s
performance period 2022 and the long-term
performance period 2018–2022.
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REMUNERATION
REPORT
Remuneration of the Board of Directors in 2023
Fees paid to the members of the Board of Directors for their work on the Board and its committees in 2023 (EUR)
T
he members of the Board of Directors
of Alma Media Corporation are not in
an employment relationship with the
company. The compensation received by the
members of the Board of Directors from the
company is limited to compensation related
to membership of the Board of Directors and
its committees and their work on the Board
of directors. The members of the Board of
Directors are not included in Alma Media’s
share-based incentive schemes or the
company’s other incentive schemes.
The Members of the Board will, as decided
by the Annual General Meeting, acquire a
number of Alma Media Corporation shares
corresponding to approximately 40 per cent
of the full amount of the annual remunera-
tion for Members of the Board, taking into
account tax deduction at source, at the
trading price on the regulated market of
the Helsinki Stock Exchange. The acquired
shares cannot be transferred until the recip-
ient’s membership on the Board has ended.
If it is not possible to acquire the shares
by the end of each year for a reason such
as pending insider transactions, the annual
remuneration shall be paid in cash.
* The number of shares corresponds to approximately 40% of the full amount of the annual fee after taxation
Year Name Position Board meetings
Audit
Committee
Nomination
and Compen-
sation
Committee
Fees
total
Annual
fee
Annual fee paid
in shares, no.
of shares*
Meeting
fees
2023 Catharina
Stackelberg-Hammarén
Chair 68,800 3,085 18,000 2,000 88,800
2023 Eero Broman Deputy Chair 44,000 1,973 7,000 2,500 53,500
2023 Petri Niemisvirta Member until 4 April 2023 - - 1,000 500 1,500
2023 Heikki Herlin Member 35,800 1,605 6,000 2,500 44,300
2023 Peter Immonen Member 35,800 1,605 5,500 4,000 45,300
2023 Esa Lager Member 35,800 1,605 6,000 7,500 49,300
2023 Alexander Lindholm Member 35,800 1,605 5,000 2,000 42,800
2023 Kaisa Salakka Member 35,800 1,605 6,000 2,500 44,300
The meeting fees of the members of the
Board of Directors are paid in cash.
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In accordance with the proposal of the
Shareholders’ Nomination Committee, the
Annual General Meeting 2023 resolved to
increase the annual fees of the Board of
Directors as follows:
• To the Chair of the Board of Directors,
EUR 68,800 per year; to the Deputy
Chair, EUR 44,000 per year; and to the
other members, EUR 35,800 per year.
• In addition, the Chair of the Board of
Directors and the Chair of the Audit
Committee will be paid a fee of EUR
1,500, the Chair of the Nomination and
Compensation Committee a fee of EUR
1,000, the Deputy Chairs of the com-
mittees a fee of EUR 700 and members
a fee of EUR 500 for those Board and
Committee meetings that they attend.
• The travel expenses of Board members
will be compensated in accordance with
the company’s travel policy.
The attendance fees for each meeting are
• doubled for (i) members living outside
Finland in Europe or (ii) meetings held
outside Finland in Europe; and
• tripled for (i) members resident outside
Europe or (ii) meetings held outside
Europe.
In the financial year 2023, the fees paid to
the Board members totalled EUR 369,800.
All fees paid to the Board members during
the financial year 2023 were in accordance
with Alma Media’s Remuneration Policy.
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Remuneration of the President and CEO in 2023
T
he total remuneration paid to Alma
Media’s President and CEO in 2023,
including pension contributions
(supplementary pension + statutory pension),
amounted to EUR 2,729,843, with variable
remuneration components representing
62 per cent of the total. Short-term and
long-term incentive bonuses paid in 2023
represented 61,8 per cent of the total remu-
neration of the President and CEO, while
the fixed annual salary including pension
benefits (statutory pension and supplemen-
tary pension) represented 38,2 per cent. The
remuneration of the President and CEO in
2023 was in accordance with Alma Media’s
Remuneration Policy.
According to the Remuneration Policy, the
fixed remuneration includes basic salary,
benefits and supplementary pension contri-
butions. The variable remuneration consists
of a short-term incentive (STI) bonus scheme
related to the achievement of short-term
financial and operational targets and long-
term remuneration schemes (LTI).
