ANNUAL
REPORT
2022
Contents
03
05 06
07
09 52
124 145
CEO’s review Key figures Alma Media in brief
Alma Media as an
investment
Report by the Board of
Directors*
Corporate Governance Statement Remuneration Report
Financial statements*
* Audited
156
Sustainability Report
FINANCIAL
STATEMENTS
REPORT BY THE
BOARD OF DIRECTORS
YEAR
2022
CORPORATE
GOVERNANCE STATEMENT
REMUNERATION
REPORT 2ANNUAL REPORT 2022
SUSTAINABILITY
REPORT
CEO’S REVIEW
A record-breaking year in spite of
headwinds – the team is in good shape
to take on the challenges ahead
A
lma Media had a histor-
ically successful year in
2022. Our business grew
and our profitability rose to
an all-time high in spite of
the exceptional turbulence
in our operating environment. Our strong
performance is proof of our agility and
adaptability as well as the effectiveness of
our strategy.
We achieved growth on a broad front. Our
revenue grew by 12.1% to MEUR 308.8 (275.4) as
pent-up demand was released in the recruit-
ment markets and our digital businesses and
marketplaces drove us forward. Alma Media’s
marketplaces grew by 24.2% and media by
5.7%, while service revenue was close to the
previous year’s level (-1.3%). Organic growth,
excluding acquisitions and divestments, was
12.8%.
Adjusted operating profit increased by 20 per
cent to MEUR 73.4 (61.1), representing 23.8%
(22.2%) of revenue. Operating profit was MEUR
80.1 (56.8), or 25.9% (20.6%) of revenue.
Our financial solidity improved substantially
thanks to the good profit performance and
strong cash flow. Our gearing at the end of the
year stood at 69.3% and our equity ratio was
45.8%.
Alma Career’s revenue grew by 33.6% to
MEUR 109.8, while the segment’s adjusted
operating profit increased by 41.7% to MEUR
42.5, representing 38.8% of revenue. The
COVID-19 situation improved and restric-
tions imposed by the authorities no longer
had a significant impact on Alma Career’s
customer companies, which led to strong
customer invoicing. The delay between
customer invoicing and the recognition of
revenue will help maintain strong revenue
performance in the recruitment business at
least through the first half of 2023.
Our recruitment portals had a total of 1.5
million paid job adverts in 10 countries. The
total number of visitors to our portals was 74
million and the number of job alerts created
by users was 22 million. We were also active in
our own recruitment in the Alma Career seg-
ment, particularly in the early part of the year,
and the number of employees grew by 14.7%.
In the Alma Consumer segment, revenue
grew by 10.2% to MEUR 104.1, and digital
business accounted for 82.7% of revenue.
Revenue from the media business grew by
FINANCIAL
STATEMENTS
REPORT BY THE
BOARD OF DIRECTORS
CORPORATE
GOVERNANCE STATEMENT
REMUNERATION
REPORT 3ANNUAL REPORT 2022
SUSTAINABILITY
REPORT
YEAR
2022
8.8%; content by 11.4% and advertising by
7.6%. Digital advertising accounted for 90.1%
of all advertising. Organic revenue growth
was 5.5%. Programmatic advertising buying,
and especially advertising related to cars,
mobility and housing, performed well in the
early part of the year in particular, before
the change in consumer demand caused
by high inflation began to have an impact.
Iltalehti maintained its position as the larg-
est digital news media in Finland. According
to official FIAM measurements used in the
Finnish National Readership Survey (NRS),
an average of 2.87 million Finns read Ilta-
lehti online weekly, which is well over half of
the population aged over 16 in Finland. The
IL Plus service, which gives readers access
to all Iltalehti content, saw the number of
subscribers exceed 40,000, and single-co-
py sales of the print version increased as
well. Iltalehti was the leading news media
in the coverage of news related to the Nato
process. Iltalehti’s articles on the topic were
also widely quoted by foreign media.
During the year under review, we complet-
ed the integration of the acquisitions made
in 2021 (the motor vehicle marketplace Net-
tix Oy and the digital marketing solutions
provider Netello Systems Oy). The segment
continues its intensive product develop-
ment efforts, which is also reflected in the
number of employees growing by 10.4%.
The change in consumer demand caused
by high inflation and the fairly severe
as new services using data. It seeks new
growth opportunities in scalable and sub-
scription-based digital services targeted at
professionals and companies.
Acquisitions and divestments continued
The share capital of Netello Systems Oy, a
provider of digital marketing solutions, was
transferred entirely to Alma Media’s own-
ership. We also continued to make divest-
ments by selling a non-controlling interest
(21.05 per cent) in Bolt Group Oy, a Finnish
staffing company specialising in temporary
staffing for the construction sector, and
selling an 80% share of the share capital of
Muugimeistrite A/S, a provider of telemar-
keting services in Estonia and Latvia, to the
company’s acting management.
The operating environment was turbulent
Russia’s invasion of Ukraine was the big
shock in 2022. It also hampered econom-
ic development throughout Europe, and
growth slowed in our operating countries
in the latter part of the year. The impacts
of the COVID-19 pandemic diminished
– in spite of new virus variants and fluc-
tuations in the level of infections – as the
vaccination coverage increased, among
other developments. We transitioned from
a primarily remote work model to a flexi-
ble multi-location work model. Employee
satisfaction remained at a high level and
we continued to raise the bar with regard to
sustainability by increasing the ambition of
our emission targets, for example.
Moving from a successful digital
transformation towards more developed
marketplaces
Over 80% of the Group’s revenue is derived
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
provide additional services at different stag-
es of the transaction process.
We continue to aim for market leadership
in our focus areas: recruitment, housing
and mobility. We will diversify and develop
new revenue streams in our existing service
areas and complement our core offering on
our platforms by launching new services
that benefit the entire value chain.
I want to take this opportunity to thank our
employees, customers and stakeholders for
their trust and excellent cooperation in 2022!
The Alma team is in good shape to take on
the challenges presented by 2023.
I hope you enjoy reading our Annual Report.
As usual, all of the photo models are Alma
Medians from various parts of organisation.
Kai Telanne
President and CEO
headwinds in the market were felt par-
ticularly by the Alma Talent segment,
which performed well considering the
circumstances. The segment’s revenue
decreased by 3.3%. A new milestone was
reached in digital business, which grew by
3 percentage points to 59% of the seg-
ment’s total revenue. The development
of digital services was strong, although
advertising growth slowed towards the
end of the year. The segment’s digital
housing transaction service has achieved
a strong foothold in Finland. Another
strategically significant success was the
growth of 14.0% in Alma Talent Services’
continuously invoiced services, which was
driven by growth in revenue from busi-
ness information, law- related services
and marketplaces, among other areas.
There was strong interest in news about
the economy. According to the Finnish
National Readership Survey, the weekly
Talouselämä had the largest audience
among financial magazines in its various
channels with a total reach of 587,000,
representing an increase of 81,000 read-
ers. Tekniikka&Talous gained as many
as 129,000 new readers, with new digital
subscriptions driving an increase of 43%
in readership.
The segment is developing a strong and
integrated service portfolio to comple-
ment its profitable media business, and it
is focusing on the development of digital
information and content services as well
FINANCIAL
STATEMENTS
REPORT BY THE
BOARD OF DIRECTORS
CORPORATE
GOVERNANCE STATEMENT
REMUNERATION
REPORT 4ANNUAL REPORT 2022
SUSTAINABILITY
REPORT
YEAR
2022
309
MEUR
Revenue
444
tCO
2
e
Scope 1 and Scope
2 emissions
1,679
excluding telemarketers
Number of employees
as of 31 December 2022
73
MEUR
24%
0.88
EUR
46%
Adjusted operating profit
Adjusted operating profit %
Earnings per share
Equity ratio
Key figures
81%
Share of digital business of
revenue
2.4
-1.8
-8.0
19.6
12.1
-10
-5
0
5
10
15
20
25
2018 2019 2020 2021 2022
Reported
Target-level 5 %
%
Revenue growth
0.0
0.3
-0.2
2.3
1.6
-0.5
0.0
0.5
1.0
1.5
2.0
2.5
3.0
2018 2019 2020 2021 2022
Reported
Target-level <2.5
Net Debt / EBITDA ratio*
18.7
19.8
19.7
22.2
23.8
0
5
10
15
20
25
30
2018 2019 2020 2021 2022
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.
FINANCIAL
STATEMENTS
REPORT BY THE
BOARD OF DIRECTORS
CORPORATE
GOVERNANCE STATEMENT
REMUNERATION
REPORT 5ANNUAL REPORT 2022
SUSTAINABILITY
REPORT
YEAR
2022
39%
in 2022
47%
in 2022
Our return on equity was
Marketplaces share of
revenues was
Alma Media in brief
Alma Media
operates in
11 European
countries
Alma Media is a highly innovative media company
focusing on digital services and journalistic 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 include Kauppalehti, Talouselämä, Iltalehti,
Nettiauto, Etuovi.com and Jobly.
Alma Media has employees in 11 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 professional 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 con-
tent published by the company and digital services
as enablers of responsible choices 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 cre-
ating a better future for young people, good working
life and climate change mitigation.
Alma Media’s share is listed on Nasdaq Helsinki.
FINANCIAL
STATEMENTS
REPORT BY THE
BOARD OF DIRECTORS
CORPORATE
GOVERNANCE STATEMENT
REMUNERATION
REPORT 6ANNUAL REPORT 2022
SUSTAINABILITY
REPORT
YEAR
2022
Why invest in
Alma Media?
Juha Nuutinen, Chief Financial
Officer, Alma Media
1.
Successful digital transformation
Our strategic focus has been on creating
profitable digital growth and we have a
strong track record of creating profitable
growth. We have made excellent prog-
ress in our transformation from business
relying on the printed newspaper to a
digital media, marketplaces and service
company. Digital business now accounts
for 80% of our revenue. Our digital busi-
ness models are cost-efficient and scal-
able and they have enabled the expan-
sion into additional services in various
verticals, such as recruitment services,
housing and the automotive segment.
The use of digital business models and
data has enabled us to strengthen syn-
ergies between media, the marketplaces
business and digital services.
2. 3.
Leading market position and brands
Our products are the leading media and
service brands in their respective target
groups and they have a strong market
position. In the recruitment business,
we are the market leader in several
countries in Eastern Central Europe. In
Finland, our financial media Kauppalehti
and Talouselämä, and our national news
media brand Iltalehti, have a combined
reach of approximately 80% of all Finns.
Our services include the leading hous-
ing and automotive marketplaces Etuovi.
com, Nettiauto and Autotalli.com. In
addition, we offer professionals and
businesses a comprehensive range of
content related to company information,
real estate information, law, financial
management, competence, leadership
and marketing. For advertisers, we offer
Finland’s largest digital advertising
network.
Solid financial position
Our cost-efficient business model does
not tie up a lot of capital. Our agile
business model and profitable growth
provides us with a strong financial
position in spite of an increase in debt
due to acquisitions. Our return on equity
was nearly 39% in 2022 and our liquidity
is good. Alma Media’s good dividend
payout capacity is based on the Group’s
ability to generate strong and stable
cash flow. Our goal, on average, is to
distribute more than half of our profit for
each financial year as dividends.
0
2
4
6
8
10
12
14
Share price development
EUR
FINANCIAL
STATEMENTS
REPORT BY THE
BOARD OF DIRECTORS
CORPORATE
GOVERNANCE STATEMENT
REMUNERATION
REPORT 7ANNUAL REPORT 2022
SUSTAINABILITY
REPORT
YEAR
2022
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.
Important dates related to the
Annual General Meeting and
dividend payment in 2023
23
March
Record date for the Annual
General Meeting
4 April Annual General Meeting
5 April Proposed ex-dividend
date
6 April Proposed record date of
dividend payment
17 April Proposed dividend
payment date
Information for shareholders
ALMA MEDIA AS AN INVESTMENT
Annual General Meeting
Alma Media Corporation’s Annual Gen-
eral Meeting (AGM) will be held in the
Grand Ballroom of the Scandic Grand
Central Helsinki at the address Vil-
honkatu 13, FI-00100 Helsinki, on 4 April
2023 at 12:00 noon EET. The reception of
registered participants and the distri-
bution of voting slips will commence at
11:00 a.m.
Attendance
Shareholders may also exercise their
voting rights by voting in advance.
Shareholders who have registered for
the Annual General Meeting can follow
the Annual General Meeting online. In-
structions for watching the online stream
are available on the company’s website
at https://www.almamedia.fi/en/investors/
governance/general-meeting/2023/. It
Key information about Alma Media’s share
MARKET Nasdaq Helsinki Ltd
SECTOR Media
TRADING CODE ALMA
ISIN CODE FI0009013114
2022
MARKET
CAPITALISATION
MEUR 774.4
HIGH EUR 11.80
LOW EUR 7.78
CLOSING EUR 9.40
is not possible to ask questions, make
counter-proposals or vote via the online
stream, and following the meeting via
the online stream is not considered par-
ticipation in the Annual General Meeting
or exercise of shareholder rights.
Participants may register for the AGM
from 9:00 a.m. (EET) on 13 March 2023.
The Board of Directors’ dividend
proposal
Alma Media’s Board of Directors propos-
es to the Annual General Meeting that a
dividend of EUR 0.44 per share be paid
for the financial year 2022. 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,
6 April 2023.
Financial reporting calendar
in 2023
16
February
Financial Statements
Bulletin 2022
21 April Interim Report
January–March 2023
19 July Half-Year Report
January–June 2023
19 October Interim Report
January–September
2023
FINANCIAL
STATEMENTS
REPORT BY THE
BOARD OF DIRECTORS
CORPORATE
GOVERNANCE STATEMENT
REMUNERATION
REPORT 8ANNUAL REPORT 2022
SUSTAINABILITY
REPORT
YEAR
2022
Report by the Board of Directors
FINANCIAL
STATEMENTS
YEAR
2022
CORPORATE
GOVERNANCE STATEMENT
REMUNERATION
REPORT 9ANNUAL REPORT 2022
SUSTAINABILITY
REPORT
REPORT BY THE
BOARD OF DIRECTORS
Drivers of change in the operating environment
SLOWING ECONOMIC GROWTH
• Slowing growth in Alma Media’s
operating countries
• The impacts of high inflation, ener-
gy prices and market interest rates
on consumer purchasing power
• Long-term structural challenges in
the Finnish economy
CHANGING CONSUMER
BEHAVIOUR
• Digitalisation changes consumer
behaviour permanently
• Increasing expectations of conve-
nience, time saving and security
with regard to the digital experi-
ence and e-commerce
• Corporate sustainability plays a
key role
TECHNOLOGY AND DATA
• Increasing significance of tech-
nology and automation across all
businesses and processes
• Data ownership and data-driven
development as key drivers of
business success
• Intense global competition for
talent
• Cyber security and data protec-
tion are increasingly important
due to consumer expectations,
regulatory requirements and
the deteriorating global security
situation
REGULATION
• The EU's expanding data regula-
tion imposes stringent require-
ments on businesses utilising
data.
• The development of regulations at
the EU level requires continuous
monitoring, reporting and actions
from companies
• The growing popularity of digital
services continuously increases
the amount of data used
RECRUITMENT
• A growing shortage of skilled pro-
fessionals
• Increasing workforce mobility
• Employers increasingly try to reach
passive jobseekers
• The use of freelancers and leased
employees is on the rise
HOUSING
• Rental housing becomes increas-
ingly common
• The housing ecosystem becomes
digital and the use of electronic
transactions increases
• Marketplaces evolve from listing
services to platforms for housing
transactions and services
• In construction and housing, re-
ducing the carbon footprint and
sustainable development contin-
ues to increase in significance
• Higher inflation and market inter-
est rates have a negative impact
on the housing transaction vol-
ume and consumer confidence
CARS AND MOBILITY
• Digitalisation changes mobility
and the automotive trade
• Alternative fuel vehicles grow in
significance in the automotive
trade
• The sharing economy grows in
this area
• Marketplaces evolve to offer a
wider selection of services
• Component availability issues
cause disruptions in the supply
chains for new cars
MEDIA
• Paid content grows in popularity
• The need for reliable, fact-based
information continues to grow
• Competition for consumers’ time
and money intensifies in the ad-
vertising market
• News media production becomes
more data-driven and automa-
tion-driven
STRUCTURAL CHANGE IN
DIGITAL MARKETING AND SALES
• Digital platforms take on a growing
role in commerce, throughout the
sales and marketing ecosystem
• Technology providers take a
growing slice of the cake of digital
advertising
• New forms of digital advertising,
such as content marketing, videos
and visual search, are increasingly
effective in marketing
TENSIONS
• Russia’s invasion to Ukraine has
led to a Europe-wide energy crisis
• There is high uncertainty about
political and economic develop-
ments and forecasting is difficult
FINANCIAL
STATEMENTS
YEAR
2022
CORPORATE
GOVERNANCE STATEMENT
REMUNERATION
REPORT 10ANNUAL REPORT 2022
SUSTAINABILITY
REPORT
REPORT BY THE
BOARD OF DIRECTORS
Description of the operating
environment
Market situation
in the main markets
According to Kantar TNS, the total ad-
vertising volume in Finland increased
to MEUR 1,328 in 2022 (MEUR 1,276). The
total volume exceeded the pre-pandem-
ic level of 2019.
Advertising sales declined by 7.2% in
printed newspapers and by 11.3% in mag-
azines, but increased by 4.5% in online
media. The industries with the largest in-
creases in media advertising were tour-
ism and transport, telecommunications
services, the financial sector and retail.
Between December 2021 and Decem-
ber 2022, brand advertising declined by
8.3%, retail advertising by 3.7%, classified
advertising by 7.9% and job advertising
by 26.6%.
In terms of volume, the market for after-
noon papers in Finland declined by 7.7%
(-9.5%).
The effects of Russia’s war of aggression
and dwindling economic growth were
clearly reflected in the operating envi-
ronment in the fourth quarter of 2022.
The European economy was adversely
affected by sanctions, supply chain dis-
ruptions and problems associated with
the availability of raw materials, among
other things. The prices of energy, raw
materials and food continued to rise
quickly, while market interest rates rose
sharply. Combined, these developments
have lowered consumer confidence,
household purchasing power, consump-
tion and economic growth. However,
pandemic-related restrictions in Europe
were eased in the early part of the year
and eventually lifted, which helped stim-
ulate activity in the service sector.
In December, The European Central
Bank (ECB) estimated that economic
growth in the eurozone was 3.4% on av-
erage in 2022, but expected it to slow to
only 0.5% in 2023. It estimated that GDP
will shrink slightly both in the last quar-
ter of 2022 and the first quarter of 2023,
as disruptions in energy imports due to
the war have continued throughout the
economy.
According to the forecast of the ECB, the
average annual inflation rate for last year
was 8.4%. This year, it is expected to slow
to 6.3% and further to 3.4% in 2024.
In addition to Finland, Alma Media’s
main markets are the Czech Republic
and Slovakia in Eastern Central Europe.
The European Commission published
its latest GDP forecasts on 13 February
2023. According to the forecast, Finnish
REVENUE
MEUR
2022
Q1–Q4
2021
Q1–Q4
Change
%
Alma Career 109.8 82.2 33.6
Alma Consumer 104.1 94.5 10.2
Alma Talent 96.5 99.7 -3.2
Segments total 310.4 276.4 12.3
Non-allocated operations -1.6 -0.9 69.7
Total 308.8 275.4 12.1
144.6
107.8
56.3
Marketplaces
Media
Services
Revenue split 2022
MEUR
Finland, 64% (5.2%)
Croatia, 3% (41.8%)
Sweden, 2% (10.3%)
Slovakia, 6% (32.4%)
Baltics, 4% (-13.0%)
Czech Rep., 21% (38.6%)
Other, 1% (28.2%)
Revenue split geographically 2022
FINANCIAL
STATEMENTS
YEAR
2022
CORPORATE
GOVERNANCE STATEMENT
REMUNERATION
REPORT 11ANNUAL REPORT 2022
SUSTAINABILITY
REPORT
REPORT BY THE
BOARD OF DIRECTORS
ADJUSTED ITEMS
MEUR
2022 2021
Alma Career
Restructuring -0.2
Gains (losses) on the sale of assets 6.2
Alma Consumer
Items recognised through profit or loss arising
from business acquisitions
-0.4
Gains (losses) on the sale of assets 0.2
Alma Talent
Restructuring -0.1
Gains (losses) on the sale of assets 0.5 0.0
Non-allocated
Transaction costs of divested and
acquired businesses
-4.1
Gains (losses) on the sale of assets 0.2
Adjusted items in operating profit 6.6 -4.3
Adjusted items in profit before tax 6.6 -4.3
ADJUSTED OPERATING PROFIT/LOSS
MEUR
2022
Q1–Q4
2021
Q1–Q4
Change
%
Alma Career 42.5 30.0 41.7
Alma Consumer 24.4 23.9 1.8
Alma Talent 19.7 20.6 -4.0
Segments total 86.6 74.5 16.2
Non-allocated operations -13.2 -13.4 1.6
Total 73.4 61.1 20.2
GDP growth in 2022 was 2.0% and will
slow to 0.2% this year; the Czech Repub-
lic’s growth of 2.5% will slow to 0.1% and
Slovakia's growth rate of 1.7% will slow to
1.5%.
The Commission estimates that, in 2023,
the unemployment rate in Finland will
be 7.2%, 3.3% in Czechia and 6.4% in
Slovakia.
Group revenue and result
in 2022
Alma Media’s revenue grew by 12.1% to
MEUR 308.8 (275.4). Acquired and divest-
ed businesses had an effect of MEUR -1.0
on revenue. Organic growth, excluding
acquisitions and divestments, was 12.8%.
The growth of revenue was attributable
to the strong growth of recruitment
demand, acquisitions, and the growth of
digital advertising.
Adjusted operating profit was MEUR 73.4
(61.1), or 23.8% (22.2%) of revenue. Operat-
ing profit was MEUR 80.0 (56.8), or 25.9%
(20.6%) of revenue. The adjusted items
in 2022 consisted of gains recognised
on business sales, the divestment of
shares in the associated company Bolt
Group Oy, and operational restructuring.
The adjusted items in the comparison
period were related to gains and losses
on the sale of assets and transaction
costs related to acquisitions.
Total expenses increased by 7.2% to
MEUR 236. The increase in expenses
was attributable to acquisitions, higher
investments in digital business develop-
ment, as well as higher marketing and
employee expenses. Depreciation and
impairment included in the total expens-
es amounted to MEUR 17.2 (16.7). Profit for
2022 came to MEUR 71.9 (44.3). Earnings
per share were EUR 0.88 (0.53).
Revenue
increased by
12.1%
FINANCIAL
STATEMENTS
YEAR
2022
CORPORATE
GOVERNANCE STATEMENT
REMUNERATION
REPORT 12ANNUAL REPORT 2022
SUSTAINABILITY
REPORT
REPORT BY THE
BOARD OF DIRECTORS
Balance sheet and financial
position
At the end of December 2022, the consol-
idated balance sheet stood at MEUR 495.2
(518.4). The Group's equity ratio at the end
of December was 45.8% (34.7%), and equity
per share was EUR 2.48 (1.99).
Cash flow from operating activities in
2022 was MEUR 79.2 (75.6). Cash flow from
operating activities improved year-on-year
thanks to the improved operating profit
and in spite of the increase of working
capital. Cash flow after investments and
before financing was MEUR 76.2 (-162.3) in
2022.
In December 2021, Alma Media signed a
new MEUR 200 financing arrangement.
This replaced the temporary financing
agreement that had been in place for fi-
nancing acquisitions. The new agreement
has a maturity of 36 months. Repayments
of MEUR 60 on long-term loans were
made in 2022. The new financing arrange-
ment also includes a MEUR 30 revolving
credit facility (RCF). The facility will be
used for the Group's general financing
purposes, and it was entirely unused on 31
December 2022.
The revolving credit facility has a maturity
of 48 months. 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 2022.
-4.5 %
109.2 %
69.3 %
-9.1
181.8
142.6
-100.0 %
-50.0 %
0.0 %
50.0 %
100.0 %
150.0 %
200.0 %
250.0 %
Q4/20 Q1/21 Q2/21 Q3/21 Q4/21 Q1/22 Q2/22 Q3/22 Q4/22
MEUR
Gearing Interest-bearing net debt
Interest-bearing net debt and gearing, including discontinued operations
15.3
24.5
17.6
56.0
75.6
79.2
0
20
40
60
80
100
Q4/20 Q1/21 Q2/21 Q3/21 Q4/21 Q1/22 Q2/22 Q3/22 Q4/22
MEUR
Net cash flow from operating activities
Net cash flow from operating activities, rolling 12 months
Net cash flow from operating activities, MEUR,
including continuing and discontinued operations
Alma Media has a commercial paper pro-
gramme of MEUR 100 in Finland. Of the
commercial paper programme, MEUR
2 had been used on 31 December 2022.
At the end of 2022, Alma Media's inter-
est-bearing debt amounted to MEUR
172.7 (233.7). Interest-bearing net debt
totalled MEUR 142.6 (181.8).
Alma Media had MEUR 0.2 in finan-
cial assets created in conjunction with
business combinations measured at fair
value and recognised through profit or
loss, and MEUR 9.9 in financial liabilities
measured at fair value and recognised
through profit or loss.
Alma Media signed an interest rate
derivative agreement in December 2021.
The agreement is a four-year fixed inter-
est rate agreement that will commence
in December 2023. The nominal value of
the derivative is MEUR 50. The positive
fair value change of MEUR 5.2 generated
by the derivative in 2022 is recognised in
finance income.
Capital expenditure
Alma Media Group’s capital expenditure
in 2022 totalled MEUR 18.3 (247.1). The
capital expenditure consisted of the
acquisition of the Toimitilat.fi business,
normal operational and replacement
investments, and increases in IFRS 16
lease liabilities.
FINANCIAL
STATEMENTS
YEAR
2022
CORPORATE
GOVERNANCE STATEMENT
REMUNERATION
REPORT 13ANNUAL REPORT 2022
SUSTAINABILITY
REPORT
REPORT BY THE
BOARD OF DIRECTORS
Research and development
costs
The Group’s research and development
costs in 2022 totalled MEUR 7.6 (MEUR
4.6). MEUR 5.6 (MEUR 3.6) was recognised
in the income statement, and develop-
ment costs of MEUR 1.9 (MEUR 1.0) were
capitalised on the balance sheet in 2022.
There were capitalised research and
development costs totalling MEUR 3.7
(MEUR 2.2) on the balance sheet on 31
December 2022.
Business segments
in 2022
Alma Media’s reportable segments
consist of Alma Career, which focuses
on the recruitment business and recruit-
ment-related 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; and. Centralised ser-
vices 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
outside segment reporting. The Group’s
reportable segments correspond to the
Group’s operating segments.
Alma Career
The Alma Career segment's revenue
increased by 33.6% to MEUR 109.8 (82.2)
in 2022. Revenue and profitability were
at record-high levels due to the strong
demand for recruitment services and
added-value services related to recruit-
ment.
In 2022, total expenses increased by
28.6% to MEUR 67.4 due to higher em-
ployee and ICT expenses. In addition,
marketing investments were significantly
increased, particularly with regard to the
acquisition of visitor traffic to recruit-
ment portals. Costs were also increased
by the high level of inflation in the seg-
ment's key operating countries.
Adjusted operating profit was MEUR 42.5
(30.0) in 2022. The adjusted operating
profit was 38.8% (36.6%) of revenue. The
segment's operating profit was MEUR
48.5 (30.0). The adjusted items in the re-
view period were related to a capital gain
recognised on the sale of shares in the
associated company Bolt Group Oy and
restructuring of operations. No adjusted
items were reported during the compar-
ison period.
Alma Consumer
The Alma Consumer segment's revenue
grew by 10.2% to MEUR 104.1 (94.5) in
2022. Acquired and divested businesses
had a net effect of MEUR 4.5 on revenue
growth. Organic revenue growth was
5.5%. Digital business accounted for
82.7% (81.0%) of the segment's revenue.
In the housing business area, revenue
increased by 11.5% in 2022. Good de-
velopment in all areas contributed to
growth. Housing systems and advertising
on the Etuovi.com and Vuokraovi.com
services grew. There were 0.5% fewer
active listings for residential properties
for sale on the Etuovi.com service when
compared to the comparison period.
Searches, i.e. the demand for residential
properties for sale, decreased by 17.6%
from the comparison period; particularly
after the first quarter, the market took a
downward turn due to factors including
higher market interest rates and declin-
ing consumer confidence. The number
of new sales listings increased by 2.6%.
On the Vuokraovi.com service, the num-
ber of searches for rental apartments
declined by 5.2%, the number of active
e-mail alert subscriptions declined by
8.4%, and the number of listings on the
service decreased by 0.8% from the
previous year.
The growth in revenue from the auto-
motive, mobility and comparison service
business areas was mainly attributable to
the acquisition of Nettix Oy.
Revenue from media and media-related
services increased by 8.3%. Comparable
digital advertising grew substantially, by
MEUR 2.4 (8.2%). Retail industry boosted
the growth of advertising in particular.
The segment's total expenses increased
by 12.4% to MEUR 79.8 (71.0). The increase
in expenses was attributable to acquisi-
tions, investments in product develop-
ment and marketing, and a significant
increase in printing expenses. The
segment's adjusted operating profit was
MEUR 24.4 (23.9), or 23.4% (25.3%) of rev-
enue. The segment's operating profit was
MEUR 24.6 (23.5). The adjusted items in
the review period were related to profit
recognised on the sale of a business. The
adjusted items in the comparison period
were related to losses on the sale of a
business.
Alma Talent
The Alma Talent segment's revenue
declined by 3.2% to MEUR 96.5 (99.7) in
2022. The divestment of business opera-
tions in the Baltic countries had an effect
of MEUR 5.4 on the decrease in revenue.
Comparable revenue increased by 2.4%.
Record-high
revenue and
profitability for
Alma Career
FINANCIAL
STATEMENTS
YEAR
2022
CORPORATE
GOVERNANCE STATEMENT
REMUNERATION
REPORT 14ANNUAL REPORT 2022
SUSTAINABILITY
REPORT
REPORT BY THE
BOARD OF DIRECTORS
Digital business accounted for 59.0%
(55.4%) of the segment's revenue.
Talent Media's content revenue grew by
2.3%, which was attributable to a 9.8%
increase in digital content revenue, ex-
ceeding the 4.2% decline in print media
revenue. Advertising declined by 3.5%,
which was due to a sharp slowdown in
listing advertising from the previous
year, among other things.
The revenue of Alma Talent services was
on a par with the previous year. Growth
was achieved in the continuously in-
voiced company information and law-re-
lated services as well as in the sales of
marketplaces. Revenue declined in the
book and training business. Adjusted op-
erating profit increased by 1.2% to MEUR
7.4 (7.3). Digital business represented
82.9% (83.2%) of Alma Talent’s services.
Revenue from direct marketing, exclud-
ing the effect of divestments, was on a
par with the comparison period.
The segment’s adjusted total expenses
amounted to MEUR 76.8 (79.6). The Alma
Talent segment's adjusted operating
profit was MEUR 19.7 (20.6) and operat-
ing profit MEUR 20.1 (20.5). The adjusted
items in the review period were related
to operational restructuring. The adjust-
ed items in the comparison period were
related to a loss on a sale.
Alma Media’s strategy
Alma Media creates sustainable growth
by taking advantage of the opportunities
presented by the digital transformation.
The objective is to increase sharehold-
er 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.
Strategy implementation during the
review period
Alma Media’s strategy during the year
under review included responding to the
changes in media consumption and the
demand for digital service by providing
content and services that are of value
to users in their daily life, work and free
time. The strategic priorities included
growing the marketplaces business in
Finland and internationally, expanding
the Group’s professional media and
services aimed at professionals as well
as developing national multi-channel
consumer media and services.
The digital transformation strategy of
recent years has been successful: the
majority of the company's revenue is
now derived from digital sources and
the share of digital business has already
exceeded 80%. The marketplace busi-
ness accounts for nearly half of revenue,
the media business for about a third and
services for about a fifth. In the media
business, the digital transformation from
print to digital media continues. With
regard to the marketplace and service
business, development is moving to the
next level and towards more advanced
trading platforms.
The trend of digitalisation continues
and is driven by the development of
technology and the change in consumer
behaviour. Digital business is evolving in
response to the expectations of service
users. Competition continues to in-
crease, as more and more international
technology giants and new market-dis-
rupting operators challenge local oper-
ators.
Alma Media is preparing for changes
in the market and will continue to im-
plement the three focus areas of the
strategy: 1) the digital transformation,
2) the growth of digital business and 3)
internationalisation.
Our goal is to strengthen our current
business in recruitment, professional
media and services as well as consumer
media and services. Users are increas-
ingly interested in online services and
trading, even when it comes to larger
household purchases.
With the digitalisation of purchasing
processes, we are taking a strategic step
towards developing our marketplaces
from classified advertisement listing ser-
vices to advanced digital platforms. The
goal is to help both our end users and
our B2B partners to easily and smoothly
interact online, and we also aim to offer
additional services at different stages
of the transaction process. Examples of
these new services in terms of mobility
include online paperwork and electronic
payments in the car trade, the “Helpot
Kaupat” (“Easy transaction”) model that
can be used with a smartphone, and
the digital auction of used cars that will
start in the first quarter of 2023. Similar
examples in terms of housing include
the OviPRO service package, complete
electronic tools for housing transactions,
80% of
Alma Media’s
revenue is derived
from digital
business
FINANCIAL
STATEMENTS
YEAR
2022
CORPORATE
GOVERNANCE STATEMENT
REMUNERATION
REPORT 15ANNUAL REPORT 2022
SUSTAINABILITY
REPORT
REPORT BY THE
BOARD OF DIRECTORS
and the Asuntoneuvos service, which
provides tools for the digitalisation of
lease management and up-to-date
market information to support housing
investment.
We are aiming for market leadership
in the areas of recruitment, housing
and real estate, as well as automotive
and mobility. We will diversify revenue
streams in existing service areas and
complement our offering with new,
synergistic services. We will continue to
move forward on the path of internation-
alisation in the recruitment business and
also look for new opportunities in the
current markets. In addition to organic
development, growth will be accelerated
through acquisitions.
An effective response to intensifying
competition and a changing operating
environment requires active
cooperation and the sharing of infor-
mation within the Group and within
industries. We have launched the Career
United integration programme with the
aim of accelerating growth and innova-
tion and securing the market positions of
the Alma Career businesses as leading
recruitment services. The cooperation
between the segments and the busi-
nesses in Finland will continue and syn-
ergy will be sought from joint advertising
sales, data and technology know-how
and audience growth.
Economic growth is slowing
in our operating countries
The war in Ukraine has hampered eco-
nomic development throughout Europe,
and growth has slowed down our
operating countries. Economic growth
in our operating countries is expected
to weaken, and, in some countries, even
a recession is expected in 2023. Geopo-
litical risks have also increased in our
operating areas. There is significant un-
certainty about political and economic
developments and forecasting is diffi-
cult. Although long-term trends, such as
digitalisation, support the development
of our business throughout the strategy
period, the company prepares for times
of uncertainty and various scenarios of
weakening economic growth through
careful planning and risk management.
Long-term financial targets
The Group’s long-term financial targets,
set by the Board of Directors, are relat-
ed to business growth, profitability and
solvency. They are based on our view of
changes in the operating environment,
the competitive landscape and the prog-
ress of the transformation strategy.
The long-term financial targets are as
follows:
– Growth: annual revenue growth in ex-
cess of 5%
– Profitability: adjusted operating profit
margin in excess of 25%
– Solvency target: net debt/EBITDA less
than 2.5
Changes in Group structure
In December 2021, Alma Media’s subsidi-
ary Alma Media Finland Ltd agreed to sell
the online dating service E-kontakti to
the City Digital group. The business was
transferred to the new owner on 1 Jan-
uary 2022. The transaction resulted in a
capital gain of MEUR 0.2.
Alma Media Corporation’s subsidiary
Alma Career Oy completed the sale
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 the value chain to new business areas that complement the existing businesses
FINANCIAL
STATEMENTS
YEAR
2022
CORPORATE
GOVERNANCE STATEMENT
REMUNERATION
REPORT 16ANNUAL REPORT 2022
SUSTAINABILITY
REPORT
REPORT BY THE
BOARD OF DIRECTORS
of its share in its associated company,
the Finnish staffing services provid-
er Bolt Group Oy. The transaction was
announced on 21 February 2022 and it
was completed on 1 April 2022 after the
approval of the Finnish Competition and
Consumer Authority. The transaction
resulted in a capital gain of MEUR 6.2,
which was treated as an item recognised
through profit or loss and as an adjusted
item in the second quarter.
In April 2022, Alma Talent Oy’s subsidiary
Suoramarkkinointi Mega Oy agreed to
sell its shareholding in Muugimeistrite
A/S, corresponding to 80% of the total
share capital, to the company’s acting
management. The transaction resulted in
a capital gain of MEUR 0.5.
In May 2022, the share capital of Netello
Systems Oy was transferred entirely to
Alma Media’s ownership. Alma Media
previously held a 60% stake in the com-
pany.
In December 2022, Alma Talent Oy, a
subsidiary of Alma Media, agreed to
acquire the business of the rental com-
mercial property marketplace Toimitilat.
fi from Talso Oy. The transaction was
carried out as a business acquisition on 1
January 2023.
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, Moj-
Posao.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 nine other
European countries.
The recruitment-related services Jobs.cz,
Prace.cz, CV.ee, CVonline.lv, CV.lt, Profesia.
sk, MojPosao.net, MojPosao.ba and Jobly.
fi are reported under the Alma Career
segment. In addition to enhancing job
advertising, the segment’s objective is to
expand the business into new services
to support the needs of job-seekers and
employers, such as job advertising-relat-
ed technology, digital staffing services
and training.
In businesses related to job advertising,
the focus is on making the services more
attractive and enhancing their compet-
itiveness by sharing know-how, tech-
nology and best practices between the
Alma Career countries. Potential areas
of growth in the recruitment business
include: 1) disruptive technologies and
services related to recruitment advertis-
ing, 2) digital HR services and 3) profes-
sional training.
Alma Career Oy is a wholly-owned sub-
sidiary of Alma Media Corporation. The
clear ownership structure supports the
development of Alma Career’s recruit-
ment business in accordance with Alma
Media’s strategy. Alma Career Oy has
operated as the parent company of the
Alma Career Group, which includes
recruitment companies in 10 European
countries.
Alma Media’s digital recruitment service
Jobly.fi was launched during the review
period. It is the first in Finland to offer a
next-generation service platform that
takes into account the applicant’s abilities
comprehensively; not only education,
skills and experience, but also the ap-
plicant’s individual characteristics and
social strengths, such as people skills.
The service platform’s algorithm-driven
classification enhances and accelerates
recruitment processes by providing in-
creasingly targeted search results. Jobly
is also the world’s first job search service
to provide jobseekers with access to
independent information on the impact
of companies.
Alma Career published the Workania.eu
job portal for Ukrainian jobseekers in its
operating countries. Created through
collaboration between Alma Career’s
country organisations in the Czech Re-
public and Slovakia, the portal collects
information on jobs suitable for Ukrai-
nians from the recruitment websites of
Alma Career’s operating countries and
publishes it in a one service.
Alma Career Oy sold its 21.05% sharehold-
ing in Bolt Group Oy, a Finnish company
specialising in temporary staffing for the
construction industry, to a newly estab-
lished company consisting of the Finnish
private equity firm Vaaka Partners and the
operative management and staff of Bolt
Group Oy.
The Career United project progressed as
planned. The project deepens internal
cooperation and enhances product de-
velopment as well as the more extensive
use of common technology and innova-
tions.
Alma Consumer
• Iltalehti, a large Finnish national mul-
tichannel news media and diverse
lifestyle media that reaches approxi-
mately three million Finns each week.
• Several marketplaces for consumers
and businesses, such as the hous-
ing marketplaces Etuovi.com and
Vuokraovi.com, as well as the mobility
marketplaces Nettiauto.com, Net-
timoto.com, Nettikone.com and
Autotalli.com.
FINANCIAL
STATEMENTS
YEAR
2022
CORPORATE
GOVERNANCE STATEMENT
REMUNERATION
REPORT 17ANNUAL REPORT 2022
SUSTAINABILITY
REPORT
REPORT BY THE
BOARD OF DIRECTORS
• Profitably growing comparison
services, such as Urakkamaailma.fi.,
Muuttomaailma.fi, Autojerry.fi and
Katsastushinnat.fi.
• Sales systems for industry custom-
ers in the housing and automotive
sectors.
• Operates in Finland.
The segment’s competitiveness is based
on the comprehensive reach of me-
dia and services as a digital network,
the user data pool, and the developing
industry verticals in the areas of media,
housing, cars and comparison 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.
Alma Consumer’s goals include
strengthening digital services that
involve media synergies and make the
daily life or free time of consumers easi-
er. This will be achieved both organically
and through acquisitions. The business
segment’s strategy also includes pro-
moting the signed-on use of services
on a quick schedule (Alma ID) and in-
creasing paid editorial content (Iltalehti
Plus). Data collected with the consent of
registered users also provides versatile
targeting solutions for advertising.
In line with its strategy, Alma Consumer
continues to focus on digital media,
digital advertising and digital services.
New growth areas in digital advertising
include developing the offering and
content marketing solutions. 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 online services smoothly
and conveniently and to offer additional
services at different stages of the trans-
action process. Examples of these new
services in the Alma Consumer seg-
ment in terms of mobility include online
paperwork and electronic payments in
the car trade, the “Helpot Kaupat” (“Easy
transaction”) model that can be used with
a smartphone, and the digital auction of
used cars that will start in the first quarter
of 2023. Similar examples in terms of
housing include the OviPRO service
package, which includes electronic tools
for all stages of a housing transaction,
and Asuntoneuvos, which provides tools
for the digitalisation of lease manage-
ment and up-to-date market information.
The share capital of Netello Systems Oy,
a provider of digital marketing solutions
for small and medium-sized enterprises
in particular, was transferred entirely to
Alma Media’s ownership during the year
under review. Alma Media previously
held a 60% stake in the company. The
E-kontakti online dating service was sold
to the City Digital group in December
2021 and the business was transferred to
the new owner on 1 January 2022.
Alma Talent
• Subscription-based digital content
media. Alma Talent publishes Fin-
land’s leading financial media brand
Kauppalehti along with other finan-
cial and professional media, includ-
ing Talouselämä, Tekniikka&Talous,
Tivi, Mediuutiset and Arvopaperi.
• Digital information services and
marketplace 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 ser-
vices also include business premises
marketplaces in Finland and Sweden
as well as Digitaalinen Asuntokaup-
pa DIAS Oy, which is a platform for
digital housing transactions.
• Suoramarkkinointi Mega provides
telemarketing services to customers
in various industries in Finland.
• Operates in Finland and Sweden.
Alma Talent’s business is divided into
two areas: financial and professional me-
dia in Finland and digital services aimed
at companies and professionals. Alma
Talent is developing a strong and inte-
grated service portfolio to complement
its profitable media business and further
increase continuous licence-based
revenue.
Alma Talent Media produces useful con-
tent while continuously developing the
reader experience of its brands as well
as subscription packages and advertis-
ing productisation around the brands.
Investments in product development
help to grow and diversify the audiences
of the media brands.
Alma Talent Services focuses on the
development of digital information and
content services as well as new services
that make use of data. We are building
a next-generation legal information
service and expanding the product
portfolio to include digital compliance
and sales intelligence solutions. We also
invest in increasing our market share
in the commercial real estate market-
places business in the Nordic countries
and develop digital housing transaction
services in cooperation with banks and
real estate agents.
