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financial statements 2011
investments
The Group’s gross capital expenditure was EUR 5.0
million (eur 3.3 million). The parent company’s capital
expenditure was EUR 2.7 million (eur 0.3 million).
The most significant investments were the acquisi-
tion of the Finnish company Gospel Communications
Oy’s entire capital stock and investments in property
development, energy efficiency and noise reduction
made at the Hakuninmaa premises. In printing opera-
tions, investments were made in the post-processing of
digital production.
personnel
During the financial year, the Group employed an
average of 747 (820) persons (full-time equivalents).
The parent company employed an average of 30 (31)
persons (fte).
The number of employees fell in the Print &
Distribution business area by 74 persons, in the Editorial
Communication business area by 4 persons and in the
Marketing Services business area by 3 persons. In the
Publishing business area, the number of employees
grew by 8 persons. In Other Operations, the number of
employees remained at the level of the previous year.
Of the Group’s employees, 50% worked in Finland
and 50% in other countries, mainly in Sweden.
risk management
The Edita Group’s primary risks come from economic
instability in the market, significant structural changes in
the printing market and the weakening of the Swedish
krona. Risks are assessed regularly.
Instability in the European economy influences
the customers’ investments in marketing communica-
tions – the largest projects are being postponed or
cancelled or their scope is being curtailed. Edita works
closely with its customers in order to be able to antici-
pate any development needs for its operations well in
advance and to meet customer requirements.
The shift of focus in communications towards
digital channels will continue. Even in the future, it will
be challenging for the Group to develop its opera-
tions to reflect the change in demand. This change
will be strongest in the Print & Distribution business
area and also affect the Marketing Services business
area to some extent. In 2011, business operations were
adjusted in both of these business areas. Profitable
management of the transformation taking place in
communications will be a key challenge for the Group.
The consolidated statement of financial position
includes consolidated goodwill amounting to eur 20.5
million. If the general economic conditions weaken
and turn into a long-term recession, it could result in
the partial depreciation of goodwill, in particular in
the Marketing Services and the Print & Distribution
business areas.
The personnel’s expertise plays a crucial role in
strengthening the Group’s competitiveness. The strong
digitalization of communication creates continuous
pressure to develop expertise. The key factors which
will contribute to Edita’s success include develop-
ment of intellectual capital and success in gaining
commitment from and recruiting key personnel. In
2011, assessments of key personnel continued and
key personnel were provided with opportunities for
competence development and training. Towards the
end of the year, we decided to invest in the develop-
ment of strategic HR and to strengthen the Group’s
Average number of employees (
FTE
)
2011
2010
Change 2011-2010
Marketing Services
163
166
-1.8%
Editorial Communication
117
121
-3.3%
Print & Distribution
349
423
-17.5%
Publishing
76
68
11.8%
Other operations
42
42
0.0%
Group
747
820
-8.9%
By country
Finland
371
447
-17.0%
Sweden and Ukraine
376
373
0.8%
Group
747
820
-8.9%
Employee benefits expense (eur 1000)
48 798
50 342
-3.1%