Annual report 2014
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Other Information

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Subsequent Events

Sky Radio Group

On 8 January 2015, the Trade and Industry Appeals Tribunal (CBb) issued a ruling in the legal proceedings instituted by the Sky Radio Group against the State. The lawsuit pertained to the € 20.4-million fee that the Sky Radio Group is required to pay for the FM licensing permit over the period 2011-2017 for the qualified A2 Lot (‘Radio Veronica’). The CBb ruled in favour of the Sky Radio Group. The ruling is not open to any appeal or objection. In its ruling the CBb declared Sky Radio Group’s appeal to be founded. In addition, the CBb has nullified the regulations attached to the license. Apart from that the permit was upheld.

To determine its position, TMG consulted with various advisors concerning an assessment of the subsequent negotiations and discussions with the State. These consultations also considered the substantive deliberations of the CBb. These considerations do not appear to preclude that the Minister, acting on his own initiative (in his official capacity) may attempt to impose a new financial payment obligation for the use of the A2 Lot. In addition, the CBb furthermore has not ruled whether the A2 Lot should be considered to have a value that is less than or equal to zero. Nor did the ruling specify that the Minister therefore should have set the payment amount to zero.

TMG has furthermore concluded that it is not possible to rule out that the ruling, in an indirect way, could have negative implications for Sky Radio Group. This is related to the consideration that the Minister can decide whether the current radio permits at the end of their current term will once again be extended or whether there will be an entirely new division. The latter could entail an auction. The uncertainty this entails is whether Sky Radio Group will continue to be able to broadcast on the A2 Lot, as well as the lack of clarity concerning the related financial conditions.

On the basis of its analyses, acquired advice and deliberations, TMG concludes that the consequences of the CBb ruling are uncertain. It is impossible to produce a reliable estimate of the direct consequences. In the balance sheet as at 31 December 2014, the licenses in relation to the obligations arising from Lot A2 are recorded under Intangible assets, Note 4, for an amount of € 9,050 (2013: € 12,422), while the related liability is explained in Note 26. Should any new facts come to light in 2015, these items can change.

For a further analysis of the potential consequences of the CBb ruling see the explanation of the impairment in Note 14.

Holland Media Combinatie

Holland Media Combinatie announced its strategic direction on 6 February 2015. The spearhead in this respect is to strengthen the publications in five core regions. This concerns the four regional dailies Noordhollands Dagblad, Haarlems Dagblad, Leidsch Dagblad, De Gooi- en Eemlander, the weeklies in these regions and the weeklies in the Greater Amsterdam area (Amsterdam, Amstelveen and Almere). The restructuring involving 120 FTEs had been planned for the first half of 2014, but will now be completed in the first quarter of 2015.

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Independent Auditor's Report

The figures for the twelve months ended December 31, 2014 included in this HTML web version are derived from the financial statements 2014. On the financial statements 2014 of Telegraaf Media Groep NV an unqualified auditor's opinion was issued, dated March 10, 2015. The financial statements 2014 in PDF, including the auditor's opinion, have been published hardcopy and on our corporate website.

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Provisions in the articles of association concerning the appropriation of profit

In relation to the appropriation of profit, Article 33 of the articles of association of the Telegraaf Media Groep N.V. stipulates that:

1. Each year the Executive Board, subject to the approval of the Supervisory Board and the Stichting Beheer van Prioriteitsaandelen Telegraaf Media Groep N.V. [TMG Preference Shares Trust], determines the portion of the profit – the positive balance on the income statement – that will be transferred to the reserves.

2. A dividend is made payable on the preference shares from the profit remaining after the transfer to reserves in accordance with the previous paragraph, at a percentage equal to the Euribor interest rate (Euro Interbank Offered Rate) for a period of twelve months (the ‘Rate’), applicable on the date on which the relevant preference shares were issued. The Rate is subsequently reviewed each year by the Executive Board, for the first time on the day one year after the date of issue of the relevant preference shares and subsequently on the day one year after the date on which the Rate was set in the previous calendar year. The Rate is increased by three (3) percentage points. The dividend is calculated on the basis of the average of the applicable Rates in the relevant financial year, weighted by the number of days to which the applicable Rates applied. If the Rate cannot be determined on the relevant day, the Rate will be reviewed on the next day on which it can be determined. The dividend on preference shares will only be paid on the number of days that the relevant shares were actually in issue in the relevant financial year.