The segment seeks new growth op-
portunities in scalable and subscrip-
tion-based digital services targeted at
professionals and companies:
• We refine company information into
new services to support
customers' sales management,
FINANCIAL
STATEMENTS
YEAR
2022
CORPORATE
GOVERNANCE STATEMENT
REMUNERATION
REPORT 18ANNUAL REPORT 2022
SUSTAINABILITY
REPORT
REPORT BY THE
BOARD OF DIRECTORS
strategic management and risk man-
agement processes. We make exten-
sive use of the Group’s information
content (including news content and
signals from financial media).
• Next-generation legal services
compile legal content that is rele-
vant to the customer into a single
easy-to-use service. The demand for
compliance services will increase in
the future.
• In the commercial premises mar-
ketplace 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 end-to-end process.
• The digital housing transaction plat-
form connects buyers, sellers, real
estate agents and banks in a single
system. The platform is already used
by over 3,000 real estate agents and
nearly the entire Finnish mortgage
market. Alma Talent owns 80.5% of
Digitaalinen asuntokauppa DIAS Oy.
During the review period, Alma Talent
agreed to acquire the business of the
rental commercial property marketplace
Toimitilat.fi from Talso Oy on 1 January
2023. During the period under review,
Alma Talent Oy’s subsidiary Suoramark-
kinointi Mega Oy sold its shareholding
in Muugimeistrite A/S, corresponding
to 80% of the total share capital, to the
company’s acting management.
Alma Media Solutions
The Alma Media Solutions unit serves
advertisers in the development, market-
ing and sales of media sales products at
the Alma Media level. Its task is to apply
itself to customers’ marketing communi-
cations challenges and also offer com-
prehensive solutions outside the bound-
aries of traditional media advertising.
The unit’s focus areas include content
marketing and data-driven solutions.
The strategic choices of Alma Media
Solutions include strengthening its posi-
tion in the SME advertising market, diver-
sifying service production in advertising
and improving the customer experience.
Alma’s media currently reach millions of
Finns every week. Online users consti-
tute a network that advertisers can use
to target their messaging at the relevant
target groups. For example, the use of
data and marketing automation makes
it possible to recommend relevant and
interesting content and subscription
products to subscribers and steer users
from one Alma network service to anoth-
er on a personalised basis. The strategic
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 advan-
tageous for both consumers and the
business. Alma Media complies fully with
data privacy legislation with regard to
signing on. 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.
Statement of non-financial
information
This section describes Alma Media’s
sustainability-related activities in accor-
dance with Chapter 3a of the Finnish Ac-
counting Act (non-financial information).
The Group’s reporting of non-financial
information includes not only environ-
mental, social and ethical perspectives
but also the themes of sustainable me-
dia, responsible journalism and respon-
sible marketing as well as data security
and data privacy, which are important
aspects of Alma Media’s digital business.
The reporting of non-financial informa-
tion complies, where applicable, with
the supplement concerning the report-
ing of climate-related information. In
sustainability reporting, Alma Media
observes the principle of materiality. The
Group updated its materiality analysis
in autumn 2021 based on an extensive
stakeholder survey, individual interviews,
industry analyses and expert workshops.
More information on the development
of sustainability is provided in Alma Me-
dia’s Sustainability Report 2022, which is
drawn up in accordance with the Global
Reporting Initiative (GRI) guidelines and
adheres to the Sustainable Accounting
Standards Board (SASB) reporting guide-
lines where applicable.
Description of the business model
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 digital services for
consumers and businesses. 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.
Alma Media Group also uses shared
functions to pursue synergies between
businesses to increase the creation of
customer value.
FINANCIAL
STATEMENTS
YEAR
2022
CORPORATE
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Digital marketplaces and services con-
stitute a key area of Alma Media’s busi-
ness. They include services related to re-
cruitment, housing, cars and mobility, for
example. The customers of Alma Media’s
digital services include both companies
and consumers. The digital services
business model is based on customer
fees charged for classified advertising,
fees for increased visibility in classified
advertising, targeted media advertising,
service sales and subscription fees and
licence fees for the use of information
systems. The digital housing transaction
platform DIAS serves buyers and sellers
in the housing market and it was devel-
oped in collaboration with banks and
real estate agents. The Group’s other
services include information services,
training services, event services, digital
marketing services and the direct mar-
keting business.
The media business includes, for exam-
ple, the professional and financial media
and books 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 relation-
ship 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 subscrib-
ers of print publications.
Alma Media’s media and services are the
best-known brands in their segments in
Finland and the Group’s operating coun-
tries in Eastern Central Europe. The pop-
ularity 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 the key
to success. In both the service business
and the media business, readers and on-
line visitors constitute target groups that
are characteristic to each brand. These
target groups are the basis for advertis-
ing sales. These target group contacts
are sold to advertisers on a brand-spe-
cific basis and as audience segments in
the digital Alma network.
Value creation
Alma Media’s purpose is to accelerate
the sustainable growth of individuals,
companies and society. The corner-
stones of our strategy are business
transformation, digital growth and inter-
nationalisation. Alma Media’s business
is based on marketplaces, media and
services.
FINANCIAL
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2
Value creation model
• MEUR 309 in revenue: digital
marketplaces, media and services
• Enabling sustainable choices for
consumers and professionals
• Over 80% of revenue from digital
sources
• MEUR 92.2 per year in
compensation
• Developing skills, talent and careers
• Promoting diversity, equality and
inclusion
• Adjusted operating profit MEUR 73.4
• Dividends MEUR 36
• MEUR 1.7 in net interest paid to
financial institutions
• MEUR 83.1 in taxes paid*
• Defending democracy, freedom of
speech and the market economy
• Enabling choices
• Promoting digitalisation
• Co-operation with NGOs
• Low emission operations
• Accelerating the transition to a
low-carbon digital economy.
• Invested capital MEUR 389
• Investments MEUR 391
in 2018–2022
• The Alma brand and over 100
content and service brands
• Advanced technology
• Customer and user data
• A carefully selected and well-
managed network of business
partners
• Electricity and water
consumption at our offices and
data centres
• Paper consumption
(for print and publishing)
Human
Talent
Customers
Employees
Investors
Society
Environment
Financial
Capital
Technology &
intellectual
Property
Business
Partners
Natural
resources
RESOURCES IMPACT 2022
BUSINESS MODEL AND
SUCCESS DRIVERS
SUSTAINABLE DEVELOPMENT GOALS
Enriching and fostering
strong brands
Innovation-driven
sustainability
Customer
retention
Talent
management
Operatinal
excellence
Good
governance
Smart capital
allocation
Digital
innovation
MARKETPLACES
MEDIA
SERVICES
* Corporate tax, social security contributions
and other taxes paid MEUR
• The professional skills of 1,700
employees in 11 European countries
• Expertise in technology, digital
marketing and data
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Description of the
management of non-financial
information
Alma Media has a systematic sustainabil-
ity management method that includes
the necessary policies, processes,
management and organisation as well
as competence and communication.
The Group develops the sustainabil-
ity of its operations with a long-term
approach based on its Code of Con-
duct, guidelines and commitments, the
objectives outlined in its sustainability
programme and its SBTi climate targets
(Science-Based Targets). Alma Me-
dia 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 conventions
and recommendations. Alma Media de-
velops the sustainability of its operations
at various levels of the organisation as
part of day-to-day business.
The Group Executive Team assesses
the sustainability programme regular-
ly and the Board of Directors monitors
sustainability performance based on the
information reported by the manage-
ment. Unit-level management teams and
key individuals also play a key role by
making sustainability-related decisions
in the context of developing operations
and services. In 2022, the Group Execu-
tive Team discussed sustainability-relat-
ed projects extensively at three strategy
meetings and common sustainability-re-
lated topics at six other meetings. During
the year under review, Alma Media’s
Board of Directors discussed the compa-
ny’s sustainability programme four times,
in connection with interim reporting.
Alma Media’s corporate communications
coordinates the progress of the sustain-
ability programme.
The cornerstones of Alma Media’s
sustainability programme are profitable
growth and a high standard of business
ethics, a future-fit workforce, environ-
mental responsibility, and responsible
media, marketplaces, and digital ser-
vices. Targets have been set for each ele-
ment of sustainability and their achieve-
ment 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,
responsible consumption, climate action,
peace and justice, and partnerships for
the goals.
Our sustainability
programme covers
nine
of the
UN
Sustainable
Development Goals
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Summary of Alma Media’s key sustainability targets
KPI Target Result 2021 Objectives 2023
Responsible journalism:
journalism marketing
Condemnatory decisions issued by the Council for
Mass Media
<5 condemnatory decisions issued by the
Council for Mass Media regarding Alma Media’s
media
2 condemnatory decisions for
Iltalehti
<5 condemnatory decisions issued by the
Council for Mass Media regarding Alma Media’s
media
Adherence to the International Chamber of
Commerce’s guidelines on good marketing
practices
0 advertisements in violation of good
marketing practices in the Group’s media and
services
0 0 advertisements in violation of good
marketing practices in the Group’s media and
services
Ethics in business:
employees subcontractors
Adherence to Alma Media’s updated Code of
Conduct among the Group’s employees and in the
subcontracting chain
Rate of completion of Code of Conduct training
among the Group’s employees
100% of the employees 100% of the employees
Most significant subcontractors commit to
Alma Media’s Code of Conduct
73 per cent of the most
significant subcontractors
completed the company's
Code of Conduct training.
90 per cent of the most significant
subcontractors have completed the company's
Code of Conduct training.
Data security and data pro-
tection
Alma Media’s services offer a high standard of data
security for users, and customer data is processed
in a diligent and legally compliant manner
There are no serious data privacy breaches in
the services for which the authorities would
impose a fine.
0 0 serious data privacy breaches
Good employer Alma Media’s QWL (Quality Worklife) employee
survey
> 83% 83.1% 83% QWL index
Environmental responsibility:
Own operations (Scope 1 & 2)
Subcontracting chain (Scope 3)
CO2 emissions arising from the consumption of
electricity, district heating and district cooling and
the energy consumption of company cars
-52% (2019–2030) -9.2% (Scope 1 & 2) -4.3% (Scope 1 & 2)
Indirect CO2 emissions caused by the
subcontracting chain
-14% (2019–2030) +8.2% (Scope 3) -1.23% (Scope 3)
A high standard of business ethics
Alma Media bears social, economic and
environmental responsibility for its oper-
ations and does not condone the use of
unethical or environmentally or socially
unsustainable operating methods by its
suppliers and partners. The Group has
a zero tolerance policy for corruption,
bribery, human rights violations and
inhumane working conditions. All of the
company’s employees in 11 countries are
committed to the Alma Media Code of
Conduct and have completed training
on the Code of Conduct. During the year
under review, 73% of Alma Media’s key
subcontractors completed the compa-
ny’s new online training for subcontrac-
tors on the Supplier Code of Conduct.
Alma Media’s employees and stake-
holders have access to an anonymous
whistleblowing channel for reporting
any possibly observed misconduct. Alma
Media’s whistleblowing team receives
the notifications and reports them to the
Audit Committee of the Board of Direc-
tors. During the year under review, the
Group was informed of three suspected
Code of Conduct violations through the
whistleblowing channel.
There were no incidents of corruption
or anti-competitive behaviour at Alma
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Media in 2022. The company is also not
aware of any ongoing official investi-
gations related to Alma Media. During
the year under review, Alma Media was
not the subject of any reprimands from
the authorities or rulings pertaining to
non-compliance with laws and regula-
tions governing economic, environmen-
tal or social responsibility. As a result,
there were no financial losses arising
from legal action. The Group’s executive
management, assisted by the legal de-
partment, is responsible for the ethical-
ity of Alma Media’s business operations.
Sustainability is one of the common
incentive criteria for Alma Media’s man-
agement and employees.
Environmental responsibility
For two decades, Alma Media has sys-
tematically and successfully imple-
mented a strategy based on the digital
transformation of business. During the
past five years, Alma Media has halved
the greenhouse gas emissions arising
from its own operations. The production
and distribution of digital content and
services is not only more environmen-
tally friendly but also more cost-efficient
compared to print products. At the same
time, the transition to low-carbon society
has created business opportunities and
increased resource efficiency. In 2022,
digital sources accounted for 80%, or
approximately MEUR 250, of Alma Me-
dia’s business. The transition from print
to digital has been reflected in improved
profitability and increased adjusted op-
erating profit. The Group’s annual capital
expenditure under the digital business
model has amounted to approximately
MEUR 4 on average.
In 2018, Alma Media was the third media
company in the world to publish ap-
proved, science-based climate targets.
Thanks to significant changes in the
business operations, the SBT for 2025
based on the 2016 baseline was achieved
ahead of schedule and the company
wanted to update and significantly tight-
en its climate targets.
In June 2022, the Science Based Targets
(SBT) organisation approved Alma Me-
dia’s new science-based climate targets.
Alma Media is committed to reducing
its absolute Scope 1 and Scope 2 green-
house gas emissions by 52 per cent and
the emissions of its subcontracting chain
by 14 per cent by 2030 compared to 2019.
The SBTi initiative aims to limit global
warming to 1.5°C. Emission reductions in
accordance with Alma Media’s plan will
focus particularly on reducing emissions
from company cars, district heating and
cooling in business premises, and on
magazine printing, logistics and ICT pro-
curement in the subcontracting 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 1.2% annually.
To improve the reliability and
continuity of emission calculations, Alma
Media adopted the International Energy
Alma Media and the environment Unit 2019 2020 2021 2022
Amount of energy
Fuels
GJ 6,151 3,946 3,634 3,380
Electricity
GJ 7,455 5,991 5,414 5,429
District heating and district cooling
GJ 4,955 3,880 6,071 5,423
Emissions
Direct emissions (Scope 1)
tC0-eq
Fuels
420 264 240 217
Indirect emissions (Scope 2)
tCO-eq
District heating, district cooling and electricity, mar-
ket-based
375 291 250 228
District heating, district cooling and electricity, loca-
tion-based
494 349 411 386
Share of renewable energy, Scope 1 and Scope 2
28% 36% 49% 53%
Share of renewable energy, Scope 2
42% 49% 63% 68%
Scope 3
tCO-eq 17,338 13,964 14,996 16,222
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Agency IEA’s country-specific emission
coefficients in 2021 for instances where
an energy producer-specific emission
factor is unavailable, and emission fig-
ures were retrospectively recalculated
according to this decision. The figures
for 2019–2022 have also been adjusted to
only reflect the Group’s continuing op-
erations. The reporting of environmental
figures covers all of Alma Media.
In 2022, the Scope 1 and Scope 2 emis-
sions reported by the company de-
creased by 9.3 per cent compared to
2021. Compared to 2019, the baseline
year for the SBTi target, the change is
-44.1%. The purchasing of zero-emission
hydropower electricity continued in Fin-
land in 2022 and, for example, the cloud
services and telecommunication ser-
vices used for data management in Alma
Media’s Finnish operations are produced
primarily from renewable energy or the
emissions are offset.
Table on the page 24 describes the
environmental indicators, 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 during the period 2019–2022.
The energy consumption of proper-
ties controlled by the Group totalled
3,013 MWh of electricity, district heating
and district cooling. Renewable ener-
gy accounted for 68% of the total. The
energy consumption of the cars owned
and used by the company decreased
by 9.5% compared to the previous year.
The decrease in the energy consump-
tion 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-effi-
cient direction. Alma Media calculates
the consumption of electricity, district
heating and district cooling mainly 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 includ-
ed in the monthly rent for the property,
electricity consumption is calculated
based on the floor area. In the business
activities in Finland, electricity is hydro-
power-generated, emission-free and
renewable. With regard to the head office
in Finland, the procurement of district
heating and cooling produced with re-
newable energy was continued in 2022.
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 consump-
tion 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 ener-
gy 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 country-specific IEA emission coef-
ficients that are also used as the basis of
location-specific emission calculations.
In 2022, the Group’s greenhouse gas
emission intensity was 0.26 tCO
2
e per
employee. Alma Media calculates its
greenhouse gas emission intensity
based on its Scope 1 and Scope 2 emis-
sions. Scope 2 emissions are calculated
using the market-based method. Emis-
sions intensity is reported relative to the
number of employees. The greenhouse
gas emissions caused by the electrici-
ty, district heating and district cooling
consumption of properties decreased
by 9.1% from the comparison year to
228 tCO
2
e, calculated using the mar-
ket-based method. Energy consumption
is measured using country, type and
supplier-specific emission coefficients.
Alma Media’s indirect Scope 3 emis-
sions continued on a downward trend
during the year as the circulations of
print publications continued to decline
and consumers switched from print to
digital media. The emissions caused by
business flights taken by Alma Media
employees increased by 177% year-on-
year as the pandemic-related travel
restrictions were lifted, but the level of
emissions was still 37% lower than in
2019. Emissions were decreased by the
lower use of services resulting from
the reduced utilisation rate of transport
services, distribution, aviation emissions
and business premises. Alma Media
achieved its environmental targets for
2022, with the exception of the Scope 3
emissions of the subcontracting chain.
The increase in emissions was due to
Alma Media
upgraded its
climate targets
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higher procurement activity relating to
the printing of newspapers and mag-
azines and the development of digital
services, for example. However, even in
Scope 3 emissions, the company main-
tained a downward trend in line with the
long-term target level for the year 2030.
The Group’s indirect Scope 3 emissions
declined by 9% (1,195 tCO
2
e) compared
to 2019. The calculation of emissions
associated with the final recycling of
publications covers all of Alma Media’s
newspapers, magazines and books. Alma
Media reports the figures for ongoing
business.
Following Russia’s invasion of Ukraine
in February 2022, Finland and the rest
of Europe were hit with an energy crisis.
Russia began to blackmail Europe with
its energy asset, and during the spring
and summer, imports of electricity, wood
chips, pipeline gas, coal and oil from Rus-
sia ceased. Electricity prices, in particular,
were at times very high due to the crisis,
but historically high prices were paid for
almost all forms of energy. However, the
dependence of Finland and Alma Media’s
operating countries on natural gas was
lower than in the rest of Europe. The
appalling war in Ukraine has forced the
whole of Europe to innovate and renew
itself in the field of energy. In addition to
improvements in energy efficiency, re-
newable energy, hydrogen and new tech-
nologies have increasingly transformed
from a possibility to a reality in almost all
of the company's operating countries.
In 2023, Alma Media will continue to
focus on minimising the carbon footprint
of its own operations and reducing emis-
sions in its subcontracting chain, as well
as on strengthening the climate-friendly
impacts of its own operations. Alma Me-
dia will continue to require the compa-
ny's most significant service providers
to commit to the climate targets and the
implementation of the company's Code
of Conduct. The renewal of the compa-
ny's car fleet in a lower-emission, more
energy-efficient direction will be con-
tinued in all operating countries. Alma
Media’s operating countries in Eastern
Central Europe are also engaged in an
active dialogue with the landlords of the
premises on the possibilities of ensuring
the use of low-emission and renewable
energy. Various measures are taken to
ensure that cooperation to mitigate cli-
mate change, promote sustainable con-
sumption and ethical good governance
in business is sufficiently ambitious,
comprehensive and effective.
Reporting in accordance with
the EU Taxonomy Regulation
In order to meet the European Union’s
climate and energy targets for 2030 and
achieve the objectives of the Europe-
an Green Deal, it is essential to direct
investments towards sustainable
projects and activities. The EU Taxonomy
Regulation, which entered into force in
2021, establishes a classification sys-
tem for economic activities based on
their environmental sustainability. This
classification system primarily specifies
required disclosures that help investors
and companies make informed deci-
sions on environmentally sustainable
economic activities. The purpose of the
classification system, which is referred
to as the EU taxonomy, is to identify
economic activities that are relevant to
climate change and to establish sci-
ence-based criteria for these activities to
assess the sustainability and eco-friend-
liness of the operations of companies.
It classifies taxonomy-eligible and
taxonomy-aligned activities, which are
economic activities that make the most
substantial contribution to the achieve-
ment of the EU’s climate targets. The EU
taxonomy focuses on six environmental
objectives:
1. climate change mitigation;
2. climate change adaptation;
3. the sustainable use and protection of
water and marine resources;
4. the transition to a circular economy;
5. pollution prevention and control;
6. the protection and restoration of bio-
diversity and ecosystems.
Reporting obligations for the
financial year 2022
The Taxonomy Regulation (Article 8)
applies to undertakings, such as Alma
Media, that are subject to a reporting
obligation under the Directive con-
cerning the reporting of non-financial
information (NFRD). Taxonomy regula-
tions: Regulation (EU) 2020/852 of the
European Parliament and of the Council,
the related Delegated Regulation and
its annexes (Annex I climate change
mitigation and Annex II climate change
adaptation). Pursuant to the regulation,
Alma Media has an obligation to report
as taxonomy KPIs the share of turn-
over, capital expenditure and operating
expenditure relating to activities that are
identified in the taxonomy as potentially
environmentally sustainable economic
activities or meet the technical screen-
ing criteria of the taxonomy.
In accordance with the Taxonomy Reg-
ulation, the Commission has produced a
list of environmentally sustainable activi-
ties and issued Delegated Regulations to
specify the technical screening criteria
for each environmental objective. The
reporting obligations enter into force in
several stages according to the schedule
set out in the Taxonomy Regulation. The
first Delegated Regulation on sustain-
able activities with regard to the first
two environmental objectives (1. climate
FINANCIAL
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change mitigation and 2. climate change
adaptation) has been published. The
classification system will be expanded
later to cover the reporting obligations
relating to the EU’s environmental objec-
tives 3 to 6.
In the second year of reporting under
the Taxonomy Regulation, companies are
required to disclose the taxonomy-eligi-
ble share of their activities and report on
the taxonomy alignment of their taxon-
omy-eligible activities. Taxonomy-eligi-
ble activities refer to activities that are
identified in the taxonomy, and taxon-
omy-aligned activities refer to those
taxonomy-eligible activities that meet
the technical screening criteria. The
technical screening criteria determine
whether an activity contributes substan-
tially to the achievement of the environ-
mental objective in question. An activity
can only be classified as sustainable if
the criteria are met. Furthermore, even if
an activity meets the technical screening
criteria, the reporting entity must ensure
that the activity does no significant harm
to any of the other five environmental
objectives and is in line with the UN
Guiding Principles on Business and Hu-
man Rights and the OECD Guidelines.
Alma Media’s approach to EU
taxonomy eligibility and alignment
The EU taxonomy and its technical
screening criteria are dynamic, and the
development of the criteria will continue
as part of the development of the EU’s
sustainable finance framework. The de-
velopment of the EU taxonomy has first
prioritised certain economic activities,
and not all economic activities have yet
been taken into account in the frame-
work and its criteria. We reported on our
taxonomy eligibility for the first time last
year and noted that, due to the nature
of our operations, the direct emissions
caused by our operations, and conse-
quently the negative climate change
impacts of our own operations, are minor.
To determine the taxonomy-eligible
share of our operations, we have con-
ducted an analysis to assess which of our
activities correspond to the economic
activities identified in the taxonomy. The
aims of this effort were as follows:
a) to identify and assess the Group’s sig-
nificant taxonomy-eligible and taxono-
my-aligned activities
b) to assess the impacts of the identified
economic activities and ensure that they
meet the technical screening criteria
c) calculate and communicate our tax-
onomy-eligible and taxonomy-aligned
key performance indicators (KPIs)
In the next stage of determining the tax-
onomy alignment of our taxonomy-eligi-
ble and taxonomy-aligned activities, we
will assess whether the activity makes
a substantial contribution to at least
one environmental objective, meet the
technical screening criteria (TSC) for all
economic activities as presented in the
Taxonomy Regulation, do no significant
harm to any of the environmental objec-
tives (DNSH) and meet the minimum so-
cial safeguards (MSS). Our interpretation
based on the analysis is that part of Alma
Media’s business substantially
contributes to the environmental objec-
tive of climate change adaptation.
With regard to turnover, we have identi-
fied the following as taxonomy-eligible
and taxonomy-aligned activities: digital
advertising relating to the marketplaces
business, the training business, book
sales, digital advertising relating to the
media business, and digital data-driven
service solutions that enable emissions
reductions in accordance with taxono-
my activity 8.2 (data-driven solutions for
GHG emissions reductions), 8.3 (pro-
gramming and broadcasting activities)
and 11 (education). While we have iden-
tified multiple activities as being tax-
onomy-eligible and taxonomy-aligned,
we have ensured that
each service
or product produced by the Group is
counted only once in the KPI reflecting
taxonomy- eligible and taxonomy-
aligned turnover.
At this stage, only those economic ac-
tivities that have the greatest need and
potential to substantially
contribute to climate change mitigation
and adaptation are considered to be
within the scope of the EU Taxonomy
Regulation. As most of Alma Media’s
business activities are not yet defined
in the EU Taxonomy, they are classified
in the table above as non-eligible. This
includes classified advertising in the
marketplaces business, print-based
media business, digital comparison ser-
vices, the data business, telemarketing
and media sales consulting.
As regards capital expenditure, our
definition of taxonomy-eligible and
taxonomy-aligned capital expenditure
covers capital expenditure that is closely
linked to taxonomy-eligible and taxon-
omy-aligned assets based on turnover
and that meet the more detailed spec-
ifications concerning the reduction of
emissions. Alma Media’s taxonomy-
eligible and taxonomy-aligned capital
expenditure mainly relates to business
premises project and capital expendi-
ture on digital advertising sales systems.
As regards operating expenditure, our
definition of taxonomy-eligible and
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taxonomy- aligned operating expendi-
ture covers operating expenditure that
aims to reduce environmental emissions
and is allocated to research, server, busi-
ness premises, motor vehicle or training
expenses. Examples of operating expen-
diture that we have counted as taxon-
omy-eligible and taxonomy-aligned
include investments in electric vehicle
charging infrastructure and the elec-
trification of the motor vehicle fleet,
employee training investments related
to climate action and the additional
costs of renewable energy purchased by
the Group. It should be noted that the
definition of taxonomy-eligible and tax-
onomy-aligned operating expenditure is
highly specific and it only includes a very
small proportion of the Group’s operat-
ing expenditure. Operating expenditure
has been defined in accordance with the
taxonomy regulations and it includes
Alma Media Group’s research and de-
velopment expenditure, expenditure on
business premises’ energy and renova-
tions and the leasing expenses for the
motor vehicle fleet.
We continuously monitor the develop-
ment of the taxonomy regulations and
assess – and report on – the taxono-
my eligibility and taxonomy alignment
of Alma Media’s economic activities
accordingly. Alma Media’s taxonomy
reporting may change when the final
technical screening criteria for the four
remaining environmental objectives of
the taxonomy are completed. In addition
to the taxonomy-related activities that
have already been identified, certain
other Alma Media activities may be
taxonomy-eligible under the four other
environmental objectives. Consequently,
Alma Media’s taxonomy-eligible and tax-
onomy-aligned turnover may increase
in 2023, as some of the activities related
to the company’s services may be partly
covered by the upcoming “Transition
to a circular economy” environmental
objective.
Accounting principles concerning
the financial KPIs related to the EU
taxonomy
The taxonomy-related reporting ob-
ligations include a description of the
accounting principles concerning the
financial KPIs, including
the calcula-
tion criteria for the numerator and the
denominator. In this section, we dis-
cuss 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 expenditure included in the
denominator. The turnover KPI deter-
mines the degree to which the Group’s
activities are taxonomy-eligible and tax-
onomy-aligned. The capital expenditure
and operating expenditure KPIs illus-
trate 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, Alma Media
includes in the numerator the estimated
total turnover of products and ser-
vices relating to taxonomy-eligible and
taxonomy-aligned economic activities.
The denominator corresponds to Alma
Media’s total turnover according to the
consolidated financial statements for
2022.
Capital expenditure
In determining taxonomy-eligible
capital expenditure, Alma Media includes
in the numerator 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 2022.
Operating expenditure
In determining taxonomy-eligible oper-
ating expenditure, Alma Media includes
in the numerator the direct operating ex-
penditure associated with products and
services relating to taxonomy- eligible
economic activities. The denominator
covers direct expenditure relating to re-
search and development, building reno-
vations, leases, maintenance and repairs,
and other direct expenses associated
with tangible and intangible assets
FINANCIAL
STATEMENTS
YEAR
2022
CORPORATE
GOVERNANCE STATEMENT
REMUNERATION
REPORT 28ANNUAL REPORT 2022
SUSTAINABILITY
REPORT
REPORT BY THE
BOARD OF DIRECTORS
Table 1: Turnover
Contributes substantially
to an environmental objective
Does no significant harm to any environmental
objective
Economic activities
Codes
Turnover FY2022
Turnover FY2021
Share of turnover
Climate change mitigation
Climate change
adaptation
Water and marine resources
Circular economy
Pollution
Biodiversity and ecosystems
Climate change mitigation
Climate change adaptation
The sustainable use and pro-
tection of water and marine
resources
The transition to a circular
economy
Pollution prevention and control
The protection and restoration of
biodiversity and ecosystems
Adherence to the UN Guiding
Principles on Business and
Human Rights and the OECD
Guidelines
Share of taxonomy-aligned turn-
over of total turnover, 2022
Share of taxonomy-aligned turn-
over of total turnover, 2021
Enabling activity
Transitional activity
MEUR MEUR % % % % % % % Y/N Y/N Y/N Y/N Y/N Y/N Incl. E T
Taxonomy-eligible and
taxonomy-aligned
Data-driven solutions for
GHG emissions reduc-
tions 8.2 7.7 6.8 2.5 0 2.5 0 0 0 0 Y Y Y Y Y Y Complies 2.5 2.5 N/A
Programming, broad-
casting and other media
activities 8.3 77.5 68.9 25.1 0 25.1 0 0 0 0 Y Y Y Y Y Y Complies 25.1 25.0 E
Education 11.1 15.0 13.7 4.9 0 4.9 0 0 0 0 Y Y Y Y Y Y Complies 4.9 5.0 E
Total 100.1 89.4 32.4 0 32.4 0 0 0 0 Y Y Y Y Y Y Complies 32.4 32.5
Taxonomy-eligible but
not taxonomy-aligned
No economic activities 0 0 0 0 0 0 0 0 0 0 0
Taxonomy-eligible share 100.1 89.4 32.4 0.0 32.4 0 0 0 0 Y Y Y Y Y Y Complies 32.4 32.5
Non-eligible share
Marketplaces, classified
advertising 122.3 96.4 39.6
Print media 41.2 43.2 13.3
Other operations 45.1 46.3 14.6
Total 208.6 186.0 67.6
Total turnover 308.8 275.4 100
FINANCIAL
STATEMENTS
YEAR
2022
CORPORATE
GOVERNANCE STATEMENT
REMUNERATION
REPORT 29ANNUAL REPORT 2022
SUSTAINABILITY
REPORT
REPORT BY THE
BOARD OF DIRECTORS
Table 2: Capital expenditure
Contributes substantially
to an environmental objective
Does no significant harm to any environ-
mental objective
Economic activities
Codes
Capital expenditure FY2022
Capital expenditure FY2021
Share of capital expenditure
Climate change mitigation
Climate change adaptation
Water and marine resources
Circular economy
Pollution
Biodiversity and ecosystems
Climate change mitigation
Climate change adaptation
The sustainable use and protection
of water and marine resources
The transition to a circular econ-
omy
Pollution prevention and control
The protection and restoration of
biodiversity and ecosystems
Adherence to the UN Guiding
Principles on Business and Human
Rights and the OECD Guidelines
Share of taxonomy-aligned capital
expenditure of total capital expen-
diture, 2022
Share of taxonomy-aligned capital
expenditure of total capital expen-
diture, 2021
Enabling activity
Transitional activity
MEUR MEUR % % % % % % % Y/N Y/N Y/N Y/N Y/N Y/N Incl. % % E T
Taxonomy-eligible and
taxonomy-aligned
Investments relating to
activities in accordance
with item 8.3 of the taxon-
omy regulations 8.3 0.8 0.1 6.0 0.0 6.0 0 0 0 0 Y Y Y Y Y Y Complies 6.0 1.7 E
Investments in business
premises solutions that
reduce climate emissions 3.4 0.0 25.4 0.0 25.4 0 0 0 0 Y Y Y Y Y Y Complies 25.4 0.0 E
Total 4.1 0.1 31.4 0.0 31.4 0 0 0 0 Y Y Y Y Y Y Complies 31.4 1.7 E
Non-eligible
Other operations 9.1 6.0 68.6
Total 13.2 6.1 100
FINANCIAL
STATEMENTS
YEAR
2022
CORPORATE
GOVERNANCE STATEMENT
REMUNERATION
REPORT 30ANNUAL REPORT 2022
SUSTAINABILITY
REPORT
REPORT BY THE
BOARD OF DIRECTORS
Table 3: Operating expenditure
Contributes substantially
to an environmental objective
Does no significant harm to any environmen-
tal objective
Economic activities
Operating expenditure FY2022
Operating expenditure FY2021
Share of operating expenditure
Climate change mitigation
Climate change adaptation
Water and marine resources
Circular economy
Pollution
Biodiversity and ecosystems
Climate change mitigation
Climate change adaptation
The sustainable use and pro-
tection of water and marine
resources
The transition to a circular econ-
omy
Pollution prevention and control
The protection and restoration of
biodiversity and ecosystems
Adherence to the UN Guiding
Principles on Business and Human
Rights and the OECD Guidelines
Share of taxonomy-aligned
operating expenditure of total
operating expenditure, 2022
Share of taxonomy-aligned
operating expenditure of total
operating expenditure, 2021
Enabling activity
Transitional activity
MEUR MEUR % % % % % % % Y/N Y/N Y/N Y/N Y/N Y/N Incl. % % E T
Taxonomy-eligible and taxonomy-aligned
Share of research and development costs
recognised as expenses and relating to tax-
onomy-aligned research and development
expenditure 4.6 3.5 39.4 0.0 39.4 0 0 0 0 Y Y Y Y Y Y Complies 39.4 38.7 E
Business premises expenses (maintenance
costs, electrical charging systems, sustain-
ably produced energy) that reduce climate
emissions 0.1 0.2 1.2 0.0 1.2 0 0 0 0 Y Y Y Y Y Y Complies 1.2 2.6 E
Replacement of fully electric or hybrid cars
/ cost 0.2 0.1 1.9 0.0 1.9 0 0 0 0 Y Y Y Y Y Y Complies 1.9 1.3 E
Server expenses allocated to taxono-
my-aligned economic activities 0.9 0.6 7.3 0.0 7.3 0 0 0 0 Y Y Y Y Y Y Complies 7.3 6.3 E
Total 5.8 4.4 49.8 0.0 49.8 0 0 0 0 Y Y Y Y Y Y Complies 49.8 49.0 E
Non-eligible
Share of research and development costs
recognised as expenses and not relating to
taxonomy-aligned research and develop-
ment expenditure 1.0 0.1 9.0
Business premises expenses that are not
directly related to the reduction of climate
emissions 1.6 2.0 13.3
Expenses relating to cars that are not fully
electric or hybrid 0.3 0.4 2.9
Server expenses not allocated to taxono-
my-aligned economic activities 2.5 1.7 21.8
Training costs 0.4 0.3 3.4
Non-eligible operating expenditure, total 5.8 4.6 50.4
Total operating expenditure 11.7 8.9 100
FINANCIAL
STATEMENTS
YEAR
2022
CORPORATE
GOVERNANCE STATEMENT
REMUNERATION
REPORT 31ANNUAL REPORT 2022
SUSTAINABILITY
REPORT
REPORT BY THE
BOARD OF DIRECTORS
Council for Mass Media. In another
decision, the Council for Mass Media
stated that Iltalehti should have labelled
the news about its IL Plus service more
clearly as an advertisement. Accord-
ing to another condemnatory decision,
Iltalehti corrected an error in one of the
news reports too slowly. In 2022, the
Council for Mass Media handled a total
of 41 complaints in Finland and issued a
condemnatory decision in eight of those
cases.
The company's media also have annual
development targets to promote the
sustainable development of society. Of
the financial and professional media,
Kauppalehti and Tekniikka&Talous set
their own specific keywords for each edi-
torial article offering solutions to climate
change. The keyword makes it easier
for the reader to find content that offers
solutions for mitigating climate change
and improves the verification of the
effectiveness of the media in raising the
awareness of citizens and companies. A
total of 180 articles offering solutions to
mitigate climate change were published
in Kauppalehti and 203 such articles
were published in Tekniikka&Talous.
These articles were read a total of 1.5 mil-
lion times. In 2022, the editorial offices
of Iltalehti and Kauppalehti were trained
on the background of the condemnatory
decisions made by the Council for Mass
Media and, at the editorial staff’s own
Number of
employees
Women as
supervisors, %
Men as
supervisors, %
Finland 1,029 45 55
Czech Republic 432 25 75
Baltic countries:
Estonia, Latvia,
Lithuania
75 50 50
Slovakia 124 18 82
Croatia 95 50 50
Bosnia 47 50 50
Sweden 16 0 100
Other 35 25 75
Total 1,831 38 62
Under 30
years
30–50
years
Over 50
years
Fixed
term
Permanent Full-time Part-time Total
Baltic countries 17% 76% 7% 0% 100% 93% 7% 100%
Bosnia and Herzegovina 21% 77% 2% 32% 68% 100% 0% 100%
Croatia 13% 84% 3% 0% 100% 89% 11% 100%
Other operating countries 15% 85% 0% 8% 92% 100% 0% 100%
Sweden 19% 75% 6% 6% 94% 88% 12% 100%
Slovakia 19% 78% 3% 1% 99% 97% 3% 100%
Finland 18% 62% 20% 7% 93% 88% 12% 100%
Czech Republic 15% 82% 3% 9% 91% 85% 15% 100%
Responsible media
The main sustainability target of the
company's media is the truthfulness of
the content, the reliability of the sourc-
es, 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.
Alma Media’s media brands grant dis-
counts on advertising to non-profits and
non-governmental organisations as well
as parties and candidates in election ad-
vertising, but the terms of the discounts
are the same for everyone. One of the in-
dicators is the number of condemnatory
decisions of the Council for Mass Media
addressed to the media, which shall not
exceed the threshold of five (5) condem-
natory decisions. During the year under
review, Alma Media’s Iltalehti received
two condemnatory decisions from the
FINANCIAL
STATEMENTS
YEAR
2022
CORPORATE
GOVERNANCE STATEMENT
REMUNERATION
REPORT 32ANNUAL REPORT 2022
SUSTAINABILITY
REPORT
REPORT BY THE
BOARD OF DIRECTORS
request, training on the terminology of
diversity was also organised in Iltalehti
in cooperation with the LGBTI rights
organisation SETA. In addition, Iltalehti's
journalists received training on legisla-
tion concerning journalism.
The truthfulness of marketing and pre-
venting 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 com-
plex digital advertising ecosystem re-
quire Alma Media to make significant in-
vestments in maintaining a high-quality
and safe media environment. The Group
systematically strengthens its technical
capabilities and employee competen-
cies to ensure that no advertising fraud
or advertisements that are contrary
to good marketing practices are pub-
lished 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 marketing as
well as the marketing communications
industry’s self-regulation in monitoring
the advertising activities of its customers
and when engaging in marketing com-
munications for its media brands and
services. The Group is actively involved
in the development of digital marketing
competence throughout the marketing
communications industry in Finland.
The company promotes good com-
mercial practice and complies with the
marketing rules of the International
Chamber of Commerce and the guide-
lines of the Council of Ethics in Adver-
tising. The key principle guiding respon-
sible operations is that the company's
online or mobile services do not contain
advertisements that would violate the
marketing regulations of the Interna-
tional Chamber of Commerce. In the
year under review, one programmatically
purchased gambling advertisement by
an international operator managed to
penetrate the technical protection of our
site and was briefly published on our site.
The advertisement was quickly removed,
as foreign gambling advertising is not
allowed in Finland. Alma Media did not
receive any complaints in its operat-
ing countries from the authorities that
supervise ethics in advertising or the
marketing industry’s own self-regulatory
bodies.
Responsible marketplaces and
services
Alma Media develops its online services
with a long-term approach with the aim
of providing 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 digital services feel
confident that their customer data is
stored, managed and used responsibly.
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 service as
the focus area of its responsibility efforts.
The Group has set two annual targets
in this area. In line with the first target,
no serious breach of data protection
should occur in the company's online
services. During the year under review,
the company submitted one (1) personal
data security breach notification to the
data protection authority and received a
total of zero (0) requests for clarification.
In addition, the company received two
(2) requests 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 decision of the
authority. During the year, no legal action
was taken against the Group related to
the privacy of users.
Alma Media’s business environment is
constantly changing. That is why the
company regularly reviews the risks
affecting data security and the ability to
react to the risks of the changing envi-
ronment. Data security and data protec-
tion 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
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.
As the operating environment became
significantly more unstable in 2022, Alma
Media updated its business
continuity plan. The purpose of the
continuity plan is to enable business to
continue in problematic circumstances
by adopting an appropriate strategy and
measures to protect people and proper-
ty. The business continuity plan outlines
the potential impacts of disasters on
the business and describes the policy
related to these situations to ensure the
company's rapid recovery after a poten-
tial crisis.
The management of the business units,
together with the ICT organisation and
FINANCIAL
STATEMENTS
YEAR
2022
CORPORATE
GOVERNANCE STATEMENT
REMUNERATION
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SUSTAINABILITY
REPORT
REPORT BY THE
BOARD OF DIRECTORS
the legal department, 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 recom-
mendations and regulations as well as
maintaining the appropriate level of em-
ployee competence pertaining to data
protection and data security.
Diversity, equality and inclusion
The foundation for Alma Media’s devel-
opment of an equal and diverse work
community is provided by regular em-
ployee surveys, among other things. The
survey results, salary analyses and other
employee data are used as the starting
point when Alma Media’s Finnish busi-
ness units update their non-discrimina-
tion, 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 Alma Media employees have
the right to:
• fair and incentivising remuneration,
• 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 at Alma Media must
respect basic human rights. Alma Media
does not condone discrimination based
on age, gender, race, skin colour, nation-
ality or ethnic origin, religious beliefs,
convictions, family relationships, sexual
orientation or disabilities.
Alma Media has a zero tolerance policy
regarding the discrimination and inap-
propriate treatment of employees. The
Group reports annually on whether it
has been informed of any such incidents.
A total of six (6) suspected incidents
of bullying or sexual harassment were
reported in 2022. All of the incidents re-
ported to the company were thoroughly
investigated. The necessary measures
were taken and all six cases were closed
by the end of the year.
Alma Media’s Board of Directors had eight
members in 2022. Two (25%) 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 Table 8.
More than 90 per cent of Alma Media’s
employees were permanently employed
during the year under review. Most of
Alma Media’s employees worked full
time. A special feature of Alma Media’s
Finnish operations was — as in previous
years — the use of freelancers by the
Group’s media brands. 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. 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 operat-
ing countries, the second-largest age
group was employees under 30 years of
age. More detailed region-specific infor-
mation on employment contract types,
the age distribution and the duration of
employment is provided on page 32 in
the Sustainability report.
In order to develop an equal and diverse
work community during the year under
review, Alma Media surveyed employees'
experiences of diversity, equality and
inclusion in all Alma Media's operating
countries. A total of 596 people respond-
ed to the survey, and the response rate
was 40%. Based on the survey responses,
employees have equal opportunities to
develop their skills and Alma Media is
seen as a flexible employer in different
life situations. Based on the results, Alma
Medians perceive the work community
as equal. The results will be used in the
development of these themes.