The supplementary pension contribution of
the President and CEO’s fixed annual salary
is 37% of the annual salary, which is calcu-
lated by adding a computational share of
50% of the maximum incentive to the overall
salary. The President and CEO has the right
to retire at the age of 60. No other financial
benefits were paid to the President and CEO
in 2023.
Variable remuneration
components:
Short-term remuneration
The main elements of the short-term
incentive bonus scheme of Alma Media’s
President and CEO were based on three cri-
teria: meeting Alma Media Group’s financial
targets concerning adjusted operating profit
(weight 70%), the achievement of strategic
objectives (weight 20%) and the achievement
of ESG targets (weight 5–10%) for each
calendar year.
The maximum remuneration payable to the
President and CEO under the short-term
incentive scheme is 100% of the annual basic
remuneration. In addition to the earning
opportunity based on the incentive scheme,
Variable remuneration components Pension benefits
Fixed annual salary
(including taxable fringe
benefits)
Short-term incentive
bonuses paid for the
year 2023
Share-based
incentive bonuses
paid
Supplementary and
statutory pension contri-
butions Total
President and CEO 573,529 424,313 1,261,507* 470,495 2,729,843
the President and CEO may be eligible
for one-off project bonuses based on, for
example, key development projects, projects
relating to significant changes in Group
structure or M&A transactions or other one-
off projects or arrangements as determined
by the Board of Directors on a case-by-case
basis.
The rate of achievement of the targets of the
President and CEO’s short-term incentive
scheme in 2022 was 77.5% and the bonus
of EUR 424,313 was paid in March 2023.In
2023, the rate of achievement of the targets
was 63.5%, and the bonus of EUR 360,667
will be paid in March 2024.
* The share-based incentive bonus (LTI) was paid in two instalments. In the first instalment, which was paid on 16 March 2023, the number of shares transferred was 15,608 and the
average share price on the payment date was EUR 9.12. In the second instalment, which was paid on 27 April 2023, the number of shares transferred was 125,959 and the average
share price on the payment date was EUR 8.88.
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Variable remuneration
components:
Long-term remuneration
The President and CEO’s long-term incen-
tive structure consists of the share-based
incentive schemes LTI 2015 (ended in 2023)
and LTI 2019. Dividing the maximum incen-
tive reward over the measurement period
on average, the maximum incentive reward
based on the LTI schemes is limited to 95 per
cent of the President and CEO’s fixed annual
salary. The measurement period is five years
for the LTI 2015 scheme and three years for
the LTI 2019 scheme.
2015 IV
TSR
2020
MSP
2021
MSP
2022
MSP
2023
MSP Total
Maximum 36,000 120,000 126,000 150,000 180,000 612,000 shares
Performance indicators Total shareholder
return
(TSR)
Digital growth
(33%), EPS (33%), total
shareholder return (TSR)
(33%)
Digital growth
(33%), EPS (33%), total
shareholder return (TSR)
(33%)
Revenue growth (33%),
EPS (33%), total share-
holder return (TSR) (33%)
EPS (35%), total share-
holder return (TSR) (50%),
ESG
Performance period 2018–2022 2020–2022 2021–2023 2022–2024 2023–2025
Year of payment 2023 2023 2024 2025 2026
Amount earned 15,608 141,567
On 16 March 2023 and 27 April 2023, the
President and CEO was paid share-based
incentive bonuses under three different
incentive schemes (LTI 2015 III, LTI 2015 IV,
MSP 2019). The gross number of shares
received by the President and CEO based
on the incentive schemes was 141,567
shares, corresponding to EUR 1,261,508.
Alma Media’s Board of Directors decided
to delay the transfer of shares under the
MSP 2020 incentive scheme until April
2023 because the company did not have a
sufficient number of treasury shares on the
original payment date in February 2023. The
participants in the MSP incentive scheme
were compensated for the loss of dividends.
In accordance with the Board of Directors’
recommendation concerning share ow ner-
ship, the President and CEO is expected
to retain ownership of at least half of the
net shares received through the company’s
share-based incentive schemes until the
total value of the Alma Media shares held
corresponds to at least one year’s fixed
gross annual salary. The long-term incentive
bonus is subject to a transfer restriction and
the President and CEO can only transfer the
shares pursuant to the terms and conditions
of the incentive scheme.
Verification of
the Remuneration Report
The auditing firm PricewaterhouseCoopers
Oy, which served as Alma Media’s auditor
for the financial year 2023, has verified that
the legally required disclosures are included
in this Remuneration Report.
