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<br /> 20<br /> 09<br /> <br /> Annual Report<br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> CVR NO. 66 59 01 19<br /> Annual Report 2009 Side 1<br /> Page 1<br /> Group Annual Report <a title="AnnualReport_2009_EN.pdf page 1" href="http://viewer.zmags.com/publication/8854c62a?page=1">2009Annual Report</a> 2009Annual Report<a title="AnnualReport_2009_EN.pdf page 2" href="http://viewer.zmags.com/publication/8854c62a?page=2">Group Annual Report </a> Group Annual Report <a title="AnnualReport_2009_EN.pdf page 3" href="http://viewer.zmags.com/publication/8854c62a?page=3">Management’s reviewSøndagsavisen a-s realis</a> Management’s reviewSøndagsavisen a-s realis<a title="AnnualReport_2009_EN.pdf page 4" href="http://viewer.zmags.com/publication/8854c62a?page=4">Management’s reviewFinancial highlights and rat</a> Management’s reviewFinancial highlights and rat<a title="AnnualReport_2009_EN.pdf page 5" href="http://viewer.zmags.com/publication/8854c62a?page=5">Management’s reviewANNUAL REPORTGroupT</a> Management’s reviewANNUAL REPORTGroupT<a title="AnnualReport_2009_EN.pdf page 6" href="http://viewer.zmags.com/publication/8854c62a?page=6">Management’s reviewPRINTStrong growth </a> Management’s reviewPRINTStrong growth <a title="AnnualReport_2009_EN.pdf page 7" href="http://viewer.zmags.com/publication/8854c62a?page=7">Management’s reviewing costs for initiativ</a> Management’s reviewing costs for initiativ<a title="AnnualReport_2009_EN.pdf page 8" href="http://viewer.zmags.com/publication/8854c62a?page=8">Management’s reviewsector”,“sales” and ”fin</a> Management’s reviewsector”,“sales” and ”fin<a title="AnnualReport_2009_EN.pdf page 9" href="http://viewer.zmags.com/publication/8854c62a?page=9">Management’s reviewPENDING LITIGATIONAs </a> Management’s reviewPENDING LITIGATIONAs <a title="AnnualReport_2009_EN.pdf page 10" href="http://viewer.zmags.com/publication/8854c62a?page=10">Management’s reviewIn a future-oriented st</a> Management’s reviewIn a future-oriented st<a title="AnnualReport_2009_EN.pdf page 11" href="http://viewer.zmags.com/publication/8854c62a?page=11">Management’s reviewCOMMENTS ON THE FINANCIAL</a> Management’s reviewCOMMENTS ON THE FINANCIAL<a title="AnnualReport_2009_EN.pdf page 12" href="http://viewer.zmags.com/publication/8854c62a?page=12">Management’s reviewof Norsk Avisdrift AS. </a> Management’s reviewof Norsk Avisdrift AS. <a title="AnnualReport_2009_EN.pdf page 13" href="http://viewer.zmags.com/publication/8854c62a?page=13">Management’s review22.0 million on 2008 wh</a> Management’s review22.0 million on 2008 wh<a title="AnnualReport_2009_EN.pdf page 14" href="http://viewer.zmags.com/publication/8854c62a?page=14">Management’s reviewBUSINESS MANAGEMENTBus</a> Management’s reviewBUSINESS MANAGEMENTBus<a title="AnnualReport_2009_EN.pdf page 15" href="http://viewer.zmags.com/publication/8854c62a?page=15">Management’s reviewCORPORATE GOvERNANCEThe</a> Management’s reviewCORPORATE GOvERNANCEThe<a title="AnnualReport_2009_EN.pdf page 16" href="http://viewer.zmags.com/publication/8854c62a?page=16">Management’s reviewIn connection with any </a> Management’s reviewIn connection with any <a title="AnnualReport_2009_EN.pdf page 17" href="http://viewer.zmags.com/publication/8854c62a?page=17">Management’s reviewReporting is typically </a> Management’s reviewReporting is typically <a title="AnnualReport_2009_EN.pdf page 18" href="http://viewer.zmags.com/publication/8854c62a?page=18">Management’s reviewIn the past two years, </a> Management’s reviewIn the past two years, <a title="AnnualReport_2009_EN.pdf page 19" href="http://viewer.zmags.com/publication/8854c62a?page=19">Management’s reviewMEGATRENDS AND POLITICAL</a> Management’s reviewMEGATRENDS AND POLITICAL<a title="AnnualReport_2009_EN.pdf page 20" href="http://viewer.zmags.com/publication/8854c62a?page=20">Management’s