We continued to coach our employees in
workshops aimed at increasing employee
appreciation towards diversity and view-
ing diversity as a resource. By the end of
2022, approximately 700 Alma employees
had participated in these workshops. We
also adhered to our multi-location work
principles, which facilitate and increase
flexibility in combining individual life sit-
uations and work, and improve well-be-
ing at work. During 2022, we offered our
employees the opportunity to increase
their competence in diversity and in-
clusion through online coaching. Alma
Media participated in Pride Week in June,
and the colours of the rainbow were seen
in Alma's offices, Teams background and
social media channels. In addition, for
Pride month, Alma offered two trainings
open to everyone on the theme in Alma's
digital training service, Seduo: ‘The ba-
sics of rainbow communications’ and ‘A
great team is an inclusive team’.
Future-fit workforce
In a constantly changing operating envi-
FINANCIAL
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YEAR
2022
CORPORATE
GOVERNANCE STATEMENT
REMUNERATION
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SUSTAINABILITY
REPORT
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ronment, competence development plays
a key role in ensuring future competitive-
ness. Alma Media’s HR strategy sup-
ports the Group’s business through the
goal-driven development 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 sup-
port the development of their compe-
tence. Goal-driven competence devel-
opment 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 compe-
tence and invests in the collaborative
learning of employees and knowledge
sharing by organising mentoring pro-
grammes, competence workshops and
theme events, amongst other things. The
company takes a long-term approach
to the development of managerial work
and builds 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 em-
ployees and competence development
by means of annual employee surveys,
which provide a comprehensive picture
of employee perceptions regarding the
effectiveness of the work community
and Alma Media as an employer. The
most extensive of these surveys is the
annual Quality of Work Life (QWL) survey
conducted in all of Alma Media’s units.
The target set for the survey is a QWL
index of at least 83 per cent. This target
was exceeded in the year under review,
with the score being 83.1 per cent. The
state of the work community is also mea-
sured annually by finding out how willing
the employees are to recommend Alma
Media as an employer. The target is a
score of at least 8 on a scale of 1–10. Alma
Media achieved a score of 8.3 (eNPS 43).
In addition to using surveys, Alma
Media evaluates its performance as an
employer 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 employees who
joined the company two years ago as
new employees in Finland, 86.5 per cent
remained with the company during the
year under review. The voluntary depar-
ture turnover of Alma Media’s employees
in the Group’s operating countries was
10.2 per cent on average.
Risks and risk management
At Alma Media Group, the task of risk
management is to detect, evaluate and
monitor business opportunities, threats
and risks, to ensure the achievement of
FINANCIAL
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YEAR
2022
CORPORATE
GOVERNANCE STATEMENT
REMUNERATION
REPORT 35ANNUAL REPORT 2022
SUSTAINABILITY
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BOARD OF DIRECTORS
objectives and business continuity. The
risk management process identifies and
controls the risks, develops appropriate
risk management methods, and regu-
larly reports on risk issues to the risk
management organisation and the Board
of Directors. Risk management is part
of Alma Media’s internal control func-
tion 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
and agreements. Risks are assigned
priorities in the risk matrix by estimat-
ing 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 responsi-
ble for the management of risks related
to their operations.
The company’s most significant strategic
risks are related to rapid changes in the
existing business models of market-
places, changes in media consumption
among consumers, and data protection
violations. An increasingly important
source of competitive advantage, but
also a strategic risk, in Alma Media’s
business is the ability to use customer
data to improve the users’ service expe-
rience and develop the product and ser-
vice offering for advertisers. Alma Media
manages customer data and behavioural
data, taking regulatory requirements into
consideration, by centralising customer
data repositories and deploying analysis
and activation technology.
Potential restrictions concerning the
use of third-party cookies could create
uncertainty factors, at least temporarily,
related to digital advertising sales. The
regulation of the media sector and the
related market practices is becoming
stricter. The changes in the operating
environment and the rapid technological
development require continuous invest-
ments in employee competence and
development. Ensuring adequate and
highly competent technology-related
human resources for the years to come
is a significant strategic risk. A further
risk to Alma Media’s business is the
potential decline in digital audiences, as
well as a potential permanent decrease
in digital advertising sales and listing
advertising.
The continuation of the widespread
pandemic may have a significant impact
on the demand for services on the one
hand and, on the other hand, it can cause
substantial production disruptions in
business processes due to significant
risks related to employee health.
In addition to the COVID-19 pandemic,
geopolitical risks in Alma Media’s oper-
ating countries may have a significant
impact on service demand.
The most significant operational risks
are cyber risks, disruptions of informa-
tion technology and communications as
well as interruptions in daily news pro-
duction. Data security risks are managed
in various ways; for example, by im-
proving proactive automation to detect
server attacks in a timely manner and by
regularly training the employees on data
security and data privacy.
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 communicates its sustain-
ability risks and challenges related to the
development of corporate sustainability
transparently in its stakeholder commu-
nications.
Risks related to
the erosion of the responsibility
of media and services
Even in Finland, trust in the media has
weakened, although it is still high by
international comparison. Alma Media’s
business is based on trust. Readers, ad-
vertisers and the users of digital services
must be able to trust that the Group
publishes truthful, objective and pluralis-
tic content while also providing a secure
advertising environment and digital
services that are safe to use. To maintain
the trust of its readers and customers,
Alma Media systematically develops its
employees’ competencies and techno-
logical skills, and the Group has also set
annual and long-term targets concerning
responsible journalism and marketing as
well as digital responsibility, which are
incorporated into the incentive schemes
for employees. The day-to-day work of
editorial teams, media sales and the ICT
organisation are also guided by the deci-
sions of the regulatory bodies concern-
ing responsible journalism and market-
ing, data privacy and data security. They
are also guided by the feedback from
customers and readers received through
various channels and the results of read-
er and customer satisfaction surveys.
Environmental risks
Based on its materiality assessment
of sustainability, Alma Media has de-
termined that the strategic decision
to invest in digital business reduces
risks related to climate change and the
environment. In the short term, warmer
winters will complicate the timbering of
FINANCIAL
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SUSTAINABILITY
REPORT
REPORT BY THE
BOARD OF DIRECTORS
wood by the paper suppliers that oper-
ate as Alma’s subcontractors, which may
lead to higher paper prices. Increasing-
ly strict national and EU-level climate
regulations may also have cost impacts
in Alma Media’s subcontracting chain.
Changes involving paper and delivery
costs have an effect on the costs of print
publications, for example. Print media
accounts for approximately 66% (MEUR
32) of Alma Media’s content sales. In the
longer term, increasing extreme weather
phenomena caused by climate change
are predicted to increase the risk of
technical disruptions to digital services
in Alma Media’s operating countries.
Alma Media manages its environmental
risks by systematically developing its op-
erations in accordance with the Group’s
science-based SBTi climate targets and
by also engaging the commitment of
its key suppliers to the Group’s climate
targets.
The environmental risks associated with
purchasing are reduced by Alma Me-
dia operating in 11 European countries.
The procurement of each country unit
is focused on the domestic market or
nearby regions, which enables compre-
hensive oversight of suppliers. The risk
of disruptions in the availability of digital
services is mitigated by improving oper-
ational reliability. Operational reliability
has been improved by transitioning to
cloud services and by purchasing other
necessary server capacity from state-of-
the-art data centres.
Social and HR-related risks
The development of Alma Media’s busi-
ness is highly dependent on the system-
atic development of employee compe-
tence and the Group’s ability to attract
and retain highly competent and motivat-
ed employees. Many of the professional
groups that are significant to the Group’s
capacity for renewal and competitiveness
are characterised by intense competition
in the job market. For this reason, Alma
Media considers the failure to adequately
develop competencies and engage the
commitment of employees to be its most
significant HR-related risk.
The Group manages its HR-related risks
by taking a long-term approach to the
development of its employer image,
recruitment, supervisory work and man-
agement.
In accordance with its HR strategy, the
Group also invests in career guidance
and provides employees with diverse
opportunities for on-the-job learning
and the continuous development of
competence.
Alma Media assesses its risk manage-
ment performance by monitoring its
progress towards its responsibility
targets related to the Group’s ability to
engage and retain new employees, the
employee experience and strengthening
the company’s employer image. Prog-
ress towards these targets is reported
annually.
Risks related to unethical business
practices and human rights
violations
Alma Media has a vast and diverse sub-
contracting network that ranges from
sole proprietorships engaged in content
production to large international corpo-
rations. Alma Media has business opera-
tions in 11 countries. Ethics violations by
the Group’s subcontractors or employ-
ees could potentially have financial or
legal repercussions for Alma Media and
they could damage the Group’s repu-
tation. To ensure that consistent ethical
principles are observed in the Group’s
business operations, Alma Media re-
quires all of its employees and its most
significant subcontractors to commit to
the Group’s ethical business principles
and takes a goal-driven approach to the
development of its organisational cul-
ture and operating methods and strives
to minimise risks through target setting,
reporting and communication, among
other things.
The continuity plan was updated
During the year under review, as
the operating environment became
significantly more unstable, Alma
Media updated its business continuity
plan. The plan is an important part of
the company’s risk management and
ensures the continuity of operations in
the event of disruptions. It systematically
describes how the continuity of certain
functions, processes or systems is
ensured in disruptions and how they are
recovered, including the actions to be
taken in response to a specific disruptive
event. The aim is to reduce negative
impacts and accelerate recovery.
The continuation of business in prob-
lematic circumstances is ensured by
adopting an appropriate strategy and
measures to protect people and prop-
erty. The continuity plan outlines the
potential impacts of disasters on the
business and describes the operating
policy related to these situations to en-
sure the company's rapid recovery after
a potential crisis.
Due to the changes in the potential
threats in spring 2022, Alma Media
carried out a so-called hardening of the
data security controls of critical systems
to improve interference tolerance and
recovery from disruptions. The response
to personal data breaches was enhanced
with updated instructions, of which a
separate version was also prepared for
the company's subcontractors.
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Risk Risk definition Risk mitigating actions
STRATEGIC RISKS
Changes in media con-
sumption and the business
models of marketplaces
Industry transformation following trends in media consumption
and technological development. The capacity of product and
service development to assess changes in consumer behaviour or
invest in the appropriate technological service solutions.
Business development driven by customer needs. Measures to promote
digital business competitiveness. Ensuring that content is interesting. Devel-
oping the user interfaces of media as well as purchasing paths and payment
systems, for example. Sufficient investments and resources in research and
development.
Changes in the competi-
tive landscape and intensi-
fying competition
Expansion of international platforms, industry convergence, re-
duced price competitiveness. Technological solutions and im-
plementations by platform providers that restrict the operations
of other companies. Regulation and potential legislative changes
concerning taxation.
Service business development, active development of the existing business,
diversification of revenue sources, geographic diversification of business.
Digital media audiences
and digital advertising
A significant drop in subscribers and readers,
a permanent decline in digital advertising sales and pricing pres-
sures on services
Maintaining and developing an interactive media-reader relationship, cus-
tomer 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.
Customer data, restrictions
on the use of third-party
cookies
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 an-
ticipate changes in customer needs. Violations of the GDPR or other
regulations governing data privacy. 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 dig-
ital business competitiveness and data management. Sufficient investments
and resources in data management and systems as well as the development
of data privacy procedures and employee competence. Increasing the num-
ber of registered users of services and increasing the use of Alma ID.
The global pandemic and
its continuation
A widespread pandemic may have a significant impact on the de-
mand 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 related to employee health
Monitoring the operating environment and reacting to changing circum-
stances with sufficient speed. The organisation’s ability to adapt to the pre-
vailing circumstances. Occupational safety measures concerning employees
GDPR and data protection Interpretations by the authorities regarding the practical applica-
tion of the GDPR and the EU's expanding data regulation .
Internal training, monitoring legislation and the regulatory interpretations
of the authorities, building processes for legally required changes in the
organisation
Data regulation 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 opera-
tions 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
Competence; the reten-
tion, recruitment and
development of highly
competent employees
Technological development and the demands of new technology
increase the risk of obtaining and maintaining sufficient competen-
cies and achieving employee commitment.
HR strategy, creating commitment in key individuals, additional resource
allocation and trainee programmes, employee well-being.
FINANCIAL
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Risk Risk definition Risk mitigating actions
Geopolitical risks Geopolitical risks in our operating countries can have a significant
impact on the demand for services and cause significant produc-
tion disruptions in business processes
Continuous monitoring and reacting quickly to the changing environment.
The organisation’s ability adapt to its operations to the prevailing
circumstances. Responding in accordance with the continuity plan if neces-
sary.
OPERATIVE RISKS
Serious disruptions in
information technology,
networks and data
communications and
recovery from such
disruptions
The reliability of information networks. Inability to appropriately
restore operations or data after a major disruption, damage to or
unavailability of back-ups
Contingency plans, decentralised server solutions, cloud computing, ensur-
ing sufficient competencies. Planning and testing pertaining to back-ups of
data. Detailed targets for the business segments’ cloud infrastructure and
services, and specifying employee-level responsibilities and procedures.
Cyber risks The risk of being targeted by data security attacks and data theft. Contingency plans and risk management actions, ensuring sufficient com-
petencies, insurance.
Disruptions in daily news
production
Serious problems with the functioning of content generation sys-
tems (e.g. Newspilot, Writer, Open Content).
System design, back-ups, software vendors’ support agreements, reactive
capabilities. Moving services to a managed public cloud to increase flexibil-
ity.
FINANCIAL RISKS
Interest and foreign ex-
change risks
A change in an interest rate or currency exchange rate causes a sig-
nificant impact on the company’s profit or balance sheet position.
Treasury policy and the hedging principles defined therein.
Refinancing risk The company is unable to renew maturing financing agreements. Treasury policy, financing plan and agreements, sufficiently long maturity of
loans, sufficient equity ratio.
Liquidity risk The company is unable to cover its maturing obligations in the
short term.
Treasury policy, financing limit agreements of sufficient size.
RISKS RELATED TO THE REPORTING OF NONFINANCIAL INFORMATION
Risks related to journalism The erosion of the appreciation and reliability of media content.
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 jour-
nalism industry events and organisations.
Risks related to marketing Diminishing reliability as an advertising environment. Publishing
advertising that is contrary to good marketing practices or disrupts
the reading experience. Ethical risks related to digital marketing,
such as programmatic buying, including partner risks, providing a
safe brand environment as a publisher. Technological risks.
Customer satisfaction surveys, customer contacts and feedback. Developing
marketing practices and employee competence. Technology acquisition.
Risks related to service
providers
Reputation risks related to unethical actions by service providers
used by Alma Media
Careful risk analysis before signing an agreement, monitoring, engaging
service providers’ commitment to Alma Media’s Code of Conduct
FINANCIAL
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Identification, assessment and management of risks
and opportunities related to climate change
Alma Media’s climate scenarios aim to
identify both risks and opportunities
related to climate change. The company
has two scenarios that differ in terms
of their assessments of technological
development, 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 80% of Alma
Media’s business, climate change is not
seen to constitute a significant direct op-
erational or financial risk to the company.
The digital scalability of business, large
reach, digital expertise and in-house
product development present opportu-
nities for Alma Media to mitigate climate
change through its actions in its key
industries and promote the transition to
a low-carbon society.
Climate-related risks
The management of climate-relat-
ed 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 iden-
tified and assessed on a regular basis
and in accordance with a predetermined
process. Each risk has a designated own-
er. They are responsible for risk manage-
ment. Risks are reported and monitored
on a regular basis in various teams made
up of management, employees and spe-
cialists. Climate-related risks are divided
into two categories: transition risks and
physical risks. The identified physical
risks generally fall into the category of
operative risks, while transition risks are
generally strategic risks.
The optimistic scenario is based on
warming of 1.5–2°C, while the pessimistic
scenario is based on global warming of
4°C. Transition risks are the most signif-
icant 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 regula-
tions and guidelines for digital business,
as well as differences in application in
the company’s operating countries, con-
stitute a key uncertainty factor. For ex-
ample, most of the company’s business
activities are still entirely excluded from
the EU’s taxonomy classification, which
makes target setting more difficult. Alma
Media is committed to the Paris Climate
Agreement and supports ambitious
global climate action to reduce emis-
sions and improve resource efficiency.
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 estimat-
ed probability (improbable/probable/
highly probable) and indicated financial
impacts as a combination of probabil-
ity. 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 below.
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YEAR
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SUSTAINABILITY
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REPORT BY THE
BOARD OF DIRECTORS
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 compa-
ny, but also presents opportunities.
• Carbon pricing. Emissions trading schemes. Carbon border tax.
Carbon border adjustment mechanisms.
• The Sustainable Finance Disclosure Regulation (SFDR) enables
lower-cost external financing for low-carbon companies.
• Increasing regulation limits the company’s choice of partners in
subcontracting.
• 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 environment becomes less predictable for both
Alma Media and its customers.
• Protecting biodiversity emerges as an objective that is even
more important 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 operations and the subcontracting
chain.
• Probable in the medium term.
Low
Techno-
logy
• Technological development speeds up, which accelerates digi-
talisation 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 develop-
ing new services relating to sustainable consumption and the
circular economy.
• Alma Media uses continuity planning to
prepare for the identification of techno-
logical risks and reacting to them.
• The company systematically strengthens
its digital and technology competencies.
• The geographical diversification of server
locations reduces the risk of service
disruptions.
• Highly probable in the short term.
Low
Market
(demand
and
supply)
• Fluctuations in the energy market are reflected in consumer
confidence. 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 pow-
ered 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 Alma Media’s customers.
• The demand for low-carbon goods and services grows, which
presents a business opportunity for Alma Media.
• 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, includ-
ing the price of energy, raw materials that are critical to society,
and technological components.
• The mobility of people and goods is significantly reduced.
• Waves of climate displacement from Africa and Asia can disrupt
society and negatively affect the advertising sales business.
• Quick digital solutions are needed to support customers’ adap-
tation, 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 tar-
gets extending 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). Ac-
tive development of Alma Media’s prod-
uct portfolio and value-added services to
mitigate climate change.
• Improbable.
Low
FINANCIAL
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YEAR
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CORPORATE
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REPORT 41ANNUAL REPORT 2022
SUSTAINABILITY
REPORT
REPORT BY THE
BOARD OF DIRECTORS
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 phenome-
na, 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 phe-
nomena 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 drought and wildfires,
storms and subsequent flash floods and landslides will become
more common, posing an acute physical risk of the loss of build-
ings, 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,
potential relocation and business disruptions caused by
damages and the need to repair premises after extreme events.
• The most significant exposures to phys-
ical risks can be avoided through Alma
Media’s effective continuity planning,
which is updated on a regular basis.
• The geographical diversification of oper-
ations 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, hydropower 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, hydropower 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 cer-
tain regions due to heat waves.
• The regular updating and re-evaluation of
climate scenarios.
• Developing new business models to-
gether 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 tempera-
ture, wind, water and solid mass were taken
into consideration, and the most significant of
these are listed in the table. above.
FINANCIAL
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YEAR
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SUSTAINABILITY
REPORT
REPORT BY THE
BOARD OF DIRECTORS
Changes in Group structure
in 2022
Changes in Group structure are de-
scribed in the strategy section of the
Report by the Board of Directors as well
as in the notes to the consolidated finan-
cial statements, in Note 4.2 Subsidiaries,
Note 4.3 Business combinations and 4.4
Associated companies.
Annual General Meeting 2022
Alma Media Corporation’s Annual Gener-
al Meeting (AGM), held on 29 March 2022
under special arrangements, confirmed
the financial statements for 2021 and
released the members of the Board of
Directors and the President and CEO
from liability. The AGM decided that a
dividend of EUR 0.35 per share shall be
paid for the financial year 2021.
Peter Immonen, Petri Niemisvirta, Esa
Lager, Alexander Lindholm, Catharina
Stackelberg-Hammarén, Eero Broman,
Heikki Herlin and Kaisa Salakka were
elected as Board members. In its consti-
tutive meeting after the AGM, the Board
of Directors elected Catharina Stackel-
berg-Hammarén as its Chair and Eero
Broman as its Vice Chair.
The Board of Directors also appointed
the members to its permanent com-
mittees. Petri Niemisvirta, Eero Broman,
Kaisa Salakka and Heikki Herlin were
elected as members of the Audit Com-
mittee, 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 Peter Immonen,
Esa Lager, Alexander Lindholm, Heikki
Herlin and Eero Broman, the members
of the Board are independent of the
company and its significant sharehold-
ers. 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-Yhtymä 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 consecu-
tive years (a relationship with a signifi-
cant shareholder pursuant to subsection
J.) of Recommendation 10 of the Corpo-
rate Governance Code).
Mikko Korttila, General Counsel of Alma
Media Corporation, serves as the secre-
tary to the Board of Directors in accor-
dance with the Board’s Charter.
The AGM appointed Pricewaterhouse-
Coopers Oy as the company’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 Annual General Meeting decided that
the remuneration be kept unchanged,
and that the following annual remunera-
tion be paid to the members of the Board
of Directors for the term of office ending
at the close of the Annual General Meet-
ing 2023: to the Chairman of the Board of
Directors, EUR 62,500 per year; to the Vice
Chairman, EUR 40,000 per year, and to
members EUR 32,500 per year.
In addition, the Chair of the Board of Di-
rectors and the Chair of the Audit Com-
mittee will be paid a fee of EUR 1,500, the
Chair of the Nomination and Compen-
sation 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 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 out-
side Finland in Europe or (ii) meet-
ings held outside Finland in Europe;
and
• tripled for (i) members resident
outside Europe or (ii) meetings held
outside Europe.
FINANCIAL
STATEMENTS
YEAR
2022
CORPORATE
GOVERNANCE STATEMENT
REMUNERATION
REPORT 43ANNUAL REPORT 2022
SUSTAINABILITY
REPORT
REPORT BY THE
BOARD OF DIRECTORS
The Members of the Board shall, as
decided by the Annual General Meeting,
acquire a number of Alma Media Corpo-
ration shares corresponding to approx-
imately 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 reg-
ulated 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 insider
transactions, the annual remuneration
shall be 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 Di-
rectors 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 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 shall 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 authori-
sation and the maximum price, corre-
spondingly, 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 struc-
ture, financing or carrying out corporate
acquisitions or other arrangements,
implementing incentive schemes for the
management or key employees or to be
otherwise transferred or cancelled. The
authorisation is valid until the following
AGM, but not later than 30 June 2022.
Authorisation to the Board of
Directors to decide on the transfer
of own shares
The AGM authorised the Board of Di-
rectors to decide on a share issue by
transferring shares in possession of
the company. A maximum of 824,000
shares may be issued on the basis of
The Board can use the authorisation in
one or more lots.
The Board can use the authorisation for
developing the capital structure of the
company, widening the ownership base,
financing or executing acquisitions or
other arrangements, or for other pur-
poses 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 fol-
lowing AGM, but not later than 30 June
2022. This authorisation overrides the
corresponding share issue authorisation
granted by the AGM of 24 March 2021,
but not the share issue authorisation
proposed above.
Donations
The AGM authorised the Board to decide
on donations amounting to no more than
a total of EUR 50,000 to universities in
2022–2023, with the more detailed condi-
tions of the donations to be decided by
the Board of Directors.
Dividends
In accordance with the proposal of the
Board of Directors, the AGM resolved
that a dividend of EUR 0.35 per share be
paid for the financial year 2021. The divi-
dend was to be paid to shareholders who
this authorisation. The maximum autho-
rised quantity represents approximately
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
programmes for the management or key
employees of the company.
The authorisation is valid until the fol-
lowing AGM, but not later than 30 June
2022. This authorisation overrides the
share issue authorisation granted at the
Annual General Meeting of 24 March
2021.
Authorisation to the Board of
Directors to decide on a share issue
The AGM authorised the Board of Direc-
tors to decide on a share issue. A maxi-
mum 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 corre-
sponds 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 en-
titles the Board to decide on a directed
share issue, which entails deviating from
the pre-emption rights of shareholders.
FINANCIAL
STATEMENTS
YEAR
2022
CORPORATE
GOVERNANCE STATEMENT
REMUNERATION
REPORT 44ANNUAL REPORT 2022
SUSTAINABILITY
REPORT
REPORT BY THE
BOARD OF DIRECTORS
20 principal shareholders on
31 December 2022
Pcs % of shares and
votes
1. Otava Oy 24,036,845 29.18
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 Com-
pany
3,221,695 3.91
6. Nordea Nordic Small Cap 1,859,045 2.26
7. Elo Mutual Pension Insurance Company 1,563,000 1.90
8. Sr Evli Suomi Select 1,120,961 1.36
9. Veljesten Viestintä Oy 851,500 1.03
10. Keskisuomalainen Oyj 782,497 0.95
11. Häkkinen Matti Juhani 721,390 0.88
12. C.V Åkerlundin Mediasäätiö Sr. 382,871 0.46
13. Broman Eero Väinö 367,071 0.45
14. Sinkkonen Raija Irmeli 333,431 0.40
15. Danilostock Oy 330,000 0.40
16. Koskinen Riitta Inkeri 274,571 0.33
17. Tallberg Marianne 237,250 0.29
18. Telanne Kai Markus 216,155 0.26
19. Tampereen Tuberkuloosisäätiö Sr 210,000 0.25
20. Alma Media Corporation 198,391 0.24
Total 67,003,613 81.33
Nominee-registered 4,505,465 5.47
Other* 10,874,104 13.20
Total 82,383,182 100.00
*) Alma Media Corporation owns a total of 198,391 of its own shares, representing 0.24% of the total
number of the company’s shares and related votes.
Ownership structure on
31 December 2022
Number of
shareholders
% of
shareholders
Number of
shares
% of shares
Private companies 334 3.2 51,762,547 62.8
Financial and insurance institu-
tions
14 0.1 3,627,990 4.4
Public entities 7 0.1 10,419,218 12.6
Households 9,775 94.9 10,626,529 12.9
Non-profit associations 107 1.0 1,231,119 1.5
Foreign owners 48 0.5 210,314 0.3
Nominee-registered shares 10 0.1 4,505,465 5.5
Total 10,295 100.0 82,383,182 100.0
Distribution of ownership Number of
shareholders
% of
shareholders
Number of
shares
% of shares
1–100 3,889 3.2 167,261 0.2
101–1 000 4,726 0.1 1,930,477 2.3
1,001–10,000 1,497 0.1 4,266,707 5.2
10,001–100,000 153 94.9 3,778,754 4.6
100,001–500,000 17 1.0 3,671,777 4.5
500,000– 13 0.5 68,568,206 83.2
Total 10,295 100.0 82,383,182 100.0
FINANCIAL
STATEMENTS
YEAR
2022
CORPORATE
GOVERNANCE STATEMENT
REMUNERATION
REPORT 45ANNUAL REPORT 2022
SUSTAINABILITY
REPORT
REPORT BY THE
BOARD OF DIRECTORS
were registered in Alma Media Corpo-
ration’s shareholder register maintained
by Euroclear Finland Ltd on the record
date, 31 March 2022. The dividend was
paid on 7 April 2022.
The Alma Media share
In 2022, altogether 2,804,467 Alma Media
shares were traded at the NASDAQ Hel-
sinki Stock Exchange, representing 3.4%
of the total number of shares. The clos-
ing price of the Alma Media share at the
end of the last trading day of the review
period, 30 December 2022, was EUR 9.40.
The lowest quotation during the review
period was EUR 7.78 and the highest EUR
11.80. Alma Media Corporation’s market
capitalisation at the end of the review
period was MEUR 774.4.
At the end of the financial year, on 31 De-
cember 2022, Alma Media Corporation
held a total of 198,391 of its own shares.
In 2022, the company purchased 426,462
of its own shares for a total cost of MEUR
4.2. In 2022, the company transferred
398,481 of its own shares without consid-
eration as part of the long-term share-
based incentive scheme for the compa-
ny’s employees.
Share-based retention and
incentive schemes
The share-based incentive schemes are
described in Note 1.4.2 to the consolidat-
ed financial statements.
Flagging notices
Alma Media Corporation did not receive
any flagging notices in 2022.
Corporate Governance
Statement for 2022
In 2022, Alma Media Corporation applied
the Finnish Corporate Governance Code
2020 for listed companies in its un-
altered form. A Corporate Governance
Statement required by the Corporate
Governance Code is presented as a
separate report in connection with the
Annual Report. In addition, it is pub-
licly available on Alma Media’s web-
site at www.almamedia.fi/en/investors/
governance/corporate-governance-
statement/.
Remuneration policy and
remuneration report
In accordance with the EU Shareholder
Rights Directive, Alma Media has pub-
lished its Remuneration Policy, which
documents the principles of the re-
muneration of the Group’s governing
bodies and the key terms applicable to
service contracts on 8 March 2022. The
remuneration policy of the governing
bodies was presented to Alma Media’s
Annual General Meeting on 29 March
2022 and it was approved without a vote.
The 2022 remuneration report for the
Group’s governing bodies, produced in
compliance with the EU Share-
holder rights Directive (SHRD) and the
Finnish Corporate Governance Code
2020 for listed companies, will be dis-
cussed at the Annual General Meeting to
be held on 4 April 2023.
Operating environment
in 2023
The national economies of Finland and
Alma Media’s other operating countries
are expected to see a marked decline in
the growth rate in 2023, and some coun-
tries are even expecting a recession.
According to the European Central Bank,
economic activity will start to recover in
the second half of 2023 if the situation in
the energy market stabilises, supply dis-
ruptions subside, real incomes improve
and export demand strengthens.
Outlook for 2023
Alma Media expects its full-year revenue
and adjusted operating profit in 2023 to
remain at the 2022 level or decrease from
2022. The full-year revenue for 2022 was
MEUR 308.8 and the adjusted operating
profit was MEUR 73.4.
The outlook is based on the assessment
that the company’s revenue and operat-
ing profit will decline in the first half of
the year due to lower advertising sales
and the higher costs of the recruitment
business. The economic outlook is ex-
pected to improve in the second half of
the year. We expect the demand for re-
cruitment services to remain strong and
advertising sales to recover during the
year. The efficiency improvement mea-
sures initiated by the Group will improve
profitability in the latter half of the year.
Dividend proposal to the
Annual General Meeting
On 31 December 2022, the Group’s par-
ent company had distributable funds
totalling EUR 156,856,329 (144,833,995).
Alma Media’s Board of Directors propos-
es to the Annual General Meeting that a
dividend of EUR 0.44 per share be paid
for the financial year 2022 (2021: EUR
0.35 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, 6 April 2023. The
Board of Directors proposes that the
dividend be paid on 17 April 2023. Based
on the number of outstanding shares on
the closing date, 31 December 2022, the
dividend payment totals EUR 36,161,308
(28,774,470).
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, compromise the company’s
liquidity.
FINANCIAL
STATEMENTS
YEAR
2022
CORPORATE
GOVERNANCE STATEMENT
REMUNERATION
REPORT 46ANNUAL REPORT 2022
SUSTAINABILITY
REPORT
REPORT BY THE
BOARD OF DIRECTORS
SHAREHOLDINGS
31 December 2022 **
2015 IV
TSR
2020
MSP
2021
MSP
2022
MSP
Catharina Stackelberg-Hammarén, Chair of
the Board
28,535
Jorma Ollila, Chair of the Board until
29 March 2022 *
20,448
Eero Broman, Deputy Chair 367,071
Petri Niemisvirta, member of the Board 26,756
Heikki Herlin, member of the Board 15,690,503
Peter Immonen, member of the Board 5,625
Esa Lager, member of the Board 19,450
Alexander Lindholm, member of the Board 5,625
Kaisa Salakka, member of the Board 1,320
Kai Telanne, President and CEO 216,155 36,000 120,000 126,000 150,000
Santtu Elsinen, Group Executive Team 39,565 9,000 30,000 36,000 42,000
Virpi Juvonen, Group Executive Team 43,812 6,000 24,000 30,000 36,000
Tiina Kurki, Group Executive Team 49,772 9,000 24,000 30,000 36,000
Kari Kivelä, Group Executive Team 82,096 12,000 36,000 42,000 48,000
Mikko Korttila, Group Executive Team 56,135 9,000 30,000 36,000 42,000
Elina Kukkonen, Group Executive Team 21,023 5,000 14,316 13,500 24,540
Juha-Petri Loimovuori, Group Executive
Team
87,619 12,000 36,000 42,000 48,000
Vesa-Pekka Kirsi, Group Executive Team 6,600 0 39,600
Juha Nuutinen, Group Executive Team 60,092 6,000 30,000 36,000 42,000
Total 16,412,148 104,000 344,316 391,500 508,140
* Shareholding on 29 March 2022
** The figure also includes holdings of entities under their control as well as hold-
ings of related parties.
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
16,412,148 shares in the company on 31
December 2022, representing 19.9% of
the total number of shares and votes.
Based on the incentive schemes cur-
rently in effect, the President and CEO
and the members of the Group Execu-
tive Team may receive a total of 1,347,816
shares in the company, corresponding
to 1.6% of the total number of shares and
votes.
FINANCIAL
STATEMENTS
YEAR
2022
CORPORATE
GOVERNANCE STATEMENT
REMUNERATION
REPORT 47ANNUAL REPORT 2022
SUSTAINABILITY
REPORT
REPORT BY THE
BOARD OF DIRECTORS
INCOME STATEMENT IFRS
2022
Change
%
IFRS
2021
Change
%
IFRS
2020
Change
%
IFRS
2019
Change
%
IFRS
2018
Revenue MEUR 308.8 12.1 275.4 19.6 230.2 -8.0 250.2 -1.8 254.7
Digital revenue MEUR 249.7 17.7 212.1 33.9 158.9 -4.7 166.7 3.2 161.5
% of revenue % 80.9 77.0 69.0 66.6 63.4
Operating profit (loss) MEUR 80.0 40.9 56.8 31.7 43.1 -13.0 49.5 4.4 47.5
% of revenue % 25.9 20.6 18.7 19.8 18.6
Adjusted operating profit MEUR 73.4 20.2 61.1 34.7 45.4 -8.2 49.4 3.8 47.6
% of revenue % 23.8 22.2 19.7 19.8 18.7
Adjusted items* MEUR 6.6 -252.5 -4.3 90.2 -2.3 -2196.5 0.1 -178.9 0.1
Profit before tax MEUR 86.4 53.4 56.3 33.4 42.2 -13.8 49.0 1.8 48.1
Adjusted profit before tax MEUR 79.9 31.7 60.6 36.3 44.5 -9.0 48.9 1.3 48.3
Profit for the period, continuing
operations
MEUR 72.0 62.6 44.3 33.1 33.3 -17.8 40.5 5.8 38.2
Share of profit of associated compa-
nies
MEUR 0.7 31.3 1.0 755.2 0.1 -78.4 0.5 272.0 -0.3
Net financial expenses MEUR -5.8 -504.1 1.4 47.0 1.0 -8.7 1.1 -208.8 -1.0
Net financial expenses, % of revenue % -1.9 0.5 0.4 0.4 -0.4
Profit for the period, discontinued
operations
MEUR 65.8 702.7 8.2 9.7
Profit for the period MEUR 72.0 62.6 44.3 -55.2 99.1 103.6 48.7 1.6 47.9
Key figures describing financial performance
The key figures are calculated according to IFRS recognition and measurement principles.
* The adjusted items are specified in more detail on page 12 of the Report by the Board of Directors.
FINANCIAL
STATEMENTS
YEAR
2022
CORPORATE
GOVERNANCE STATEMENT
REMUNERATION
REPORT 48ANNUAL REPORT 2022
SUSTAINABILITY
REPORT
REPORT BY THE
BOARD OF DIRECTORS
BALANCE SHEET * IFRS
2022
Change
%
IFRS
2021
Change
%
IFRS
2020
Change
%
IFRS
2019
Change
%
IFRS
2018
Balance sheet total MEUR 495.2 -4.5 518.4 55.2 333.9 -16.7 400.9 16.0 345.6
Interest-bearing net debt MEUR 142.6 181.8 -9.1 23.7 2.0
Interest-bearing liabilities MEUR 172.7 -26.1 233.7 500.9 38.9 -57.1 90.8 76.2 51.5
Non-interest-bearing liabilities MEUR 116.6 -1.3 118.2 30.6 90.5 -15.9 107.6 0.3 107.2
OTHER INFORMATION * IFRS
2022
Change
%
IFRS
2021
Change
%
IFRS
2020
Change
%
IFRS
2019
Change
%
IFRS
2018
Average no. of employees, excl. tele-
marketers
1,679 8.4 1,549 3.4 1,497 -2.1 1,530 1.2 1,512
Telemarketers on average 196 -41.8 337 0.6 335 10.2 304 -7.2 328
Capital expenditure MEUR 18.3 -92.6 247.1 170.4 91.4 620.0 12.7 -41.7 21.8
Capital expenditure, % of revenue % 5.9 89.7 39.7 5.1 8.6
Research and development costs MEUR 7.6 64.3 4.6 0.0 4.6 8.1 4.3 -1.0 4.3
Research and development costs, %
of revenue
% 2.4 1.7 2.0 1.7 1.7
KEY FIGURES * IFRS
2022
Change
%
IFRS
2021
Change
%
IFRS
2020
Change
%
IFRS
2019
Change
%
IFRS
2018
Return on equity (ROE) % 38.6 62.0 23.9 -51.0 48.7 94.7 25.0 -10.0 27.8
Return on investment (ROI) % 18.9 32.7 14.3 -61.9 37.4 96.5 19.0 -11.6 21.6
Equity ratio % 45.8 34.7 63.1 54.1 57.5
Gearing % 69.3 109.2 -4.5 11.7 1.5
* The figures include both continuing and discontinued operations, unless otherwise mentioned
FINANCIAL
STATEMENTS
YEAR
2022
CORPORATE
GOVERNANCE STATEMENT
REMUNERATION
REPORT 49ANNUAL REPORT 2022
SUSTAINABILITY
REPORT
REPORT BY THE
BOARD OF DIRECTORS
PER SHARE DATA * IFRS
2022
IFRS
2021
Change
%
IFRS
2020
Change
%
IFRS
2019
Change
%
IFRS
2018
Earnings per share, basic EUR 0.88 0.53 1.13 0.51 0.51
Earnings per share, diluted EUR 0.86 0.52 1.11 0.50 0.50
Cash flow from operating activities
per share
EUR 0.96 0.92 0.68 0.87 0.68
Shareholders’ equity per share EUR 2.48 1.99 2.23 2.09 1.94
Dividend per share ** EUR 0.44 0.35 0.30 0.40 0.35
Payout ratio % 50.3 66.0 26.5 78.0 69.2
Effective dividend yield % 4.7 3.2 3.4 5.0 6.3
P/E Ratio 10.7 20.4 7.9 15.5 10.9
Highest share price EUR 11.80 12.7 9.30 8.10 8.14
Lowest share price EUR 7.78 8.42 5.82 5.48 5.10
Share price on 30 December EUR 9.40 10.82 8.92 7.96 5.54
Market capitalisation *** MEUR 774.4 891.4 734.9 655.8 456.4
Turnover of shares, total kpcs 2,804 3,699 4,481 3,464 19,644
Relative turnover of shares, total % 3.4 4.5 5.4 4.2 23.9
Average no. of shares (1,000 shares),
basic, excluding treasury shares
kpcs 82,185 82,213 82,262 82,283 82,147
Average no. of shares (1,000 shares),
diluted
kpcs 83,706 83,991 83,692 83,673 83,219
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
FINANCIAL
STATEMENTS
YEAR
2022
CORPORATE
GOVERNANCE STATEMENT
REMUNERATION
REPORT 50ANNUAL REPORT 2022
SUSTAINABILITY
REPORT
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 100Final 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 adjust-
ed items (MEUR and % of revenue)
Profit before tax and financial items excluding adjust-
ed items
EBITDA excluding adjusted items Operating profit excluding depreciation, amortisation, impair-
ment 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, gains or losses
from restructuring business operations 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
FINANCIAL
STATEMENTS
YEAR
2022
CORPORATE
GOVERNANCE STATEMENT
REMUNERATION
REPORT 51ANNUAL REPORT 2022
SUSTAINABILITY
REPORT
REPORT BY THE
BOARD OF DIRECTORS
Consolidated comprehensive income statement
MEUR | Note | 1.1.–31.12.2022 | 1.1.–31.12.2021 |
Revenue | 1.1, 1.2 | ||
Other operating income | 1.2 | ||
Change in inventories of finished products | |||
Materials and services | 1.3 | ||
Expenses arising from employee benefits | 1.3, 1.4 | ||
Depreciation, amortisation and impairment | 2.1, 2.2 | ||
Other operating expenses | 1.3 | ||
Operating profit | 1.1 | ||
Finance income | 3.1 | ||
Finance expenses | 3.1 | ||
Share of profit of associated companies | 4.4 | ||
Profit before tax | |||
Income tax | 5.1, 5.2 | - | - |
Profit for the period | |||
| Other comprehensive income | |||
Items arising due to the redefinition of net defined benefit liability (or asset item) | - | ||
Translation differences | |||
Other comprehensive income for the year, net of tax | |||
Total comprehensive income for the year, net of tax |
MEUR | Note | 1.1.–31.12.2022 | 1.1.–31.12.2021 |
| Profit for the period attributable to | |||
Owners of the parent company | |||
Non-controlling interest | |||
| Total comprehensive income for the period attributable to: | |||
Owners of the parent company | |||
Non-controlling interest | |||
Earnings per share calculated from the profit for the period attribut- able to the parent company shareholders (€) | |||
Earnings per share (basic) | 3.9 | ||
Earnings per share (diluted) | 3.9 |
REPORT BY THE
BOARD OF DIRECTORS
YEAR
2022
CORPORATE
GOVERNANCE STATEMENT
REMUNERATION
REPORT 52ANNUAL REPORT 2022
SUSTAINABILITY
REPORT
FINANCIAL
STATEMENTS
Consolidated balance sheet
429
432
66
86
0
100
200
300
400
500
600
2022 2021
Short term assets
Non-current assets
MEUR
Balance sheet, Assets
495
518
206
166
173
234
117
118
0
100
200
300
400
500
600
2022 2021
Non-interest-bearing liabilities
Interest-bearing liabilities
Equity
MEUR
Balance sheet,
Equity & liabilities
495
518
MEUR | Note | 31.12.2022 | 31.12.2021 |
| 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 | 3.6 | ||
Other non-current financial assets | 3.2 | ||
Deferred tax assets | 5.2 | ||
| Current assets | |||
Inventories | 3.7 | ||
Tax receivables | |||
Trade and other receivables | 3.7 | ||
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 | 3.9 | ||
Non-controlling interest | |||
Total equity |
MEUR | 31.12.2022 | 31.12.2021 | |
| Non-current liabilities | |||
Deferred tax liabilities | 5.2 | ||
Pension liabilities | 3.6 | ||
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 | 3.7 | ||
Liabilities, total | |||
Equity and liabilities, total |
REPORT BY THE
BOARD OF DIRECTORS
YEAR
2022
CORPORATE
GOVERNANCE STATEMENT
REMUNERATION
REPORT 53ANNUAL REPORT 2022
SUSTAINABILITY
REPORT
FINANCIAL
STATEMENTS
Consolidated cash flow statement
75,6
-237,9
166,4
79,2
-3,0
-98,2
-300
-250
-200
-150
-100
-50
0
50
100
150
200
Cash flow from operating activities Cash flow from investments Cash flow from financing
2021 2022
MEUR
Cash flow from investing activities
MEUR | Note | 1.1.–31.12.2022 | 1.1.–31.12.2021 |
| 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 equiva- lents 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.–31.12.2022 | 1.1.–31.12.2021 |
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 | 3.9 | - | - |
Financing activities | - | ||
Change in cash and cash equivalent funds increase (+) de- crease (-) | - | ||
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 |
REPORT BY THE
BOARD OF DIRECTORS
YEAR
2022
CORPORATE
GOVERNANCE STATEMENT
REMUNERATION
REPORT 54ANNUAL REPORT 2022
SUSTAINABILITY
REPORT
FINANCIAL
STATEMENTS
MEUR 1.1.–31.12.2022 1.1.–31.12.2021
Cash flow from operating activities
Adjustments:
Depreciation, amortisation and impairment 2 17.2 16.7
Share of profit of associated companies 4.4 -0.7 -1.0
Capital gains (losses) on the sale of fixed assets and other
investments
-7.2 0.0
Financial income and expenses 3.1 -5.8 1.4
Income tax 5.1 14.5 12.1
Change in provisions 1.3 0.0 -0.0
Other adjustments 4.3 7.9
Adjustments, total 22.4 37.1
Change in working capital:
Change in trade receivables -6.4 -2.9
Change in inventories 0.0 -0.1
Change in trade payables 3.5 10.3
Change in working capital, total -2.8 7.3
Investing activities
Investments financed through finance leases -5.2 -2.1
Gross capital expenditure, payment-based *) -4.2 -2.2
Sold and purchased business operations, non-payment-
based
-2.4 -237.2
Investments, total -11.8 -241.5
* Excluding investments of acquired businesses
REPORT BY THE
BOARD OF DIRECTORS
YEAR
2022
CORPORATE
GOVERNANCE STATEMENT
REMUNERATION
REPORT 55ANNUAL REPORT 2022
SUSTAINABILITY
REPORT
FINANCIAL
STATEMENTS
Consolidated statement of changes in equity
| Equity at- | |||||||||
| Foreign cur- | Invested | tributable to | Non-con- | ||||||
| Share premi- | rency transla- | non-restricted | Retained | the owners of | trolling | ||||
MEUR | Note | Share capital | um reserve | tion reserve | equity fund | earnings | parent | interest | Total equity |
Total equity 1 January 2021 | |||||||||
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 | - | - | - | ||||||
Refund of unredeemed dividends | |||||||||
| Tax-like payments related to shares transferred in connection | - | - | - | ||||||
| with the share-based incentive scheme | |||||||||
| Accrual-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 2021 | 3.9 | ||||||||
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 | 3.9 | ||||||||
REPORT BY THE
BOARD OF DIRECTORS
YEAR
2022
CORPORATE
GOVERNANCE STATEMENT
REMUNERATION
REPORT 56ANNUAL REPORT 2022
SUSTAINABILITY
REPORT
FINANCIAL
STATEMENTS
Accounting principles used in the consolidated financial statements
REPORT BY THE
BOARD OF DIRECTORS
YEAR
2022
CORPORATE
GOVERNANCE STATEMENT
REMUNERATION
REPORT 57ANNUAL REPORT 2022
SUSTAINABILITY
REPORT
FINANCIAL
STATEMENTS
companies are entered under shareholders’ equity. Exchange differences arising on a
monetary item that forms part of the reporting entity’s net investment in the foreign
operation shall be recognised in the balance sheet and reclassified from equity to
profit or loss on disposal of the net investment.