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Reporting framework
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GRI Indicator Location More information
Organisation
102-1 Name of the organisation Alma Media
102-2 Activities, brands, products and services Annual Report p. 6
102-3 Location of headquarters www.almamedia.fi/en/contacts
102-4 Location of operations Finland, Czech Republic, Slovakia, Estonia, Latvia, Lithuania,
Croatia, Bosnia and Herzegovina, Sweden, Poland, Slovenia,
Northern Macedonia
102-5 Ownership and legal form Report by the Board of Directors p. 49
102-6 Markets served Annual Report p. 6
102-7 Scale of the organisation Report by the Board of Directors p. 52–53
102-8 Information on employees and other workers Report by the Board of Directors p. 36
102-9 Supply chain Report by the Board of Directors p.26, 41
102-10 Significant changes to the organisation and its supply chain Report by the Board of Directors p. 17–19
102-11 Precautionary Principle or approach Report by the Board of Directors p. 42–46
102-12 Principles or initiatives of external operators, approved or promoted by the
organisation
Report by the Board of Directors p. 24
102-13 Memberships of associations and advocacy organisations Report by the Board of Directors p. 25
Strategy
102-14 CEO’s review Annual Report p. 3
102-15 Key impacts, risks, and opportunities Report by the Board of Directors p. 15, 42–46
Ethics and integrity
102-16 Values, principles, standards, and norms of behaviour Report by the Board of Directors p. 39–40
102-17 Mechanisms for advice and concerns about ethics Report by the Board of Directors p. 40
GRI index
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GRI Indicator Location More information
Governance
102-18 Governance structure Corporate Governance Statement p. 126–128
102-19 Delegating authority Corporate Governance Statement p. 126–131
102-20 Executive-level responsibility Corporate Governance Statement p. 126–131, 136–140
102-21 Consulting stakeholders Report by the Board of Directors p. 20–21
102-22 Composition of the Board of Directors Corporate Governance Statement p. 126–131
102-23 Chair of the Board of Directors Corporate Governance Statement p. 128
102-24 Nominating and selecting the Board of Directors Corporate Governance Statement p. 128
102-25 Process in place for the Board to ensure conflicts of interest are avoided Corporate Governance Statement p. 141
102-26 Role of the Board of Directors in setting purpose, values and strategy Corporate Governance Statement p. 126–128
102-27 Collective knowledge of the Board of Directors Corporate Governance Statement p. 126–128
102-28 Evaluating the Board of Directors’ performance Corporate Governance Statement p. 132–134
102-29 The Board of Directors’ role in identifying and managing impacts and risks Corporate Governance Statement p. 132–134
102-30 Effectiveness of risk management processes Corporate Governance Statement p. 132–134
102-31 Frequency of the Board of Directors’ reviews of risks Report by the Board of Directors p. 42–46
102-32 The Board of Directors’ role in sustainability reporting Report by the Board of Directors p. 24
102-33 Communicating critical concerns Report by the Board of Directors p. 20–21, 39–40
102-34 Nature and total number of critical concerns Report by the Board of Directors p. 20–21, 35, 40
102-35 Remuneration of the Board and senior executives Remuneration Report 153–156
102-36 Process for determining remuneration Remuneration Report 153–156
102-40 List of stakeholder groups engaged by the organisation Report by the Board of Directors p. 21
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GRI Indicator Location More information
102-41 Percentage of total employees covered by collective bargaining agreements Alma Media complies with the labour legislation
in all its operating countries. Information about
the number of employees covered by collective
bargaining agreements is available for the business
operations in Finland and Sweden. In Finland, 61
per cent of employees were covered by collective
agreements at the end of 2023. All of Alma Media’s
employees in Sweden were covered by collective
agreements in 2023.