3. If in any financial year the dividend on preference shares as provided for in paragraph 2 above, cannot or can only partially be paid, due to a lack of sufficient income, the shortfall is paid from the distributable portion of equity. The dividend is calculated on the paid-up portion of the nominal amount.

4. A dividend is subsequently paid to the holders of priority shares in the amount of five percent of the nominal value of their shares.

5. The profit then remaining is at the disposal of the General Meeting of Shareholders. No additional dividend may however be paid from this amount on the priority shares or the preference shares.

6. Distribution of profit is limited to the distributable portion of the shareholders’ equity.

7. If a loss is incurred in any one year, no dividend is then paid in that year. In addition, in subsequent years a dividend may only be paid after sufficient profit has been made to cover the loss. Based on a proposal submitted by the Stichting Beheer van Prioriteitsaandelen Telegraaf Media Groep N.V., the General Meeting of Shareholders may however decide to extinguish such a loss against the distributable portion of the shareholders’ equity or also make a dividend payable from the distributable portion of the shareholders’ equity.

8. Profit is distributed after the financial statements, showing that the distribution is permissible, have been adopted.

9. The Executive Board, subject to the approval of the Supervisory Board and the Priority Share Management Trust, can decide to proceed with the payment of an interim dividend, provided that the interim statement of assets and liabilities demonstrates compliance with the provision in paragraph six. This statement is related to the capital position on at the earliest the first day of the third month prior to the month in which the decision to proceed with the payment of an interim dividend is announced. This statement is prepared in accordance with the application of generally accepted valuation standards. The statement of assets and liabilities includes the amounts that are to be included as reserves pursuant to the law. The statement is signed by the members of the Executive Board. If the signature of one or more of the members is missing, this is clearly stated together with the reason for it. The statement of assets and liabilities is deposited within eight days following the day on which the decision to proceed with payment is made, at the offices of the Commercial Register.

10. The shares held by the company in its own capital do not count in determining the distribution of profit.

Profit appropriation

The Executive Board, with the approval of the Supervisory Board, proposes that the General Meeting of Shareholders resolves to charge the loss over the 2014 financial year in the amount of € 33,806{MQ} to the other reserves. This proposal has been incorporated in the Financial Statements.

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TMG Preference Shares Trust and TMG Priority Share Management Trust

Overview of all outstanding and potentially available defensive measures to guard against a possible takeover of control of Telegraaf Media Groep N.V. This summary identifies the circumstances under which these defensive measures would likely be able to be invoked.

Stichting Preferente Aandelen Telegraaf Media Groep N.V.

The purpose of the Stichting Preferente Aandelen TMG N.V. (TMG Preference Shares Trust) is as follows:

  1. To protect the interests of the Telegraaf Media Groep N.V., vested in Amsterdam, hereinafter also referred to as the Company, with its affiliated companies and all involved parties, whereby, among other things, such measures are taken as required to protect to the maximum possible extent against influences that could threaten continuity, independence or identity, in conflict with these interests.
  2. To protect against the influence of third parties that could affect the editorial independence, as well as the principles that serve as the basis on which the opinion-forming publications of the companies within the group are formulated.

The Trust attempts to achieve this goal:

  • By acquiring preference shares in the company and by exercising the rights associated with these shares.
  • By exercising other rights that are granted to the Trust pursuant to the law, articles of association or an agreement.

The Trust takes the purpose for which the preference shares may be issued into consideration in relation to the provisions stated under 1) above, in accordance with the explanation provided in support of the proposal to amend the articles of association approved by the General Meeting of the Company on 20 December 1983. The disposal, encumbrance or in any other way disposing of shares falls outside such purpose, except:

  • By disposal to the company itself or to an affiliated group company to be designated by the company.
  • By collaboration in the repayment and withdrawal of shares.
  • By encumbering shares (without transfer of voting right) for the purpose of acquiring a loan or credit, with the sole objective of depositing (part) of the nominal value of the preference shares in the Company to be acquired by the Trust.