REPORT BY THE
BOARD OF DIRECTORS
YEAR
2022
CORPORATE
GOVERNANCE STATEMENT
REMUNERATION
REPORT 58ANNUAL REPORT 2022
SUSTAINABILITY
REPORT
FINANCIAL
STATEMENTS
REPORT BY THE
BOARD OF DIRECTORS
YEAR
2022
CORPORATE
GOVERNANCE STATEMENT
REMUNERATION
REPORT 59ANNUAL REPORT 2022
SUSTAINABILITY
REPORT
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 re-
cruitment business and recruitment-related services in Eastern Central Europe and
Finland; Alma Talent, which provides financial media and services aimed at profes-
sionals 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 support services for advertising and digital sales for
the entire Group, are reported as non-allocated items in segment reporting.
Recruitment-related services, such as Jobs.cz, Prace.cz, CV-Online, Profesia.sk, Moj-
Posao.net, MojPosao.ba, Jobly, the Seduo online training service and Prace za rohem,
are reported under the Alma Career segment. In addition to enhancing job advertis-
ing, 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.
Alma Talent’s core business consists of digital subscription-based content media,
as well as digital data, content and marketplace services. In addition to the leading
financial media brand Kauppalehti, Alma Talent’s financial and professional media
include Talouselämä, Tekniikka&Talous and Arvopaperi. Alma Talent Services offers
professionals a comprehensive range of services related to company information, real
estate information, law, financial management, competence development, leadership
and marketing.
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-chan-
nel 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 Nettimoto, as well as the housing and car trade systems
that serve companies representing these fields.
In addition, the segment includes comparison services, such as Autojerry, Urakka-
maailma and Etua.fi. Netello, which specialises in digital advertising solutions, is also
reported under the Alma Consumer segment.
Alma Consumer’s competitiveness is based on the 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 comparison services.
The segments’ assets and liabilities are items used by the respective segments in
their business operations.
The Group’s business is mainly divided between two geographical areas: Finland and
the rest of Europe. Alma Career operates in Finland and 10 other European countries,
principally the Czech Republic and Slovakia. The Alma Talent segment’s business op-
erations are located in Finland and Sweden. The Alma Consumer segment operates
in Finland.
The revenue and assets for different geographical regions are based on where the
services are located. The following tables show the geographical breakdown of the
Group’s revenue and assets in 2022 and 2021:
REPORT BY THE
BOARD OF DIRECTORS
YEAR
2022
CORPORATE
GOVERNANCE STATEMENT
REMUNERATION
REPORT 60ANNUAL REPORT 2022
SUSTAINABILITY
REPORT
FINANCIAL
STATEMENTS
Revenue
MEUR 2022
Share of total,
% 2021
Share of total,
%
Segments, Finland 197.9 64.1 188.1 68.3
Segments, other countries 110.9 35.9 87.3 31.7
Total 308.8 100.0 275.4 100.0
Operating profit
MEUR 2022
Share of total,
% 2021
Share of total,
%
Segments, Finland 48.3 60.4 41.1 72.5
Segments, other countries 44.9 56.1 32.9 58.0
Segments total 93.2 116.5 74.1 130.5
Non-allocated * -13.2 -16.5 -17.3 -30.5
Total 80.0 100.0 56.8 100.0
* The non-allocated operations comprise the common services produced by the parent company.
Assets
MEUR 2022
Share of total,
% 2021
Share of total,
%
Finland 339.4 68.5 375.2 72.4
Other countries 156.1 31.5 144.0 27.8
Eliminations -0.3 -0.1 -0.9 -0.2
Total 495.2 100.0 518.4 100.0
197.8
188.1
110.9
87.3
0
50
100
150
200
250
300
350
2022 2021
Revenue
Finland International
MEUR
48.3
41.1
44.9
32.9
-13.2
-17.3
-20
0
20
40
60
80
100
2022 2021
Operating profit
Finland
International
Not allocated
MEUR
REPORT BY THE
BOARD OF DIRECTORS
YEAR
2022
CORPORATE
GOVERNANCE STATEMENT
REMUNERATION
REPORT 61ANNUAL REPORT 2022
SUSTAINABILITY
REPORT
FINANCIAL
STATEMENTS
Profit for the period
MEUR
Alma
Career
Alma
Consum-
er
Alma
Talent
Reportable
segments
total
Non-allo-
cated items
and elimina-
tions Group
Financial year 2022
EBITDA excluding adjusted
items 45.5 29.9 23.1 98.5 -7.8 90.6
Depreciation, amortisation
and impairment -2.9 -5.5 -3.4 -11.8 -5.3 -17.2
Operating profit excluding
adjusted items 42.5 24.4 19.7 86.6 -13.2 73.4
Adjusted items 6.0 0.2 0.4 6.6 0.0 6.6
Operating profit/loss 48.5 24.6 20.1 93.2 -13.2 80.0
Share of profit of associated
companies 0.6 0.0 0.0 0.7 0.0 0.7
Net financial expenses -1.1 -0.2 4.2 2.8 3.0 5.8
Profit before tax and appro-
priations 48.0 24.3 24.3 96.7 -10.2 86.5
Income tax -14.5 -14.5
Profit for the period 48.0 24.3 24.3 96.7 -24.8 71.9
275.4
308.8
2021 Alma
Career
Alma
Consumer
Alma
Talent
Shared
Services
2022
Change in revenue, 2021-2022
MEUR
27.6
9.6
-3.2
-0.7
Revenue
MEUR
Alma
Career
Alma
Con-
sumer
Alma
Talent
Segments,
total
Non-allocat-
ed items and
eliminations Group
Financial year 2022
Revenue
External revenue 110.6 74.4 89.7 274.7 34.1 308.8
Inter-segment revenue -0.8 29.7 6.8 35.7 -35.7 0.0
Segments total 109.8 104.1 96.5 310.4 -1.6 308.8
Financial year 2021
Revenue
External revenue 83.1 67.8 94.2 245.0 30.4 275.4
Inter-segment revenue -0.9 26.8 5.5 31.3 -31.3
Segments total 82.2 94.5 99.7 276.4 -0.9 275.4
REPORT BY THE
BOARD OF DIRECTORS
YEAR
2022
CORPORATE
GOVERNANCE STATEMENT
REMUNERATION
REPORT 62ANNUAL REPORT 2022
SUSTAINABILITY
REPORT
FINANCIAL
STATEMENTS
61.1
73.4
2021 Alma
Career
Alma
Consumer
Alma
Talent
Shared
Services
2022
Change in adjusted operating profit, 2021-2022
MEUR
12.5
-0.8
0.4
0.2
Profit for the period
MEUR
Alma
Career
Alma
Consumer
Alma
Talent
Report-
able
segments
total
Non-allo-
cated items
and elimi-
nations Group
Financial year 2021
EBITDA excluding adjusted
items 32.8 28.6 24.3 85.7 -7.9 77.8
Depreciation and impairment -2.8 -4.6 -3.7 -11.1 -5.6 -16.6
Operating profit excluding
adjusted items 30.0 23.9 20.6 74.5 -13.4 61.1
Adjusted items 0.0 -0.4 0.0 -0.4 -3.9 -4.3
Operating profit/loss 30.0 23.5 20.5 74.1 -17.3 56.8
Share of profit of associated
companies 1.0 0.0 0.0 1.0 0.0 1.0
Net financial expenses 0.3 -0.2 -0.7 -0.6 -0.9 -1.4
Profit before tax and appro-
priations 31.4 23.3 19.8 74.5 -18.2 56.3
Income tax 0.0 -12.1 -12.1
Profit for the period 31.4 23.3 19.8 74.5 -30.2 44.3
REPORT BY THE
BOARD OF DIRECTORS
YEAR
2022
CORPORATE
GOVERNANCE STATEMENT
REMUNERATION
REPORT 63ANNUAL REPORT 2022
SUSTAINABILITY
REPORT
FINANCIAL
STATEMENTS
1.2 Operating income
1.2.1 Revenue
2021
MEUR
Alma
Career
Alma
Consumer
Alma
Talent
Segments,
total
Non-allocat-
ed items and
elimina-
tions* Group
Marketplaces 74.1 37.3 6.2 117.6 -1.2 116.4
Media 47.9 53.2 101.1 0.8 101.9
Content media 14.7 33.5 48.2 0.0 48.2
- of which digital 3.4% 46.7% 33.5%
Advertising media 33.3 19.6 52.9 0.8 53.7
- of which digital 88.6% 57.4% 77.8%
Service revenue 8.1 9.3 40.3 57.7 -0.6 57.1
- of which digital 96.8% 98.0% 54.7% 65.7%
Total 82.2 94.5 99.7 276.4 -0.9 275.4
* Service revenue includes rental income that is not treated in accordance with IFRS 15. The amount of rental income is
immaterial with respect to the consolidated financial statements.
REPORT BY THE
BOARD OF DIRECTORS
YEAR
2022
CORPORATE
GOVERNANCE STATEMENT
REMUNERATION
REPORT 64ANNUAL REPORT 2022
SUSTAINABILITY
REPORT
FINANCIAL
STATEMENTS
1.2.2 Other operating income
MEUR 2022 2021
Gains on sale of non-current assets 6.9 0.2
Other operating income 0.3 1.2
Total 7.2 1.4
REPORT BY THE
BOARD OF DIRECTORS
YEAR
2022
CORPORATE
GOVERNANCE STATEMENT
REMUNERATION
REPORT 65ANNUAL REPORT 2022
SUSTAINABILITY
REPORT
FINANCIAL
STATEMENTS
59 %
41 %
Finland International
Personnel
REPORT BY THE
BOARD OF DIRECTORS
YEAR
2022
CORPORATE
GOVERNANCE STATEMENT
REMUNERATION
REPORT 66ANNUAL REPORT 2022
SUSTAINABILITY
REPORT
FINANCIAL
STATEMENTS
REPORT BY THE
BOARD OF DIRECTORS
YEAR
2022
CORPORATE
GOVERNANCE STATEMENT
REMUNERATION
REPORT 67ANNUAL REPORT 2022
SUSTAINABILITY
REPORT
FINANCIAL
STATEMENTS
REPORT BY THE
BOARD OF DIRECTORS
YEAR
2022
CORPORATE
GOVERNANCE STATEMENT
REMUNERATION
REPORT 68ANNUAL REPORT 2022
SUSTAINABILITY
REPORT
FINANCIAL
STATEMENTS
REPORT BY THE
BOARD OF DIRECTORS
YEAR
2022
CORPORATE
GOVERNANCE STATEMENT
REMUNERATION
REPORT 69ANNUAL REPORT 2022
SUSTAINABILITY
REPORT
FINANCIAL
STATEMENTS
REPORT BY THE
BOARD OF DIRECTORS
YEAR
2022
CORPORATE
GOVERNANCE STATEMENT
REMUNERATION
REPORT 70ANNUAL REPORT 2022
SUSTAINABILITY
REPORT
FINANCIAL
STATEMENTS
REPORT BY THE
BOARD OF DIRECTORS
YEAR
2022
CORPORATE
GOVERNANCE STATEMENT
REMUNERATION
REPORT 71ANNUAL REPORT 2022
SUSTAINABILITY
REPORT
FINANCIAL
STATEMENTS
2 Tangible and intangible assets
REPORT BY THE
BOARD OF DIRECTORS
YEAR
2022
CORPORATE
GOVERNANCE STATEMENT
REMUNERATION
REPORT 72ANNUAL REPORT 2022
SUSTAINABILITY
REPORT
FINANCIAL
STATEMENTS
REPORT BY THE
BOARD OF DIRECTORS
YEAR
2022
CORPORATE
GOVERNANCE STATEMENT
REMUNERATION
REPORT 73ANNUAL REPORT 2022
SUSTAINABILITY
REPORT
FINANCIAL
STATEMENTS
REPORT BY THE
BOARD OF DIRECTORS
YEAR
2022
CORPORATE
GOVERNANCE STATEMENT
REMUNERATION
REPORT 74ANNUAL REPORT 2022
SUSTAINABILITY
REPORT
FINANCIAL
STATEMENTS
REPORT BY THE
BOARD OF DIRECTORS
YEAR
2022
CORPORATE
GOVERNANCE STATEMENT
REMUNERATION
REPORT 75ANNUAL REPORT 2022
SUSTAINABILITY
REPORT
FINANCIAL
STATEMENTS
REPORT BY THE
BOARD OF DIRECTORS
YEAR
2022
CORPORATE
GOVERNANCE STATEMENT
REMUNERATION
REPORT 76ANNUAL REPORT 2022
SUSTAINABILITY
REPORT
FINANCIAL
STATEMENTS
REPORT BY THE
BOARD OF DIRECTORS
YEAR
2022
CORPORATE
GOVERNANCE STATEMENT
REMUNERATION
REPORT 77ANNUAL REPORT 2022
SUSTAINABILITY
REPORT
FINANCIAL
STATEMENTS
MEUR Buildings and structures Machinery and equipment Other tangible assets
Advance payments and
purchases in progress Total
Financial year 2021
Acquisition cost 1 Jan 57.3 2.5 1.3 0.0 61.3
Increases 1.1 0.3 0.1 0.4 1.9
Decreases -0.4 -0.3 0.0 0.0 -0.7
Exchange rate differences
0.0 0.1 0.0 0.0
0.1
Transfers between items
0.0 0.3 0.0 -0.4
-0.1
Acquisition cost 31 Dec 58.0 2.8 1.4 0.1 62.4
27.1
Book value 1 Jan 37.1 2.1 1.2 0.0 40.6
Book value 31 Dec 33.0 1.0 1.1 0.1 35.2
REPORT BY THE
BOARD OF DIRECTORS
YEAR
2022
CORPORATE
GOVERNANCE STATEMENT
REMUNERATION
REPORT 78ANNUAL REPORT 2022
SUSTAINABILITY
REPORT
FINANCIAL
STATEMENTS
Property, plant and equipment include right-of-use assets as follows:
MEUR Buildings
Machinery and
equipment Total
Financial year 2022
Acquisition cost 1 Jan 57.0 2.6 59.6
Increases 4.2 1.0 5.2
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
Financial year 2021
Acquisition cost 1 Jan 56.1 1.4 57.5
Increases 0.9 1.2 2.1
Acquisition cost 31 Dec 57.0 2.6 59.6
Accumulated depreciation 1 Jan 19.1 0.2 19.3
Depreciation for the financial year 6.2 1.2 7.4
Accumulated depreciation 31 Dec 25.3 1.4 26.7
Book value 31 Dec 31.7 1.2 32.9
REPORT BY THE
BOARD OF DIRECTORS
YEAR
2022
CORPORATE
GOVERNANCE STATEMENT
REMUNERATION
REPORT 79ANNUAL REPORT 2022
SUSTAINABILITY
REPORT
FINANCIAL
STATEMENTS
3. Capital structure and financial expenses
3.1 Financial income and expenses
3.2 Financial assets
REPORT BY THE
BOARD OF DIRECTORS
YEAR
2022
CORPORATE
GOVERNANCE STATEMENT
REMUNERATION
REPORT 80ANNUAL REPORT 2022
SUSTAINABILITY
REPORT
FINANCIAL
STATEMENTS
REPORT BY THE
BOARD OF DIRECTORS
YEAR
2022
CORPORATE
GOVERNANCE STATEMENT
REMUNERATION
REPORT 81ANNUAL REPORT 2022
SUSTAINABILITY
REPORT
FINANCIAL
STATEMENTS
REPORT BY THE
BOARD OF DIRECTORS
YEAR
2022
CORPORATE
GOVERNANCE STATEMENT
REMUNERATION
REPORT 82ANNUAL REPORT 2022
SUSTAINABILITY
REPORT
FINANCIAL
STATEMENTS
REPORT BY THE
BOARD OF DIRECTORS
YEAR
2022
CORPORATE
GOVERNANCE STATEMENT
REMUNERATION
REPORT 83ANNUAL REPORT 2022
SUSTAINABILITY
REPORT
FINANCIAL
STATEMENTS
REPORT BY THE
BOARD OF DIRECTORS
YEAR
2022
CORPORATE
GOVERNANCE STATEMENT
REMUNERATION
REPORT 84ANNUAL REPORT 2022
SUSTAINABILITY
REPORT
FINANCIAL
STATEMENTS
REPORT BY THE
BOARD OF DIRECTORS
YEAR
2022
CORPORATE
GOVERNANCE STATEMENT
REMUNERATION
REPORT 85ANNUAL REPORT 2022
SUSTAINABILITY
REPORT
FINANCIAL
STATEMENTS
REPORT BY THE
BOARD OF DIRECTORS
YEAR
2022
CORPORATE
GOVERNANCE STATEMENT
REMUNERATION
REPORT 86ANNUAL REPORT 2022
SUSTAINABILITY
REPORT
FINANCIAL
STATEMENTS
3.6 Working capital
3.6.1 Inventories
Inventories are materials and supplies, work in progress and finished goods.
REPORT BY THE
BOARD OF DIRECTORS
YEAR
2022
CORPORATE
GOVERNANCE STATEMENT
REMUNERATION
REPORT 87ANNUAL REPORT 2022
SUSTAINABILITY
REPORT
FINANCIAL
STATEMENTS
MEUR 2022 2021
Finished products 0.7 0.7
Total 0.7 0.7
MEUR 2022 2021
Trade receivables 26.5 26.6
Receivables from associated companies
Total 26.5 26.6
Receivables from others
Prepaid expenses and accrued income 5.3 4.3
Other receivables 3.6 0.6
Total 8.9 4.9
Receivables, total 35.4 31.5
The book values of trade receivables, other current and non-current receivables and
other current investments are estimated to correspond to fair values. The impact of
discounting is not significant.
REPORT BY THE
BOARD OF DIRECTORS
YEAR
2022
CORPORATE
GOVERNANCE STATEMENT
REMUNERATION
REPORT 88ANNUAL REPORT 2022
SUSTAINABILITY
REPORT
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 relat-
ed to various interest-bearing business transactions and balance sheet items could
affect the Group’s financial position and net result. The impact of the interest rate risk
on net result can be reduced using interest rate swaps, interest forwards and futures
and interest or foreign exchange options.
The Group’s interest-bearing debt totalled MEUR 172.7 (233.7) on 31 December 2022.
The interest-bearing debt consists of a Term Loan of MEUR 140 with a maturity of three
years, IFRS 16 lease liabilities, and a short-term commercial paper in the amount of
MEUR 2. The Group’s net debt amounted to MEUR 142.6 (181.8) on 31 December 2022.
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 contractual obligations pertaining to leases for business premises. If
the computational interest rate used in calculating lease liabilities were to be in-
creased by one percentage point, the effect on the Group’s financial expenses would
be MEUR 0.3.
The variable interest rate on the Term Loan is linked to the three-month Euribor rate.
If the three-month Euribor rate used as the reference rate for the Term Loan were
to increase by one percentage point in 2023, the annual effect on financial expenses
would be MEUR 1.4.
In December 2021, the Group took out an interest rate hedge for its Term Loan. The in-
terest 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 5.5 (0.2). The
change in fair value has been recognised through profit or loss in financial items.
Foreign exchange risks
Transaction risk
The transaction risk describes the impact of changes in foreign exchange rates on
sales, purchases and balance sheet items denominated in foreign currencies Alma
Media’s most significant currencies in addition to the euro are the Czech koruna, the
Swedish krona and the US dollar. The impact of changes in exchange rates on net
result in the most important currencies of the Group can be reduced by the following
measures:
• Cash flows in the same currency are netted through a common foreign currency
account whenever the cost/benefit ratio is significant
• Known, continuous and significant foreign currency cash flow is hedged. The Czech
koruna is hedged at a target level of approximately 50% of the cash flow accrued
during the next two years.
Translation risk
A foreign exchange risk that arises from the translation of foreign investments into
the functional currency of the parent company, the euro. The risk associated with
translating long-term net investments in foreign currencies is assessed on a regular
basis. Should there be a clear and permanent risk of a currency devaluating, Group
management may decide to hedge the company’s foreign currency exposure. There
was no hedged open currency exposure related to translation risk on the balance
sheet date.
The Group’s open foreign currency derivatives on the balance sheet date are de-
scribed in Note 3.3.
Capital management risks
REPORT BY THE
BOARD OF DIRECTORS
YEAR
2022
CORPORATE
GOVERNANCE STATEMENT
REMUNERATION
REPORT 89ANNUAL REPORT 2022
SUSTAINABILITY
REPORT
FINANCIAL
STATEMENTS
REPORT BY THE
BOARD OF DIRECTORS
YEAR
2022
CORPORATE
GOVERNANCE STATEMENT
REMUNERATION
REPORT 90ANNUAL REPORT 2022
SUSTAINABILITY
REPORT
FINANCIAL
STATEMENTS
MEUR
31.12.2022
0–6
months 1 year 1–2 years 2–5 years
Over 5
years Total
Balance
sheet
value
Loans from financial institutions 1.7 1.7 143.5 146.9 140.0
Commercial paper 2.0 2.0 2.0
Contingent consideration liability 9.6 9.6 9.6
Lease liabilities 3.8 3.8 7.1 17.4 1.5 33.5 30.7
Foreign currency derivative 0.4 0.4 0.7 0.7
Trade payables and other current
financial liabilities 35.9 35.9 35.9
Total 43.7 5.8 160.1 17.4 1.5 228.6 218.9
MEUR
31.12.2021
0–6
months 1 year 1–2 years 2–5 years
Over 5
years Total
Balance
sheet
value
Loans from financial institutions 0.4 0.8 3.5 203.5 208.2 200.0
Contingent consideration liability 16.8 16.8 16.8
Lease liabilities 3.6 3.6 6.6 17.1 4.3 35.2 33.7
Foreign currency derivative 0.2 0.2 0.2 0.2
Trade payables and other current financial
liabilities 36.8 36.8 36.8
Total 41.0 4.6 10.1 237.4 4.3 297.2 234.0
REPORT BY THE
BOARD OF DIRECTORS
YEAR
2022
CORPORATE
GOVERNANCE STATEMENT
REMUNERATION
REPORT 91ANNUAL REPORT 2022
SUSTAINABILITY
REPORT
FINANCIAL
STATEMENTS
Reconciliation of net debt
MEUR 2022 2021
Interest-bearing long-term liabilities 163.7 226.8
Short-term interest-bearing liabilities 9.0 7.0
Cash and cash equivalents 30.0 51.9
Net debt 142.6 181.8
Total equity 205.9 166.5
Gearing, % 69.3% 109.2%
Equity ratio, % 45.8% 34.7%
REPORT BY THE
BOARD OF DIRECTORS
YEAR
2022
CORPORATE
GOVERNANCE STATEMENT
REMUNERATION
REPORT 92ANNUAL REPORT 2022
SUSTAINABILITY
REPORT
FINANCIAL
STATEMENTS
REPORT BY THE
BOARD OF DIRECTORS
YEAR
2022
CORPORATE
GOVERNANCE STATEMENT
REMUNERATION
REPORT 93ANNUAL REPORT 2022
SUSTAINABILITY
REPORT
FINANCIAL
STATEMENTS
4. Consolidation
REPORT BY THE
BOARD OF DIRECTORS
YEAR
2022
CORPORATE
GOVERNANCE STATEMENT
REMUNERATION
REPORT 94ANNUAL REPORT 2022
SUSTAINABILITY
REPORT
FINANCIAL
STATEMENTS
4.3 Business combinations
Acquisitions in 2022
The Group did not carry out any acquisitions in 2022.
Acquisitions in 2021
The Group carried out the following acquisitions in 2021:
Business Acquisition date
Acquired
share
Group
share
Alma Career segment
Quantiq s.r.o Online service 7 Jan 2021 100% 100%
Alma Consumer segment
Netello Systems Oy Online service 31 Mar 2021 60% 60%
Nettix Oy Online service 1 Apr 2021 100% 100%
REPORT BY THE
BOARD OF DIRECTORS
YEAR
2022
CORPORATE
GOVERNANCE STATEMENT
REMUNERATION
REPORT 95ANNUAL REPORT 2022
SUSTAINABILITY
REPORT
FINANCIAL
STATEMENTS
Alma Career
Consideration
MEUR Fair value
Consideration, settled in cash 1.0
Contingent consideration 0.9
Total consideration 1.9
The assets and liabilities recorded as a result of the acquisition were as follows:
MEUR
Fair values entered in inte-
gration
Property, plant and equipment 0.8
Trade receivables and other receivables 0.0
Cash and cash equivalents 0.0
Total assets acquired 0.8
Deferred tax liabilities 0.1
Trade payables and other payables 0.2
Total liabilities acquired 0.3
Acquired identifiable net assets at fair value, total 0.5
Group’s share of net assets 0.5
Goodwill 1.5
Annual amortisation of intangible assets related to acquisitions 0.0
Alma Consumer
Consideration
MEUR Nettix Oy Other Total
Consideration, settled in cash 171.2 2.9 174.1
Total consideration 171.2 2.9 174.1
The assets and liabilities recorded as a result of the acquisition were as follows:
MEUR Nettix Oy Other Total
Property, plant and equipment 0.0 0.0 0.1
Intangible assets 38.7 3.1 41.7
Trade receivables and other
receivables 1.9 0.3 2.2
Cash and cash equivalents 3.2 0.2 3.4
Total assets acquired 43.8 3.6 47.4
Deferred tax liabilities 7.6 0.6 8.1
Trade payables and other pay-
ables 4.7 0.6 5.3
Total liabilities acquired 12.3 1.1 13.4
Acquired identifiable net assets
at fair value, total 31.6 2.4 34.0
Group’s share of net assets 31.6 1.5 33.0
Non-controlling interest 1.0 1.0
Goodwill 139.7 1.4 141.1
Fair values entered in integration
REPORT BY THE
BOARD OF DIRECTORS
YEAR
2022
CORPORATE
GOVERNANCE STATEMENT
REMUNERATION
REPORT 96ANNUAL REPORT 2022
SUSTAINABILITY
REPORT
FINANCIAL
STATEMENTS
Alma Media completed the acquisition of Nettix Oy from Otava Group in spring 2021.
The transaction was announced on 5 March 2021 and closed on 1 April 2021.
Nettix Oy is reported as part of the Alma Consumer business segment starting from
the second quarter of 2021.
Nettix Oy’s business consists of Finland’s leading motor vehicle marketplaces, such
as Nettiauto, Nettikone and Nettimoto, and they reach an audience of 2.5 million Finns
every week.
In 2020, marketplaces generated over 81% of Nettix Oy’s revenue. The compound
annual growth rate (CAGR) of the marketplaces was approximately 7% in 2016–2020.
In addition, Nettix Oy consists of Konepörssi, the leading professional media for
machine and transport business, and the news service Ampparit. As a result of the ac-
quisition, a total of 39 Nettix Oy employees (converted to full-time employees) were
transferred to Alma Media.
The acquisition of Nettix Oy is a continuation of Alma Media’s strategy, which concen-
trates on digital media and services. Nettix complements Alma Media’s marketplaces
business, offering opportunities for cross-selling and additional sales and the sharing
of best practices between the services. Through this acquisition, Alma Media contin-
ues its strategic expansion into new digital products and services that address cus-
tomer needs and cover the entire value chain, ranging from sales systems to transac-
tions. Digitalisation of mobility services and the automotive ecosystem is expected to
accelerate even further in the next few years, and sales and purchases will continue
to move to digital marketplaces.
In 2020, Nettix Oy’s revenue totalled MEUR 22.5, its EBITDA was MEUR 11.2 and its op-
erating profit amounted to MEUR 10.0. The purchase price for the acquired business
was MEUR 171.2. There are no additional purchase price components included in the
transaction. Alma Media financed the acquisition entirely with debt. The transaction
costs related to the acquisition have amounted to MEUR 4.6, of which MEUR 0.5 was
recognised in expenses in 2020 and MEUR 4.1 in other other operating expenses in
the first half of 2021. The expense is treated as an operating profit adjustment item
in 2021. The Nettix Oy acquisition increases Alma Media’s goodwill by MEUR 140.
The goodwill consists of the future growth expectations of the business, as well as
synergies. Alma Media estimates that the transaction will generate annual synergy
gains of approximately MEUR 1.5, mostly associated with media sales, support func-
tions, premises, IT systems and IT development. In addition, other intangible assets
increased by MEUR 38 in connection with the transaction, consisting of customer
agreements amounting to MEUR 16.8 and brands amounting to MEUR 21. The assets
recognised at fair value in connection with the acquisition increase depreciation by
MEUR 3.4 annually. Nettix Oy’s effect on Alma Media Group’s revenue in 2021 was
MEUR 16.5, on EBITDA MEUR 8.2, and on operating profit less PPA amortisation MEUR
5.3. Had Nettix Oy been consolidated into Alma Media Group from the beginning of
2021, its effect on the Group’s revenue would have been MEUR 21.8, on EBITDA 10.7,
and on operating profit less PPA amortisation MEUR 6.8.
The fair values entered on intangible assets in consolidation relate primarily to
acquired customer agreements, the brand and information systems developed in-
house. Factors contributing to goodwill were the synergies related to these business-
es expected to be realised and the expectation of the growth of the mobility market-
places business in the coming years.
REPORT BY THE
BOARD OF DIRECTORS
YEAR
2022
CORPORATE
GOVERNANCE STATEMENT
REMUNERATION
REPORT 97ANNUAL REPORT 2022
SUSTAINABILITY
REPORT
FINANCIAL
STATEMENTS
MEUR 2022 2021
Paid cash less acquired cash:
Cash consideration 236.5
Asset transfer tax and transaction costs 0.0 4.5
Contingent considerations paid during the financial year 2.4
Less acquired amounts
Cash 3.4
Net cash flow – capital expenditure 2.4 236.7
BOARD OF DIRECTORS
YEAR
2022
CORPORATE
GOVERNANCE STATEMENT
REMUNERATION
REPORT 98ANNUAL REPORT 2022
SUSTAINABILITY
REPORT
FINANCIAL
STATEMENTS
REPORT BY THE
BOARD OF DIRECTORS
YEAR
2022
CORPORATE
GOVERNANCE STATEMENT
REMUNERATION
REPORT 99ANNUAL REPORT 2022
SUSTAINABILITY
REPORT
FINANCIAL
STATEMENTS
4.5 Related party transactions
Related party transactions – associated companies
MEUR 2022 2021
Sales of goods and services 0.1 0.1
Purchases of goods and services 0.2 0.1
Trade, loan and other receivables 0.0 0.0
Trade payables -0.1
Related party transactions – principal shareholders
MEUR 2022 2021
Sales of goods and services 0.1 0.1
Purchases of goods and services 0.7 0.2
Trade, loan and other receivables 0.0 0.0
Trade payables 0.0 0.0
Acquired businesses* 171.2
Divested business operations** 1.0
Related party transactions – corporations where management exercises influence
MEUR 2022 2021
Sales of goods and services 0.5 0.2
Purchases of goods and services 0.7 0.2
Trade, loan and other receivables 0.0 0.0
Trade payables
* The selling party in the Nettix Oy transaction in 2021 was Otava Markkinapaikat Oy, a subsidiary
of Otava Oy, which is Alma Media’s largest shareholder. Otava Oy is Alma Media’s largest share-
holder, and the transaction has been classified as a transaction with a related party.
** In 2021, Alma Media Corporation sold its shareholding in KPK Yhtiöt Oyj (formerly Kes-
ki-Pohjanmaan Kirjapaino Oyj) to Ilkka-Yhtymä. The transaction concerned the 24,379 series A
shares held by Alma Media Corporation, corresponding to 5.6 per cent of KPK Yhtiöt Oyj’s share
capital and 0.5 per cent of votes.
REPORT BY THE
BOARD OF DIRECTORS
YEAR
2022
CORPORATE
GOVERNANCE STATEMENT
REMUNERATION
REPORT 100ANNUAL REPORT 2022
SUSTAINABILITY
REPORT
FINANCIAL
STATEMENTS
5 Other notes
REPORT BY THE
BOARD OF DIRECTORS
YEAR
2022
CORPORATE
GOVERNANCE STATEMENT
REMUNERATION
REPORT 101ANNUAL REPORT 2022
SUSTAINABILITY
REPORT
FINANCIAL
STATEMENTS
5.2 Deferred tax assets and liabilities
REPORT BY THE
BOARD OF DIRECTORS
YEAR
2022
CORPORATE
GOVERNANCE STATEMENT
REMUNERATION
REPORT 102ANNUAL REPORT 2022
SUSTAINABILITY
REPORT
FINANCIAL
STATEMENTS
Changes in deferred taxes during 2021:
MEUR 31.12.2020
Recognised in
income state-
ment
Recognised in
equity
Acquired/sold
subsidiaries 31.12.2021
Deferred tax assets
Provisions 0.1 -0.1 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 -0.1 0.5 0.0 0.0 0.4
Total 0.0 0.4 0.0 0.0 0.5
Taxes, net 0.2 0.3
Deferred tax assets on bal-
ance sheet 0.3 0.7
Deferred tax liabilities
Accumulated depreciation
differences 0.2 0.0 0.0 0.0 0.2
Business combinations 10.7 -1.1 0.0 8.2 17.8
Retained earnings of subsid-
iary companies 0.4 0.1 0.0 0.0 0.5
Other items -0.1 0.1 0.0 0.0 0.0
Total 11.3 -0.9 0.0 8.2 18.6
Taxes, net 0.2 0.3
Deferred tax liabilities on
balance sheet 11.5 18.9
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 re-
ferred 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 Talent Oy, a subsidiary of Alma Media, agreed to acquire the business of the
rental commercial property marketplace Toimitilat.fi from Talso Oy. The transaction
will be carried out as a business acquisition on 1 January 2023.
Business Acquisition date
Alma Talent segment
Toimitilat .fi Online service 1 Jan 2023
REPORT BY THE
BOARD OF DIRECTORS
YEAR
2022
CORPORATE
GOVERNANCE STATEMENT
REMUNERATION
REPORT 103ANNUAL REPORT 2022
SUSTAINABILITY
REPORT
FINANCIAL
STATEMENTS
REPORT BY THE
BOARD OF DIRECTORS
YEAR
2022
CORPORATE
GOVERNANCE STATEMENT
REMUNERATION
REPORT 104ANNUAL REPORT 2022
SUSTAINABILITY
REPORT
FINANCIAL
STATEMENTS
Parent company income statement (FAS)
EUR Note
1 January–31
December 2022
1 January–31
December 2021
Revenue 6.1 24,627,319 22,680,291
Other operating income 6.2 2,185 196,300
Materials and services 6.3 1,881 15,911
Expenses arising from employee benefits 6.4 15,050,760 11,072,872
Depreciation, amortisation and impairment 6.5 443,291 730,749
Other operating expenses 6.6, 6.7, 6.8 22,374,554 21,547,856
Operating profit (loss) -13,240,981 -10,490,797
Financial income and expenses 6.9 30,972,534 24,749,320
Profit before appropriations and taxes 17,731,553 14,258,522
Appropriations 6.10 26,665,369 19,627,811
Income tax 6.11 -3,300,496 -1,818,067
Profit for the period 41,096,427 32,068,266
REPORT BY THE
BOARD OF DIRECTORS
YEAR
2022
CORPORATE
GOVERNANCE STATEMENT
REMUNERATION
REPORT 105ANNUAL REPORT 2022
SUSTAINABILITY
REPORT
FINANCIAL
STATEMENTS
Parent company balance sheet (FAS)
EUR Note 31.12.2022 31.12.2021
ASSETS
Non-current assets
Intangible assets 6.12 1,206,829 611,405
Property, plant and equipment 6.13 1,275,263 1,009,638
Investments
Holdings in Group companies 6.14 500,537,954 529,877,545
Other investments
6.14
2,280,269 1,930,410
Non-current receivables 6.15 5,468,485 234,737
Non-current assets, total 510,768,800 533,663,736
Current assets
Current receivables 6.15 31,546,165 26,767,223
Cash and cash equivalents 7,284,931 22,352,457
Current assets, total 38,831,096 49,119,680
Assets, total 549,599,896 582,783,416
EUR Note 31.12.2022 31.12.2021
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) 5,126,546 2,214,360
Profit for the period (loss) 41,096,427 32,068,266
Total equity 6.16 326,924,451 314,984,104
Accumulated appropriations 6.17 181,872 158,241
Liabilities
Non-current liabilities 6.18 140,485,840 200,610,241
Current liabilities 6.19 82,007,734 67,030,830
Liabilities, total 222,493,574 267,641,071
Shareholders’ equity and liabilities, total 549,599,896 582,783,416
REPORT BY THE
BOARD OF DIRECTORS
YEAR
2022
CORPORATE
GOVERNANCE STATEMENT
REMUNERATION
REPORT 106ANNUAL REPORT 2022
SUSTAINABILITY
REPORT
FINANCIAL
STATEMENTS
Parent company cash flow statement (FAS)
EUR
1 January–31
December
2022
1 January–31
December
2021
Cash flow from operating activities
Profit for the period 41,096,427 32,068,266
Depreciation, amortisation and impairment 443,291 730,749
Gains on sale of non-current assets -148,868
Net financial expenses (income statement) -27,738,786 -29,919,549
Income tax 3,300,496 1,818,067
Other adjustments -20,951,215 -13,725,849
Change in working capital:
Change in trade receivables and other receivables -5,557,372 836,194
Change in trade payables and other payables 305,941 -1,117,097
Dividend received 29,942,746 31,533,254
Interest received 31,142 60,399
Interest expenses paid and other finance expenses -2,235,102 -1,674,104
Taxes paid -212,449 -2,475,865
Cash flow from operating activities 18,425,119 17,985,597
Capital expenditure
Acquisitions of business operations -2,692,408 -238,722,246
Capital repayments 30,000,000 5,000,000
Acquisitions of tangible assets -384,445 -35,539
Acquisitions of intangible assets -919,894
Other investments -350,000 -230,000
Proceeds from sale of available-for-sale financial assets 950,000
Proceeds from sale of tangible and intangible assets 407,458
Acquisition and sale of associated companies -450,000
Net cash flows from/(used in) investing activities 25,653,253 -233,080,327
Cash flow before financing activities 44,078,371 -215,094,730
EUR
1 January–31
December
2022
1 January–31
December
2021
Financing activities
Non-current loans taken 419,440,972
Repayment of non-current loans -60,000,000 -220,000,000
Current loans taken 26,000,000 11,000,000
Repayment of current loans -24,000,000 -11,000,000
Acquisition of own shares -4,191,315 -1,135,557
Change in interest-bearing receivables 12,248,738 24,091,493
Group contributions received and paid 19,600,000 11,440,000
Dividends paid -28,803,320 -24,695,940
Net cash flows from/(used in) financing activities -59,145,897 209,140,968
Change in cash and cash equivalent funds (increase +/decrease -) -15,067,526 -5,953,762
Cash and cash equivalents at beginning of period 22,352,457 28,306,219
Cash and cash equivalents at end of period 7,284,931 22,352,457
REPORT BY THE
BOARD OF DIRECTORS
YEAR
2022
CORPORATE
GOVERNANCE STATEMENT
REMUNERATION
REPORT 107ANNUAL REPORT 2022
SUSTAINABILITY
REPORT
FINANCIAL
STATEMENTS
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
depreciation 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 in-
tangible 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 companies during the financial year as well as adjustments to taxes in previ-
ous 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 per-
sonnel are arranged mainly through pension insurance companies.
Other employee benefits
The parent company has a long-term share-based incentive scheme for key man-
agement in effect. In accordance with Finnish Accounting Standards (FAS), the op-
tion benefit and the share reward are not measured at fair value, nor is the calculated
employee benefit expensed in the income statement.