reviewMARKET RISKSMarket risk</a> Management’s reviewMARKET RISKSMarket risk<a title="AnnualReport_2009_EN.pdf page 21" href="http://viewer.zmags.com/publication/8854c62a?page=21">Management’s reviewAll vital servers are d</a> Management’s reviewAll vital servers are d<a title="AnnualReport_2009_EN.pdf page 22" href="http://viewer.zmags.com/publication/8854c62a?page=22">Management’s reviewthe sale of the remaini</a> Management’s reviewthe sale of the remaini<a title="AnnualReport_2009_EN.pdf page 23" href="http://viewer.zmags.com/publication/8854c62a?page=23">Management’s reviewIndependent strategy an</a> Management’s reviewIndependent strategy an<a title="AnnualReport_2009_EN.pdf page 24" href="http://viewer.zmags.com/publication/8854c62a?page=24">Management’s reviewFinancial yearThe Group</a> Management’s reviewFinancial yearThe Group<a title="AnnualReport_2009_EN.pdf page 25" href="http://viewer.zmags.com/publication/8854c62a?page=25">Management’s reviewBoard of ManagementMads</a> Management’s reviewBoard of ManagementMads<a title="AnnualReport_2009_EN.pdf page 26" href="http://viewer.zmags.com/publication/8854c62a?page=26">Management’s reviewAnnouncements 200915 Ja</a> Management’s reviewAnnouncements 200915 Ja<a title="AnnualReport_2009_EN.pdf page 27" href="http://viewer.zmags.com/publication/8854c62a?page=27">Business ConceptBusiness conceptTo provide</a> Business ConceptBusiness conceptTo provide<a title="AnnualReport_2009_EN.pdf page 28" href="http://viewer.zmags.com/publication/8854c62a?page=28">Company DescriptionCOMPANy DESCRIPTIONThe </a> Company DescriptionCOMPANy DESCRIPTIONThe <a title="AnnualReport_2009_EN.pdf page 29" href="http://viewer.zmags.com/publication/8854c62a?page=29">Company DescriptionThe readerSøndagsavise</a> Company DescriptionThe readerSøndagsavise<a title="AnnualReport_2009_EN.pdf page 30" href="http://viewer.zmags.com/publication/8854c62a?page=30">Company DescriptionProductsCompanies with</a> Company DescriptionProductsCompanies with<a title="AnnualReport_2009_EN.pdf page 31" href="http://viewer.zmags.com/publication/8854c62a?page=31">Company DescriptionKandidathuset is respon</a> Company DescriptionKandidathuset is respon<a title="AnnualReport_2009_EN.pdf page 32" href="http://viewer.zmags.com/publication/8854c62a?page=32">Company DescriptionMINREKLAME.DKMinReklam</a> Company DescriptionMINREKLAME.DKMinReklam<a title="AnnualReport_2009_EN.pdf page 33" href="http://viewer.zmags.com/publication/8854c62a?page=33">Statement by the Board of Directors and Managemen</a> Statement by the Board of Directors and Managemen<a title="AnnualReport_2009_EN.pdf page 34" href="http://viewer.zmags.com/publication/8854c62a?page=34">Statement by the Independent AuditorsTHE IND</a> Statement by the Independent AuditorsTHE IND<a title="AnnualReport_2009_EN.pdf page 35" href="http://viewer.zmags.com/publication/8854c62a?page=35">Statement by the Independent AuditorsStatem</a> Statement by the Independent AuditorsStatem<a title="AnnualReport_2009_EN.pdf page 36" href="http://viewer.zmags.com/publication/8854c62a?page=36">Page 34 </a> Page 34 <a title="AnnualReport_2009_EN.pdf page 37" href="http://viewer.zmags.com/publication/8854c62a?page=37">Consolidated income statement and comprehensive i</a> Consolidated income statement and comprehensive i<a title="AnnualReport_2009_EN.pdf page 38" href="http://viewer.zmags.com/publication/8854c62a?page=38">Consolidated balance sheet at 31 DecemberA</a> Consolidated balance sheet at 31 DecemberA<a title="AnnualReport_2009_EN.pdf page 39" href="http://viewer.zmags.com/publication/8854c62a?page=39">Consolidated balance sheet at 31 DecemberE</a> Consolidated balance sheet at 31 DecemberE<a title="AnnualReport_2009_EN.pdf page 40" href="http://viewer.zmags.com/publication/8854c62a?page=40">Consolidated statement of changes in equity</a> Consolidated