The right to issue preference shares in the Telegraaf Media Groep N.V. is granted by the Stichting Beheer van Prioriteitsaandelen Telegraaf Media Groep N.V. (TMG Priority Share Management Trust).

The Stichting Preferente Aandelen Telegraaf Media Groep N.V. has the right to acquire, in part or in whole, a number of preference shares in the capital of Telegraaf Media Groep N.V. for the exercise of these rights that corresponds to 50% of the total number of ordinary shares issued before the exercise of (a portion of) these rights.

The Stichting Preferente Aandelen Telegraaf Media Groep N.V. is an independent trust as defined in Section 5:71 subsection 1 under c of the Financial Supervision Act (Wft).

On 21 March 2008, Telegraaf Media Groep N.V. granted the Trust the authority to submit a request for inquiry on the basis of Article 2:346, opening words, and under e of the Dutch Civil Code.

The Management Board consists of a minimum of three and a maximum of five members. As at 31 December 2014 the composition of the Management Board was as follows: J.H.M. Lindenbergh (Chairman), J.G. Bruijniks (Vice-chairman) and J.P. Witsen Elias (Secretary).

The remuneration of the Trust’s Management Board members consists of € 7,260 per year for the Chairman and € 6,050 per year for the other board members, paid on an after-the-fact basis and per calendar year. The other costs of the Trust consist of banking, consulting and auditing fees. The total expenses of the Trust over 2014 amounted to € 41,179 (2013: € 43,881).

No preference shares were outstanding on the balance sheet date.

The Trust meets on two occasions during the year. In 2014, these meetings were held on 9 April and 1 October. Among the topics discussed at these meetings were the semi-annual and annual figures of Telegraaf Media Groep N.V. in the presence of TMG’s CFO, the issue of preference shares scenarios, the extension of the loan agreement and the deeds of pledge, and the search for member A on the Management Board. In addition, the Trust was introduced to the new CEO, Mr Geert-Jan van der Snoek and the new CFO, Mr Leo Epskamp.

The Trust can autonomously and independently decide whether and when there is a need to exercise its option right.

Declaration of Independence

In the opinion of the Trust’s Management Board, as well as the Company’s Executive Board, the Trust is independent as defined in Section 5.71 (1c) of the Financial Supervision Act (Wft).

Stichting Preferente Aandelen Telegraaf Media Groep N.V.,
J.H.M. Lindenbergh, Chairman

Telegraaf Media Groep N.V.
Geert-Jan van der Snoek, CEO

Stichting Beheer van Prioriteitsaandelen Telegraaf Media Groep N.V.

The objective of the Management Trust is to acquire and manage the priority shares of the Company and, partly on this basis, to ensure the continuity of the company’s management, ward off any influences on the Company’s management that could affect the independence of the Company in conflict with its interests and to promote sound policy in the interests of the Company.

The authorities associated with the priority shares include the decision to issue shares, set the number of directors and the right to propose an amendment to the articles of association or dissolution of the Company before the General Meeting can decide on such matters.

The priority shares are held by the Stichting Beheer van Prioriteitsaandelen Telegraaf Media Groep N.V., whose Management Board at 31 December 2014 consisted of E.H. van Puijenbroek (Chairman), J.J. Nooitgedagt, M.A.M. Boersma and A.R. van Puijenbroek.

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Annual Report 2014 of the Telegraaf Media Groep N.V. Share Administration Trust

Telegraaf Media Groep N.V. is a listed company. The receipts for depositary shares in Telegraaf Media Groep N.V. are traded on the Euronext Amsterdam N.V.

One of the purposes of the Telegraaf Media Groep N.V. Share Administration Trust (hereinafter: the Trust) is to issue convertible bearer depositary receipts for shares in exchange for which the Trust acquires and holds ordinary shares in its own name, for administration. The Trust administers the ordinary shares acquired for administration and exercises the rights associated with these shares, including the voting rights.