REPORT BY THE
BOARD OF DIRECTORS
YEAR
2022
CORPORATE
GOVERNANCE STATEMENT
REMUNERATION
REPORT 108ANNUAL REPORT 2022
SUSTAINABILITY
REPORT
FINANCIAL
STATEMENTS
Notes to the parent company’s financial statements
6.1 Revenue by market area
MEUR 2022 2021
Finland 24.6 22.7
Total 24.6 22.7
6.2 Other operating income
MEUR 2022 2021
Gains on the sale of assets 0.0 0.2
Other income 0.0 0.0
Total 0.0 0.2
6.3 Materials and services
MEUR 2022 2021
Materials and services 0.0 0.0
Total 0.0 0.0
6.4 Employee expenses
MEUR 2022 2021
Wages, salaries and fees 12.8 8.7
Pension expenses 1.4 1.6
Other payroll-related expenses 0.9 0.8
Total 15.1 11.1
Average number of employees 100 99
Salaries and bonuses paid to management
President and CEO 1.0 0.9
Other members of the Group Executive Team 2.7 2.9
Members of the Board of Directors 0.4 0.3
Total 4.0 4.1
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 2022 2021
Depreciation on tangible and intangible assets 0.4 0.7
Total 0.4 0.7
REPORT BY THE
BOARD OF DIRECTORS
YEAR
2022
CORPORATE
GOVERNANCE STATEMENT
REMUNERATION
REPORT 109ANNUAL REPORT 2022
SUSTAINABILITY
REPORT
FINANCIAL
STATEMENTS
6.6 Other operating expenses
MEUR 2022 2021
Information technology and telecommunication 12.7 10.7
Business premises 6.1 6.3
Other expenses 3.6 4.5
Total 22.4 21.5
6.7 Auditors’ fees
EUR 1,000 2022 2021
Audit 244.1 232.3
Reporting and opinions 25.9 4.0
Tax consultation
Other 69.2 127.1
Total 339.2 363.4
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 2021 totalled EUR 125,000
(EUR 140,000). No development costs were capitalised on the balance sheet in 2022
or 2021.
6.9 Financial income and expenses
MEUR 2022 2021
Dividend income
From Group companies 29.8 31.2
From associated companies 0.2 0.3
From others 0.0 0.0
Total 29.9 31.5
Income from other non-current investments
From others 0.2
Other interest and financial income
From Group companies 0.0 0.1
Fair value gain on financial assets at fair value through profit or loss 5.2 0.2
From others 0.0 0.0
Total 5.3 0.3
Impairment of non-current investments
Impairment of shares in Group companies -2.0 -5.6
Total -2.0 -5.6
Interest expenses and other financial expenses
To Group companies -0.8
To others -1.5 -1.7
Total -2.3 -1.7
Foreign exchange rate gains/losses
Foreign exchange rate gains and losses 0.1 0.0
Financial income and expenses, total 31.0 24.7
REPORT BY THE
BOARD OF DIRECTORS
YEAR
2022
CORPORATE
GOVERNANCE STATEMENT
REMUNERATION
REPORT 110ANNUAL REPORT 2022
SUSTAINABILITY
REPORT
FINANCIAL
STATEMENTS
6.10 Appropriations
MEUR 2022 2021
Difference between planned depreciation and depreciation made
for tax purposes 0.0 0.0
Group contribution 26.7 19.6
Total 26.7 19.6
6.11 Income tax
MEUR 2022 2021
Income tax from regular business operations -3.3 -1.8
Total -3.3 -1.8
6.12 Intangible assets
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, am-
ortisation 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
MEUR Intangible rights Total
Financial year 2021
Acquisition cost 1 Jan 6.3 6.3
Decreases -3.0 -3.0
Acquisition cost 31 Dec 3.4 3.4
Accumulated depreciation, am-
ortisation and impairment 1 Jan 5.0 5.0
Accumulated depreciation in
decreases -3.0 -3.0
Depreciation for the financial
year 0.7 0.7
Accumulated depreciation 31
Dec 2.7 2.7
Book value 31 Dec 2021 0.6 0.6
REPORT BY THE
BOARD OF DIRECTORS
YEAR
2022
CORPORATE
GOVERNANCE STATEMENT
REMUNERATION
REPORT 111ANNUAL REPORT 2022
SUSTAINABILITY
REPORT
FINANCIAL
STATEMENTS
6.13 Tangible assets
MEUR Buildings
Machinery and
equipment
Other tangible
assets Total
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 1.8
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 0.5
Book value 31 Dec 2022 0.4 0.9 1.3
Financial year 2021
Acquisition cost 1 Jan 0.5 0.1 1.2 1.8
Increases 0.0 0.0
Decreases -0.5 0.0 -0.5
Acquisition cost 31 Dec 0.0 0.2 1.1 1.3
Accumulated depreciation 1 Jan 0.3 0.1 0.1 0.5
Accumulated depreciation in decreases -0.3 -0.3
Depreciation for the financial year 0.0 0.0 0.1 0.1
Accumulated depreciation 31 Dec 0.1 0.2 0.3
Book value 31 Dec 2021 0.0 0.0 0.9 1.0
REPORT BY THE
BOARD OF DIRECTORS
YEAR
2022
CORPORATE
GOVERNANCE STATEMENT
REMUNERATION
REPORT 112ANNUAL REPORT 2022
SUSTAINABILITY
REPORT
FINANCIAL
STATEMENTS
6.14 Investments
MEUR Shares in Group companies Shares in associated companies Shares, other Total
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
Financial year 2021
Acquisition cost 1 Jan 432.4 1.2 0.8 434.4
Increases 235.8 0.5 0.2 236.5
Decreases -5.0 -0.7 -5.7
Transfers between items
Acquisition cost 31 Dec 663.2 1.6 0.3 665.2
Accumulated depreciation, amortisation and
impairment 1 Jan 127.6 127.6
Accumulated depreciation in decreases and
transfers
Impairment 5.6 5.6
Accumulated depreciation, amortisation and
impairments 31 Dec 133.2 133.2
Book value 31 Dec 2021 530.0 1.6 0.3 531.8
REPORT BY THE
BOARD OF DIRECTORS
YEAR
2022
CORPORATE
GOVERNANCE STATEMENT
REMUNERATION
REPORT 113ANNUAL REPORT 2022
SUSTAINABILITY
REPORT
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
Netello Systems Oy Helsinki 100.00 100.00 100.00
Objektvision AB
Stockholm,
Sweden 100.00 100.00 100.00
Rantapallo Oy Helsinki 79.00 79.00 79.00
Associated companies
Infostud 3 d.o.o. Serbia 25.00 25.00 25.00
Kytöpir tti Oy
Seinäjoki,
Finland 43.20 43.20 43.20
Suomen Tunnistetieto Oy
Turku, Fin -
land 25.00 25.00 25.00
During the financial year 2022, Alma Media Corporation acquired 40% of the share
capital of Netello Systems and thereby increased its shareholding to 100% (previously
60%). Alma Mediapartners Oy and Nettix Oy were merged with Alma Media Suomi Oy
during the financial year 2022.
6.15 Receivables
MEUR 2022 2021
Non-current receivables
Interest rate derivatives 5.5 0.2
Non-current receivables, total 5.5 0.2
Current receivables
Receivables from Group companies
Loan receivables* 28.8 22.8
Prepaid expenses and accrued income 0.7 0.7
Total 29.5 23.4
Receivables from others
Trade receivables 0.0 0.0
Other receivables 0.1 0.1
Prepaid expenses and accrued income** 1.9 3.2
Total 2.0 3.4
Current receivables, total 31.5 26.8
* 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.
REPORT BY THE
BOARD OF DIRECTORS
YEAR
2022
CORPORATE
GOVERNANCE STATEMENT
REMUNERATION
REPORT 114ANNUAL REPORT 2022
SUSTAINABILITY
REPORT
FINANCIAL
STATEMENTS
6.16 Shareholders’ equity
MEUR 2022 2021
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 34.3 27.5
Cancellation of unpaid dividends 0.1
Dividend payment -28.8 -24.7
Acquisition of own shares -4.2 -1.1
Disposal of own shares 3.8 0.5
Retained earnings 31 Dec 5.1 2.2
Profit for the period 41.1 32.1
Non-restricted shareholders’ equity total 157.0 145.0
Total equity 326.9 315.0
MEUR 2022 2021
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 -0.1 -0.2
Profit from the previous year 5.1 2.2
Profit for the period 41.1 32.1
Total 156.9 144.8
6.17 Appropriations
MEUR 2022 2021
Difference between planned depreciation and depreciation made
for tax purposes 0.2 0.2
6.18 Non-current liabilities
MEUR 2022 2021
Loans from credit institutions 140.0 200.0
Other non-current liabilities 0.5 0.6
Total 140.5 200.6
REPORT BY THE
BOARD OF DIRECTORS
YEAR
2022
CORPORATE
GOVERNANCE STATEMENT
REMUNERATION
REPORT 115ANNUAL REPORT 2022
SUSTAINABILITY
REPORT
FINANCIAL
STATEMENTS
6.19 Current liabilities
MEUR 2022 2021
Loans from credit institutions 2.0
Trade payables 0.9 0.6
Total 2.9 0.6
Liabilities to Group companies
Trade payables 0.0 0.0
Other liabilities 73.7 62.5
Accrued expenses and prepaid income
Total 73.7 62.5
To others
Other current liabilities 0.4 0.6
Accrued expenses and prepaid income 5.1 3.3
Total 5.4 3.9
Current liabilities total 82.0 67.0
Most of the accrued expenses and prepaid income consist of allocated employee
expenses.
6.20 Commitments and contingencies
MEUR 2022 2021
Collateral for Group company’s commitments
Guarantees 2.5 2.5
Other own commitments
Rental commitments – within one year 5.6 5.8
Rental commitments – after one year 20.2 25.1
Rental commitments total 25.9 30.9
Total
Guarantees 2.5 2.5
Other commitments 25.9 30.9
Commitments total 28.4 33.4
Alma Media has a MEUR 30 committed financing limit at its disposal, which was
entirely unused on 31 December 2022. The company also has a commercial paper
programme of MEUR 100 in Finland. Of the commercial paper programme, MEUR 2
was in use on 31 December 2022.
6.21 Derivative contracts
MEUR 2022 2021
Interest rate derivative
Fair value* 5.5 0.2
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.
REPORT BY THE
BOARD OF DIRECTORS
YEAR
2022
CORPORATE
GOVERNANCE STATEMENT
REMUNERATION
REPORT 116ANNUAL REPORT 2022
SUSTAINABILITY
REPORT
FINANCIAL
STATEMENTS
The distributable funds of the Group’s
parent company totalled EUR 156,856,329
on 31 December 2022.
There were 82,383,182 shares carrying
dividend rights.
The Board of Directors proposes to the
Annual General Meeting that a dividend
of EUR 0.44 per share be paid for the
financial year 2022. Based on the number
of outstanding shares on the balance
sheet date 31 December 2022, the divi-
dend payment totals EUR 36,161,308.
Catharina Stackelberg-Hammarén
Chair of the Board
Eero Broman
Deputy Chair of the Board
Petri Niemisvirta
Board member
Kaisa Salakka
Board member
Heikki Herlin
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 2023
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 proposed 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 2023
Kai Telanne
President and CEO
REPORT BY THE
BOARD OF DIRECTORS
YEAR
2022
CORPORATE
GOVERNANCE STATEMENT
REMUNERATION
REPORT 117ANNUAL REPORT 2022
SUSTAINABILITY
REPORT
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,
• the consolidated financial statements give a true and fair view of the group’s
financial position and financial performance and cash flows in accordance with
International Financial Reporting Standards (IFRS) as adopted by the EU
• the financial statements give a true and fair view of the parent company’s financial
performance and financial position in accordance with the laws and regulations
governing the preparation of the 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 2022. The financial
statements comprise:
• the consolidated balance sheet, statement of comprehensive income, statement
of changes in equity, statement of cash flows and notes, including a summary of
significant accounting policies
• the parent company’s balance sheet, income statement, statement of cash flows
and notes.
Basis for Opinion
We conducted our audit in accordance with good auditing practice in Finland. Our
responsibilities 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 accor-
dance 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 provid-
ed to the parent company and to the group companies are in accordance with the ap-
plicable 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 • We have applied an overall group materiality of
EUR 4,0 million
Group scoping • We have audited the parent company and its subsidiaries
in Finland, Czech Republic and Slovakia.
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 ac-
counting estimates that involved making assumptions and considering future events
that are inherently uncertain.
(Translation of the Finnish Original)
REPORT BY THE
BOARD OF DIRECTORS
YEAR
2022
CORPORATE
GOVERNANCE STATEMENT
REMUNERATION
REPORT 118ANNUAL REPORT 2022
SUSTAINABILITY
REPORT
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 expect-
ed 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 consid-
erations, 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 4,0 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 tax as the benchmark because, in our view, it is the bench-
mark 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
significance 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
controls, including among other matters consideration of whether there was evi-
dence 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 2022 the Group’s goodwill balance amounted to EUR 294,4 million
and intangible rights with indefinite lives EUR 59,5 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 indica-
tion 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
calculations 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 manage-
ment judgement involved.
REPORT BY THE
BOARD OF DIRECTORS
YEAR
2022
CORPORATE
GOVERNANCE STATEMENT
REMUNERATION
REPORT 119ANNUAL REPORT 2022
SUSTAINABILITY
REPORT
FINANCIAL
STATEMENTS
How our audit addressed the key audit matter
Our audit procedures included, for example, the following procedures:
• We assessed the methodology applied in the value in use calculation by com-
paring 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 deter-
mined for the value in use model and compared the forecasts to the budgets and
strategic plans approved by the Board of Directors.
• We assessed the reasonableness of cash flow forecasts, for example, by compar-
ing 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 2022 holdings in group companies in the parent company’s balance
sheet amounted to EUR 500,5 million. The parent company has accounted for a EUR
2,0 million impairment of holdings in group companies during the financial year.
The holdings in group companies are tested annually for impairment by comparing
the recoverable amount against the book value of an individual holding. The recover-
able amounts are determined using the value in use model.
Valuation of holdings in group companies is a key audit matter due to the signifi-
cance 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 deter-
mined for the value in use model and compared the forecasts to the budgets and
strategic plans approved by the Board of Directors.
• We assessed the reasonableness of cash flow forecasts, for example, by compar-
ing 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 Managing Director for
the Financial Statements
The Board of Directors and the Managing Director are responsible for the prepara-
tion of consolidated financial statements that give a true and fair view in accordance
with International Financial Reporting Standards (IFRS) 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 inten-
tion to liquidate the parent company or the group or to cease operations, or there is
no realistic alternative but to do so.
REPORT BY THE
BOARD OF DIRECTORS
YEAR
2022
CORPORATE
GOVERNANCE STATEMENT
REMUNERATION
REPORT 120ANNUAL REPORT 2022
SUSTAINABILITY
REPORT
FINANCIAL
STATEMENTS
Auditor’s Responsibilities for the Audit of the Financial Statements
Our objectives are to obtain reasonable assurance about whether the financial state-
ments 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, individual-
ly or in the aggregate, they could reasonably 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 profession-
al judgment and maintain professional skepticism throughout the audit. We also:
• Identify and assess the risks of material misstatement of the financial statements,
whether 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 in-
volve collusion, forgery, intentional omissions, misrepresentations, or the override
of internal control.
• Obtain an understanding of internal control relevant to the audit in order to de-
sign audit procedures that are appropriate in the circumstances, but not for the
purpose of expressing 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 reasonable-
ness of accounting estimates and related disclosures made by management.
• Conclude on the appropriateness of the Board of Directors’ and the Managing Di-
rector’s use of the going concern basis of accounting and based on the audit ev-
idence obtained, whether a material uncertainty exists related to events or con-
ditions 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 state-
ments, 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, supervi-
sion and performance of the group audit. We remain solely responsible for our
audit opinion.
We communicate with those charged with governance regarding, among other mat-
ters, the planned scope and timing of the audit and significant audit findings, includ-
ing 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 com-
plied with relevant ethical requirements regarding independence, and to communi-
cate with them all relationships 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 mat-
ter 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 9 years.
REPORT BY THE
BOARD OF DIRECTORS
YEAR
2022
CORPORATE
GOVERNANCE STATEMENT
REMUNERATION
REPORT 121ANNUAL REPORT 2022
SUSTAINABILITY
REPORT
FINANCIAL
STATEMENTS
Other Information
The Board of Directors and the Managing Director are responsible for the other infor-
mation. 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 state-
ments and our auditor’s 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 identified above 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 responsibility 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 infor-
mation in the financial statements
• the report of the Board of Directors has been prepared in accordance with the
applicable laws and regulations.
If, based on the work we have performed on the other information that we obtained
prior to the date of this auditor’s report, we conclude that there is a material misstate-
ment of this other information, we are required to report that fact. We have nothing to
report in this regard.
Helsinki 15 February 2023
PricewaterhouseCoopers Oy
Authorised Public Accountants
Niina Vilske
Authorised Public Accountant (KHT)
REPORT BY THE
BOARD OF DIRECTORS
YEAR
2022
CORPORATE
GOVERNANCE STATEMENT
REMUNERATION
REPORT 122ANNUAL REPORT 2022
SUSTAINABILITY
REPORT
FINANCIAL
STATEMENTS
Independent Auditor’s Reasonable Assurance Report on Alma Media
Corporation’s ESEF Financial Statements
To the Management of Alma Media Oyj
We have been engaged by the Management of Alma Media Oyj (business identity
code 1944757-4) (hereinafter also “the Company”) to perform a reasonable assurance
engagement on the Company’s consolidated IFRS financial statements for the financial
year 01 January–31 December 2022 in European Single Electronic Format
(“ESEF financial statements”).
Management’s Responsibility for the
ESEF Financial Statements
The Management of Alma Media Oyj is responsible for preparing the ESEF financial
statements so that they comply with the requirements as specified in the Commission
Delegated Regulation (EU) 2019/815 of 17 December 2018 (“ESEF requirements”). This
responsibility includes the design, implementation and maintenance of internal control
relevant to the preparation of ESEF financial statements that are free from material non-
compliance with the ESEF requirements, whether due to fraud or error.
Our Independence and Quality Control
We have complied with the independence and other ethical requirements of the Inter-
national Code of Ethics for Professional Accountants (including International Indepen-
dence Standards) issued by the International Ethics Standards Board for Accountants
(IESBA Code), which is founded on fundamental principles of integrity, objectivity,
professional competence and due care, confidentiality and professional behaviour.
Our firm applies International Standard on Quality Control 1 and accordingly maintains
a comprehensive system of quality control including documented policies and pro-
cedures regarding compliance with ethical requirements, professional standards and
applicable legal and regulatory requirements.
Our Responsibility
Our responsibility is to express an opinion on the ESEF financial statements based on
the procedures we have performed and the evidence we have obtained.
We conducted our reasonable assurance engagement in accordance with the Interna-
tional Standard on Assurance Engagements (ISAE) 3000 (Revised) Assurance Engage-
ments Other than Audits or Reviews of Historical Financial Information. That standard
requires that we plan and perform this engagement to obtain reasonable assurance
about whether the ESEF financial statements are free from material noncompliance with
the ESEF requirements.
A reasonable assurance engagement in accordance with ISAE 3000 (Revised) involves
performing procedures to obtain evidence about the ESEF financial statements com-
pliance with the ESEF requirements. The procedures selected depend on the auditor’s
judgment, including the assessment of the risks of material noncompliance of the ESEF
financial statements with the ESEF requirements, whether due to fraud or error. In mak-
ing those risk assessments, we considered internal control relevant to the Company’s
preparation of the ESEF financial statements.
We believe that the evidence we have obtained is sufficient and appropriate to provide a
basis for our opinion.
Opinion
In our opinion, Alma Media Oyj’s ESEF financial statements for the financial year ended
31 December 2022 comply, in all material respects, with the minimum requirements as
set out in the ESEF requirements.
Our reasonable assurance report has been prepared in accordance with the terms of
our engagement. We do not accept, or assume responsibility to anyone else, except for
Alma Media Oyj for our work, for this report, or for the opinion that we have formed.
Helsinki 13 March 2023
PricewaterhouseCoopers Oy
Authorised Public Accountants
Niina Vilske
Authorised Public Accountant (KHT)
REPORT BY THE
BOARD OF DIRECTORS
YEAR
2022
CORPORATE
GOVERNANCE STATEMENT
REMUNERATION
REPORT 123ANNUAL REPORT 2022
SUSTAINABILITY
REPORT
FINANCIAL
STATEMENTS
CORPORATE GOVERNANCE
STATEMENT
2022
Contents
126
135
142
The Shareholders’ Nomination
Committee
Internal control and risk
management systems in
financial reporting
Corporate Governance Statement
of Alma Media Corporation
127
136
144
Alma Media Group
President & CEO and Group Executive
Team of Alma Media Corporation
Auditing
128
140
Board of Directors of
Alma Media Corporation
Insider Management
FINANCIAL
STATEMENTS
REPORT BY THE
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THE YEAR
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REPORT 125ANNUAL REPORT 2022
SUSTAINABILITY
REPORT
CORPORATE
GOVERNANCE STATEMENT
Corporate Governance Statement
I
n 2022, Alma Media Corpo-
ration 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 State-
ment, required by the Corporate Gover-
nance 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
updated during the financial period, but
up-to-date information on its sections
is available on Alma Media’s website:
https://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.
FINANCIAL
STATEMENTS
REPORT BY THE
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THE YEAR
2022
REMUNERATION
REPORT 126ANNUAL REPORT 2022
SUSTAINABILITY
REPORT
CORPORATE
GOVERNANCE STATEMENT
Alma Media Group
R
esponsibility for Alma
Media Group’s manage-
ment and operations
belongs to the consti-
tutional bodies required
by the Limited Liability
Companies Act: the General Meeting of
Shareholders, which elects the mem-
bers 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 Meet-
ing 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 company, Alma
Media Corporation is responsible for the
Group’s management, legal affairs, cor-
porate restructuring, strategic planning,
financial administration, human resourc-
es and facilities management, financing,
ICT, internal and external communica-
tions as well as the Alma brand.
Alma Media Group has three reporting
segments.
The Alma Career segment consists of
the recruitment business and comple-
mentary services that respond to the
needs of jobseekers and employers in 11
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
subscription-based financial and profes-
sional 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.
FINANCIAL
STATEMENTS
REPORT BY THE
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THE YEAR
2022
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REPORT 127ANNUAL REPORT 2022
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REPORT
CORPORATE
GOVERNANCE STATEMENT
Board of Directors of Alma Media Corporation
T
he Shareholders’ Nomination
Committee of Alma Media
Corporation prepares a pro-
posal 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 spe-
cific 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 http://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 complemen-
tary 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 management, 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
the 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 num-
ber of members and the 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 2022 elected the
following members to the Board of Directors:
Catharina Stackelberg-Hammarén,
Eero Broman, Heikki Herlin, Peter Immonen,
Esa Lager, Alexander Lindholm,
Petri Niemisvirta 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 Advisor Marketing Clinic Oy
Member of the Board 2009–,
member of the Nomination and Compensation Committee
Essential work experience
• Marketing Clinic Oy: Executive Chair 2019–2022
• Marketing Clinic Oy: 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
(Copenhagen) 2000
• Coca-Cola Finland: Consumer Marketing Manager
1996–2000
• Sentra plc: Marketing Manager 1994–1996
Principal positions of trust
• Marimekko Oyj: member of the Board 2014–2022
• Marketing Clinic Oy: member of the Board 2004–
• Royal Unibrew A/S: member of the Board 2019–
• Kojamo plc: member of the Board 2021–
• Purmo Group Oy: member of the Board 2021–
• Knowit Insight Oy: member of the Board 2022–
Independent of the company and its significant shareholders
Shareholding on 31 December 2022
28,535 Alma Media Corporation shares
FINANCIAL
STATEMENTS
REPORT BY THE
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2022
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CORPORATE
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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 Companies 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,: 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 2022
367,071 Alma Media Corporation shares
Eero Broman
Born: 1963
M.Sc. (Econ.)
Finnish citizen
Chair of the Board until 29 March 2022
Member of the Board 2019–2022,
Member of the Board’s Nomination and Compensation
Committee until 29 March 2022
Essential work experience
• Nokia Corporation: Chair of the Board, CEO, Chair of the
Group Executive Board 1999–2006
• Nokia Corporation: President and CEO and Chair of the
Group Executive Board 1992–1999
• Nokia Mobile Phones: President 1990–1992
• Nokia Corporation: CFO 1986–1989
Principal positions of trust
• TBG AG: member of the Board 2016–
• Perella Weinberg Partners Inc: member of the Board 2014–
• Miltton Group Oy: Chair of the Board 2015–
• The Finnish Innovation Fund Sitra: member of the Board
2020–
• Algorithmiq Inc.: Chair of the Board 2021–
Independent of the company, but not independent of its
significant shareholder.
Shareholding on 29 March 2022
20,448 Alma Media Corporation shares
Jorma Ollila
Born: 1950
M.Soc.Sc., M.Sc. (Econ.), M.Sc.
(Tech.)
Finnish citizen
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: Chairman of the Board, member
2018–
Independent of the company, but not independent of its
significant shareholder.
Shareholding on 31 December 2022
15,030 Alma Media Corporation shares directly
, and
15,675,473 Alma Media Corporation shares through Mariatorp
Oy
Heikki Herlin
Born: 1990
Graduate in Political Sciences
Finnish citizen
FINANCIAL
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Alexander Lindholm
Born: 1969
BBA
Finnish citizen
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–
• Yhtyneet Kuvalehdet Oy/Otavamedia Ltd, 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–
Independent of the company, but not independent of its
significant shareholder.
Shareholding on 31 December 2022
5,625 Alma Media Corporation shares
WIP Asset Management Oy: Chair of the Board 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
significant shareholder.
Shareholding on 31 December 2022
5,625 Alma Media Corporation shares
Peter Immonen
Born: 1959
M.Sc. (Econ.)
Finnish citizen
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
positions (Head Office foreign operations and the London
branch) 1984–1990
Principal positions of trust
• Stockmann Oyj: member of the Board 2017–2022
• 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
significant shareholder.
Shareholding on 31 December 2022
19,450 Alma Media Corporation shares
Esa Lager
Born: 1959
LL.M., M.Sc. (Econ.)
Finnish citizen
FINANCIAL
STATEMENTS
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Member of the Group Executive Committee of Sampo plc, Manag-
ing Director of Mandatum Holding and Mandatum Life Insurance
Company Limited
Member of the Board 2011–, Chair 2018, Deputy Chair 2011–2018 and
2019–2022, member of the Audit Committee
Essential work experience
• 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 Com-
pany Limited: Life Insurance Sales Manager, 1995–1999
Principal positions of trust
• Topdanmark A/S: member of the Board 2017–
• Mandatum Life: Member of the Board 2019–
• Kaleva Mutual Insurance Company: Chair of the Board 2014–,
member of the Board 2013–
• Varma Mutual Pension Insurance Company:
Chair of the Board 2014–, member of the Board 2013–
• Finance Finland (FFI): member of the Board 2019–, Chair of the
Life Insurance Executive Committee 2019–, member 2017–2018,
Chair 2015–2016, member 2011–2014, Chair 2007–2010
• Confederation of Finnish Industries EK, Finance and Tax Com-
mission: 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 31 December 2022
26,756 Alma Media Corporation shares
Petri Niemisvirta
Born: 1970
LL.M.
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
Director, 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
• Finnish Startup Community: member of the Board 2021–2022
• 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 2022
1,320 Alma Media Corporation shares
Kaisa Salakka
Born: 1979
M.Sc. (Econ.)
Finnish citizen
FINANCIAL
STATEMENTS
REPORT BY THE
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THE YEAR
2022
REMUNERATION
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REPORT
CORPORATE
GOVERNANCE STATEMENT
It is the duty of the members of the
Board of Directors to provide the Board
of Directors with sufficient information
for the assessment of their competence
and independence. The Board of
Directors has assessed that, with the
exception of Eero Broman, Heikki Herlin,
Peter Immonen, Esa Lager, Alexander
Lindholm and Jorma Ollila, the members
of the Board are independent of the
company but dependent of its 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 2022 (a relationship with a
significant shareholder pursuant to
subsection j) of Recommendation 10
of the Corporate Governance Code).
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-Yhtymä Oyj, Alexander Lindholm
is the CEO of Otava Group and Jorma
Ollila has been a member of the Board
of Otava Ltd. for ten consecutive
years in 2019 (a relationship with a
significant shareholder pursuant to
Recommendation 10, item j of the
Corporate Governance Code).
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 financial
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 imple-
mentation, and, if required, initiating
corrective action;
• considering and approving the
interim reports and the financial
statements;
• approving strategically significant
corporate and real estate acqui-
sitions and disposals as well as
investments according to separate
investment instructions;
• deciding on Alma Media Corpora-
tion’s capital financing programmes
and operations according to a
separate treasury policy;
• approving Alma Media Corporation’s
dividend policy and submitting a
dividend proposal to the General
Meeting of Shareholders;
• annually reviewing the main risks
associated with the company’s
opera tions 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 ad-
vance approval of non-audit services
provided by the auditor;
• appointing and, if required, dis-
missing the President and CEO;
• deciding on the Nomination and
Compensation 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 organisa-
tion 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
significant revenue and circulation;
• holding a meeting with the compa-
ny’s auditors at least once a year;
• deciding on matters that are ex-
ceptional and have wide-ranging
consequences;
• making 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 concern-
ing the donation of sums to good
causes.
The Board’s Charter is available in full
on the Alma Media website: http://www.
almamedia.fi/en/investors/governance/
board-of-directors.
FINANCIAL
STATEMENTS
REPORT BY THE
BOARD OF DIRECTORS
THE YEAR
2022
REMUNERATION
REPORT 132ANNUAL REPORT 2022
SUSTAINABILITY
REPORT
CORPORATE
GOVERNANCE STATEMENT
Name Role
Attendance at Board
meetings
Catharina Stackelberg-Hammarén Chair since 29 March
2022
10/10
Jorma Ollila Chair until 29 March
2022
2/2
Eero Broman Deputy Chair since 29
March 2022
8/8
Heikki Herlin Member since 29
March 2022
8/8
Peter Immonen Member 10/10
Esa Lager Member 10/10
Alexander Lindholm Member 10/10
Petri Niemisvirta Member, Deputy Chair
until 29 March 2022
10/10
Kaisa Salakka Member since 29
March 2022
8/8
The Board convenes approximately 12
times a year according to a previously
confirmed timetable and, in addition,
whenever necessary. Most meetings
are connected 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.
In 2022, the Board met 10 times. The
attendance of each member is shown in
the table below.
Assessment of the Board’s
performance
In 2022, 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 consti-
tutive meeting after the Annual General
Meeting, the Board of Directors elects
the members of these committees 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 spe-
cial expertise in accounting or auditing.
As a whole, the Audit Committee must
possess sufficient expertise and experi-
ence 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 29 March 2022, the members of the
Audit Committee were Esa Lager, Eero
Broman, Heikki Herlin, Petri Niemisvirta
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 compa-
ny’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 report-
ing, including compliance with financial
statements standards; monitoring the
auditing process; approving, in accor-
dance 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 provid-
ed by the auditor, including their scope
and the estimated fees payable for them;
and monitoring significant financial,
financing and tax risks; and monitoring
FINANCIAL
STATEMENTS
REPORT BY THE
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THE YEAR
2022
REMUNERATION
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REPORT
CORPORATE
GOVERNANCE STATEMENT
the company’s fiscal position. The Audit
Committee is required to process the
company's central approval and op-
erational instructions for investments
and funding, for example. In addition,
the Audit Committee monitors pro-
cesses and risks related to IT security
and processes any messages received
through the Group’s ethical reporting –
the whistleblowing channel. 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: http://www.
almamedia.fi/en/investors/governance/
board-of-directors
The Audit Committee convened five
times in 2022. The attendance of each
member is shown in the table below.
Name Role
Attendance at Audit
Committee meetings
Esa Lager Chair 5/5
Alexander Lindholm Member until 29
March 2022
1/1
Heikki Herlin Member since 29
March 2022
4/4
Petri Niemisvirta Member until 29
March 2022
1/1
Kaisa Salakka Member since 29
March 2022
4/4
Name Role
Attendance at Nomina-
tion and Compensation
Committee meetings
Peter Immonen Chair 2/2
Alexander Lindholm Member since 29
March 2022
1/1
Jorma Ollila Member until 29
March 2022
1/1
Catharina Stackelberg-Hammarén Member 2/2
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 Commit-
tee from among the Board members. The
Nomination and Compensation Commit-
tee comprises at least three members,
who elect a Chair for the Committee. On
29 March 2022,
Peter Immonen, Alexander Lindholm
and Catharina Stackelberg-Hammarén
were elected as members of the Nom-
ination 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 con-
cerning appointments, 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 convened twice in 2022 to
consider matters according to its Char-
ter. The attendance of each member is
shown in the table below.
FINANCIAL
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2022
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REPORT
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GOVERNANCE STATEMENT
The Shareholders’ Nomination Committee
T
he Nomination Com-
mittee’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 Commit-
tee consists of four members appointed
by Alma Media’s four largest sharehold-
ers, 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 2022 is
presented in the table.
The Shareholders’ Nomination Commit-
tee convened twice during its term of
office in 2022–2023: in November 2022
and January 2023. All members of the
Nomination Committee attended both
meetings.
On 24 January 2023, the Shareholders’
Nomination Committee issued
a proposal to the Annual General Meeting
to be held on 4 April 2023.
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 2022: 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 2022: 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 2022: 5,625 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 2022: 0 Alma Media Corporation shares
Member
Catharina Stackelberg-Hammarén
Born: 1970, M.Sc. (Econ.)
Senior Adviser, Marketing Clinic Oy
Chairman of the Board of Directors of Alma Media,
Member of the Board 2009–, member of the Nomination and Com-
pensation Committee
Shareholding on 31 December 2022: 28,535 Alma Media Corporation
shares
Expert member during
the term 2022–2023
Jorma Ollila
Born: 1950, M.Soc.Sc., M.Sc. (Econ.), M.Sc. (Tech.)
Chair of the Board and member of the Board’s Nomination and
Compensation Committee until 29 March 2022
Shareholding on 29 March 2022: 20,448 Alma Media Corporation
shares
Expert member during
the term 2021–2022
FINANCIAL
STATEMENTS
REPORT BY THE
BOARD OF DIRECTORS
THE YEAR
2022
REMUNERATION
REPORT 135ANNUAL REPORT 2022
SUSTAINABILITY
REPORT
CORPORATE
GOVERNANCE STATEMENT
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 mana-
gement of the company in accordance
with the guidelines and instructions 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 appropri-
ate 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 compa-
ny’s business only through authorisation
by the Board of Directors or in circum-
stances 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 2022 comprising Kari Kivelä
(Senior Vice President, Alma Consumer),
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), Virpi
Juvonen (Senior Vice President, Human
Resources), Mikko Korttila (General
Counsel), Elina Kukkonen (Senior Vice
President, Communications and Brand)
and Juha Nuutinen (CFO). 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 convened 23 times in
2022.
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–
• Tampere Chamber of Commerce & Industry: Member of the
Board 2018–
Shareholding on 31 December 2022
216,155 Alma Media Corporation shares
Kai Telanne
Born: 1964
M.Sc. (Econ.)
FINANCIAL
STATEMENTS
REPORT BY THE
BOARD OF DIRECTORS
THE YEAR
2022
REMUNERATION
REPORT 136ANNUAL REPORT 2022
SUSTAINABILITY
REPORT
CORPORATE
GOVERNANCE STATEMENT
Santtu Elsinen
Born: 1972
B.Sc.-level studies in
Economics
Virpi Juvonen
Born: 1963
M.Soc.Sc.
Senior Vice President, Human Resources
In the current position 2013–
Member of the Group Executive Team 2012–
Essential work experience
• Alma Media Corporation: Acting Senior Vice President, Hu-
man Resources, December 2012–April 2013
• Alma Media Corporation: Director, Human Resources, Mar-
ketplaces 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–
Shareholding on 31 December 2022
43,812 Alma Media Corporation shares
Chief Digital Officer (CDO)
In the current position 2016–
Member of the Group Executive Team 2016–
Essential work experience
• 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
• Media Industry Research Foundation of Finland: Member of
the Board 2016–2022
• 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 2022
29,465 Alma Media Corporation shares directly and 10,100 shares
through via Winterfell Capital Oy
• – –
Vesa-Pekka Kirsi
Born: 1969
BA
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 execu-
tive 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 2022
6,600 Alma Media Corporation shares
FINANCIAL
STATEMENTS
REPORT BY THE
BOARD OF DIRECTORS
THE YEAR
2022
REMUNERATION
REPORT 137ANNUAL REPORT 2022
SUSTAINABILITY
REPORT
CORPORATE
GOVERNANCE STATEMENT
Kari Kivelä
Born: 1959
M.Soc.Sc., MBA
Mikko Korttila
Born: 1962
Master of Laws, Master of
Laws trained on the bench,
eMBA
Senior Vice President, Alma Consumer
In the current position 2018–
Member of the Group Executive Team 2005–
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 2022
82,096 Alma Media Corporation shares
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 2022
56,135 Alma Media Corporation shares
Tiina Kurki
Born: 1970
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
• Finnish Periodical Publishers’ Association: Member of the
Board 2018–2022
Shareholding on 31 December 2022
49,772 Alma Media Corporation shares
FINANCIAL
STATEMENTS
REPORT BY THE
BOARD OF DIRECTORS
THE YEAR
2022
REMUNERATION
REPORT 138ANNUAL REPORT 2022
SUSTAINABILITY
REPORT
CORPORATE
GOVERNANCE STATEMENT
Elina Kukkonen
Born: 1970
Doctor of Business
Administration DBA (KTT)
Juha-Petri Loimovuori
Born: 1964
M.Sc. (Econ.)
Juha Nuutinen
Born: 1972
M.Sc. (Econ.)
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 2022
87,619 Alma Media Corporation shares
Chief Financial Officer
In the current position 2012–
Member of the Group Executive Team 2012–
Essential work experience
• University Properties of Finland Ltd: CFO, member of the
Executive 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 December 2022
60,092 Alma Media Corporation shares
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 2022
21,023 Alma Media Corporation shares
FINANCIAL
STATEMENTS
REPORT BY THE
BOARD OF DIRECTORS
THE YEAR
2022
REMUNERATION
REPORT 139ANNUAL REPORT 2022
SUSTAINABILITY
REPORT
CORPORATE
GOVERNANCE STATEMENT
Insider Management
A
lma Media Corpora-
tion’s Board of Directors
approved Alma Media
Group’s current Guide-
lines 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 supplement
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 han-
dling 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 members 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
interim reports and financial statement
release within a time frame beginning
30 days before the publication of the
interim reports and the financial state-
ment 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 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 beginning 30 days before the
publication of the interim reports and
the financial statement release and end-
ing 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 mate-
rial 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 inci-
dents of criminal activity and miscon-
duct 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.
FINANCIAL
STATEMENTS
REPORT BY THE
BOARD OF DIRECTORS
THE YEAR
2022
REMUNERATION
REPORT 140ANNUAL REPORT 2022
SUSTAINABILITY
REPORT
CORPORATE
GOVERNANCE STATEMENT
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-share-
holdings.
The Company’s General Counsel is
responsible 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-making processes relating to
the finances and business of the parent
company or significant subsidiary.
The close family members of the afore-
mentioned 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.
The Group maintains a record of its
related parties in order to identify trans-
actions 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 trans-
actions 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 ob-
served and accepted market practices.
To organise the identification, reporting
and monitoring of related party transac-
tions, the Board of Directors has as-
signed the Audit Committee to monitor
transactions by the Group’s manage-
ment and their related parties and any
potential conflicts of interest involved
therein. The Audit Committee monitors
and evaluates the degree to which
contracts and other legal transactions
between the Group and its related par-
ties 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 identifi-
cation 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 preparation 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.
FINANCIAL
STATEMENTS
REPORT BY THE
BOARD OF DIRECTORS
THE YEAR
2022
REMUNERATION
REPORT 141ANNUAL REPORT 2022
SUSTAINABILITY
REPORT
CORPORATE
GOVERNANCE STATEMENT
Internal control and risk management systems in financial reporting
Internal control
Internal control is an essential part of
the company’s governance and man-
agement systems, covering all of the
Group’s functions 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 management 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 the
areas within their spheres of responsibil-
ity 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 ad-
ministration. The financial administration
monitors and gives guidance regarding
internal control measures and prac-
tices, based on the Group’s operating
principles and guidelines. The financial
administration, working under the Group
CFO, is the centralised source of finan-
cial statement data required by external
accounting, as well as the source of anal-
yses and 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 re-
porting within the Group. Risks related to
financial reporting are managed with the
help of the Group’s accounting manual,
finance and investment policy, acquisi-
tion guidelines and internal control.
Alma Media Group follows the Inter-
national 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 observance of the
financial reporting standards as well as
maintaining financial reporting princi-
ples 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 manage-
ment 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 management. 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
Alma Media’s internal control and risk management
organisation
ALMA CAREER ALMA CONSUMER ALMA TALENT
ALMA MEDIA’S BOARD OF DIREC
TORS
ALMA MEDIA’S AUDIT COMMIT
TEE
PRESIDENT AND CEO
GROUP EXECUTIVE TEAM
CHIEF FINANCIAL OFFICER
FINANCIAL
STATEMENTS
REPORT BY THE
BOARD OF DIRECTORS
THE YEAR
2022
REMUNERATION
REPORT 142ANNUAL REPORT 2022
SUSTAINABILITY
REPORT
CORPORATE
GOVERNANCE STATEMENT
principles of the Group and monitors
the efficiency of the risk management
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.
The CEO, the Group Executive Team
and other managers in the Group at all
organisational 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 man-
agement methods and regularly reports
on risk issues to the risk management
organisation and the Board of Directors.
Risk management 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 busi-
ness risks as strategic, operational and
financing risks.
Alma Media’s most significant strategic
risks are related to cyber risks, data
security and data privacy violations, rapid
changes in the existing business models
of marketplaces and changes in media
consumption among consumers.
An increasingly important source of
competitive advantage, but also a
strategic risk, in Alma Media’s business
is the ability to use customer data to
improve the product and service offering
for advertisers and to enrich end-user
services. Alma Media manages customer
data and behavioural data, taking regula-
tory requirements into consideration, by
centralising customer data repositories
and deploying analysis and activation
technology. Potential restrictions con-
cerning the use of third-party cookies
could create uncertainty factors, at least
temporarily, related to digital advertising
sales.
The regulation of the media sector and
the related market practices is becoming
stricter.
The changes in the operating envi-
ronment and the rapid technological
development require continuous invest-
ments in employee competence and
development. One significant strategic
risk is the availability of highly competent
IT specialists for demanding product
development projects.
A further risk to Alma Media’s business
is the potential decline in digital audi-
ences, as well as a potential permanent
decrease in digital advertising sales and
listing advertising.
The continuation of the widespread
pandemic may have a significant impact
on the demand for services on the one
hand and, on the other hand, it can cause
substantial production disruptions in
business processes due to significant
risks related to employee health.
In addition to the COVID-19 pandemic,
the escalation of geopolitical risks in
Alma Media’s operating countries may
have a significant impact on service
demand.
The most significant operational risks
are disturbances of information tech-
nology and communications as well as
interruptions in daily news production.
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 Re-
port by the Board of Directors. Financial
risks are also described in more detail in
the notes to the consolidated financial
statements.
Internal audit
In Alma Media Group, internal audit
functions have been incorporated into
the responsibilities 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.
FINANCIAL
STATEMENTS
REPORT BY THE
BOARD OF DIRECTORS
THE YEAR
2022
REMUNERATION
REPORT 143ANNUAL REPORT 2022
SUSTAINABILITY
REPORT
CORPORATE
GOVERNANCE STATEMENT
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 ob-
servations concerning the audit of the
financial year to the Group’s financial
management and the Audit Committee.
Alma Media Corporation’s Annual
General Meeting 2022 elected
Authorised Public Accountants Pricewa-
terhouseCoopers Oy as the company’s
auditors, with Niina Vilske, Authorised
Public Accountant, as the principal au-
ditor. As a rule, PricewaterhouseCoopers
is the auditor of the subsidiaries of Alma
Media Group.