Stakeholder interaction
102-42 Basis for identification and selection of stakeholders with whom to engage Report by the Board of Directors p. 20–21
102-43 Approach to stakeholder engagement Report by the Board of Directors p. 20–21
102-44 Key topics and concerns raised through stakeholder engagement Report by the Board of Directors p. 20–21
Reporting practice
102-45 Entities included in the consolidated financial statements Report by the Board of Directors p. 11
102-46 Defining the report content Annual Report p. 2
102-47 Material topics and their calculation boundaries Report by the Board of Directors p. 25
102-48 Restatements of information Report by the Board of Directors p. 25
102-49 Significant changes in the scope and topic boundaries Report by the Board of Directors p. 25
102-50 Reporting period 1 January – 31 December 2023
102-51 Date of most recent report 15 March 2024
102-52 Reporting cycle Annual
102-53 Contact point for questions regarding the report [email protected]i
102-54 Claims of reporting in accordance with the GRI Standards p. 157–165
102-55 GRI content index p. 157–165
102-56 External assurance Financial Statements p. 123
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GRI Indicator Location More information
Management approach
103-1 Material topics and their Boundaries Report by the Board of Directors p. 21
103-2 The management approach and itse components Report by the Board of Directors p. 35, 39, Corporate
Governance Statement p. 126–127, 132–134, 136, 141
103-3 Evaluation of the management approach Report by the Board of Directors p. 35, Remuneration Report
p. 150
Economic standards
Economic performance
201-1 Direct economic value generated and distributed Report by the Board of Directors p. 23
201-4 Financial assistance received from government Report by the Board of Directors p. 38
Anti-corruption
205-1 Operations assessed for risks related to corruption Report by the Board of Directors p. 40
205-2 Communication and training about anti-corruption policies and procedures Report by the Board of Directors p. 40
205-3 Confirmed incidents of corruption and the actions taken Report by the Board of Directors p. 40
Anti-competitive behaviour
206-1 Legal actions for anti-competitive behaviour, anti-trust and dominant market
position practices
Report by the Board of Directors p. 40
Environmental standards
Energy
302-1 Energy consumption within the organisation Report by the Board of Directors p. 26
302-2 Energy consumption outside of the organisation Report by the Board of Directors p. 26
Emissions
305-1 Direct (Scope 1) GHG emissions Report by the Board of Directors p. 26
305-2 Energy indirect (Scope 2) GHG emissions Report by the Board of Directors p. 26
305-3 Other indirect (Scope 3) GHG emissions Report by the Board of Directors p. 26
305-4 GHG emissions intensity Report by the Board of Directors p. 26
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GRI Indicator Location More information
305-5 Reduction of GHG emissions Report by the Board of Directors p. 26
307-1 Non-compliance with the environmental laws and regulations Report by the Board of Directors p. 24, 41
308-1 New suppliers were screened using environmental criteria Report by the Board of Directors p. 41
308-2 Negative environmental impacts in the supply chain and actions taken
Social standards
Employee turnover
401-1 New employee hires and employee turnover Report by the Board of Directors p. 37
Training and education
404-1 Average hours of training per year per employee Not available from year 2023
404-2 Programs for upgrading employee skills and transition assistance programs Report by the Board of Directors p. 36
404-3 Percentage of employees receiving regular performance and career develop-
ment reviews
Report by the Board of Directors p. 36
Diversity and equal opportunity
405-1 Diversity of governance bodies and employees Report by the Board of Directors p. 35, Corporate Governan-
ce Statement p. 128
405-2 Ratio of basic salary and remuneration of women to men Alma Media does not define the gender of its
employees.
Non-discrimination
406-1 Incidents of discrimination and corrective actions taken Report by the Board of Directors p. 35
414-1 New suppliers that were screened using social criteria Report by the Board of Directors p. 41
414-2 Actions taken to minimise negative social impacts in the supply chain Report by the Board of Directors p. 41
Public policy
415-1 Political contributions Report by the Board of Directors p. 38
Marketing and labelling
417-3 Incidents of non-compliance with laws, regulations and/or voluntary codes
con- cerning marketing communications
Report by the Board of Directors p. 24, 37
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GRI Indicator Location More information
Customer privacy
418-1 Total number of substantiated complaints received concerning breaches of
customer privacy and losses of customer data
Report by the Board of Directors p. 24, 37
Compliance
419-1 Non-compliance with the laws and regulations in the social and economic area Report by the Board of Directors p. 40
Content in accordance with GRI G4
Standards applicable to the media sector
G4-M1 Significant funding and other support received from non-governmental sour-
ces
Report by the Board of Directors p. 38
G4-M2 Methodology for assessing and monitoring adherence to content creation
values
Report by the Board of Directors p. 37
G4-M3 Actions taken to improve adherence to content creation values Report by the Board of Directors p. 37
G4-M4 Content accessibility, protection of vulnerable audiences and informed deci-
sion-making
Report by the Board of Directors p. 37
G4-M7 Actions taken to empower audiences through media literacy skills develop-
ment
Report by the Board of Directors p. 41
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Principle Location More information
Human rights
Principle 1: Businesses should support and respect the protection of internationally proclaimed human rights. Report by the Board of Directors s. 39–41
Principle 2: Businesses should make sure that they are not complicit in human rights abuses. Report by the Board of Directors s. 39–41
Careers
Principle 3: Businesses should uphold the freedom of association and the effective recognition of the right to collective
bargaining.