In exercising the rights associated with the shares, the Trust primarily focuses on the interests of the holders of depositary receipts with due consideration to the interests of Telegraaf Media Groep N.V. and its affiliated companies. The issue of depositary receipts for shares is a measure designed to prevent the absence of shareholders at the General Meeting of Shareholders from resulting in a minority of shareholders, by happenstance or otherwise, that is subsequently able to take over control of the meeting.

Shareholders are entitled to attend the General Meeting of Shareholders, and to speak and vote at this meeting. Holders of depositary receipts are entitled to attend and speak at this meeting. Holders of depositary receipts may obtain a voting proxy for the duration of this meeting from the Management Board of the Telegraaf Media Groep N.V. Share Administration Trust that entitles them to vote. Telegraaf Media Groep N.V.’s depositary receipts for shares can be converted without limitation. The issue of depositary receipts for shares therefore does not constitute an anti-takeover measure for Telegraaf Media Groep N.V.

The notes explaining the variance from Principle IV.2 of the Corporate Governance Code: Issue of Depositary Receipts for Shares may be found at www.tmg.nl under Corporate Governance.

In 2014, the number of convertible depositary receipts for shares in Telegraaf Media Groep N.V. issued by the Telegraaf Media Groep N.V. Share Administration Trust on balance increased by 120,000 depositary receipts and amounted to 29,107,774 (at a nominal value of € 0.25) as at 31 December 2014, corresponding to a nominal amount of € 7,276,943.50. An equal number of shares was administered by the Trust against these depositary receipts.

Two meetings took place on 8 April 2014. The items discussed during the regular Management Board meeting (minutes available on the Trust’s website: http://administratiekantoor.tmg.nl) include the Trust's financial statements and report for the 2013 financial year, and the Trust’s accounts. Telegraaf Media Groep N.V.’s financial statements were extensively discussed with Mr F.Th.J. Arp, the former CFO of the Executive Board of the Telegraaf Media Groep N.V. The agenda of the subsequent Meeting of the Holders of Depositary Receipts for Shares and that of the General Meeting of Shareholders of 24 April 2014 were also discussed at this meeting.

The Meeting of the Holders of Depositary Receipts for Shares subsequently took place in the afternoon (minutes available on the Trust’s website: http://administratiekantoor.tmg.nl). This year two holders of depositary receipts for shares were present at this meeting.

Agenda items included a discussion of the minutes of the Meeting of Holders of Depositary Receipts for Shares held on 11 April 2013, a review of the Telegraaf Media Groep N.V. General Meeting of Shareholders held on 25 April 2013, the activities of the Executive Board during 2013, and preparations for the Telegraaf Media Groep N.V. General Meeting of Shareholders held on 24 April 2014. During the meeting, the questions that one of the holders of depositary receipts for shares and the questions that the Management Board was planning to ask during the General Meeting of Shareholders were discussed. The questions were related to the arrival of Mr Van der Snoek as CEO, the retirement of three supervisory directors at a single meeting, the two newly to be appointed supervisory directors, the decision not to dispose of Keesing, TMG’s strategy, the severance payment of Mr Van Campenhout, the financial position in relation to the pay-out of the super-dividend, the constant reorganisation, and the new remuneration policy of the Executive Board and the Supervisory Board. In addition, it was decided to ask the Executive Board about the possibility of convening an Extraordinary General Meeting when a major acquisition is planned. Furthermore, the attendees would like to see a paragraph in the 2014 Financial Annual Report that describes the Supervisory Board’s view of TMG’s strategy and how the Supervisory Board contributes to this.
One of the attending holders of certificates for depository receipts for shares also had a number of questions for the auditor.

Telegraaf Media Groep N.V.’s Annual General Meeting of Shareholders was held on 24 April 2014 in Amsterdam (www.tmg.nl). The Trust’s Management Board issued voting proxies for the duration of the meeting to the holders of depositary receipts for shares present during the meeting. The Management Board represented over 17%, while the holders of depositary receipts for shares with proxies represented almost 45% of the votes present during this meeting.