Alma Media Group’s auditing fees for
2022 amounted to EUR 244,050. In
addition, the auditing firm PwC charged
the Group a total of EUR 95,127 in fees for
other services in the 2022 financial year,
including, among other things, advisory
services related to reporting on corpo-
rate responsibility. PwC has served as
the Group’s auditor since 2014.
FINANCIAL
STATEMENTS
REPORT BY THE
BOARD OF DIRECTORS
THE YEAR
2022
REMUNERATION
REPORT 144ANNUAL REPORT 2022
SUSTAINABILITY
REPORT
CORPORATE
GOVERNANCE STATEMENT
REMUNERATION REPORT
2022
Contents
147
151
155
Comparison data
Verification of the Remuneration
Report
From the Chairman
149
152
Key remuneration principles
Remuneration of the Board of
Directors
150
154
Deviation from the Remuneration
Policy and clawback of remuneration
Remuneration of the President
and CEO
FINANCIAL
STATEMENTS
REPORT BY THE
BOARD OF DIRECTORS
THE YEAR
2022
CORPORATE
GOVERNANCE STATEMENT 146ANNUAL REPORT 2022
SUSTAINABILITY
REPORT
REMUNERATION
REPORT
From the Chairman
Dear shareholders
Alma Media continued its renewal
in 2022. The Group offered its broad
product portfolio in digital housing
transactions and advertising as well as
recruitment services and technologies,
and continued to shift its strategic focus
even more clearly to the development of
digital and international business. Alma
Media also completed the integration of
the Nettix marketplace, which became
part of the Group in the previous year
and was the largest acquisition in the
Group’s history.
Business development was strong in
2022, and profitability rose to a record-
high level. The development of the
recruitment business was particularly
good. Russia’s invasion of Ukraine
and sharply rising inflation hampered
economic development throughout
Europe. At the same time, however,
the economic uncertainty caused by
the COVID-19 pandemic decreased
substantially compared to 2020 and
2021.
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
ownership and thereby increasing the
company’s shareholder value in the long
term. The Annual
General Meeting 2022 kept the fees of
the Board of Directors unchanged.
Remuneration
systems align the
interests of the
management and
shareholders
FINANCIAL
STATEMENTS
REPORT BY THE
BOARD OF DIRECTORS
THE YEAR
2022
CORPORATE
GOVERNANCE STATEMENT 147ANNUAL REPORT 2022
SUSTAINABILITY
REPORT
REMUNERATION
REPORT
During the past few years, the key
criteria for the short-term incentive
bonuses of Alma Media’s President and
CEO have been the development of the
Group’s profitability, i.e. adjusted ope-
rating profit, and digital business growth
targets. Alma Media’s long-term incen-
tive scheme, in turn, is based on the total
shareholder return of the company’s
share and the growth of digital business.
The rewards of the long-term incentive
scheme are paid in Alma Media shares.
Variable remuneration components, i.e.
short-term and long-term incentives,
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 incen-
tive systems are directly linked to the
Group’s business development. The total
remuneration paid to the President and
CEO in 2022, including pension contribu-
tions (supplementary pension + statuto-
ry pension), amounted to EUR 3,450,902,
with variable remuneration components
representing 70 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.
I hope you will find this report
informative.
Peter Immonen
Chairman of the Nomination and
Compensation Committee
FINANCIAL
STATEMENTS
REPORT BY THE
BOARD OF DIRECTORS
THE YEAR
2022
CORPORATE
GOVERNANCE STATEMENT 148ANNUAL REPORT 2022
SUSTAINABILITY
REPORT
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 Remune-
ration Policy and remuneration systems
are aimed at promoting the Group’s
long-term financial success, competi-
tiveness and the development of share-
holder 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 principle of improving
the company’s result. The incentive
schemes emphasise the reconciliation
of the interests of the executives and the
interests of Alma Media’s shareholders,
engaging the commitment of the execu-
tives through long-term share ownership
and thereby increasing the company’s
shareholder value in the long term.
The remuneration principles include
the promotion of a performance-based
operating culture, offering competitive
compensation for development that
promotes the implementation of stra-
tegy 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, pre-
pared in accordance with the Corpo-
rate Governance Code 2020 for Finnish
listed companies and the EU amend-
ment directive concerning shareholder
rights (SHRD II), in spring 2022. The
Remune ration Policy is available in full
on Alma Media’s website at https://www.
almamedia.fi/en/investors/governance/
remuneration.
FINANCIAL
STATEMENTS
REPORT BY THE
BOARD OF DIRECTORS
THE YEAR
2022
CORPORATE
GOVERNANCE STATEMENT 149ANNUAL REPORT 2022
SUSTAINABILITY
REPORT
REMUNERATION
REPORT
Deviation from Alma Media’s Remuneration Policy
and clawback of remuneration in 2022
T
emporary deviations from
Alma Media’s Remune-
ration 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 undis-
rupted continuation of business and the
development of shareholder 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 devi-
ation, the deviation may concern any
component or aspect of remuneration.
There were no deviations from the
Remuneration Policy in 2022. 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.
FINANCIAL
STATEMENTS
REPORT BY THE
BOARD OF DIRECTORS
THE YEAR
2022
CORPORATE
GOVERNANCE STATEMENT 150ANNUAL REPORT 2022
SUSTAINABILITY
REPORT
REMUNERATION
REPORT
Comparison figures on the remuneration of the management and
employees and Alma Media’s financial performance 2018–2022
A
lma Media’s businesses
achieved excellent
development and
profitability rose to a
record-high level in
2022. 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 principle
of achieving 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
remune ration 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 Presi-
dent 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 2018 2019 2020 2021 2022
Average fees paid to a member of the Board of Directors 54,733 56,571 54,014 49,533 46,650
Basic salary + benefits paid to the President and CEO
(excluding pension benefits)
473,735 511,777 523,853 552,988 577,935
Year-on-year change, % -4.4% 8.0% 2.4% 5.6% 4.5%
Total remuneration paid to the President and CEO 654,621 600,004 1,246,306 442,390 2,401,031
Year-on-year change, % 46.7% -8.3% 107.7 % -64.5% 442.7%
Average employee salary* 50,633 50,242 49,523 53,257 56,129
Adjusted operating profit (MEUR) 49.9 49.3 45.4 61.1 73.4
Digital business growth, % 8.7 3.7 -4.7 33.9 17.7
Share price (end of the year) 5.54 7.96 8.92 10.82 9.40
Dividend 0.35 0.40 0.30 0.35 0.44
The average salary is formed by dividing personnel costs by the average number of employees for the year (number of employees excluding telemarketers).
The comparison figures illustrate the
salaries and fees paid during each finan-
cial 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 2022 are based on the short-
term incentive scheme’s performance
period 2021 and the long-term incentive
scheme’s performance period 2017–2021.
FINANCIAL
STATEMENTS
REPORT BY THE
BOARD OF DIRECTORS
THE YEAR
2022
CORPORATE
GOVERNANCE STATEMENT 151ANNUAL REPORT 2022
SUSTAINABILITY
REPORT
REMUNERATION
REPORT
Remuneration of the Board of Directors in 2022
Fees paid to the members of the Board of Directors for their work on the Board and its committees in 2022 (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 Direc-
tors from the company is limited to com-
pensation 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 compa-
ny’s other incentive schemes.
The members of the Board shall, as
decided by the Annual General Meeting,
acquire a number of Alma Media Corpo-
ration shares corresponding to approx-
imately 40 per cent 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. The acquired
shares cannot be transferred until the
recipient’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 trans-
actions, 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
Compensation
Committee Fees total
Annual fee
Annual fee paid
in shares, no.
of shares* Meeting fees
2022 Catharina
Stackelberg-Hammarén
Chair since 29 March 2022, member until 29 March
2022
62,500 2,539 14,500 1,000 78,000
2022 Jorma Ollila Chair until 29 March 2022 - - 3,000 500 3,500
2022 Eero Broman Deputy Chair since 29 March 2022 40,000 1,625 6,300 2,000 48,300
2022 Petri Niemisvirta Deputy Chair until 29 March 2022, member since 29
March 2022
32,500 1,320 5,900 2,500 40,900
2022 Heikki Herlin Member since 29 March 2022 32,500 1,320 4,500 2,000 39,000
2022 Peter Immonen Member 32,500 1,320 5,500 2,000 40,000
2022 Esa Lager Member 32,500 1,320 5,500 7,500 45,500
2022 Alexander Lindholm Member 32,500 1,320 5,500 500 500 39,000
2022 Kaisa Salakka Member since 29 March 2022 32,500 1,320 4,500 2,000 39,000
The meeting fees of the members of the
Board of Directors are paid in cash.
FINANCIAL
STATEMENTS
REPORT BY THE
BOARD OF DIRECTORS
THE YEAR
2022
CORPORATE
GOVERNANCE STATEMENT 152ANNUAL REPORT 2022
SUSTAINABILITY
REPORT
REMUNERATION
REPORT
The Annual General Meeting 2022
kept the fees of the Board of Directors
unchanged and, in accordance with the
proposal of the Shareholders’ Nomina-
tion Committee, resolved on the annual
fees of the Board of Directors as follows:
• To the Chair of the Board of Direc-
tors, EUR 62,500 per year; to the Vice
Chair, EUR 40,000 per year, and to
the other members EUR 32,500 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 committees 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 mem-
bers will be compensated in accor-
dance 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 2022, the fees
paid to the Board members totalled
EUR 373,200. All fees paid to the Board
members during the financial year 2022
were in accordance with Alma Media’s
Remuneration Policy.
FINANCIAL
STATEMENTS
REPORT BY THE
BOARD OF DIRECTORS
THE YEAR
2022
CORPORATE
GOVERNANCE STATEMENT 153ANNUAL REPORT 2022
SUSTAINABILITY
REPORT
REMUNERATION
REPORT
Remuneration of the President and CEO in 2022
The total remuneration of Alma Media’s
President and CEO in 2022, including
pension benefits (supplementary pen-
sion + statutory pension), amounted to
EUR 3,450,902. Short-term and long-term
incentive bonuses paid in 2022 repre-
sented 69.6 per cent of the total remu-
neration of the President and CEO, while
the fixed annual salary including pension
benefits (statutory pension and supple-
mentary pension) represented 30.4 per
cent. The remuneration of the President
and CEO in 2022 was in accordance with
Alma Media’s Remuneration Policy.
According to the Remuneration Policy,
the fixed remuneration includes
basic salary, benefits and supplemen-
tary pension contributions. 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 calculated 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 2022.
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 two
criteria: Meeting Alma Media Group’s
financial targets concerning adjusted
operating profit (weight 70%), the
achievement of strategic objectives
(weight 25%) and meeting the ESG goals
(weight 20%) for each calendar year.
The maximum remuneration payable to
the President and CEO under the short-
term incentive scheme is 100 per cent
(66% in 2021) of the annual basic remu-
neration. In addition to the earning op-
Variable remuneration components Pension benefits
Fixed annual salary
(including taxable fringe
benefits)
Short-term incentive
bonuses paid for the
year 2020
Share-based
incentive bonuses
paid
Supplementary and
statutory pension con-
tributions Total
President and CEO 577,935 345,424 2,055,607* 471,936 3,450,902
portunity based on the incentive scheme,
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 was 100 per cent in
2021 and the bonus of EUR 345,424 was
paid in March 2022. The rate of achieve-
ment of the targets was 77.5 per cent in
2022 and the bonus of EUR 447,900 will
be paid in March 2023.
* The share-based incentive bonus (LTI) was paid in two instalments. The first instalment was paid on 24 February 2022; the number of earned shares under the incen-
tive scheme was 28,751 and the average share price on the payment date was 9.47 euros; and the second instalment was paid on 13 June 2022; the number of earned
shares under the incentive scheme was 63,360 and the average share price on the payment date was 10.39 euros.
FINANCIAL
STATEMENTS
REPORT BY THE
BOARD OF DIRECTORS
THE YEAR
2022
CORPORATE
GOVERNANCE STATEMENT 154ANNUAL REPORT 2022
SUSTAINABILITY
REPORT
REMUNERATION
REPORT
Variable remuneration
components:
Long-term remuneration
The President and CEO’s long-term
incentive structure consists of share-
based incentive schemes (LTI 2015 and
LTI 2019). Dividing the maximum incen-
tive reward over the measurement peri-
od 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 mea-
2015 III
TSR
2015 IV
TSR
2015 IV
(Matching
plan)
2019
MSP
2020
MSP
2021
MSP
2022
MSP Total
Maximum 36,000 36,000 36,000 135,000 120,000 126,000 150,000 639,000
shares
Performance
indicators
Total
shareholder
return
(TSR)
Total
shareholder
return
(TSR)
Digital growth Digital growth
(50%), total
shareholder
return (TSR)
(50%)
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%)
Performance
period
2017–2021 2018–2022 2018–2019, 2021 2019–2021 2020–2022 2021–2023 2022–2024
Year of payment 2022 2023 2022 2022 2023 2024 2025
Amount earned 36,000 27,504 135,000
surement period is five years for the LTI
2015 scheme and three years for the LTI
2019 scheme.
On February 24, 2022 and June 13,
2022, the President and CEO was paid
share-based incentive bonuses under
three different incentive schemes (LTI
2015 III, LTI 2015 IV and MSP 2019). The
gross number of shares received by
the President and CEO based on the
incentive schemes was 198,504 shares,
corresponding to EUR 2,055,607. The
Board of Alma Media decided to delay
the transfer of shares MSP 2019 for the
programme to June 2022, because the
company did not have enough of its own
shares at the original time of payment in
February 2022. The lost dividends were
compensated for participants in the
MSP -program.
In accordance with the Board of Direc-
tors’ recommendation concerning share
ownership, 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 PricewaterhouseCoo-
pers Oy, which served as Alma Media’s
auditor for the financial year 2022, has
verified that the legally required disclo-
sures are included in this Remuneration
Report.
FINANCIAL
STATEMENTS
REPORT BY THE
BOARD OF DIRECTORS
THE YEAR
2022
CORPORATE
GOVERNANCE STATEMENT 155ANNUAL REPORT 2022
SUSTAINABILITY
REPORT
REMUNERATION
REPORT
SUSTAINABILITY REPORT
2022
Contents
158
199
GRI index
Greetings from the President
and CEO
160
Sustainability year 2022
165
186
Sustainable Alma Media
Sustainable brands
FINANCIAL
STATEMENTS
REPORT BY THE
BOARD OF DIRECTORS
YEAR
2022
CORPORATE
GOVERNANCE STATEMENT
REMUNERATION
REPORT 157ANNUAL REPORT 2022
SUSTAINABILITY
REPORT
We encourage sustainable choices
Sustainability work is an integral and con-
stantly developing part of our operations.
Our basic mission is to accelerate the
sustainable growth of individuals, busi-
nesses and society aiming to maximise
the positive impact of our operations on
society and minimise our environmental
footprint. We carefully listen to our cus-
tomers and employees and ensure that
our working environment is encouraging
and safe.
We are a low-carbon company
We have been implementing our strat-
egy based on the digital transformation
for two decades already. While only six
per cent of our revenue was from digi-
tal operations in 2005, by last year, this
percentage had increased to as much as
80 per cent.
Our digital journey has clearly improved
our profitability while also changing our
climate profile to a significantly more
low-carbon one. Over the past six years,
we have halved the emissions caused
by our operations. Only four per cent of
the greenhouse gases generated by the
company are created by the company's
own operations while 96 per cent are cre-
ated by the subcontracting chain.
During the year under review, Alma
Media received again the Leadership
level grade A–, the second highest score,
in the Climate Change Disclosure 2022
assessment of the international CDP
organisation. We also updated our sci-
ence-based climate targets to be more
ambitious: we commit to reduce the
greenhouse gas emissions of our own
operations (Scope 1 and 2) by 52 per cent
and emissions of the subcontracting
chain (Scope 3) by 14 per cent by 2030.
We are part of a united front that seeks
to limit global warming to no more than
1.5 degrees Celsius.
In minimising our carbon footprint, we
pay attention to our digital service de-
sign and other own operations, and the
our subcontracting chain.
FINANCIAL
STATEMENTS
REPORT BY THE
BOARD OF DIRECTORS
YEAR
2022
CORPORATE
GOVERNANCE STATEMENT
REMUNERATION
REPORT 158ANNUAL REPORT 2022
SUSTAINABILITY
REPORT
Helping Ukrainians
Last year, we developed the Ukrainian-
language Workania.eu service platform
to make it easier for Ukrainian citizens
fleeing Ukraine to find work in our 11 op-
erating countries. To help those caught
up in the brutal war, we made a one-off
donation to People In Need, the largest
charity in Eastern Central Europe. We
also supported international aid or-
ganisations, the Finnish Red Cross and
UNICEF by delivering donations from
Finland through our media and service
websites.
Alma Media’s management, employees
in Finland and management teams in our
11 operating countries committed to a
common sustainability target alongside
financial targets as part of our employ-
ees’ incentive system. We required more
than half of our most significant suppli-
ers to commit to our Code of Conduct
and each Alma employee completed the
Code of Conduct training designed for
employees.
Better journalism, better
society
Our journalistic media have a signifi-
cant impact on the society around us
and it sustainable development. Last
year, Kauppalehti and Tekniikka&Talous
among other actions developed an as-
signed indexing that distinguishes even
better the content providing solutions
to climate change in our media. As for
Iltalehti, it organised a journalist training
covering the terminology of diversity
and gender minorities with the non-gov-
ernmental organisation SETA which
deals with the human rights of LGBT+
people. The Council for Mass Media pro-
vided training for Alma Media’s journal-
ists on the factors influencing condem-
natory decisions. Last year, Kauppalehti
and Tekniikka&Talous developed an
assigned indexing that distinguishes cli-
mate change solutions from the content.
With the help of our media, we aim to
increase awareness and understanding
of sustainable development and offer
practical solutions in making sustainable
choices.
Our values, sustainability targets and
operating principles are reflected in our
everyday activities, guiding our daily
work. We also want to inspire our part-
ners to commit to promote sustainable
development in an ambitious, compre-
hensive and effective manner.
Learn more in our sustainability report
for 2022!
Kai Telanne
President and CEO
FINANCIAL
STATEMENTS
REPORT BY THE
BOARD OF DIRECTORS
YEAR
2022
CORPORATE
GOVERNANCE STATEMENT
REMUNERATION
REPORT 159ANNUAL REPORT 2022
SUSTAINABILITY
REPORT
Sustainability year 2022
SHOWING SUPPORT AND SOLIDARITY WITH
THE UKRAINIANS
EMPLOYEES AND SUBCONTRACTORS
COMMIT TO CODE OF CONDUCT
MORE AMBITIOUS CLIMATE TARGETS
SUSTAINABILITY BECOMES A BASIS
FOR INCENTIVES
JOURNALISM SUPPORTING SUSTAINABLE
DEVELOPMENT
FUTUREFIT WORKFORCE
We developed the Ukrainian-language Workania.eu service
platform to make it easier for people fleeing Ukraine to find
work in our 11 operating countries. We made a one-off do-
nation to People In Need, the largest NGO in Eastern Cen-
tral Europe, to help Ukrainians in the midst of the war. We
supported international humanitarian aid organisations, the
Finnish Red Cross and UNICEF by delivering donations from
Finland through our media and service websites.
We designed and implemented a Code of Conduct online
training for our subcontracting network. We successfully in-
spired more than half of our most significant suppliers to
commit to our Code of Conduct.
In our 11 operating countries, each of our employees com-
pleted the Code of Conduct training by the end of 2022.
The audience of Iltalehti and financial and professional me-
dia continued to grow.
Kauppalehti and the Tekniikka&Talous media developed an
assigned indexing that distinguishes climate change solu-
tions from the content. Iltalehti organised a journalist train-
ing covering the terminology of diversity and gender minori-
ties with SETA. The Council for Mass Media provided training
for Alma Media’s journalists on the factors influencing con-
demnatory decisions.
Alma Media’s new, tightened targets under the Science
Based Targets initiative (SBTi) were officially approved.
The target is in line with the international trajectory limit-
ing global warming to 1,5 degrees Celsius. We will reduce the
greenhouse gas emissions of our own operations (Scope 1
and 2) by 52 per cent and the greenhouse gas emissions of
our subcontracting chain (Scope 3) by 14 per cent by 2030.
We provided diverse support to develop and maintain
well-being at work for Alma Medians. We continued and fur-
ther developed the operating model of multi-location work.
We developed the competence and leadership of Alma’s
employees through numerous training and coaching pro-
grammes. We investigated the development opportunities
related to diversity, equality and the sense of inclusion.
Alma Media’s management, employees in Finland and man-
agement teams in our 11 operating countries committed to
a common sustainability target alongside financial targets.
Our sustainability target covers seven indicators related to
the environment, social responsibility and good governance.
FINANCIAL
STATEMENTS
REPORT BY THE
BOARD OF DIRECTORS
YEAR
2022
CORPORATE
GOVERNANCE STATEMENT
REMUNERATION
REPORT 160ANNUAL REPORT 2022
SUSTAINABILITY
REPORT
Alma Media’s sustainability programme
SUSTAINABLE ALMA MEDIA AND SUSTAINABLE BRANDS
PROFITABLE GROWTH
AND HIGH BUSINESS
ETHICS
FUTUREFIT
WORKFORCE
ENVIRONMENTAL
RESPONSIBILITY
RESPONSIBLE MEDIA,
JOURNALISM AND
MARKETING
RESPONSIBLE SERVICES
AND MARKETPLACES
The profitability of operations is
a prerequisite for our sustainable
growth.
We expect high integrity and
ethics from ourselves and our
cooperation partners. We do not
accept violations of human rights,
discrimination, harassment or
corruption.
We promote sense of equality, in-
clusion and diversity in our work
community. We provide develop-
ment opportunities for our our
employees.
We minimise the greenhouse gas
emissions of our own operations
and our subcontracting chain.
We set an example of the transi-
tion to digital business in the me-
dia sector.
Reliable, pluralistic and indepen-
dent journalism is a precondition
for democracy in our society. We
take responsibility for our con-
tents, correct any errors and de-
fend the freedom of speech. We
develop media and services and
use data responsibly.
Our leading digital services for
mobility, housing and recruit-
ment enable sustainable choic-
es in both business activities and
private consumption.
FINANCIAL
STATEMENTS
REPORT BY THE
BOARD OF DIRECTORS
YEAR
2022
CORPORATE
GOVERNANCE STATEMENT
REMUNERATION
REPORT 161ANNUAL REPORT 2022
SUSTAINABILITY
REPORT
Materiality analysis
Innovation, cooperation and partnerships
Customer satisfaction
Future-fit workforce
Data security and data
protection
Responsible
media
Business ethics
Diversity, equality and
inclusion
Supply chain sustainability
Climate change
Sustainable cities and communities
Ethical and green service design
In autumn 2021, Alma Media conducted a materiality
analysis to identify the expectations of its key stake-
holders for the company’s sustainability work. The anal-
ysis was based on an extensive stakeholder survey, sec-
tor analyses, interviews of individuals and workshops for
employee groups. Over 1,000 readers of Alma’s media
and users of our services as well as over 500 Group em-
ployees responded to the survey in October–November
2021. In addition, we organised several internal dis-
cussion forums and nine workshops with internal and
external specialists in order to determine the objectives
for the corporate responsibility programme.
The materiality analysis led to the definition of 11
essential sustainability areas for Alma Media. These
11 focus areas can be inspected at two levels: sustain-
able Alma Media and sustainable brands. Alma Media’s
stakeholders consider the company’s digital transition,
which has continued for years, to be a positive devel-
opment and recognise the company's previous sustain-
ability efforts. According to stakeholders, Alma Media’s
sustainability efforts emphasise the importance of data
protection and data security, responsible processing
of data and responsibility in the development of new
digital business. From the perspective of social sustain-
ability, the Group’s key focus areas include the well-be-
ing of employees, competence development, career
opportunities and the equal treatment of employees.
From the environmental perspective, our stakeholders
felt that the positive environmental impact of products
and services as well as the environmental efficiency of
Alma Media’s own operations were the most important
subjects.
Sustainable
Alma Media
Sustainable
brands
Stakeholder survey and
individual interviews
Media readers, users of services
(1,123)
Customers, investors
Employees in Finland and abroad
Users and readers
Employees in Finland and in 10
European countries (524)
Individual interviews (8)
Workshops (9)
FINANCIAL
STATEMENTS
REPORT BY THE
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YEAR
2022
CORPORATE
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SUSTAINABILITY
REPORT
Stakeholder Form of interaction Matters most relevant for the group of stakeholders
Employees • Online survey to all employees
• Workshops and discussion forums with different employee groups
• Employee well-being, appreciation and equal treatment
• Competence development and support for career opportunities
• Profitable and stable business
• Sustainability in the development of new products and services
• Reliable and fair management communications
• Code of Conduct and anticipation of risks
Readers, users, consumers • An online survey for the readers and users of the biggest media and websites • Reliability of information, journalistic integrity and accuracy of contents
• Promoting societal discussion and freedom of speech
• Preventing misleading and false advertising
• Observing the laws and regulations in the collection and processing of personal data
• Taking care of the data security and data protection of services
• Responsible processing and utilisation of customer data
Customers, advertisers • Operational analyses of the most relevant customer industries for our revenue
and individual interviews with representatives of the companies
• Good environmental risk management
• Emphasising social sustainability and good governance in Alma’s international business
• Ensuring competent workforce in the digital transformation
• Ensuring the ethics of advertising and the brand safety of our own advertising platforms
Investors, shareholders,
analysts
• Analyst interviews • Market environment and competitive landscape, objectives, reporting, strategy and financial
position
• Adequate and balanced sharing of financial and non-financial information about the Group
• Responding to increasingly tight sustainability requirements
• Alma Media’s sustainability story as a part of the equity story
• Building sustainable business growth
Suppliers, subcontractors • Interviews with the managers of key purchasing sectors (printing, delivery and
ICT)
• Fair and equal treatment, equitable, open and transparent supplier requirements
• Alma Media’s procurement policy and Code of Conduct for suppliers
• Cooperation to minimise greenhouse gas emissions in the partner network
Media • Desktop analysis and interviews of the Editors-in-Chief of the biggest media • Responsible journalism and marketing, high quality of data
• Data protection and data security according to the laws and regulations
• Openness, transparency and proactivity in the offering of information
• Accuracy of contents
• Quick response and replying to enquiries
Society and the authorities • Sector and desktop analysis • Observing the laws and regulations in the collection and processing of personal data
• Taking care of the data security and data protection of services
• Responsible processing and utilisation of customer data
Stakeholder interaction
Alma Media updated its materiality analysis in 2021 based on an extensive stakeholder survey, individual interviews and
sector analysis as well as workshops.
FINANCIAL
STATEMENTS
REPORT BY THE
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YEAR
2022
CORPORATE
GOVERNANCE STATEMENT
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REPORT 163ANNUAL REPORT 2022
SUSTAINABILITY
REPORT
The Sustainable Development Goals of the UN relevant for Alma Media
The Sustainable Development Goals of the UN cover the global challenges shared by us all. Alma Media is committed to supporting
sustainable growth in society, for companies and for individuals. Based on our materiality analysis, Alma Media has included nine Sustainable
Development Goals of the UN in its sustainability programme.
We focus on the competence devel-
opment of our employees and sup-
port personal career development by
providing many kinds of training and
coaching. Our selection of publications
and training enables the development
of skills required in working life.
Our media increase understanding of
the importance of equal working life in
society. We offer equal opportunities
for development and require gender
equality and the development of diver-
sity and sense of inclusion in our work
community.
Our financial and professional media
focus on the promotion of sustain-
able financial growth. Our cooperation
with various parties aims to support
young people and those suffering from
reduced working capacity. Alma is an
employer and a taxpayer in 11 European
countries.
Our media raise awareness about inno-
vations for sustainable development,
the financial and non-financial results
of companies and solutions to mitigate
climate change. We also encourage
innovation in our organisation.
The carbon footprint of our operations
was halved within the past six years. We
set an example for our industry in the
transition to a low-carbon society. We
minimise the CO
2
emissions of our own
operations and those of our subcon-
tracting chain.
Reliable and independent journalism is
a precondition for functional democra-
cy in society. Our media cherish peace
and fairness, examine the ethically
sustainable operations of those in
power and do not hesitate to reveal any
injustices.
Our media and services are widely con-
nected with business and society and
through numerous sustainable projects
in our 11 European countries. We care-
fully select our partners and require
ethically sustainable business.
We bring together supply and demand
as well as service providers and con-
sumers and offer sustainable options
for housing, mobility, working life and
recruitment.
Our media publish news about the
environmental impacts of different
industries and increase awareness of
sustainable consumption. We seek to
maximise the positive environmental
impacts of our operations and inspire
to make sustainable choices.
FINANCIAL
STATEMENTS
REPORT BY THE
BOARD OF DIRECTORS
YEAR
2022
CORPORATE
GOVERNANCE STATEMENT
REMUNERATION
REPORT 164ANNUAL REPORT 2022
SUSTAINABILITY
REPORT
Sustainable Alma Media
FINANCIAL
STATEMENTS
REPORT BY THE
BOARD OF DIRECTORS
YEAR
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CORPORATE
GOVERNANCE STATEMENT
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REPORT 165ANNUAL REPORT 2022
SUSTAINABILITY
REPORT
Alma Media’s sustainability efforts are
guided by the Group’s core values as
well as the Sustainable Development
Goals (SDG) of the UN that are the most
relevant to Alma Media’s business:
• quality education (SDG 4)
• gender equality (SDG 5),
• decent work and economic growth
(SDG 8),
• innovation and procurement (SDG 9),
• sustainable cities and communities
(SDG 11, related to the housing
marketplace business in Finland),
• responsible consumption (SDG 12,
related to the ability of consumer
media and services to influence
consumer choices),
• climate change mitigation
(SDG 13),
• peace and justice (SDG 16, related to
the functioning of media as a social
institution), and
• partnerships and co-operation for
the goals
(SDG 17, related to Alma Media’s
ability to contribute to sustainable
development with its extensive
partner network).
Alma Media develops its responsibil-
ity in compliance with the legislation
governing business activities and the
media industry. The development of
corporate responsibility is guided by the
Management of corporate sustainability and risks
company’s policies, guidelines and com-
mitments as well as guidelines defined
by external parties that are significant to
the Group’s operations.
Good governance
• The corporate sustainability pro-
gramme and its targets
• Code of Conduct
• Disclosure policy
• Insider guidelines
• Procedures for related party trans-
actions
• Remuneration principles and
remuneration policy
• Tax policy
• Investment and financing policy
• Procurement policy
• Data security policy
• Data protection guidelines and
principles
• Continuity plan
• Contractual terms and terms of sale
concerning the advertising custom-
ers of Alma Media’s media sales
Environmental responsibility
• The Group’s climate targets based
on the Science Based Targets
initiative
• The UN Global Compact initiative
and the Sustainable Development
Goals of the UN
Social responsibility
• Equality and non-discrimination
principles and equality and diversity
plans
• Career development principles
• The Board of Directors’ diversity
policy
Journalistic content
Guidelines created by external parties:
• The Council for Mass Media
Guidelines for Journalists and basic
agreement
Media and marketing
• The marketing code of the Interna-
tional Chamber of Commerce
• Principles concerning good market-
ing practices
• Europe-wide self-regulation of tar-
geted online advertising (so-called
OBA self regulation)
• Guidelines by the IAB digital
marketing network, including the
IAB Europe Transparency & Consent
Framework v2.0 (TCF)
Management of sustainability
and responsibility at Alma
Media
Alma Media’s Board of Directors
discusses corporate sustainability goals
and the action plan when assessing the
risks related to the business, deciding
on annual renumeration principles and
when approving the Group’s statement
of non-financial information. The compa-
ny’s Management Team leads the devel-
opment of responsibility, sets the targets
of the sustainability programme and is
responsible for monitoring progress.
Business unit management and key
employees in the Group’s procure-
ment function, HR management, legal
department and ICT are responsible
for the practical implementation of the
sustainability programme. The develop-
ment of the sustainability programme
Alma Media’s
sustainability
efforts are
guided by the
Group’s core
values as well as
the Sustainable
Development
Goals (SDG) of
the UN that are
the most relevant
to its business.
FINANCIAL
STATEMENTS
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REPORT 166ANNUAL REPORT 2022
SUSTAINABILITY
REPORT
in the Group Executive Team is coor-
dinated by the Senior Vice President,
Communications and Brand, supported
by the corporate communications team.
Business functions are supported in the
setting of objectives to different areas
and the achieving of the sustainabil-
ity targets, implementation of proj-
ects and development work as well as
communications.
Management of risks
related to sustainability and
responsibility
Alma Media’s risk management is de-
scribed more comprehensively in the
Report by the Board of Directors that
also covers sustainability and respon-
sibility risks, whose significance is
assessed both in financial terms and in
terms of the potential damage caused
to the Group’s reputation. The Group
communicates its sustainability risks and
challenges transparently to company
stakeholders..
Stakeholder interaction
Interaction with significant stakeholders,
employees, customers, investors and
cooperation partners is a natural and
important part of Alma Media’s business.
Alma Media also manages its stakehold-
er relationships by being involved in
cooperative bodies and associations. The
Group’s most significant memberships
include the Confederation of Finnish
Industries EK, the Central Chamber
of Commerce, the Advisory Board of
Finnish Listed Companies, the Finnish
Media Federation (Finnmedia), the digital
marketing and advertising growth-pro-
moting organisation IAB Finland, the
FIBS corporate responsibility network,
the City of Helsinki Climate Partners
network and the Responsible Media
Forum. The goal is to engage in equal
dialogue with other parties and to an-
ticipate changes related to the industry
and corporate sustainability. In addition
to these, many members of Alma Media’s
Group Executive Team and managers
and experts hold board memberships in
the Media Industry Research Foundation
of Finland, Finnish Media Federation,
the Finnish Periodical Publishers’
Association and Media Metrics Finland.
Alma Media is also a member of INMA
(International News Media Association)
and ICMA (International Classified
Marketplace Association).
During the year under review, Alma
Media’s most important social partner
in Finland was the Finnish Children and
Youth Foundation, with which the Group
has a key partnership agreement. As a
media company, it is important for Alma
Media to maintain its impartiality and
independence with respect to various
stakeholder interests.
FINANCIAL
STATEMENTS
REPORT BY THE
BOARD OF DIRECTORS
YEAR
2022
CORPORATE
GOVERNANCE STATEMENT
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REPORT 167ANNUAL REPORT 2022
SUSTAINABILITY
REPORT
Summary of Alma Media’s key sustainability targets
KPI Target Result 2022 Objectives 2023
Responsible journalism:
journalism marketing
Condemnatory decisions issued by the Council for
Mass Media
<5 condemnatory decisions issued by the
Council for Mass Media regarding Alma Media’s
media
2 condemnatory decisions for
Iltalehti
<5 condemnatory decisions issued by the
Council for Mass Media regarding Alma Media’s
media
Adherence to the International Chamber of
Commerce’s guidelines on good marketing
practices
0 advertisements in violation of good
marketing practices in the Group’s media and
services
0 0 advertisements in violation of good
marketing practices in the Group’s media and
services
Ethics in business:
employees subcontracting
Adherence to Alma Media’s updated Code of
Conduct among the Group’s employees and in the
subcontracting chain
Rate of completion of Code of Conduct training
among the Group’s employees
100% of the employees 100% of the employees
Most significant subcontractors commit to
Alma Media’s Code of Conduct
73 per cent of the most
significant subcontractors
completed the company's
Code of Conduct training.
90 per cent of the most significant
subcontractors have completed the company's
Code of Conduct training.
Data security and data pro-
tection
Alma Media’s services offer a high standard of data
security for users, and customer data is processed
in a diligent and legally compliant manner
There are no serious data privacy breaches in
the services for which the authorities would
impose a fine
0 0 serious data privacy breaches
Good employer Alma Media’s QWL (Quality Worklife) employee
survey
> 83% 83.1% 83% QWL index
Environmental responsibility:
Own operations (Scope 1 & 2)
Subcontracting chain (Scope 3)
CO2 emissions arising from the consumption of
electricity, district heating and district cooling and
the energy consumption of company cars
-52% (2019–2030) -9.2% (Scope 1 & 2) -4.3% (Scope 1 & 2)
Indirect CO2 emissions caused by the
subcontracting chain
-14% (2019–2030) +8.2% (Scope 3) -1.23% (Scope 3)
FINANCIAL
STATEMENTS
REPORT BY THE
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YEAR
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CORPORATE
GOVERNANCE STATEMENT
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REPORT 168ANNUAL REPORT 2022
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REPORT
Business ethics
Alma Media does not condone the use
of unethical business practices by its
employees or suppliers. The Group
condemns corruption and bribery.
These and other key ethical principles
are documented in the company’s Code
of Conduct, which is the foundation
of the Group’s responsible business.
The digital Code of Conduct training is
part of employee induction, and 100 per
cent of Alma Media’s employees in 11
operating countries have completed the
Code of Conduct training. The most sig-
nificant subcontractors are also required
to complete the Code of Conduct online
training intended for subcontractors and
partners.
Alma Media does not receive or grant
political or other contributions that
could compromise its independence.
Alma Media’s media brands grant dis-
counts on advertising to non-profits and
non-governmental organisations as well
as parties and candidates in election ad-
vertising, but the terms of the discounts
are the same for everyone.
Alma Media has a zero tolerance policy
for unethical business conduct. Alma
Media’s employees and stakeholders
have access to a whistleblowing channel
for anonymously reporting any suspi-
cions of misconduct. The Group’s exec-
utive management is responsible for the
regulatory compliance, ethicality and
Table 1: Business ethics
Definition 2022 Progress made in 2022 Definition 2023
Alma Media does not condone the use of unethical business practices
by its employees or suppliers, condemns corruption and bribery and
requires commitment to the Group’s Code of Conduct.
We implemented Alma Media’s updated Code of Conduct training
course for our employees in 11 languages in 11 European countries.
Alma Media does not condone the use of unethical business practices
by its employees or suppliers, condemns corruption and bribery and
requires commitment to the Group’s Code of Conduct.
Strategic intent Strategic intent
Alma Media’s employees and subcontractors have taken the Group’s
Code of Conduct training and committed to observing it in everything
they do.
We designed and implemented a Supplier Code of Conduct training.
We required all new Alma employees to take the Alma Code of Con-
duct training.
There are no violations of the Group’s Code of Conduct amongst the
company’s employees or its subcontracting chain.
Objectives for 2022: Objectives for 2023:
Alma employees in all the countries of operation complete the updated
Code of Conduct training.
By the end of 2022, 100 per cent of Alma employees had completed the
Group’s updated Code of Conduct training.
All Alma employees in all 11 countries, including new employees, have
completed the updated Code of Conduct training.
50 per cent of the company's most significant suppliers in the subcon-
tracting chain are committed to complying with Alma Media’s Code of
Conduct.
Alma Media required all of its key subcontractors to commit to com-
pleting the Supplier Code of Conduct training. By the end of 2022, 73
per cent of the most significant suppliers on the basis of the value of
the purchases in the 11 operating countries had completed the Supplier
Code of Conduct training.
90 per cent of Alma Media’s most significant subcontractors are com-
mitted to the company's ethical guidelines by completing the Supplier
Code of Conduct training.
The whistleblowing channel informs the company of any potential
misconduct in the Group.
The whistleblowing channel is available in all Alma Media’s operating
countries in 11 languages.
The whistleblowing channel informs the company of any potential
misconduct in the Group.
There are no incidents of corruption, bribery or human rights violations
in the Group or in its subcontracting chain.
There were no incidents of corruption or anti-competitive behaviour at
Alma Media in 2022. The company is not aware of any ongoing official
investigations related to Alma Media.
Risk management will be improved further by reviewing the risk profile
in Alma Media’s operating areas and, if necessary, by enhancing com-
munications and training.
FINANCIAL
STATEMENTS
REPORT BY THE
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YEAR
2022
CORPORATE
GOVERNANCE STATEMENT
REMUNERATION
REPORT 169ANNUAL REPORT 2022
SUSTAINABILITY
REPORT
transparency of business operations. The
whistleblowing team, consisting of rep-
resentatives of Group management, re-
ceives the notifications and reports them
to the Audit Committee of the Board
of Directors. Violations of the Code of
Conduct result in the necessary mea-
sures and, if necessary, the termination
of employment. During the year under
review, the Group was informed of three
suspected Code of Conduct violations
through the whistleblowing channel.
There were no incidents of corruption
or anti-competitive behaviour at Alma
Media in 2022. Furthermore, the compa-
ny was not the subject of any reprimands
from the authorities or rulings pertaining
to non-compliance with laws and regu-
lations governing social and economic
responsibility. As a result, there were no
financial losses arising from legal action.
Alma Media’s business is built on the
foundation of consumer and advertiser
trust in the Group’s content and ser-
vices, and the company’s credibility as
an independent, reliable and responsible
operator must not be compromised. The
Group’s media did not receive any gov-
ernmental or private subsidies or assis-
tance to fund their operations.
Alma Media’s tax footprint
in 2022
Alma Media reports its tax footprint an-
nually 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 op-
eration and they are also perceived as
attractive employers. They support eco-
nomic activity in their communities by
paying taxes and purchasing products
and services from their subcontractors.
The Group complies with the current
legislation, tax instructions and interna-
tional transfer pricing guidelines in its
operations. The corporate income tax
rates in Alma Media’s operating coun-
tries vary from 10 per cent in Bosnia and
Herzegovina to 21 per cent in Slovakia.
Alma Media did not receive any subsi-
dies from public or private sources in the
review year. The value creation model
on page 21 of the Report by the Board of
Directors describes the added value cre-
ated by Alma Media to its stakeholders.
Development projects during
the year
During the year under review, Alma
Media implemented the Code of
Conduct online training aimed at
subcontractors and partners. By the end
of 2022, 73 per cent of Alma Media’s most
significant suppliers in the 11 operating
countries had completed the Code of
Conduct training.
Focus areas for the
development of sustainability
in 2023
In 2023, the company will continue to
encourage its subcontractors to com-
mit to the Code of Conduct aimed at
Alma Media’s suppliers. The aim is also
to require the company's new subcon-
tractors and partners to commit to the
completion of Alma Media’s Supplier
Code of Conduct training when con-
cluding a cooperation agreement.
Furthermore, risk management will be
improved by reviewing the risk profile in
Alma Media’s operating areas, and if nec-
essary, communications and training will
be enhanced. Alma Media has defined
the key areas of the company's sustain-
ability and responsibility and the relat-
ed target values or KPIs. The Group’s
sustainability targets are also part of the
incentive criteria for all Alma employees,
in addition to the financial targets.
Collected and payed
taxes Suomi Tsekki Slovakia Baltia Ruotsi
Muut
maat Yhteensä
Corporate income tax 2.6 4.0 1.6 1.0 0.7 1.0 10.4
Effective tax rate 19.5% 19.5% 21.8% 20.0% 20.7% 17.1% 20.6%
Employer contributions 1.6 4.1 1.0 0.8 0.3 0.8 8.8
Other paid taxes 0.0 1.7 0.0 0.0 0.0 0.0 1.7
Payed taxes total 4.3 9.7 2.7 0.2 1.0 1.8 21.0
Net VAT 19.7 11.3 2.9 1.7 1.1 2.6 39.3
Employer taxes 20.6 0.0 0.7 0.7 0.3 0.7 23.0
Other collected taxes 0.0 0.0 0.0 0.0 0.0 0.0 0.0
Collected taxes total 40.2 11.3 3.6 2.4 1.4 3.3 62.2
Collected and payed taxes total 44.5 21.1 6.3 4.0 2.3 5.1 83.2
FINANCIAL
STATEMENTS
REPORT BY THE
BOARD OF DIRECTORS
YEAR
2022
CORPORATE
GOVERNANCE STATEMENT
REMUNERATION
REPORT 170ANNUAL REPORT 2022
SUSTAINABILITY
REPORT
For two decades, Alma Media has
systematically and successfully imple-
mented a strategy based on the digital
transformation of business. During the
past six years, Alma Media has halved
the greenhouse gas emissions arising
from its own operations. The production
and distribution of digital content and
services is not only more environmen-
tally friendly but also more cost-effi-
cient compared to print products. The
transition from print to digital has been
reflected in improved profitability and
increased adjusted operating profit.