statement of changes in equity<a title="AnnualReport_2009_EN.pdf page 41" href="http://viewer.zmags.com/publication/8854c62a?page=41">Consolidated cash flow statementNoteNet </a> Consolidated cash flow statementNoteNet <a title="AnnualReport_2009_EN.pdf page 42" href="http://viewer.zmags.com/publication/8854c62a?page=42">Page 40 </a> Page 40 <a title="AnnualReport_2009_EN.pdf page 43" href="http://viewer.zmags.com/publication/8854c62a?page=43">Notes to the consolidated financial statements</a> Notes to the consolidated financial statements<a title="AnnualReport_2009_EN.pdf page 44" href="http://viewer.zmags.com/publication/8854c62a?page=44">Notes to the consolidated financial statements</a> Notes to the consolidated financial statements<a title="AnnualReport_2009_EN.pdf page 45" href="http://viewer.zmags.com/publication/8854c62a?page=45">Notes to the consolidated financial statements</a> Notes to the consolidated financial statements<a title="AnnualReport_2009_EN.pdf page 46" href="http://viewer.zmags.com/publication/8854c62a?page=46">Notes to the consolidated financial statements</a> Notes to the consolidated financial statements<a title="AnnualReport_2009_EN.pdf page 47" href="http://viewer.zmags.com/publication/8854c62a?page=47">Notes to the consolidated financial statements</a> Notes to the consolidated financial statements<a title="AnnualReport_2009_EN.pdf page 48" href="http://viewer.zmags.com/publication/8854c62a?page=48">Notes to the consolidated financial statements</a> Notes to the consolidated financial statements<a title="AnnualReport_2009_EN.pdf page 49" href="http://viewer.zmags.com/publication/8854c62a?page=49">Notes to the consolidated financial statements</a> Notes to the consolidated financial statements<a title="AnnualReport_2009_EN.pdf page 50" href="http://viewer.zmags.com/publication/8854c62a?page=50">Notes to the consolidated financial statements</a> Notes to the consolidated financial statements<a title="AnnualReport_2009_EN.pdf page 51" href="http://viewer.zmags.com/publication/8854c62a?page=51">Notes to the consolidated financial statements</a> Notes to the consolidated financial statements<a title="AnnualReport_2009_EN.pdf page 52" href="http://viewer.zmags.com/publication/8854c62a?page=52">Notes to the consolidated financial statements</a> Notes to the consolidated financial statements<a title="AnnualReport_2009_EN.pdf page 53" href="http://viewer.zmags.com/publication/8854c62a?page=53">Notes to the consolidated financial statements</a> Notes to the consolidated financial statements<a title="AnnualReport_2009_EN.pdf page 54" href="http://viewer.zmags.com/publication/8854c62a?page=54">Notes to the consolidated financial statements</a> Notes to the consolidated financial statements<a title="AnnualReport_2009_EN.pdf page 55" href="http://viewer.zmags.com/publication/8854c62a?page=55">Notes to the consolidated financial statements</a> Notes to the consolidated financial statements<a title="AnnualReport_2009_EN.pdf page 56" href="http://viewer.zmags.com/publication/8854c62a?page=56">Notes to the consolidated financial statements</a> Notes to the consolidated financial statements<a title="AnnualReport_2009_EN.pdf page 57" href="http://viewer.zmags.com/publication/8854c62a?page=57">Notes to the consolidated financial statements</a> Notes to the consolidated financial statements<a title="AnnualReport_2009_EN.pdf page 58" href="http://viewer.zmags.com/publication/8854c62a?page=58">Notes to the consolidated financial statements</a> Notes to the consolidated financial statements<a title="AnnualReport_2009_EN.pdf page 59" href="http://viewer.zmags.com/publication/8854c62a?page=59">Notes to the consolidated financial statements</a> Notes to the consolidated financial statements<a title="AnnualReport_2009_EN.pdf page 60" href="http://viewer.zmags.com/publication/8854c62a?page=60">Notes to the