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and cash stood at eur 6.2 million (eur
7.0 million) at the end of the year.
We took care of loan installments to
financers as agreed. In 2011, we took
out no additional loans. We paid special
attention to the efficient management of
working capital: we initiated programs
to speed up the turnover of inventories
and sales receivables in operations, for
instance.
Thanks to our strong financial posi-
tion, we have been able to invest suffi-
ciently in business development by mak-
ing necessary investments, carrying out
recruitment activities and executing cor-
porate restructuring. The fact that we
have been able to maintain a good finan-
cial position is testimony to our ability to
adjust business operations to cope with
structural changes in the communication
sector, both by eliminating low-profita-
ble business and by developing our com-
petence and service offering in the areas
where demand is increasing.
Internal control and risk
management
Because we operate in a rapidly changing
market, reliable and appropriate inter-
nal reporting is of particular importance
for us. In 2011, we developed our report-
ing by enhancing the monitoring of cus-
tomer profitability and by defining oper-
ation-specific profitability indicators.
Identification and management of
risks at a sufficiently early stage and
reacting to them are also essential factors
in a rapidly changing environment. A
systematic risk follow-up model enables
us to detect risks in time and to react to
them quickly. With internal control, we
aim to identify and anticipate potential
future risks. Thanks to regular risk analy-
sis and risk monitoring, we were able to
make the required adjustments in time
and thus report a profit for 2011.
•
F I NANC I AL RESPONS I B I L I TY
Edita Group’s finance strategy
Added value for
stakeholders
Strong financial
position
Internal control
and risk
management
FOCUS AREAS
STRONG GOVERNANCE AND PROFITABLE BUSINESS
GOAL
We provide Edita’s
stakeholders with added
value in order to sustain
long-term relationships.
We run our business
efficiently, aiming for
long-term profitabil-
ity, which adds value for
our stakeholders. Strong
solvency is a good basis
for a solid business with
long-term profitability.
Efficient internal control
safeguards, reliable infor-
mation and regular risk
monitoring enable us
to react to and manage
risks in time.
Renewal
Respect
Responsibility
VALUES
Sales and purchases
stakeholder
indicator
2009
2010
2011
Customers
Sales
111 655
110 882
107 611
Suppliers
Cost of goods, materials
51 740
50 745
50 443
and services purchased
Added value created
59 915
60 137
57 168
Added value to stakeholders
stakeholder
indicator
2009
2010
2011
Employees
Wages and salaries,
50 140
50 342
48 798
pensions, social costs
Public sector
direct taxes
–1 164
244
–40
Financers
Net financing costs
1 616
923
707
Charitable organizations
donations
98
128
119
Owners
dividends
1 740
990
0
investors
investments
6 838
3 312
5 017
Total added value distributed to stakeholders
59 268
55 939
54 601
Value added remaining in the company
647
4 198
2 567
Added value created/fte (teur)
64
73
77
E d i TA ’ S Y E A R 2 0 1 1
Business &
Corporate
responsibility
Correction to page 46
There are errors in the figures in the Sales and purchases table. The amended table is below:
46
edita’s year 2011