Climate change
The decision to invest in digital business
has also mitigated the company's short
and medium-term risks related to climate
change. At the same time, the transition to
low-carbon society has created business
opportunities and increased resource ef-
ficiency. Thanks to the digital transforma-
tion, Alma Media has been able to reduce
its emissions and optimise its distribution
routes and production both in terms of
energy use and materials. The production
of digital content and services involves
substantially lower consumption of mate-
rials and electricity compared to the print
business. The cloud services and tele-
communication services used for data
management in Alma Media’s Finnish
operations are produced primarily from
renewable energy or the emissions are
compensated.
In 2022, digital sources accounted for
80 per cent, or approximately EUR 250
million, of Alma Media’s business. The
Group’s annual capital expenditure un-
der the digital business model amounts
to approximately EUR 3–4 million. The
transition from print to digital was a
significant factor affecting the Group’s
improved profitability in 2016–2022.
Management of
environmental responsibility
In 2018, Alma Media was the third media
company in the world to publish ap-
proved, science-based climate targets.
Thanks to significant changes in the
business operations, the SBT for 2025
based on the 2016 baseline was achieved
ahead of schedule and the company
wanted to update and significantly tight-
en its climate targets.
Emissions reduction 2016–2022 Scope 1 & 2 and Scope 3
The figures may differ from those previously reported due to the calculation method in accordance
with the SBTi 1.5C validation, the revised emission coefficients and the revised calculation values.
2016 2017 2018 2019 2020 2021 2022
tCO
2
-eq
Scope 1 +2 Emission trend
Scope 1 Scope 2 Excl. portfolio changes
4,000
3,500
3,000
2,500
2,000
1,500
1,000
500
0
tCO
2
-eq
2016 2017 2018 2019 2020 2021 2022
Scope 3 Emission trend
Scope 3 Excl. portfolio changes
60,000
50,000
40,000
30,000
20,000
10,000
0
FINANCIAL
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REPORT 171ANNUAL REPORT 2022
SUSTAINABILITY
REPORT
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. In June 2022, the
Science Based Targets (SBT) organisa-
tion approved Alma Media’s new sci-
ence-based climate targets. Alma Media
is committed to reducing its absolute
Scope 1 and Scope 2 greenhouse gas
emissions by 52 per cent and the emis-
sions of its subcontracting chain by 14
per cent by 2030 compared to 2019.
The SBTi initiative aims to limit global
warming to 1.5°C. 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 prem-
ises, and on magazine printing, logistics
and ICT procurement in the subcon-
tracting chain.
Alma Media’s Board of Directors mon-
itors the company’s progress towards
the environmental responsibility targets
specified in the sustainability pro-
gramme. The key employees, together
with the management team, plan and
decide on the actions to be taken. Alma
Media or its business units were not
subject to any penalties or reprimands
for non-compliance with environmental
laws and regulations in their operating
countries during the year under review.
The climate target is one of the common
incentive criteria for Alma Media’s man-
agement and employees.
Achievement of sustainability
targets in 2022
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
per cent annually and by 52 per cent by
2030. Indirect greenhouse gas emissions
from procurement must decrease by 14
per cent by 2030 and by 1.23 per cent
annually. Progress with respect to the
latter target is reported on page 21 / 160
(Supply chain sustainability).
To improve the reliability and conti-
nuity of emission calculations, Alma
Media adopted the International Energy
Agency IEA’s country-specific emission
coefficients in 2021 for instances where
an energy producer-specific emission
factor is unavailable, and emission fig-
ures were retrospectively recalculated
according to this decision. The figures
for 2019–2022 have also been adjusted to
only reflect the Group’s continuing op-
erations. The reporting of environmental
figures covers all of Alma Media.
In 2022, the Scope 1 and Scope 2 emis-
sions reported by the company de-
creased by 9.3 per cent compared to
2021. Compared to the level of 2019, the
Table 2: Alma Media and the
environment Unit 2019 2020 2021 2022
Amount of energy
Fuels
GJ 6,151 3,946 3,634 3,380
Electricity
GJ 7,455 5,991 5,414 5,429
District heating and district cooling
GJ 4,955 3,880 6,071 5,423
Emissions
Direct emissions (Scope 1)
tC0-eq
Fuels
420 264 240 217
Indirect emissions (Scope 2)
tCO-eq
District heating, district cooling and electricity, mar-
ket-based
375 291 250 228
District heating, district cooling and electricity, loca-
tion-based
494 349 411 386
Share of renewable energy, Scope 1 and Scope 2
28% 36% 49% 53%
Share of renewable energy, Scope 2
42% 49% 63% 68%
Scope 3
tCO-eq 17,338 13,964 14,996 16,222
Greenhouse gas
emissions from
electricity, fuel
consumption,
district heating
and cooling will be
reduced by 52 per
cent by 2030.
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change is -44.1 per cent. The purchasing
of zero-emission hydropower electricity
continued in Finland in 2022.
Table 2 on the last page describes the
amounts and development of own
energy, direct greenhouse gas emis-
sions (Scope 1) and indirect greenhouse
gas emissions (Scope 2) in the Group’s
continuing operations. The energy
consumption of the properties under
the company's control amounted to
3,013 MWh of electricity, district heating
and district cooling. Renewable energy
accounted for 68 per cent of this. The
energy consumption of the cars owned
and used by the company decreased by
6.9 per cent compared to the previous
year. The decrease in the energy con-
sumption 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 mainly 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 includ-
ed in the monthly rent for the property,
electricity consumption is calculated
based on the floor area. In the business
activities in Finland, electricity is hydro-
power-generated, emission-free and
renewable. With regard to the head office
in Finland, the procurement of district
heating and cooling produced with re-
newable energy was continued in 2022.
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 consump-
tion 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 ener-
gy supplier-specific emission figures
in the calculation of Scope 2 emis-
sions using the market-based method.
If such figures are not available, the
Group uses the country-specific IEA
emission coefficients that are also used
as the basis of location-specific emis-
sion calculations. In 2022, the Group’s
greenhouse gas emission intensity was
0.2 tCO
2
-eq per employee. Alma Media
calculates its greenhouse gas emis-
sion 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 caused by the
electricity, district heating and district
cooling consumption of properties de-
creased by 9.3 per cent from the com-
parison year to 228 tCO
2
-eq, calculated
using the market-based method. Energy
consumption is measured using specific
emission coefficients based on country,
type and supplier.
Table 3: Climate change
Definition 2022 Progress made in 2022 Definition 2023
In accordance with the 1.5°C limit SBTi target set in 2022, the green-
house gas emissions from the company’s activities (Scope 1&2) must
be reduced by 4.3 per cent annually and by a total of 52 per cent by
2030. In the subcontracting chain (Scope 3), reduction of greenhouse
gas emissions by 1.23 per cent annually and by a total of 14 per cent by
2030 compared to 2019
Alma Media’s science-based climate target was formally approved by
the SBTi organisation in June 2022. Annual Scope 1, 2 & 3 targets set for
the company’s operations and subcontracting chain were achieved.
In accordance with the 1.5°C limit SBTi target set for 2030, the green-
house gas emissions from the company's activities (Scope 1&2) must be
reduced by 4.3 per cent annually and by a total of 52 per cent by 2030,
compared to 2019.
Strategic intent: Strategic intent:
Minimising the greenhouse gas emissions arising from the Group’s own
operations. An industry leader in the transition to low-carbon business
operations and climate change mitigation.
Minimising the greenhouse gas emissions arising from the Group’s own
operations. An industry leader in the transition to low-carbon business
operations and climate change mitigation.
Objectives for 2022: Objectives for 2023:
Reduction of direct (Scope 1&2) emissions by 4.3 per cent annually and
by 52 per cent by 2030 (real estate, energy, company cars).
In 2022, direct (Scope 1&2) greenhouse gas emissions decreased by
-9.3 per cent compared to 2021 and the decrease compared to 2019
was -44.1 per cent
Reduction of direct (Scope 1&2) greenhouse gas emissions by 4.3
per cent compared to 2022 (real estate, energy company cars) and
decrease compared to 2019 52 per cent in total by 2030
Reduction of indirect (Scope 3) greenhouse gas emissions in the sub-
contracting chain by 1.23 per cent by 2021 and by 14 per cent from 2019
to 2030.
Indirect (Scope 3) greenhouse gas emissions increased by +8.2 per
cent compared to 2021 and decreased by a total of -6.4 per cent com-
pared to 2019.
Reduction of indirect (Scope3) greenhouse gas emissions by 1.2 per
cent annually and by 14 per cent by 2030
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Management of risks related
to climate change
Alma Media applies a business-oriented
and holistic approach to risk assessment
and management, and climate-relat-
ed risks are included in this process.
The risk identification process is the
same for short, medium and long-term
risks. All business areas and most of the
business-critical functions are included
in a company-wide, consolidated risk
management process. In the matrix, the
risks and parameters are assessed on
a scale of low to medium to high. Each
risk undergoes a qualitative assessment
of likelihood and consequences. The
assessed results are placed in the risk
matrix. The company considers the risk
substantial when the probability of the
risk materialising within 6 months is high
and the net losses are more than EUR 10
million (high risk).
The group in charge of the finances of
the business segments is responsible
for developing the segment's risk matrix.
The director of the ICT organisation also
compiles a risk matrix because safe, fast
and reliable ICT operations are critical for
the company's business and ICT can opt
for digital solutions to replace more en-
ergy-intensive solutions. In the Group's
risk matrix, the most significant risks
and uncertainties, as well as the related
material changes and responses to them,
are reported by the CFO to the Audit
Committee of the Board of Directors. The
Board of Directors of Alma Media pro-
cesses the Group's most significant risks
and uncertainties. The Board of Directors
reports on the most significant risks and
uncertainties and any material changes
in the company's half-year and interim
reports. The CFO coordinates the risk
management process and performs the
risk identification and risk management
specification and is responsible for the
implementation together with the busi-
ness operations and ICT. All employees
must know and manage the risks in their
area of responsibility.
Alma Media has identified risks relat-
ed to climate change that may have a
significant financial or strategic im-
pact on the company's business. Alma
Media manages its environmental risks
by systematically developing its oper-
ations in accordance with the Group’s
SBTi climate targets and by engaging in
active environmental dialogue with its
key suppliers. The environmental risks
associated with purchasing are reduced
by Alma Media operating in 11 European
countries. The procurement of each
country unit is focused on the domestic
market or nearby regions, which enables
comprehensive oversight of suppliers.
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Risks and opportunities
related to climate change
Examples of risks and opportunities re-
lated to climate change in Alma Media’s
business operations include tighter
regulation of companies at the EU level
and changes in carbon pricing mecha-
nisms. Climate change is likely to have
a wide-ranging impact on consumer
behaviour, and Alma Media must adapt
to these changes in order to remain
competitive in the market. As consum-
ers become more aware of the environ-
mental impacts of their consumption
habits, they may be more likely to make
choices that are more sustainable or
environmentally friendly. In addition,
climate change may change consumer
behaviour by influencing the availability
and price of certain products, which may
also lead to changes in customer adver-
tising and marketing.
Extreme weather events caused by
climate change, such as floods and the
resulting landslides, are estimated to in-
crease the risk of digital service disrup-
tion in Alma Media’s operating countries
to some extent. The risk of disruptions
in the availability of digital services is
mitigated by improving operational
reliability. Reliability has been improved
by moving all of the services that are
important to Alma Media’s business to
cloud services. Other server capacity
needed by the Group is purchased from
modern data centres maintained by
subcontractors.
In addition to the risks, the company has
also identified opportunities related to
climate change in business, the most im-
portant of which is the digital transition.
Consumers' growing interest in the use
of digital services in larger purchases as
well, such as in connection with home
and housing or driving and mobility, in-
creases Alma Media’s business opportu-
nities. The increased use of low-emission
energy sources is also an opportunity in
Alma Media’s business and creates cost
savings for the company.
Alma Media’s services reach the majority
of consumers in their operating areas
and are the market leader in 11 countries.
80 per cent of the business is already
based on digital business models that
are highly scalable and, thus, enable the
development of additional services and
entirely new digital business in the tran-
sition to a low-carbon society.
Alma Media follows the international
recommendations of TCFD (Task Force
on Climate-related Financial Disclosure)
on the reporting of the Group’s risks
and opportunities related to the climate.
Alma Media’s climate risk table in accor-
dance with TCFD is shown on page 42
of sustainability report and on 181 of the
Annual Report.
Focus areas for the
development of
environmental responsibility
in 2023
After the Russian invasion of Ukraine in
February 2022, Finland, together with the
rest of Europe, faced an energy crisis.
Russia began to blackmail Europe with
its energy assets, and during the spring
and summer, imports of electricity,
wood chips, pipeline gas, coal and oil
from Russia ceased. Electricity prices, in
particular, were at times very high due
to the crisis, but historically high prices
were paid for almost all forms of energy.
However, the dependence of Finland
and Alma Media’s operating countries on
natural gas was lower than in the rest of
Europe. The terrible war in Ukraine has
forced the whole of Europe to innovate
and renew itself in the field of ener-
gy. Renewable energy, hydrogen, new
technologies and energy efficiency have
transformed from a possibility to a reality
in almost all of the company's operating
countries.
In 2023, Alma Media will continue to
focus on minimising the carbon footprint
of its own operations and reducing emis-
sions in its subcontracting chain, as well
as on strengthening the climate-friendly
impacts of its own operations. Alma
Media’s SBTi target means an annual re-
duction of at least 4.3 per cent in green-
house gas emissions caused by its own
operations and a reduction of at least 1.2
per cent in the emissions of the subcon-
tracting chain.
Alma Media will continue to require the
company's most significant service pro-
viders to commit to the climate targets
and the implementation of the compa-
ny's Code of Conduct. The renewal of the
company's car fleet in a lower-emission,
more energy-efficient direction will be
continued in all operating countries.
Alma Media’s operating countries in
Eastern Central Europe are also engaged
in an active dialogue with the landlords
of the premises on the possibilities of
ensuring the use of low-emission and
renewable energy. Various measures
are taken to ensure that cooperation to
mitigate climate change, promote sus-
tainable consumption and ethical good
governance in business is sufficiently
ambitious, comprehensive and effective.
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Development and focus areas
of supply chain sustainability
in 2023
Alma Media’s updated, science-based
climate targets were approved in June
2022. Achieving the Group’s SBTi target
requires a reduction of greenhouse gas
emissions arising from the subcontract-
ing chain by 14 per cent by 2030 com-
pared to 2019. According to this target,
the emissions arising from the subcon-
tracting chain must decline by 1.23 per
cent annually. The emission reduction
target mainly applies to the Group’s
printing and logistics procurements and
the procurement of ICT services.
Supply chain sustainability
In addition to the dialogue with its key
subcontractors regarding the reduction
of greenhouse gas emissions, the Group
engages in regular dialogue regarding
the importance of ethically sustainable
business. Alma Media’s relationships
with subcontractors are guided by the
Group’s Code of Conduct, which un-
equivocally prohibits corruption, bribery,
human rights violations and other in-
appropriate treatment of employees. In
order to develop sustainability in its sub-
contracting chain, Alma Media required
its most significant suppliers during
2022 to commit to complete the Supplier
Code of Conduct training designed for
the company's subcontractors and part-
ners, with the aim of committing at least
50 per cent of the significant suppliers.
By the end of the year, more than 70
per cent of the company's most signifi-
cant subcontractors had completed the
training and agreed to commit to the
Code of Conduct. Alma Media reserves
the right to monitor the sustainability
of its suppliers by conducting audits
at their premises or by requiring docu-
mentation regarding the sustainability of
the services or products they produce.
When the Group signs a significant new
subcontracting agreement, a visit is
made to the production facility before
Table 4: Other indirect emissions (Scope3) tCO2-eq 2019 2020 2021 2022
Purchased products and services (category 1) 13,304 10,385 11,871 13,057
Capital goods (category 2) 0 0 0 0
Fuel production and energy transmission losses not included
in Scope 1 or 2 (category 3)
183 124 138 128
Product transport and service (upstream, category 4) 3,476 3,257 2,778 2,764
Business travel (category 6) 165 23 37 103
Commuter traffic (category 7) 81 63 65 72
Disposal of products sold (category 12) 93 74 67 58
Investments (category 15) 36 38 39 39
Total Scope 3 emissions according to SBTi 1.5C validation 17,338 13,964 14,996 16,222
Use of products sold (category 11) 212 158 141 135
Our relations with
subcontractors
are determined
by our ethical
guidelines and the
Supplier Code of
Conduct.
These Scope 3 categories have been re-
viewed in the validation but are not relevant
to Alma’s business.
5. Waste (reported as service purchases)
8. Leased property
9. Transportation and distribution (Down-
stream)
- reported as service purchases
10. Processing of products sold
13. Self-leased assets
(reported as service purchases)
14. Franchising
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Table 5: Supply chain sustainability
Definition 2022 Progress made in 2022 Definition 2023
Alma Media does not allow unethical business practices in companies
included in its subcontracting chain, and the Group also requires that
its subcontractors set targets to mitigate climate change.
Alma Media planned and implemented a new ethical guidance for its
subcontracting chain, the Supplier Code of Conduct training. The com-
pany's Scope 3 emissions decreased by 6.4 per cent compared to 2019.
Alma Media does not allow unethical business practices in companies
included in its subcontracting chain, and the Group also requires that
its subcontractors set targets to mitigate climate change.
Strategic intent Strategic intent
Alma Media’s subcontracting chain promotes the realisation of the
Group’s climate target and the ethical conduct of business.
Alma Media’s subcontracting chain has, in its part, committed to
promoting the achieving of the SBTi target and socially and ethically
sustainable business.
Objectives for 2022: Objectives for 2023:
50 per cent of Alma Media’s key subcontractors have committed them-
selves to the Group’s Supplier Code of Conduct.
Alma Media implemented the new Supplier Code of Conduct training
based on the value of its procurements to its most significant subcon-
tractors in its 11 operating countries. By the end of 2022, 73 per cent of
the most significant subcontractors had completed the training and
acknowledged their commitment to the company's Code of Conduct.
90 per cent of Alma Media’s most significant subcontractors have
committed themselves to the Group's Supplier Code of Conduct by
the end of 2023.
According to the company's new SBTi target set in 2022, the green-
house gas emissions of the subcontracting chain must be reduced
by 1.23 per cent annually. By 2030, the reduction must be 14 per cent
compared to 2019.
In 2022, greenhouse gas emissions increased by 8.2 per cent from
2021. However, compared to 2019, the greenhouse gas emissions of the
subcontracting chain have decreased by 6.4 per cent.
Reduction of greenhouse gas emissions by 1.2 per cent from 2022.
the final choice of supplier. Alma Media
was not made aware of any violations of
the Group’s Code of Conduct among its
subcontractors in 2022. Alma Media will
continue to engage its most significant
suppliers to commit to the company's
Code of Conduct in 2023.
The Group’s most significant subcon-
tractors are certain ICT, printing and
delivery suppliers. Continuous procure-
ment from these suppliers correspond
to 46 per cent of the Group’s procure-
ments. Correspondingly, the share
of procurements related to content
generation of all the procurements made
was 12 per cent in 2022. Alma Media units
in all of the countries of operation make
most of their purchases domestically or
from nearby regions where businesses
are subject to supervision and regula-
tion. Country-level management is in
charge of supply chain sustainability in
Alma Media’s foreign units. In Finland,
the Chief Procurement Officer and the
Director in charge of ICT procurement
are in charge of developing the sustain-
ability of the procurement policy and
Group-level purchasing.
Achievement of sustainability
targets in 2022
According to the SBTi emissions target
set in 2019 for Alma Media's indirect
greenhouse gas emissions primari-
ly caused by procurement (so-called
Scope 3 emissions), the company must
reduce its emissions by 14 per cent by
2030. The annual emission reductions
must be at least 1.23 per cent. Alma
Media’s indirect greenhouse gas emis-
sions increased by 8.2 per cent in the
year under review to 16,222 tCO
2
-eq (2021:
14,996 tCO
2
-eq). The increase in emis-
sions was due to increased procurement
related to newspaper printing and
distribution, for example, as well as in-
creased investments in the development
of digital services. However, even in
Scope 3 emissions, the company main-
tained a downward trend in line with the
long-term target level for the year 2030.
Compared to 2019, the Group’s Scope 3
emissions have declined by 6.4 per cent
in total.
Alma Media continued to engage in
active dialogue with subcontractors
to reduce emissions and started de-
velopment projects with significant
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subcontractors in ICT services, deliv-
ery services and printing operations to
support Alma Media’s new SBTi climate
targets. Alma Media’s supply chain in
Finland consists of 2,000 subcontractors
and approximately 3,900 subcontractors
in all countries. The largest group com-
prises small enterprises that primarily
provide content production services to
Alma Media’s editorial offices. The total
purchases of the company's subcon-
tracting in 2022 amounted to EUR 98 mil-
lion. The most significant subcontractor
base for the company consisted of ap-
proximately 140 suppliers in Finland and
abroad, most of the companies providing
distribution, printing and ICT services.
Alma Media’s procurement function
in Finland operates with a two-tier
approach. In addition to centralised
procurement at the Group level, there
are also local purchases. Alma Media’s
editorial offices, for example, purchase
their content production services in-
dependently because the production
and procurement of relevant content
requires a high degree of familiarity with
the target audience. During the report-
ing year, Alma Media’s purchases from
service providers and suppliers totalled
EUR 98 million.
Alma Media’s most significant Scope 3
emission intensities are related to the
procurement of transport and deliv-
ery services as well as the printing of
publications. Alma Media reports on its
other indirect greenhouse gas emissions
in accordance with the international
GHG Protocol. An itemisation of the
company’s Scope 3 emissions is provid-
ed in Table 4. Alma Media adopted the
International Energy Agency IEA’s coun-
try-specific emission coefficients in 2022
for those instances where an energy pro-
ducer-specific emission coefficient has
been unavailable. The emission figures
for 2016–2022 were retrospectively recal-
culated according to the IEA factors. The
adoption of the IEA calculation guide-
lines improves the reliability of environ-
mental figures published by Alma Media
and enables a continuous comparison.
The monitoring of Alma Media’s SBTi
targets also requires following the IEA
standards. Scope 3 emissions consist
primarily of carbon dioxide emissions
(CO
2
).
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Data security and data
protection
Approximately 80 per cent of Alma
Media’s revenue now comes from digital
sources. The company develops its online
services in the long term, with the aim of
providing 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 digital services feel con-
fident that their customer data is stored,
managed and used responsibly.
It is equally important that our custom-
ers feel that the services are competitive,
effective and pleasant to use. In order to
ensure the quality of its digital services,
Alma Media focuses its investments on the
development of digital business opera-
tions that are also supported by actively
monitoring changes in data protection
and data security regulations as part of
the company's risk management, and by
strengthening the digital expertise as
well as data protection and data security
knowledge of its employees. The manage-
ment of the business units, together with
the ICT organisation and the legal depart-
ment, 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 se-
curity recommendations and regulations
Data security and data protection
as well as maintaining the appropriate level
of employee competence pertaining to
data protection and data security.
Alma Media’s business environment is
constantly changing, which is why the
company regularly reviews the risks
affecting data security and the ability to
react to the risks of the changing environ-
ment. 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 inter-
nal 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 describes the
Group’s responsibilities, requirements and
practices related to the collection, use
and storage of data based on the applica-
ble legislation. At Alma Media, users of on-
line 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.
In digital advertising, Alma Media is com-
mitted to IAB's self-regulatory principles
and uses the Consent Management
Platform (CMP) of the Transparency and
Consent Framework. In order to protect
the privacy of users, the company com-
plies with the statutory privacy protection
obligations. The practices related to ensur-
ing privacy protection and the purposes
for which data are used are described in
the Group’s privacy policy at https://www.
almamedia.fi/en/data-privacy/
Achievement of sustainability
targets in 2022
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 service as
the focus area of its responsibility efforts.
The Group has set two annual targets in
this area. In line with the first target, no
serious breach of data protection should
occur in the company's online services.
During the year under review, the com-
pany submitted one (1) personal data
security breach notification to the data
protection authority and received a total
of zero (0) requests for clarification. In
addition, the company received two (2)
requests 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 decision of the authority.
During the year, no legal action was taken
against the Group related to the privacy
of users.
In the spring of 2022, the Russian inva-
sion of Ukraine increased global political
instability and the risk of data breaches.
The most important media in Finland,
including Alma Media, were targeted by
data security breaches. However, se-
rious, long-term service interruptions
were avoided and the continuity of data
security and data protection was ensured
during 2022 as well. Alma Media’s second
target related to the security of its online
services covered the company's business
operations in Finland. The target was that
Alma Media was to organise at least four
training events on data protection and
two general training events on informa-
tion security for its employees each year.
The training was organised as planned in
2022.
Other development projects
during the year
As the operating environment became
significantly more unstable in 2022, Alma
Media updated its business continuity
plan. The purpose of the continuity plan is
to enable business to continue in prob-
lematic circumstances by adopting an
appropriate strategy and measures to
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CORPORATE
GOVERNANCE STATEMENT
REMUNERATION
REPORT 179ANNUAL REPORT 2022
SUSTAINABILITY
REPORT
Table 6: Data security and data protection
Definition 2022 Progress made in 2022 Definition 2023
Data security and data protection are the cornerstones of Alma Media’s
responsibility. We process data carefully, always observing privacy and
meeting the expectations of our users. We develop our capability to
anticipate and respond in time to ensure data security.
The data security of the cloud environments used for the commer-
cial services was improved by enhancing the existing data security
capabilities and introducing new ones as well as by improving the data
security monitoring of the Group’s internal network and workstations.
Data security and data protection are cornerstones of Alma Media’s sus-
tainability. We process data carefully, always observing privacy and meet-
ing the expectations of our users. We develop our capability to anticipate
and respond in time to ensure data security.
Strategic intent Strategic intent
We ensure the safe use of market-leading services and the protection
of privacy. With our continuity plan, we aim to avoid serious data secu-
rity breaches.
We ensure the safe use of market-leading services and the protection of
privacy. With our continuity plan, we aim to avoid serious data security
breaches.
Objective for 2022: Progress made in 2022: Objective for 2023:
There are no serious personal data breaches in the services for which
the authorities would impose a fine on the company.
There were no serious personal data breaches in the services for which
the authorities would impose a fine on the company.
There are no serious personal data breaches in the services for which the
authorities would impose a fine on the company.
We organise at least four data protection trainings and two data securi-
ty trainings for our employees.
We organised at least four data protection trainings and two data se-
curity trainings for our employees. In addition, we organised two data
protection trainings for software developers, supplemented with an
online course.
Continuous training of employees to develop data protection and data
security in the changing operating environment.
Improving registered use, customer experience and the reliability of
services.
The number of registered Alma IDs increased by nearly 500,000 to
1,900,000 in 2022. We developed the automation of the access to the reg-
istered user's own data, and the work continues. We mapped out a solution
for measuring customer experience and implementation starting in 2023.
The amount of monthly active use of the Alma ID is on the rise. The cus-
tomer satisfaction of Alma Media’s largest media and services has been
measured (NPS) and the results are in. We will define the development
actions based on the measurement during 2023..
Proactive development of data security and data protection to prepare
for data security attacks.
We improved the resilience of our systems and recovery from dis-
ruptions. We updated the guidelines for responding to data security
breaches.
We invest in the further development of the management of data requests
from registered users and the data security monitoring capabilities. We
will further strengthen our employees' data protection and data security
expertise through a digital training platform.
There is no downtime in our services. When the Russian invasion of Ukraine began, there were some inci-
dents of downtime in our media. However, serious long-term interrup-
tions were avoided.
There are no serious long-term interruptions in our services.
protect people and property. The busi-
ness continuity plan outlines the poten-
tial impacts of disasters on the business
and describes the policy related to these
situations to ensure the company's rapid
recovery after a potential crisis. Due to the
changes in the potential threats in spring
2022, Alma Media carried out so-called
hardening of the data security controls
of critical systems to improve interfer-
ence tolerance and recovery from dis-
ruptions. The response to personal data
breaches was enhanced with updated
instructions, of which a separate version
was also prepared for the company's
subcontractors.
Alma Media continued to actively partici-
pate in the cybersecurity-related cooper-
ative bodies of ISAC (Information Sharing
and Analysis Centre) groups. The data
security of the cloud environments used
for Alma Media’s commercial services was
improved in 2022 by enhancing existing
data security capabilities and introducing
new ones as well as by improving the data
security monitoring of Alma’s internal
network and workstations. Information
security and data protection training for
employees form a part of the proactive
risk management operations involving the
Group’s employees.
Alma Media undertakes proactive risk
management with regard to data security.
This can be seen in the form of several data
security inspections of the commercial
services and the new data security con-
trols implemented in the service develop-
ment process with regard to vulnerability
and software dependency management.
Focus areas for the
development of sustainability
in 2023
With regard to the current focus areas
— data security and data protection —
resources in 2023 will be particularly
allocated to the continued development
of managing registered information
requests and the Group’s monitoring
capabilities pertaining to data securi-
ty. The continuous data protection and
data security expertise of the Group's
employees will be further strengthened
through a digital training platform.
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CORPORATE
GOVERNANCE STATEMENT
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REPORT 180ANNUAL REPORT 2022
SUSTAINABILITY
REPORT
The foundation for Alma Media’s devel-
opment of an equal and diverse work
community is provided by regular em-
ployee surveys, among other things. The
survey results, salary analyses and other
employee data are used as the starting
point when Alma Media’s Finnish busi-
ness units update their non-discrimina-
tion, 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.
Diversity, equality and inclusion
Alma Media recruits new employees
purely based on their competence and
aptitude. All Alma Media 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 company’s Code
of Conduct, everyone at Alma Media
must respect basic human rights. Alma
Media 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
concerning sexual harassment and other
forms of harassment, threats, offensive
conduct, physical and psychological
violence as well as workplace bullying.
Every Alma Media employee has an
obligation to report any observations
of discrimination. Such incidents can
be reported internally through employ-
ee representatives, Group HR or the
anonymous Whistleblow channel. Alma
Media’s whistleblowing team receives the
notifications, reports them to the Audit
Committee of the Board of Director and
takes action as necessary. Building an
inspiring, inclusive, equal and diverse
work community is a shared goal for all
Alma Media employees. Development in
this area is supported by the Group HR
function.
Achievement of sustainability
targets in 2022
Alma Media has a zero tolerance policy
regarding the discrimination and inap-
propriate treatment of employees. The
Group reports annually on whether any
such incidents have occurred. A total of
Table 7: Diversity, equality and inclusion
Definition 2022 Progress made in 2022 Definition 2023
Alma Media’s employees feel that the Group promotes equality, diver-
sity and sense of inclusion. All types of harassment, discrimination or
bullying are prevented efficiently, and any shortcomings are corrected
swiftly..
Alma Media’s Code of Conduct strictly prohibits all discrimination and
harassment at the workplace. Each Alma employee must complete a
Code of Conduct training. 100 per cent of the employees completed
the training.
Alma Media’s employees feel that the Group promotes equality, diver-
sity and sense of inclusion. All types of harassment, discrimination or
bullying are prevented efficiently, and any shortcomings are corrected
swiftly.
Strategic intent:
Strategic intent:
A positively developing experience of the realisation of equality, diver-
sity and inclusion in the work community.
A positively developing experience of the realisation of equality, diver-
sity and inclusion in the work community..
Objectives for 2022:
Objectives for 2023:
Zero tolerance against harassment and discrimination: There are no
incidents of improper treatment amongst Alma Media’s employees.
A total of six (6) suspected incidents of misconduct were reported in
2022. The incidents were investigated and closed by the end of the
year.
Zero tolerance against harassment and discrimination: There are no
incidents of improper treatment amongst Alma Media’s employees
and any incidents reported are handled.
Promoting diversity and inclusion in the work community. We will
conduct a survey about the experiences of the realisation of diversity
and inclusion in the work community. An action and training plan to
enhance diversity and inclusion will be prepared based on the survey
results.
The realisation of diversity and inclusion in the work community was
surveyed in late 2022. The survey was answered by 40 per cent of Al-
ma’s employees in 11 countries. Unit-specific action and training plans
based on the results are in the works.
We will implement action and training plans based on the survey con-
ducted in 2022 to strengthen equality, diversity and inclusion.
FINANCIAL
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REPORT 181ANNUAL REPORT 2022
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REPORT
Alma Media’s Board of Directors had
eight members in 2022. Two (25%) 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 ac-
counted 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
Table 8.
Over 90 per cent of Alma Media’s em-
ployees were permanently employed
during the year under review. Most of
Alma Media’s employees worked full
time. A special feature of Alma Media’s
Finnish operations was — as in previous
years — the use of freelancers by the
Group’s media brands. 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. 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 em-
ployees 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 region-specific infor-
mation on employment contract types,
the age distribution and the duration of
employment is provided in Table 9.
Other development projects
during the year
The objective of Alma Media’s HR strat-
egy is to support the development of
the Group’s business and the execution
of strategy. During the past few years,
the Group has particularly focused on
enhancing the digital competencies of
its employees and creating an employer
image and employee experience of Alma
Media as a responsible employer with a
strong capacity for renewal.
In order to develop an equal and diverse
work community during the year under
review, Alma Media surveyed employees'
experiences of diversity, equality and
Table 9: Employee
age distribution and contract type
under 30
years
30–50
years
over 50
years
Fixed-
term Permanent
full-
time
part-
time
All
total
Baltic countries 17% 76% 7% 0% 100% 93% 7% 100%
Bosnia and Herzegovina 21% 77% 2% 32% 68% 100% 0% 100%
Croatia 13% 84% 3% 0% 100% 89% 11% 100%
Other operating countries 15% 85% 0% 8% 92% 100% 0% 100%
Sweden 19% 75% 6% 6% 94% 88% 12% 100%
Slovakia 19% 78% 3% 1% 99% 97% 3% 100%
Finland 18% 62% 20% 7% 93% 88% 12% 100%
Czech Republic 15% 82% 3% 9% 91% 85% 15% 100%
Table 8: Alma Media’s employees Employees
Women
as managers, %
Men
as managers, %
Finland 1,029 45 55
Czech Republic 432 25 75
Baltic countries: Estonia, Latvia, Lithuania 75 50 50
Slovakia 124 18 82
Croatia 95 50 50
Bosnia 47 50 50
Sweden 16 0 100
Other 13 25 75-
Total 1,831 38 62
six (6) suspected incidents of bullying
or sexual harassment were reported in
2022. All of the incidents reported to the
company were thoroughly investigated.
The necessary measures were taken and
all six cases were closed by the end of
the year. Alma Media was not subject
to any reprimands or penalties by the
authorities due to discrimination during
the year under review.
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SUSTAINABILITY
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inclusion in all Alma Media’s operating
countries. A total of 596 people respond-
ed to the survey, and the response rate
was 40 per cent. Based on the survey
responses, employees have equal oppor-
tunities to develop their skills and Alma
is seen as a flexible employer in different
life situations. Based on the results, Alma
employees perceive the work commu-
nity as equal. The results will be used in
the development of these themes.
We continued to coach our employees in
workshops aimed at increasing employ-
ee appreciation towards diversity and
viewing diversity as a resource. By the
end of 2022, 700 Alma employees had
participated in these workshops. We also
adhered to our multi-location work prin-
ciples, which facilitate and increase flexi-
bility in combining individual life situa-
tions and work, and improve well-being
at work. As part of Alma Media’s Code of
Conduct package, the Group’s principles
and operating model to prevent harass-
ment and bullying were implemented in
all of Alma’s operating countries. During
2022, we offered our employees the op-
portunity to increase their competence
in diversity and inclusion through online
coaching. Alma Media participated in
Pride Week in June, and the colours of
the rainbow were seen in Alma's offic-
es, Teams wallpapers and social media
channels. In addition, for Pride month,
Alma offered two trainings open to
everyone on the theme in Alma's digital
training service, Seduo: ‘The basics of
rainbow communications’ and ‘A great
team is an inclusive team’.
Focus areas for the
development of sustainability
in 2023
Alma Media is committed to building a
pluralistic and pro-diversity organisa-
tional culture by providing all employees
with equal rights and opportunities and
by treating everyone equally. In 2023,
based on the results of a survey con-
ducted in 2022, the company will plan
measures to further develop equality,
diversity and inclusion. The signifi-
cance of diversity will be emphasised in
communications to supervisors and in
supervisor and work community devel-
opment training in 2023. An extensive
DEI training package will be implement-
ed for Alma HR in all operating countries
to support the development of sustain-
ability work.
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SUSTAINABILITY
REPORT
Developing competence and
well-being
In a constantly changing operating
environment, competence development
plays a key role in ensuring future com-
petitiveness. Alma Media’s HR strategy
supports the Group’s business through
the goal-driven development of employ-
ee competence, amongst other things.
Alma Media’s goal-driven competence
development 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 sup-
port the development of their compe-
tence. Goal-driven competence devel-
opment 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 compe-
tence and invests in the collaborative
learning of employees and knowledge
sharing by organising mentoring pro-
grammes, competence workshops and
theme events, amongst other things. The
company takes a long-term approach
to the development of managerial work
and builds an international network of
supervisors to support the sharing of
Future-fit workforce
best practices related to leadership and
management.
The development of employee compe-
tence and well-being at Alma Media is
supported by the Group HR function.
Its tasks include the steering, priori-
tisation and specification of functions
and processes related to pay, benefits,
employee reporting and competence
development.
Together with occupational health, Alma
Media regularly organises webinars to
promote the well-being of its employ-
ees. Information and tips for building a
healthy everyday life are shared, for ex-
ample, in terms of ergonomics, recovery,
sleep, mental well-being and interac-
tion. The well-being of the employees
is supported by occupational health
care and the Auntie service. Auntie is a
low-threshold psychological well-be-
ing service aimed at reducing stress,
improving employees’ ability to cope,
increasing efficiency and providing con-
crete tools for managing one’s daily life.
Achievement of sustainability
targets in 2022
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 perceptions regarding the
effectiveness of the work community
and Alma Media as an employer. The
most extensive of these surveys is the
annual Quality of Work Life (QWL) survey
conducted in all of Alma Media’s units.
The target set for the survey is a QWL
index of at least 83 per cent. This target
was exceeded in the year under review,
with the score being 83.1 per cent. The
state of the work community is also mea-
sured annually by finding out how willing
the employees are to recommend Alma
Media as an employer.
The target is a score of at least 8 on a
scale of 1–10. Alma Media achieved a
score of 8.3 (eNPS 43). In addition to
using surveys, Alma Media evaluates its
performance as an employer by mon-
itoring 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 employees who joined the com-
pany two years ago as new employees in
Finland, 86.5 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 10.2 per cent on
average.
Other development projects
during the year
Alma Talent continued the extensive
managerial training programme called
Kasvun valmentajat (‘Instructors of
Growth’) started in 2021 to support
supervisors’ capabilities in a digital and
multi-location work environment. In
2022, a similar managerial programme
was launched in the Alma Consumer
segment. In 2022, the Alma Academy of
Mentoring
programmes,
knowledge
workshops and
theme events aim
at competence
growth and
learning together.
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REPORT
Table 10: Future-fit workforce
Definition 2022 Progress made in 2022 Definition 2023
Employee well-being, commitment and competence development as
well as competence development within the organisation are of key
importance to ensure the success of our business
Alma Media’s number of employees increased by 9 per cent in 2022.
We arranged training programmes that supported the development
of employee competence and invested in the collaborative learning of
employees and knowledge sharing by organising competence work-
shops and theme events, amongst other things.
Employee well-being, commitment and competence development as
well as competence development within the organisation are of key
importance to ensure the success of our business.
Strategic intent: Strategic intent:
To have the most competent, committed and well-being employees in
the industry
To have the most competent, committed and well-being employees in
the industry.
Objectives for 2022: Objectives for 2023:
Equality in learning and personal development Open virtual training. Personal competence goals and development
plans for everyone.
Equality in learning and personal development
Continuous professional development, sharing of competence and
self-development
Development programmes for managerial work, coaching that sup-
ports continuous learning and knowledge sharing, competence work-
shops and theme events
Continuous professional development, sharing of competence and
self-development
High quality of working life, QWL >83. High quality of working life, QWL = 83.1 High quality of working life, QWL >83.
Well-being training in cooperation with the occupational health care
provider. The development and implementation of the operating model
of multi-location work continued in 2022
The employees have been offered webinars on topics that promote
well-being at work and the Auntie service is available to the employ-
ees. The multi-location work model increases the flexibility of work in
different life situations.
Well-being training to be arranged in cooperation with the occupation-
al health care provider. Development of the multi-location work model
to continue in 2023.
Turnover of new employees to be lower than 10 per cent Turnover of employees who have been in the company for less than 2
years was 13.5 per cent. The average employee turnover in the Group
was 10.2 per cent.
Turnover of new employees under 10 per cent
Likelihood of recommending the Group as an employer 8 (1–10). Likelihood of recommending 8.3 (1–10) Likelihood of recommending the Group as an employer 8 (1–10)
Alma Media Solutions was also contin-
ued on the topic of feedback culture.
Alma employees in Finland utilised
the Alma Talent Seduo online learning
environment. The digital training service,
which has been localised for the Finnish
market by Alma Talent, gives employees
the opportunity to complete training
modules on various themes, such as the
digital transformation, management,
communication and data as well as sales
and marketing.
In 2022, we implemented a trainee pro-
gramme for recent technology gradu-
ates. With the help of the programme, we
increased the know-how important to
the company's business and employed
15 young people in the early stages of
their careers.
Focus areas for the
development of sustainability
in 2023
In 2023, Alma Media aims to further
improve its employees’ opportunities
for the continuous goal-driven develop-
ment of their competence. The company
will increase the use of online training
materials. Competence development
utilises, for example, expert commu-
nities and builds customised thematic
coaching utilising Alma's expertise. The
development of managerial skills and
leadership is supported by managerial
training. Managers and all employees
are trained with the aim of achieving
success in a digital, diverse and multi-lo-
cation work environment. The coaching
will continue with the Growth Day,
Agile Challenge, Product Academy and
Alma Academy concepts. The culture
of knowledge sharing is promoted by,
for example, growing and training the
Alma coach community. We will contin-
ue to develop the operating model for
multi-location work introduced at Alma
Media in 2022. The Auntie service will
continue to be available to employees to
support well-being at work and lectures
on well-being will also continue.
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REPORT 185ANNUAL REPORT 2022
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REPORT
Sustainable brands
FINANCIAL
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REPORT
Responsible media
Managing responsible
journalism
The editorial teams of our media are
committed to truthful, open and plural-
istic journalism. Preserving trust in the
media is a prerequisite for Alma Media’s
business. Our media comply with the
Guidelines for Journalists drafted by
the Council for Mass Media, which is the
Finnish media sector’s self-regulatory
organisation. The guidelines concern-
ing journalism are in many ways stricter
than the legislation governing freedom
of speech, freedom of expression and
the media in general. The topics cov-
ered in the Guidelines for Journalists
include the principles of obtaining
information, the journalist’s professional
position and the rights of interviewees.