consolidated financial statements</a> Notes to the consolidated financial statements<a title="AnnualReport_2009_EN.pdf page 61" href="http://viewer.zmags.com/publication/8854c62a?page=61">Notes to the consolidated financial statements</a> Notes to the consolidated financial statements<a title="AnnualReport_2009_EN.pdf page 62" href="http://viewer.zmags.com/publication/8854c62a?page=62">Notes to the consolidated financial statements</a> Notes to the consolidated financial statements<a title="AnnualReport_2009_EN.pdf page 63" href="http://viewer.zmags.com/publication/8854c62a?page=63">Notes to the consolidated financial statements</a> Notes to the consolidated financial statements<a title="AnnualReport_2009_EN.pdf page 64" href="http://viewer.zmags.com/publication/8854c62a?page=64">Notes to the consolidated financial statements</a> Notes to the consolidated financial statements<a title="AnnualReport_2009_EN.pdf page 65" href="http://viewer.zmags.com/publication/8854c62a?page=65">Notes to the consolidated financial statements</a> Notes to the consolidated financial statements<a title="AnnualReport_2009_EN.pdf page 66" href="http://viewer.zmags.com/publication/8854c62a?page=66">Notes to the consolidated financial statements</a> Notes to the consolidated financial statements<a title="AnnualReport_2009_EN.pdf page 67" href="http://viewer.zmags.com/publication/8854c62a?page=67">Notes to the consolidated financial statements</a> Notes to the consolidated financial statements<a title="AnnualReport_2009_EN.pdf page 68" href="http://viewer.zmags.com/publication/8854c62a?page=68">Notes to the consolidated financial statements</a> Notes to the consolidated financial statements<a title="AnnualReport_2009_EN.pdf page 69" href="http://viewer.zmags.com/publication/8854c62a?page=69">Notes to the consolidated financial statements</a> Notes to the consolidated financial statements<a title="AnnualReport_2009_EN.pdf page 70" href="http://viewer.zmags.com/publication/8854c62a?page=70">Notes to the consolidated financial statements</a> Notes to the consolidated financial statements<a title="AnnualReport_2009_EN.pdf page 71" href="http://viewer.zmags.com/publication/8854c62a?page=71">Notes to the consolidated financial statements</a> Notes to the consolidated financial statements<a title="AnnualReport_2009_EN.pdf page 72" href="http://viewer.zmags.com/publication/8854c62a?page=72">Notes to the consolidated financial statements</a> Notes to the consolidated financial statements<a title="AnnualReport_2009_EN.pdf page 73" href="http://viewer.zmags.com/publication/8854c62a?page=73">Notes to the consolidated financial statements</a> Notes to the consolidated financial statements<a title="AnnualReport_2009_EN.pdf page 74" href="http://viewer.zmags.com/publication/8854c62a?page=74">Notes to the consolidated financial statements</a> Notes to the consolidated financial statements<a title="AnnualReport_2009_EN.pdf page 75" href="http://viewer.zmags.com/publication/8854c62a?page=75">Notes to the consolidated financial statements</a> Notes to the consolidated financial statements<a title="AnnualReport_2009_EN.pdf page 76" href="http://viewer.zmags.com/publication/8854c62a?page=76">Notes to the consolidated financial statements</a> Notes to the consolidated financial statements<a title="AnnualReport_2009_EN.pdf page 77" href="http://viewer.zmags.com/publication/8854c62a?page=77">Notes to the consolidated financial statements</a> Notes to the consolidated financial statements<a title="AnnualReport_2009_EN.pdf page 78" href="http://viewer.zmags.com/publication/8854c62a?page=78">Notes to the consolidated financial statements</a> Notes to the consolidated financial statements<a title="AnnualReport_2009_EN.pdf page 79" href="http://viewer.zmags.com/publication/8854c62a?page=79">Notes to the consolidated financial statements</a> Notes to the consolidated financial