During this meeting, Mr De Waard, the Foundation’s Chairman, discussed the distribution of the super-dividend. The Trust is naturally not opposed to the distribution, but wishes to know if TMG still has sufficient financial resources to make the required investments over the medium-term following the pay-out of the super-dividend. Mr Arp answers by indicating that in addition to cash funds, there are other funding options, such as a loan or issuing shares. Furthermore, Mr De Waard asked questions about the remuneration policy. The remuneration policy must be determined by the shareholders and the remuneration amounts are determined by the Supervisory Board. In his view, a share option plan should also be determined by the shareholders, rather than by the Supervisory Board.

He proposes converting the severance pay upon termination of the contract into a 6-month notice period. Mr Nooitgedacht proposes removing the shares component from the proposal. Furthermore, the severance pay upon termination of the contract term is removed from the proposal and the relevant executive is notified after 3.5 years relating to renewal or termination of the contract. The criteria relating to the variable portion of the remuneration are clear and measurable. This is subject to subsequent accountability to the General Meeting. The Chairman of the Supervisory Board puts the proposal as defined by Mr Nooitgedacht to the vote. The proposal is adopted with a majority of votes.

The Chairman of the Trust also asks if the Supervisory Board will be looking for a person with experience in supervisory roles for the third Supervisory Board position. This is confirmed by Mr Boersma, the Chairman of the Supervisory Board.

Relating to the issues further presented by the Board during the General Meeting of Shareholders of Telegraaf Media Groep N.V on 24 April 2014, and the relevant reactions of the Supervisory Board and Executive Board, please refer to the relevant Minutes.

In September 2014, the Chairman had an introductory meeting with Mr Van der Snoek who took up his position as CEO at TMG on 1 July 2014.

During the autumn meeting (minutes available on the Trust’s website: http://administratiekantoor.tmg.nl), the Management Board met with Mr Epskamp who joined TMG as its CFO on 1 September. Since Mr Epskamp had not prepared the semi-annual report, the Management Board’s questions put to Mr Epskamp were of a more general nature. He will be asked to explain the figures in a subsequent meeting. In addition, the Trust’s finances, the minutes of the meeting of 8 April 2014, the signature of the power of attorney concerning transactions involving shares and depositary receipts for shares of Telegraaf Media Groep N.V., the role of Kasbank in the registration procedure for the Meeting of Holders of Depositary Receipts for Shares and the date for the spring meeting of the Management Board and the 2015 Meeting of Holders of Depositary Receipts for Shares were discussed.

The annual remuneration of the Trust’s Management Board members consists of € 10,890 for the Chairman and € 8,470 for the other board members, paid in arrears and per calendar year. The annual costs of the activities of the Share Administration Trust primarily consist of expenses related to stock exchange listings and processing costs for a total of € 21,585, costs for maintaining the Trust’s website for a total of € 1,929 and auditing costs in the amount of € 3,926. The total expenses of the Trust over 2014 amounted to € 72,228 = (2013: € 73,440).

The Board of the Telegraaf Media Groep N.V. Share Administration Trust is independent in the sense of Article 2:113 paragraph 3 of the Dutch Civil Code and consists of the following members, including mention of former and/or current functions held:

T. de Waard, Chairman:
solicitor at De Waard Sinke Advocaten

W.P. Moleveld RA, Vice Chairman:
Emeritus Professor of Accountancy at Nyenrode Business University

E.S. Schneider LL.M., Secretary:
Independent Organisation Consultant, specialising in publishers and printers (to 2006)

W. Ruijgrok:
Former Managing Director of VNO-NCW

J.F.H.M. van Exter:
Former Managing Director Tata Steel Nederland Services B.V.