The Guidelines also stipulate how media
outlets need to rectify their errors and
separate journalism from advertising.
In addition to publishing guidelines con-
cerning ethics in journalism, the Council
for Mass Media handles dozens of
complaints each year regarding content
published by Finnish media outlets. Alma
Media’s editorial teams interpret the
Council’s decisions as precedents that
guide operations. In responsible journal-
ism, Alma Media journalists and editorial
offices act transparently and responsibly
under all circumstances in their role as a
source of information. High-quality jour-
nalism engages the readers’ long-term
commitment to Alma Media’s media and,
consequently, the readers characterise
them as high in quality and reliable in
reader surveys. The responsibility for the
journalistic content of Alma Media’s me-
dia lies with the Editor-in-Chief of each
media, assisted by editorial supervisors.
Editors-in-Chief and other supervisors
of the editorial teams are responsible
for creating a strong journalistic cul-
ture by providing active guidance and
feedback as well as by developing the
editorial teams’ internal guidelines and
style books. The aim is to ensure that
all employees of Alma Media’s editorial
offices understand their professional
responsibility. In developing responsi-
ble journalism, the supervisors of the
editorial teams also monitor the results
of reader surveys and brand surveys
as well as customer feedback and the
public discussion regarding the media to
ensure the purposefulness, service abil-
ity and pluralism of content. Monitoring
the readership indicates the importance
of the subjects to our readers and of
their significance for society. Readers
who are dissatisfied with content can, for
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example, send feedback to the editorial
team or submit a request for correction.
Management of responsible
marketing
The truthfulness of marketing and pre-
venting the misleading of consumers is a
basic condition for campaigns published
in the Group’s media and services. The
digitalisation of advertising has seen the
focus of the development of responsible
advertising shift increasingly to ensuring
the security of the advertising environ-
ment as well as the responsible col-
lection and use of consumer data. The
automation and internationalisation of
advertising and the increasingly com-
plex digital advertising ecosystem re-
quire Alma Media to make significant in-
vestments in maintaining a high-quality
and safe media environment. The Group
systematically strengthens its technical
capabilities and employee competen-
cies to ensure that no advertising fraud
or advertisements that are contrary
to good marketing practices are pub-
lished 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 marketing as
well as the marketing communications
industry’s self-regulation in monitoring
the advertising activities of its customers
and when engaging in marketing com-
munications for its media brands and
services. The Group is actively involved
in the development of digital marketing
competence throughout the marketing
communications industry in Finland.
The possibilities of consumers to impact
the collection and utilisation of data cre-
ate a framework for the utilisation of data
by the media. It is possible to display
or measure programmatically bought
advertising targeted on a data-driven
basis, personalise content and create
advertising profiles only for users who
have consented to it. Regardless of the
commercial practice, it is possible to
display or measure bought advertising
targeted on a data-driven basis, per-
sonalise content and create advertising
profiles only for users who have consent-
ed to it. User consent to the targeting of
advertising is forwarded to Alma Media’s
approved partners in the advertising
buying supply chain. Through the TCF
(Transparency & Consent Framework),
Alma Media approves its partners and
the purposes of data use as part of Alma
Media’s data protection practices and
maintains a list of approved partners on
its website.
Alma Media’s media sales and marketing
organisation is in charge of the develop-
ment of responsible marketing together
with each brand’s marketing organisa-
tion. In software procurement related to
digital marketing, assistance is provided
by Alma Media’s Chief Digital Officer
and the rest of the ICT organisation. The
Group’s specialist on data protection
ensures the compliance of the manage-
ment and utilisation of user data and the
user consent management tool.
Achievement of sustainability
targets in 2022
The main sustainability target of the
company's media is the truthfulness of
the content, the reliability of the sourc-
es, the accuracy of the content and the
promotion of good commercial practice.
One of the indicators is the number of
condemnatory decisions of the Council
for Mass Media addressed to the media,
which shall not exceed the threshold of 5
decisions. During the year under review,
Alma Media’s Iltalehti received two con-
demnatory decisions from the Council
for Mass Media. In another decision,
the Council for Mass Media stated that
Iltalehti should have labelled the news
about its IL Plus service more clearly as
an advertisement. According to another
condemnatory decision, Iltalehti correct-
ed an error in one of the news reports
too slowly. In 2022, the Council for Mass
Media handled a total of 41 complaints
and issued a condemnatory decision in
eight of those cases.
The company promotes good com-
mercial 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 guid-
ing 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. In
the year under review, one programmati-
cally purchased gambling advertisement
by an international operator managed
to penetrate the technical protection
of our site and was briefly published on
our site. The advertisement was quickly
removed. Foreign gambling advertising
is not allowed in Finland. Alma Media did
not receive any complaints in its oper-
ating countries from the authorities that
supervise ethics in advertising or the
marketing industry’s own self-regulatory
bodies.
The truthfulness
of marketing and
preventing the
misleading of
consumers is a
basic condition
for campaigns
published in the
Group’s media
and services.
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Other development projects
during the year
The company's media have annual
development targets to promote the
sustainable development of society. Out
of the financial and professional media,
Kauppalehti and Tekniikka&Talous set
their own specific keywords for each edi-
torial article offering solutions to climate
change. The keyword makes it easier
for the reader to find content that offers
solutions for mitigating climate change
and improves the verification of the
effectiveness of the media in raising the
awareness of citizens and companies. A
total of 180 articles offering solutions to
mitigate climate change were published
in Kauppalehti and 203 such articles
were published in Tekniikka&Talous.
These articles were read a total of 1.5 mil-
lion times. In 2022, the editorial offices
of Iltalehti and Kauppalehti were trained
on the background of the condemnatory
decisions made by the Council for Mass
Media and, at the editorial staff’s own
request, training on the terminology of
diversity was also organised in Iltalehti
in cooperation with SETA. In addition,
Iltalehti's journalists received training on
legislation concerning journalism.
During the year under review, the Alma
Media Solutions organisation developed
the Muutoksentekijät (‘Change Makers’)
solution for content marketing to em-
phasise the significance of corporate
social responsibility work. The solution
includes the production and publica-
tion of an article and a video interview in
Kauppalehti and enables companies to
emphasise their responsibility priorities.
The Group’s media did not receive any
funding from government, non-gover-
mental or political entities. There were
no legal proceedings associated with
libel or slander and, therefore, also no
financial liabilities related to them. In
order to ensure the IP protection of its
media and services, the Alma Media
Group efficiently protects is trademarks
through the appropriate registrations,
monitors the market for any violations
of its trademarks and defends its trade-
marks in case of violations. Alma Media
also actively ensures the protection and
defending of copyright and database
rights.
The journalistic principles of media in-
clude the principle of protecting vulner-
able groups of the public. Information
that might be shocking to children or
young people, for example, is only pub-
lished when strong journalistic grounds
exist, and the appropriate labels are used
to warn of such content in advance. Alma
Media automatically excludes advertis-
ing classified as shocking and harmful
from articles and videos. Advertisers
may also separately request the removal
of their advertising from certain media
environments in order to ensure brand
compatibility. Furthermore, it is prohib-
ited to target content and advertising
to young people under the age of 18 in
Alma Media’s media.
Focus areas for the
development of media
responsibility in 2023
In our financial media, we invest in the
development of the diversity of our audi-
ences, especially with regard to gender
and age. In practice, we take the interests
of different reader groups more widely
into account in content planning and
use data to monitor the development of
the diversity of audiences following the
content.
Kauppalehti has, in cooperation with the
British consulting company FT Strategies,
launched a project to develop the diversi-
ty of the subscriber base and media audi-
ences moving forward. In connection with
the project, we will implement, for exam-
ple, a newsletter on the content related to
climate change, which will contribute to
increasing awareness of the promotion of
sustainable development while increas-
ing the diversity of our audiences.
As a media company that operates at the
national scale, Alma Media is actively in-
volved in the development of the Finnish
marketing communications industry’s
expertise and responsibility agenda. Alma
Media also takes the special challenges
associated with digital marketing into
consideration in the development of its
own technical and other capabilities.
Alma Media ensures compliance with
the obligations placed on digital adver-
tising by the General Data Protection
Regulation (GDPR) and IAB Europe by
allocating sufficient resources to the
related activities, by ensuring it has the
appropriate information management
and data processing processes in place
and by training its employees.
In 2023, we will continue to develop re-
sponsible media and marketing, ensuring
a high-quality and brand-secure media
environment and targeting data for ad-
vertisers.
We strive to minimise the carbon foot-
print of digital media and advertising and
to provide guidance to our customers
and partners on more environmentally
friendly advertising. As a member of the
IAB, we participate in the development of
sustainability standards in the industry.
The GDPR and the browser-based
measures taken by platform operators
to restrict targeting based on cookies
require media companies to more care-
fully assess alternatives based on user
identification and contextual targeting,
among other things.
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Table 11: Responsible media.
Definition 2022 Progress made in 2022 Definition 2023
Readers’ trust is a precondition for journalistic media. We are
committed to truthful, open and pluralistic journalism and responsible
marketing.
Kauppalehti and Tekniikka&Talous introduced a special keyword to dis-
tinguish and monitor content that offers solutions to climate change.
Alma Media trained its journalists and Kauppalehti started cooperation
to develop the diversity of its media audiences.
Readers’ trust is a precondition for journalistic media. We are
committed to truthful, open and pluralistic journalism and responsible
marketing.
Strategic intent Strategic intent
A defender of the freedom of speech, democracy and pluralist commu-
nications
A defender of the freedom of speech, democracy and pluralist commu-
nications
Objectives for 2022: Objectives for 2023:
No more than five (5) of all the condemnatory decisions issued by the
Council for Mass Media apply to Alma Media’s media.
Iltalehti was subject to two condemnatory decisions: one about la-
beling news on ILPlus service and one of too slow reaction to error in
content.
No more than five (5) condemnatory decisions are issued to Alma
Media’s media by the Council for Mass Media annually.
Implementation of keywords based on sustainable development and a
responsible journalism training for reporters.
Based on the use of keywords, a total of 180 articles offering solutions
to mitigate climate change were published in Kauppalehti and 203
such articles were published in Tekniikka&Talous. These articles
were read a total of 1.5 million times. The editorial staff participated
in training on the background of the condemnatory decisions of the
Council for Mass Media, and a diversity terminology training was
arranged for Iltalehti employees in cooperation with SETA. Iltalehti
also organised training on legislation related to journalism.
In the financial media, a project will be carried out to develop the
diversity of audiences. The development of keywords on sustainable
development will also continue. The content on climate change will be
developed into a separate newsletter available as a subscription. Edito-
rial staff are trained in responsible journalism.
Alma Media’s media and services do not publish any advertisements
that violate the guidelines of good marketing practices published by
the International Chamber of Commerce.
One gambling campaign by an international operator was able to pass
the protection measures of Alma Media’s digital advertising network
but it was quickly noticed and removed. Alma Media did not receive any
complaints in its operating countries from the authorities that super-
vise ethics in advertising or the marketing industry’s own self-regula-
tory bodies.
Alma Media’s media and services do not publish any advertisements
that violate the guidelines of good marketing practices published by
the International Chamber of Commerce.
FINANCIAL
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Sustainable services and brands
Our sustainability work is a reflection of
its time and an even more integrated part
of our operations. Our digital services en-
able us to influence climate change and
promote responsible choices in housing
and transportation as well as in deci-
sions related to working life. Our training
services allow us to develop professional
competences in companies and promote
sustainable business operations. Our
corporate information business helps our
customers grow sustainably and succeed
responsibly by providing reliable infor-
mation about the market and companies.
Customer satisfaction
We have earned our customers’ trust
thanks to our interesting and accurate
content, good service, excellent user
experience and our responsible record
in processing customer data. Our busi-
ness operations have transitioned more
and more towards paying for the media
and service content, which emphasises
the significance of customer satisfaction
even further. High customer satisfaction
speeds up business growth, reduces the
costs of customer acquisition, improves
trust in the customer relationship and
decreases the risk of customer loss.
A satisfied customer is committed to
using our service or product, the usage
volume increases and the likelihood of
recommending the service increases. In
the digital service experience, customer
satisfaction is strongly based on the cor-
relation between customer expectations
and experiences regarding the contents
of our services, the technical user expe-
rience of our websites, such as findability
and availability, ease of navigation and
ease of the purchase process as well as
the operation of customer support.
Trust in the functionality of the service
and the data security of use are signif-
icant psychological factors affecting
customer satisfaction. The common
credentials for our media and services,
the Alma ID, enable a smooth and safe
navigation from one service to another
in Alma's digital network. The Alma ID is
now used in almost all Alma media and
digital services in Finland. By the end of
2022, the number of registered users of
the Alma ID was 1.9 million. The develop-
ment of the self-service account and the
transparency of the data collected from
consumers was continued and harmon-
ised with common tools. During the year,
the Alma ID was also introduced to B2B
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customers and its use will expand signifi-
cantly in 2023. Developing an increasingly
better and more personalised user and
customer experience for a logged-in user
is continuous work. The Alma ID enables
the user-oriented development of our
services and the growth of customer
insight.
Customer satisfaction metrics
Alma Media’s services and media are
developed continuously. Customer
satisfaction is measured by means of
customer surveys and the Net Promotor
Score metric, in which the users are
asked about the likelihood of recom-
mending the service to other users on
a scale of 0–10. The results are divided
into recommenders (score 9–10), pas-
sive users (score 7–8) who are satisfied
but not committed to the service to
such a degree that they would recom-
mend it and critics (0–6) who have been
dissatisfied with the service received.
The number of critics is deducted from
the number of recommenders, and the
result is divided by the total number of
respondents. This gives a score of -100
to 100. -100 means that all the custom-
ers are dissatisfied and 100 that all the
customers are recommenders. In 2022,
the annual NPS average in Alma Media’s
services varied from 18.1 (Vuokraovi.com)
to 44.1 (Etuovi.com). Autotalli.com, for ex-
ample, had an NPS score between these
values (average 25.0). So far, only some
of the services have measured customer
satisfaction using NPS, but a decision was
made during the year to harmonise the
metrics and the implementation of the
model will start in 2023.
Ethical service design
In 2022, Aalto University's Capstone
students carried out a project to provide
a framework for Alma’s ethical and green
service design, the guiding factors of
which were accessibility, data protec-
tion, cyber security and reducing energy
consumption.
In Alma Media, ethical service design
refers to the planning and development
of ethically sustainable business with the
purpose of, among other things, ensuring
the good availability of our digital services
to all population groups. In Alma Media,
ethical service design also means utilising
machine learning, data and analytics ethi-
cally. We do not create target groups con-
sisting of children or young people aged
under 18 and, therefore, do not target any
content or advertising to such a group.
The algorithms used for targeting content
do not restrict the accessibility of con-
tent to any user group. Alma Media has
also started a survey on the compliance
of our services with the EU accessibility
directive, even though the directive is not
directly binding to our services. In 2022,
Alma Talent's services invested in build-
ing a design system where improving
accessibility is one of the key objectives.
This system has already been implement-
ed by Talouselämä and will be implement-
ed by all Alma Talent websites.
The evaluation of corporate responsibil-
ity is an important part of the selection
of partners in every aspect of business
operations. Reliable and comparable
corporate sustainability information
is still scarce, especially for small and
medium-sized enterprises. The regu-
lations will facilitate the collection of
corporate sustainability information as
reporting obligations will be expanded
and the legislation related to companies'
duty of care will be specified. In 2022, a
study was carried out on SMEs' corporate
sustainability information and a hack-
athon was organised to brainstorm future
corporate sustainability data services.
Efforts to find a sufficiently high-quality
solution will continue, and the goal for
the next few years is to help customers
find and select their customers and part-
ners more responsibly.
During the year, Alma Media’s employees
have been offered internal training on
accessibility and an accessibility testing
guide has been compiled to provide tips
and guidelines for starting accessibility
testing. In addition, an internal handbook
on ethical service design and a testing
guide following accessibility criteria
were prepared to support measures such
as auditing. The mapping of the produc-
tion of internal documents will continue
in 2023.
Green service design
Another service design factor identified
in the materiality analysis is the green
development path. In 2022, Alma Media’s
housing services reached an average of
965,000 different visitors per week and
motoring services an average of 797,000
The purpose
of ethical
service design
is to ensure the
accessibility
of our digital
services to all
audiences.
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different visitors per week. Our services
enable users to make responsible choic-
es by offering environmentally oriented
search criteria for listing items. In our
Etuovi.com service, the user can restrict
the available choices based on factors
such as the source of heat used in the
apartment. In a similar manner, users of
our automobile services Nettiauto.com
and Autotalli.com can choose a vehi-
cle based on the type of energy used,
consumption and emission category.
These factors also have a direct impact
on the amount of vehicle tax and the
costs of operation. In 2022, the number
of electric or gas cars offered in both
services has increased by 100 per cent
in Nettiauto, reaching more than 5,000
options at the end of the year and more
than 4,000 options in Autotalli.com. The
search in the Nettiauto service was de-
veloped to take into account the search
for electric cars. The new search criteria
include, among other things, battery ca-
pacity, charging power and type as well
as electric range. Sales trends in electric
cars and hybrids have been excellent.
The criteria used in these services will
be developed further, and the possibil-
ities to make sustainable choices in the
acquisition of a home or a vehicle will be
highlighted in communications.
Sustainable cities and
communities
The sustainability area Sustainable cities
and communities identified in Alma
Media’s materiality analysis is an oppor-
tunity for the company to influence sus-
tainable development as our services in-
clude electronic services, digital services
that support everyday living and loca-
tion services that reduce unnecessary
driving and transport. Different kinds
of residential community services may
also increase a feeling of togetherness
among the residents of a specific area
and improve social connections and the
pleasantness of the community. Through
the services of the comparative and
sharing economy, goods and services in
regional communities find new owners
efficiently, reduce the carbon footprint
of housing and cut back on unnecessary
consumption and storage.
In 2022, to support consumers' sustain-
able choices in housing, the compa-
ny's housing services Etuovi.com and
Vuokraovi.com developed a service con-
cept that will enable consumers to make
sustainable choices in housing quickly
and easily. This also gives housing pro-
fessionals the opportunity to market their
own services in relation to sustainable
choices. The conceptualisation work will
continue with regard to sustainable data
on housing, consumption habits and the
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provision of sustainable housing services
in close cooperation with customers,
operators in the field and Aalto University,
as well as in student projects.
During the year, two development
projects were carried out with the stu-
dents of Aalto University's Information
Technology Programme; the first related
to the EU-published taxonomy for sus-
tainable finance and the second to map
and location-based services. The results
of the project will be utilised in product
development with the aim of creating
smart future services for assessing the
sustainability of buildings and visualising
site-specific and regional data on a map.
Cooperation and partnerships
for sustainable development
in 2022
Thanks to its extensive cooperation
with companies, Alma Media is highly
networked in its business areas. Alma
Media also has significant social part-
nerships in Finland and abroad. In
Finland, the Group is an active member
in the industry organisation Finnmedia,
Finland Chamber of Commerce and IAB
Finland. Collaboration with the Finnish
Children and Youth Foundation started
in 2016 already with the aim of ensuring
a better future for young people. The
cooperation has included media literacy
projects, cooperation with young climate
influencers and the development of
young people's mental well-being and
working life skills, also taking into ac-
count young people in need of special
support. In 2022, the most significant
form of cooperation in Finland was the
project of national introduction to work-
ing life (TET) launched together with the
Finnish Children and Youth Foundation.
The parties agreed on cooperation for
the years 2022–2024 and on the focus of
cooperation in enabling young people to
familiarise themselves with working life
on a more equal basis than before, on in-
creasing working life experience and on
building connections between business-
es and young people.
In May 2022, Alma Media, together
with the Finnish Children and Youth
Foundation, launched the concept of in-
troduction to working life (TET), with the
aim of making the TET experiences more
meaningful for both young people and
businesses. TET weeks in accordance
with the new concept were carried out in
the project’s cooperation companies in
the spring and autumn. In 2023, a service
will be launched to significantly increase
the number of publicly available TET
positions through business cooperation.
The development work has involved a
number of young people and education-
al institutions from all over Finland, as
well as Alma Media and other significant
companies such as Deloitte, Outokumpu,
Wärtsilä, Stora Enso and the Deaconess
Foundation. The ‘introduction to working
life’ week, or TET, is an activity includ-
ed in the official school curriculum in
Finland.
In October 2022, Alma Media’s job search
service, previously known as Monster,
was redesigned as Jobly. The service
introduces impact data from the Finnish
technology company Upright to support
job search, making it the world's first
job search service that offers applicants
independent information on the impact
of companies. Impact data is presented
from companies for which it is currently
available. The emphasis is initially on
the largest companies, but the goal is to
increase the number significantly in the
coming years.
During the year, cooperation with the
Women in Tech Finland (WIT) organ-
isation was launched. The common
goal is to increase diversity, equality
and inclusion in the field of technology
and to encourage and inspire women
to seek employment in technology. As
part of the cooperation, women working
in technology at Alma and their career
stories will be highlighted. In 2022,
WIT and Alma organised a joint event
called Responsible business in digital
environment.
Alma Media supports the growth and
development of the automotive industry
by cooperating with The Confederation
of the Automotive Industry (AKL).
The Confederation of the Automotive
Industry is an association that promotes
the economic and labour market inter-
ests of the sector and provides various
services. Its mission is to promote the
operating conditions of its member com-
panies. The partnership started in 2019
and has included content and devel-
opment cooperation, other customised
training, and discussions between Alma
employees and automotive experts.
Alma Career
collected nearly
12,000 permanent
jobs suitable for
Ukrainians in
the Workania.eu
service.
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International social projects — we sup-
port the job search of Ukrainians
Alma Media operates in 11 countries, and
the company's operations in Eastern
Central Europe have focused on recruit-
ment and employment services, such
as training of professionals. In Alma
Media’s operating countries, recruitment
services are involved in several projects
aimed at improving working life skills in
Eastern Central Europe.
Internationally, Alma Media’s most
significant social project in 2022 was to
harness its job portals in 11 countries
to support the job search of Ukrainian
refugees almost immediately after the
war began. In practice, the Alma Career
countries offered Ukrainian refugees
suitable jobs on the basis of their lan-
guage skills on the recruitment websites
of their own countries. Later, the site
created by Alma Career in cooperation
with country organisations in the Czech
Republic and Slovakia brought these jobs
together under the Workania.eu service.
Nearly 12,000 permanent jobs suitable for
Ukrainian refugees in the Czech Republic
were published through Workania.eu
during 2022.
In addition, local offices in the company’s
operating countries organised collec-
tions for goods and clothing to be sent to
Ukraine and arranged transportation of
aid to the border as soon as the Russian
invasion started. Moreover, the employ-
ees collected and donated funds to aid
Ukrainians in addition to Alma Media’s
official monetary donations.
The Czech LMC participated in many na-
tional and NGO projects to help refugees
and people affected by the war in Ukraine
– in particular in cooperation with People
in Need, one of the largest NGOs, and
the Czech Ministry of Labour and Social
Affairs.
In addition, Profesia launched a call cen-
tre for Ukrainian-speaking jobseekers in
Slovakia and CV-Online in Latvia opened
a Telegram account for Ukrainian job-
seekers, quickly attracting more than
1,000 subscribers and 5,000 impressions
of publications. CV-Online Latvia also
conducted a survey of its client com-
panies regarding the recruitment of
Ukrainian workforce. 146 local companies
responded to the survey, more than half
of which said they had hired a Ukrainian
jobseeker on a permanent or tempo-
rary basis since February. CV-Online in
Estonia conducted a survey of 4,378 em-
ployers and jobseekers to gain a better
understanding of how to help Ukrainian
refugees find work in Estonia.
Increasing inclusion in the labour
market
In Slovakia, Profesia continued its
long-term work to increase the sense of
inclusion in the labour market by devel-
oping tools and services for companies.
In 2022, the Help with Heart programme
supported companies in recruitment
and training for the employment of
disabled people and provided vocational
and career counselling to more than 100
disabled jobseekers. Profesia announced
the launch of the Profesia Lab that
brings the latest know-how to the em-
ployment of neurodivergent people.
Modern HR tools for schools and NGOs
In Slovakia, Profesia launched an acad-
emy for school principals four years ago
with the aim of improving the manage-
ment of primary and secondary school
staff to promote the work motivation,
well-being and commitment of teach-
ing staff. The project has inspired other
NGOs to involve school principals in
their projects. By the end of 2022, 86
school principals completed all three
modules of the training, which consist
of developing leadership, teamwork and
vision in an educational environment.
In order to promote the openness of
Slovakian society and the equality of job
search, Profesia continued to provide
recruitment services free of charge to
NGOs and schools in 2022 to increase
the openness and transparency of re-
cruitment to public posts. 291 job adver-
tisements for non-profit organisations
with a monetary value of EUR 30,689
were published on Profesia.sk. The use
of edujobs.sk, a job listing service for
school and educational staff, reached
a record level in its history. In order to
improve the transparency of the recruit-
ment processes in the Slovakian school
system, Profesia's support for recruit-
ment was significant; a total of 7,190 jobs
in 1,560 schools were publicly advertised
in the service. The monetary value of the
job advertisements was EUR 568,010.
LMC, a subsidiary of Alma Media in the
Czech Republic, continued the pro-
gramme to provide recruitment services
to NGOs and non-profit organisations for
a nominal fee of one euro. More than 730
NGOs and other non-profit organisations
participated in the programme. The cal-
culated value of the services in the year
under review was approximately EUR 8.1
million and more than 9,000 permanent
jobs were announced through the pro-
gramme. LMC has also provided NGOs
and non-profit organisations access to
its other services – such as Seduo.cz
online training service and Arnold survey
tool – for a nominal fee.
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In Bosnia and Herzegovina, Kolektiv im-
plemented a project for the employment
of young people funded by the Swiss
government. In 2022, five academies
were implemented in the partner com-
panies, offering training positions to 308
young people. In addition, Kolektiv, in
cooperation with the World Bank, carried
out a project providing employment and
counselling services for the long-term
unemployed and women not included
in workforce free of charge. In the year
under review, counselling services were
provided to 600 unemployed women.
Training in social and cooperative skills
was provided to 464 project participants
and technical training to 10. The proj-
ect helped 231 unemployed people find
employment. In addition, Kolektiv, in co-
operation with the Sarajevo Open Centre
and the United Nation Population Fund
(UNFPA), conducted The Most Attractive
Employer survey with responses from
15,000 people from a total of 500
companies. The winners for 2022 were
announced at the the award ceremony in
February 2023.
In Croatia, MojPosao highlighted the
importance of diversity in society during
Pride Month by changing its logo to a
rainbow on social media and in the job
portal. In addition to the annual employ-
ee satisfaction surveys improving the
quality of working life and the Best HR
Practice Award, MojPosao also supports
the Key Different project that encour-
ages employers to hire disabled job
seekers.
In the Baltics, the Lithuanian CV-Online
participated in the international DUOday
event and theme day where compa-
nies and organisations open their doors
and introduce their companies to the
disabled. CV-Online has also supported
SOPA which assists the integration of
people with disabilities into the open
labour market. CV-Online organised free
seminars for approximately 24,000 up-
per secondary school, vocational school
and higher education students on the
labour market, job search and CV writing
and launched a YouTube project aimed
at young people, reaching 158,500 young
job seekers.
CV-Online Estonia conducted surveys
on the state of work environments and
well-being in Estonia, such as “Working
during holidays” and “Bullying at work-
places”, receiving almost 5,000 respons-
es. The aim of the surveys was to raise
awareness of mental health and dis-
tribute information in order to improve
working environments in Estonia. Based
on the results, CV-Online Estonia created
more than 20 educational blog articles.
The blog has attracted more than 64,055
readers and three times the attention on
social media.
Developing sustainability
and responsibility through
cooperation in 2023
In 2023, Alma Media aims to further
enhance social and business cooper-
ation in order to promote sustainable
development. Resources are focused
on key themes defined on the basis of
the company's strategy and materiality
analysis as well as the company's busi-
ness operations in accordance with key
opportunities for influence. More and
more areas of materiality are strongly re-
lated to the company's service business
and brands and create the basis for the
creation of new business opportunities
based on sustainable development.
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Table 12: Information in accordance with TCFD
Strategy The impacts of climate-related risks and opportunities on the organisation’s
businesses, strategy, and financial planning
Financial risks are assessed as a part of the annual Group-level risk assessment process. The thresh-
olds apply to all the risks in the Group’s business segment and operations. The financial or strategic
impacts of the risks are classified as:
• substantial if the probabilities of the realisation of the risk within 6 months is high and if the net loss is
over 10 million euros (high risk)
• significant if the net loss is 5–10 million euros (medium risk)
• minor if the net loss is 1–5 million euros (small risk).
Strategy The impacts of climate-related risks and opportunities on the organisation’s
businesses, strategy, and financial planning
In the short term, warmer winters will complicate the harvesting of wood by the paper suppliers that
operate as Alma’s subcontractors, which may lead to higher paper prices. Increasingly strict national
and EU-level climate regulations may also have cost impacts in Alma Media’s subcontracting chain.
Changes involving paper and delivery costs have an effect on the costs of print publications, for ex-
ample. In the longer term, increasing extreme weather phenomena caused by climate change are pre-
dicted to increase the risk of technical disruptions to digital services in Alma Media’s various operating
countries. The Group manages its environmental risks by systematically developing its operations in
accordance with the Group’s science-based climate targets (SBTi) and by engaging in active environ-
mental dialogue with its key suppliers.
Risk management Links of the climate risk identification, assessment and management to other
risk management within the organisation
Financial risks are assessed as a part of the annual Group-level risk assessment process. With regard to
climate risks, the Group has identified the risks of, for example, extreme weather conditions, increased
regulation, emission trade pricing and the pricing mechanism as well as changes in customer behaviour
related to climate change. The Group has also identified the impacts of these risks on the operational
costs, including the price of insurance.
Risk management The processes used by to identify and assess climate-related risks Climate-related risks are identified and assessed as a part of the annual Group-level risk assessment
process. This covers the Group’s marketing and operating environment, operational and business as-
pects as well as the current and future framework of regulation and reputational risks.
Metrics and targets Scope 1, Scope 2 and Scope 3 emissions and the risks related to them Content in Alma Media’s Report by the Board of Directors: Statement of non-financial information/Envi-
ronmental responsibility p. 24–25, 41–42 and Sustainability Report p. 158, 160–161, 168, 171–173, 176–177
Metrics and targets The targets and results used to manage relevant climate-related risks and
opportunities
Content in Alma Media’s Report by the Board of Directors: Statement of non-financial information/Envi-
ronmental responsibility p. 26, 40–42, and Sustainability Report p. 172, 173, 177
Alma Media continuously develops its
financial reporting related to the climate.
One of the new aspects of this report
is the description of financial risks and
Calculation and data
collection principles for
corporate sustainability
Alma Media uses the GRI Standards
of the Global Reporting Initiative and
opportunities related to the climate
according to the TCFD recommenda-
tions (Task Force on Climate-related
Financial Disclosures). In accordance
with the TCFD recommendations, they
are described in four subject areas: gov-
ernance, strategy, risk management and
metrics and targets.
the instructions of the Sustainable
Accounting Standard Board, where ap-
plicable, in its sustainability reporting. As
a general rule, the reporting covers all of
Alma Media Group. Responsible media
is still also reported under the GRI-G4
guidelines. The aspect boundaries and
GRI and SASB aspects used in Alma
Media’s sustainability reporting are pre-
sented in the tables on following pages.
The 2022 report has not been subject to
an independent assurance.
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Milestones in Alma Media’s Sustainability Path
2010
Alma Media starts reporting
for the Carbon Disclosure
Project (CDP)
2012
Alma Media works out the
environmental impact of
printed magazine and online
media together with VTT and
Kungliga Tekniska Högskola
2013
The share of digital business
rate exceeds 50% of the
revenues
2015
Alma Media commits to the
Paris Agreement to achieve
the objectives of COP21
2018
Alma Media is the third media
company in the world to set the
validated SBT 2ºC targets based
on 2016 baseline
2019
The company moves to the
procurement of zero-emission
renewable energy (hydropower)
for Finnish activities
2020
The Alma House (HQ) switches
to renewable energy sources
for district heating and district
cooling
2021
SBTi 1.5ºC targets approved,
based on the latest normal
year before the pandemic
2019 baseline
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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 Report by the Board of Directors p. 6, 17–19
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
102-5 Ownership and legal form Report by the Board of Directors p. 45
102-6 Markets served Report by the Board of Directors p. 6
102-7 Scale of the organisation Report by the Board of Directors p. 49
102-8 Information on employees and other workers Sustainability Report p. 182
102-9 Supply chain Sustainability Report p. 176
102-10 Significant changes to the organisation and its supply chain Financial Statement p. 52, Report by the Board of Directors,
p. 15–18
102-11 Precautionary Principle or approach Report by the Board of Directors, p. 36–40
102-12 Principles or initiatives of external operators, approved or promoted
by the organisation
Sustainability Report p. 166
102-13 Memberships of associations and advocacy organisations Sustainability Report p. 166–167
Strategy
102-14 CEO’s review Report by the Board of Directors, p. 3–4
102-15 Key impacts, risks, and opportunities Report by the Board of Directors p. 10, 15–19
Ethics and integrity
102-16 Values, principles, standards, and norms of behaviour Sustainability Report p. 169
102-17 Mechanisms for advice and concerns about ethics Sustainability Report p. 169
Governance
102-18 Governance structure Corporate Governance Statement p. 113–115
102-19 Delegating authority Corporate Governance Statement p. 113–119
102-20 Executive-level responsibility Corporate Governance Statement p. 115–118
102-21 Consulting stakeholders Sustainability Report p. 162–163, 167
102-22 Composition of the Board of Directors Corporate Governance Statement p. 115–118
102-23 Chair of the Board of Directors Corporate Governance Statement p. 115
102-24 Nominating and selecting the Board of Directors Corporate Governance Statement p. 115
102-25 Process in place for the Board to ensure conflicts of interest are avoided Corporate Governance Statement p. 128, 130
GRI index
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GRI Indicator Location More information
102-26 Role of the Board of Directors in setting purpose, values and strategy Corporate Governance Statement p. 113–115
102-27 Collective knowledge of the Board of Directors Corporate Governance Statement p. 113–115
102-28 Evaluating the Board of Directors’ performance Corporate Governance Statement p. 119–122
102-29 The Board of Directors’ role in identifying and managing impacts and risks Corporate Governance Statement p. 119–122
102-30 Effectiveness of risk management processes Corporate Governance Statement p. 119–121
102-31 Frequency of the Board of Directors’ reviews of risks Report by the Board of Directors p. 36–37
102-32 The Board of Directors’ role in sustainability reporting Report by the Board of Directors p. 22, Sustainability Report
p. 166–167
102-33 Communicating critical concerns Report by the Board of Directors p. 22
102-34 Nature and total number of critical concerns Report by the Board of Directors p. 22
102-35 Remuneration of the Board and senior executives Remuneration Report p. 135–140
102-36 Process for determining remuneration Remuneration Report p. 135–140
102-40 List of stakeholder groups engaged by the organisation Sustainability Report p. 163
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 agree-
ments is available for the business operations in Fin-
land and Sweden. In Finland, 61 per cent of employees
were covered by collective agreements at the end of
2022. All of Alma Media’s employees in Sweden were
covered by collective agreements in 2022.
Stakeholder interaction
102-42 Basis for identification and selection of stakeholders with whom to engage Sustainability Report p. 162–163
102-43 Approach to stakeholder engagement Sustainability Report p. 162–163
102-44 Key topics and concerns raised through stakeholder engagement Sustainability Report p. 162–163
Reporting practice
102-45 Entities included in the consolidated financial statements Report by the Board of Directors p. 12
102-46 Defining the report content Report by the Board of Directors p. 2, Sustainability Report
p. 157
102-47 Material topics and their calculation boundaries Sustainability Report p. 162, 197
102-48 Restatements of information Sustainability Report p. 197
102-49 Significant changes in the scope and topic boundaries Sustainability Report p. 197
102-50 Reporting period 1 January–31 December 2022
102-51 Date of most recent report 8 March 2022
102-52 Reporting cycle Annual
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GRI Indicator Location More information
102-53 Contact point for questions regarding the report comms@almamedia.fi
102-54 Claims of reporting in accordance with the GRI Standards Sustainability Report p. 199–202
102-55 GRI content index Sustainability Report p. 199–202
102-56 External assurance Sustainability Report p. 197
Management approach
103-1 Material topics and their Boundaries Sustainability Report p. 166–167
103-2 The management approach and its components Sustainability Report p. 166–167
103-3 Evaluation of the management approach Sustainability Report p. 166–167
Economic standards
Economic performance
201-1 Direct economic value generated and distributed Report by the Board of Directors p. 21
201-4 Financial assistance received from government Sustainability Report p. 170
Anti-corruption
205-1 Operations assessed for risks related to corruption Sustainability Report p. 169–170
205-2 Communication and training about anti-corruption policies and procedures Sustainability Report p. 169–170
205-3 Confirmed incidents of corruption and the actions taken Sustainability Report p. 170
Anti-competitive behaviour
206-1 Legal actions for anti-competitive behaviour, anti-trust and
dominant market position practices
Sustainability Report p. 170
Environmental standards
Energy
302-1 Energy consumption within the organisation Sustainability Report p. 172
302-2 Energy consumption outside of the organisation Sustainability Report p. 172
Emissions
305-1 Direct (Scope 1) GHG emissions Sustainability Report p. 172
305-2 Energy indirect (Scope 2) GHG emissions Sustainability Report p. 172
305-3 Other indirect (Scope 3) GHG emissions Sustainability Report p. 172, 176
305-4 GHG emissions intensity Sustainability Report p. 172
305-5 Reduction of GHG emissions Sustainability Report p. 172, 176
307-1 Non-compliance with the environmental laws and regulations Sustainability Report p. 172
308-1 New suppliers were screened using environmental criteria Sustainability Report p. 176
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GRI Indicator Location More information
308-2 Negative environmental impacts in the supply chain and actions taken Sustainability Report p. 176
Social standards
Employee turnover
401-1 New employee hires and employee turnover Sustainability Report p. 184
Training and education
404-1 Average hours of training per year per employee 404-1 Not available for 2022
404-2 Programs for upgrading employee skills and transition assistance programs Sustainability Report p. 184–185
404-3 Percentage of employees receiving regular performance and career
development reviews
Sustainability Report p. 184
Diversity and equal opportunity
405-1 Diversity of governance bodies and employees Sustainability Report p. 181–182
405-2 Ratio of basic salary and remuneration of women to men Alma Media does not define the gender of its employ-
ees.
Non-discrimination
406-1 Incidents of discrimination and corrective actions taken Sustainability Report p. 182
414-1 New suppliers that were screened using social criteria Sustainability Report p. 176
414-2 Actions taken to minimise negative social impacts in the supply chain Sustainability Report p. 176
Public policy
415-1 Political contributions Sustainability Report p. 169
Marketing and labelling
417-3 Incidents of non-compliance with laws, regulations and/or voluntary codes con-
cerning marketing communications
Sustainability Report p. 188
Customer privacy
418-1 Total number of substantiated complaints received concerning breaches of
customer privacy and losses of customer data
Sustainability Report p. 179
Compliance
419-1 Non-compliance with the laws and regulations in the social and economic area Sustainability Report p. 170, 182
Content in accordance with GRI G4
Standards applicable to the media sector
G4-M1 Significant funding and other support received from non-governmental sources Sustainability Report p. 169
G4-M2 Methodology for assessing and monitoring adherence to content creation values Sustainability Report p. 187–189
G4-M3 Actions taken to improve adherence to content creation values Sustainability Report p. 187–189
G4-M4 Content accessibility, protection of vulnerable audiences and informed deci-
sion-making
Sustainability Report p. 187–188
G4-M7 Actions taken to empower audiences through media literacy skills development Sustainability Report p. 189, 194
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Principle Location
Human rights
Principle 1: Businesses should support and respect the protection of internationally proclaimed human rights. Sustainability Report: Code of Conduct p. 169, 176–178, 181
Principle 2: Businesses should make sure that they are not complicit in human rights abuses. Sustainability Report: Code of Conduct p. 169, 176–178, 181
Careers
Principle 3: Businesses should uphold the freedom of association and the effective recognition of the right to collective
bargaining.
Sustainability Report: Code of Conduct p. 169, 176–178, 181
Principle 4: Businesses should support the elimination of all forms of forced and compulsory labour. Sustainability Report: Code of Conduct p. 169, 176–178, 181
Principle 5: Businesses should support the effective abolition of child labour. Sustainability Report: Code of Conduct p. 169, 176–178, 181
Principle 6: Businesses should support the elimination of discrimination in respect of employment and occupation. Sustainability Report: Code of Conduct p. 169, 176–178, 181
Environment
Principle 7: Businesses should support a precautionary approach to environmental challenges. Sustainability Report: Code of Conduct p. 176–178, 181
Principle 8: Businesses should undertake initiatives to promote greater environmental responsibility. Sustainability Report: Code of Conduct p. 176–178, 181
Principle 9: Businesses should encourage the development and diffusion of environmentally friendly technologies. Sustainability Report: Code of Conduct p. 176–178, 181
Anti-corruption
Principle 10: Businesses should work against corruption in all its forms, including extortion and bribery. Sustainability Report: Code of Conduct p. 169, 176–178, 181
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 Sustainability Report
p. 170
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 of privacy and limitation of harm
Sustainability Report
p. 187–188, 179–180
SV-ME-520a.1 Description of approach to ensuring intellectual property (IP) protection Sustainability Report
p. 179–180
SV-ME-270a.1 Total amount of monetary losses as a result of legal proceedings associated with libel or slander Sustainability Report
p. 170
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 Sustainability Report
p. 179–180
SV-ED-230A.2 Description of policies and practices relating to collection, usage and retention of student information Sustainability Report
p. 179–180
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 Sustainability Report
p. 179–180
CG-EC-220A.1
TC-IM-220A.1
Number of users whose information is used for secondary purposes Sustainability Report
p. 179–180
CG-EC-220A.2
TC-IM-220A.1
Description of policies and practices relating to behavioural advertising and user privacy Sustainability Report
p. 188
TC-IM-220A.3 Total amount of monetary losses as a result of legal proceedings associated with user privacy Sustainability Report
p. 179, 170
SV-ME-260A.2 Description of policies and procedures to ensuring pluralism in news media content Sustainability Report
p. 187
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 Sustainability Report
p. 181–182
TC-IM-330A.1 Percentage of employees that are foreign nationals Sustainability Report
p. 182
TC-IM-330A.2 Employee engagement as a percentage, 5 Sustainability Report
p. 184
TC-IM-130A.3 Discussion of the integration of environmental considerations into strategic planning for data centre need Sustainability Report
p. 174–175
Sustainability reporting in accordance with the SASB (Sustainable
Accounting Standard Board) Reporting Framework
NASDAQ ESG Location
G6.1 Does your company follow an Ethics and/or Anti-Corruption policy? Sustainability Report p. 169
G6.2 If yes, what percentage of your workforce has formally certified its compliance with the policy? Sustainability Report p. 169
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Alma Media Corporation
Alvar Aallon katu 3 C, FI-00100 Helsinki, Postal address: P.O. Box 140, FI-00101 Helsinki
Tel. +358 10 665 000, firstname.lastname@almamedia.fi, almamedia@almamedia.fi