statements<a title="AnnualReport_2009_EN.pdf page 80" href="http://viewer.zmags.com/publication/8854c62a?page=80">Board of Directors and ManagementCorporate </a> Board of Directors and ManagementCorporate <a title="AnnualReport_2009_EN.pdf page 81" href="http://viewer.zmags.com/publication/8854c62a?page=81">Group StructureAt 31 December 2009</a> Group StructureAt 31 December 2009<a title="AnnualReport_2009_EN.pdf page 82" href="http://viewer.zmags.com/publication/8854c62a?page=82">Page 80 </a> Page 80 <a title="AnnualReport_2009_EN.pdf page 83" href="http://viewer.zmags.com/publication/8854c62a?page=83">Søndagsavisen a-s ANNUAL REPORTPARENT COMPANY</a> Søndagsavisen a-s ANNUAL REPORTPARENT COMPANY<a title="AnnualReport_2009_EN.pdf page 84" href="http://viewer.zmags.com/publication/8854c62a?page=84">Parent income statementFinancial st</a> Parent income statementFinancial st<a title="AnnualReport_2009_EN.pdf page 85" href="http://viewer.zmags.com/publication/8854c62a?page=85">Parent income statementNoteRevenue </a> Parent income statementNoteRevenue <a title="AnnualReport_2009_EN.pdf page 86" href="http://viewer.zmags.com/publication/8854c62a?page=86">Parent balance sheetASSETSNoteGoodwill</a> Parent balance sheetASSETSNoteGoodwill<a title="AnnualReport_2009_EN.pdf page 87" href="http://viewer.zmags.com/publication/8854c62a?page=87">Parent balance sheetEqUITy AND LIABILITIES</a> Parent balance sheetEqUITy AND LIABILITIES<a title="AnnualReport_2009_EN.pdf page 88" href="http://viewer.zmags.com/publication/8854c62a?page=88">Parent statements of changes in equityDKKm</a> Parent statements of changes in equityDKKm<a title="AnnualReport_2009_EN.pdf page 89" href="http://viewer.zmags.com/publication/8854c62a?page=89">Parent notes to the financial statements40 </a> Parent notes to the financial statements40 <a title="AnnualReport_2009_EN.pdf page 90" href="http://viewer.zmags.com/publication/8854c62a?page=90">Parent notes to the financial statements</a> Parent notes to the financial statements<a title="AnnualReport_2009_EN.pdf page 91" href="http://viewer.zmags.com/publication/8854c62a?page=91">Parent notes to the financial statements</a> Parent notes to the financial statements<a title="AnnualReport_2009_EN.pdf page 92" href="http://viewer.zmags.com/publication/8854c62a?page=92">Parent notes to the financial statements46 </a> Parent notes to the financial statements46 <a title="AnnualReport_2009_EN.pdf page 93" href="http://viewer.zmags.com/publication/8854c62a?page=93">Parent notes to the financial statements47 </a> Parent notes to the financial statements47 <a title="AnnualReport_2009_EN.pdf page 94" href="http://viewer.zmags.com/publication/8854c62a?page=94">Parent notes to the financial statements</a> Parent notes to the financial statements<a title="AnnualReport_2009_EN.pdf page 95" href="http://viewer.zmags.com/publication/8854c62a?page=95">Parent notes to the financial statements50 </a> Parent notes to the financial statements50 <a title="AnnualReport_2009_EN.pdf page 96" href="http://viewer.zmags.com/publication/8854c62a?page=96">Parent notes to the financial statements5</a> Parent notes to the financial statements5<a title="AnnualReport_2009_EN.pdf page 97" href="http://viewer.zmags.com/publication/8854c62a?page=97">Parent notes to the financial statements5</a> Parent notes to the financial statements5<a title="AnnualReport_2009_EN.pdf page 98" href="http://viewer.zmags.com/publication/8854c62a?page=98">Page 96 </a> Page 96 <a title="AnnualReport_2009_EN.pdf page 99" href="http://viewer.zmags.com/publication/8854c62a?page=99">Group addressesParent Company: Søndagsavise</a> Group addressesParent Company: Søndagsavise<a title="AnnualReport_2009_EN.pdf page 100" href="http://viewer.zmags.com/publication/8854c62a?page=100">Tast selv– og få dineannoncer billigereNu kan</a> Tast selv– og få dineannoncer billigereNu kan