Amsterdam, 11 March 2015

Telegraaf Media Groep N.V. Share Administration Trust

c/o Basisweg 30
1043 AP Amsterdam, The Netherlands

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Key Figures by Year

 

2014

2013

20121

2011

2010

2009

2008

2007

2006

2005

 

 

 

 

 

 

 

 

 

 

 

Shareholders’ equity x € 1,0002

258,719

298,786

424,760

465,828

531,075

465,962

411,576

866,815

498,041

530,468

TMG equity in percentage of the total equity and liabilities

54.4%

53.7%

53.1%

55.6%

66.7%

61.1%

54.0%

70.3%

47.8%

68.8%

 

 

 

 

 

 

 

 

 

 

 

Current ratio

0,72:1

0,7:1

0,45:1

0,50:1

0,72:1

0,78:1

0,7:1

2,64:1

1,04:1

1,08:1

Current gearing

1,19:1

1,16:1

1,13:1

1,25:1

2,00:1

1,57:1

1,17:1

2,37:1

0,91:1

2,20:1

 

 

 

 

 

 

 

 

 

 

 

Revenue TMG x € 1,000

512,701

542,230

555,850

577,200

592,297

611,840

684,204

738,795

784,460

736,686

Cash flow from operating activities x € 1,000

24,129

-15,465

21,977

17,485

59,569

49,252

64,962

62,130

60,195

73,600

Net result x € 1,000 **

-33,806

177,597

-10,602

-32,590

81,826

70,505

-359,988

400,097

49,599

65,428

Net result TMG in percentage of the total revenues

-6.6%

32.8%

-1.9%

-5.6%

13.8%

11.5%

-52.6%

54.2%

6.3%

8.9%

Operating result in percentage of the total revenues

-6.1%

-1.9%

2.9%

-14.3%

3.8%

-0.5%

-5.4%

-3.8%

-2.1%

7.2%

 

 

 

 

 

 

 

 

 

 

 

Average total revenues per employee (fte)

219,009

209,760

204,658

204,536

207,751

204,743

207,272

201,590

188,981

170,632

Personnel end of year (fte)

2,259

2,459

2,745

2,940

2,851

2,988

3,278

3,594

3,782

4,362

 

 

 

 

 

 

 

 

 

 

 

Return on equity

-13.1%

59.4%

-2.5%

-7.0%

15.4%

15.1%

-87.5%

46.2%

9.9%

12.3%

Pay out ratio

p.m.

p.m.

p.m.

p.m.

26.3%

23.7%

p.m.

11.9%

50.0%

35.3%

 

 

 

 

 

 

 

 

 

 

 

Shareholders’ equity

5.58

6.45

9.16

9.99

11.12

9.76

8.62

17.43

9.96

10.10

Cash flow from operating activities

0.52

-0.33

0.47

0.37

1.25

1.03

1.35

1.24

1.20

1.40

Net result

-0.73

3.83

-0.23

-0.69

1.71

1.48

-7.49

8.00

0.99

1.25

Dividend

p.m.

p.m.

0.00

0.47

0.45

0.35

0.35

1.00

0.50

0.44

 

 

 

 

 

 

 

 

 

 

 

Lowest share price

5.61

7.92

6.60

9.10

14.52

8.95

8.86

19.69

19.00

17.06

Highest share price

9.11

14.853

10.49

16.45

16.45

14.80

24.86

26.87

23.00

20.64

Closing share price as at 31 December

6.09

9.11

8.00

9.95

14.95

13.14

12.45

25.00

19.85

18.25

  • Based on IFRS principles.
  • Attributable to shareholders of Telegraaf Media Groep N.V.
  • Before interim-dividend payment of € 6.00.
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Glossary and Abbreviations

Carbon Disclosure Project (CDP)

An independent non-profit organisation that globally strives to mitigate the emission of greenhouse gases. For more information see: http://www.cdp.net.

Centraal Bureau Fondsenwerving (Central Fundraising Bureau) (CBF)

CBF provides information about charitable causes and promotes responsible fundraising and spending. For more information see: http://www.cbf.nl.

CertiQ

CertiQ certifies power generated by the sustainable energy sources solar, water, wind and biomass and has been appointed by the government for this purpose. The Certificates of Origin are provided electronically by CertiQ and are the only valid proof in the Netherlands that the power was generated from sustainable sources. The certificates issued by CertiQ can be traded within Europe. For more information see: http://www.certiq.nl.