Report by the Board of Directors s. 39–41
Principle 4: Businesses should support the elimination of all forms of forced and compulsory labour. Report by the Board of Directors s. 39–41
Principle 5: Businesses should support the effective abolition of child labour. Report by the Board of Directors s. 39–41
Principle 6: Businesses should support the elimination of discrimination in respect of employment and occupation. Report by the Board of Directors s. 39–41
Environment
Principle 7: Businesses should support a precautionary approach to environmental challenges. Report by the Board of Directors s. 39–41
Principle 8: Businesses should undertake initiatives to promote greater environmental responsibility. Report by the Board of Directors s. 39–41
Principle 9: Businesses should encourage the development and diffusion of environmentally friendly technologies. Report by the Board of Directors s. 39–41
Anti-corruption
Principle 10: Businesses should work against corruption in all its forms, including extortion and bribery. Report by the Board of Directors s. 39–41
Global Compact content index
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SASB compliance Location More information
TC-IM-520a.1 Total amount of monetary losses as a result of legal proceedings associated with anticompetitive behaviour regulations Report by the Board of Directors s. 40
SV-ME-270a.3 Description of approach for ensuring journalistic integrity of news programming related to: (1) truthfulness, accuracy,
objectivity, fairness, and accountability, (2) independence of content and/or transparency of potential bias, and (3) protection
ofprivacy and limitation of harm
Report by the Board of Directors s. 37, 40
SV-ME-520a.1 Description of approach to ensuring intellectual property (IP) protection
SV-ME-270a.1 Total amount of monetary losses as a result of legal proceedings associated with libel or slander Report by the Board of Directors s. 40
SV-ED-230A.1
CG-EC-230A.1
TC-IM-230A.2
Description of approach to identifying and addressing data security risks, including use of third-party cybersecurity standards Report by the Board of Directors s. 37
SV-ED-230A.2 Description of policies and practices relating to collection, usage and retention of student information Report by the Board of Directors s. 37
SV-ED-230A.3
CG-EC-230A.1
TC-IM-230A.1
(1) Number of data security breaches, (2) percentage involving personally identifiable information (PII), (3) number of users
affected
Report by the Board of Directors s. 37
CG-EC-220A.2
TC-IM-220A.1
Description of policies and practices relating to behavioural advertising and user privacy Report by the Board of Directors s. 37
TC-IM-220A.3 Total amount of monetary losses as a result of legal proceedings associated with user privacy Report by the Board of Directors s. 40
SV-ME-260A.2 Description of policies and procedures to ensuring pluralism in news media content Report by the Board of Directors s. 37
SV-ME-260a.1
TC-IM-330A.3
Percentage of gender and racial/ethnic group representation for (1) management, (2) technical staff and (3) all other employees Alma Media does not define the gender, race
or ethnic background of its personnel.
TC-IM-330A.1 Percentage of employees that are foreign nationals Report by the Board of Directors s. 36
TC-IM-330A.2 Employee engagement as a percentage, 5 Report by the Board of Directors s. 37
TC-IM-130A.3 Discussion of the integration of environmental considerations into strategic planning for data centre need Report by the Board of Directors s. 37
NASDAQ ESG Location
G6.1 Does your company follow an Ethics and/or Anti-Corruption policy? Report by the Board of Directors s. 39–41
G6.2 If yes, what percentage of your workforce has formally certified its compliance with the policy? Report by the Board of Directors s. 40
Sustainability reporting in accordance with the SASB
(SustainableAccounting Standard Board) Reporting Framework
ANNUAL REPORT 2023
165
FINANCIAL
STATEMENTS
REPORT BY THE
BOARD OF DIRECTORS
YEAR
2023
CORPORATE
GOVERNANCE STATEMENT
REMUNERATION
REPORT
REPORTING
FRAMEWORK
Alma Media Corporation
Alvar Aallon katu 3 C, FI-00100 Helsinki, Postal address: P.O. Box 140, FI-00101 Helsinki
Tel. +358 (0)10 665 000, fir[email protected], [email protected]