CO2emissiefactoren.nl

The list of CO2 emission factors is an initiative of SKAO, Stichting Stimular, Connekt, Milieu Centraal and the Ministry of Infrastructure and the Environment and was created in collaboration with various stakeholders pursuant to a Green Deal with the involved parties. For more information see: http://www.co2emissiefactoren.nl.

DAB+

Digital Audio Broadcasting. System for digitised radio broadcasts.

DIP (Deinked Pulp)

Recycled paper fibres that are processed with chemicals to remove the printing inks and other undesirable elements from the paper fibres. The process is referred to as ‘deinking’.

Sustainability reporting

Sustainable themes that are professionally and clearly reported in various ways, including in specials, advertisements, branded content and current affairs.

Energy Efficiency Plan (EEP)

A tool for implementing energy efficiency improvement measures as part of the internal company planning process. The plan identifies which measures will be implemented when. It is a mandatory element of the long-term agreement on energy efficiency.

FSC

The Forest Stewardship Council (FSC) is an international organisation dedicated to preserving and responsible forest stewardship throughout the world. FSC speaks about responsible forest stewardship when there is a balanced approach to the ecological, social and economic aspects that form part of forest management. For more information see: http://www.fsc.nl.

Greenhouse Gas Protocol

An international standard for measuring, calculating and reporting the emission of greenhouse gases. For more information see: http://www.ghgprotocol.org/.

GRI

The Global Reporting Initiative (GRI) focuses on achieving sustainability reporting by all organisations. GRI produces the world’s most comprehensive Sustainability Reporting Framework as a means of effecting greater transparency by organisations. For more information see: https://www.globalreporting.org.

GRP

Gross Rating Points. Measuring unit for viewing and listening density.

HOI

The Circulation Institute (HOI) collects, verifies and publishes circulation figures for media published in the Netherlands. It was acquired by NOM (National Multimedia Research) on 1 January 2015.

International Labour Organization (ILO)

The International Labour Organization is a specialised United Nations organisation. The promotion of social justice in work-related situations is one of the ILO’s most important objectives. For more information see: http://www.ilo.org.

CSR

Corporate Social Responsibility.

NOM

National Multimedia Research (formerly HOI - see HOI).

NMR

Nielsen Media Research.

NLO/Intomart

National Listening Research/Intomart.

OECD Guidelines

The OECD Guidelines clearly specify what the Dutch government (and 45 other countries) expects from companies in the area of corporate social responsibility (CSR) when they conduct (international) business. The guidelines provide a frame of reference for companies to deal with issues such as supply chain responsibility, human rights, child labour or the environment. For more information see: http://www.oesorichtlijnen.nl/

PEFC

The Programme for the Endorsement of Forest Certification schemes is a global non-profit, independent quality mark designed to promote sustainable forest management. For more information see: http://pefcnederland.nl.

Primary fuels

Electricity consumption is calculated on the basis of the use of primary fuels. This means that the calculations are based on the energy of the fuel required to generate 1 kWh of electricity in a power plant. A power plant has an average yield of approximately 40%. This means that for every kWh of electricity produced by a power plant, 2.5 kWh of fuel is required. 1 kWh has an energy content of 3.6 Gigajoules. The consumption of 1 kWh of electricity on the basis of the use of a primary fuel therefore has a primary energy content of 3.6 GJ x 2.5 = 9 GJ.

RAB

Radio Advies Bureau, marketing organisation for all national and regional, public and commercial radio stations.

SKAO

Independent Foundation for Climate-Friendly Procurement and Business is an organisation that publishes a methodology for measuring the CO2 performance of companies. As part of this methodology, the company also publishes CO2 emission factors.

Total Cost of Ownership

Total Cost of Ownership (TCO) is an approach designed to provide full insight into all costs related to the acquisition, use and removal/reuse of purchased goods and services.

Transparency Benchmark

The Transparency Benchmark is a yearly analysis of the substance and quality of the corporate social responsibility reporting by Dutch companies.

UN Global Compact

An initiative of the United Nations in which governments, the business community and divergent institutions collaborate to develop and apply universal principles concerning human rights, working conditions, the environment and combating corruption. For more information see: https://www.unglobalcompact.org.

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