2010 Annual report - Wegener

Koninklijke Wegener NV
Laan van Westenenk 6
7336 AZ Apeldoorn, The Netherlands
P.O. Box 26, 7300 HB Apeldoorn,
The Netherlands
Telephone +31 (0)55 538 88 88
Fax +31 (0)55 538 85 00
E-mail info@wegener.nl
www.wegener.nl
2010 Annual report
Apeldoorn Chamber of Commerce trade registry no. 08006602
This Annual report is also available via the group’s website:
www.wegener.nl
This is an English-language translation of Wegener’s
Dutch-language Annual report for 2010, which is also available
via the internet. This version is not legally binding.

Contents
Page
4 Royal Wegener in profile
5 Vision, mission, goals and strategy
7 Mecom Group plc
8 Wegener: 10-year data
10 Management Board members
11 Supervisory Board members
12 Report of the Supervisory Board
14 Report of the Management Board
16 > Financial review
21 > Risk management
26 > Outlook for 2011
27 > Developments by activity
38 > Corporate social responsibility
40 > Declaration of the Management Board
41 2010 Financial Statements
42 > 2010 Consolidated financial statements of Koninklijke Wegener NV
42 – Consolidated balance sheet
44 – Consolidated income statement
45 – Consolidated comprehensive income statement
46 – Consolidated statement of changes in equity
47 – Consolidated cash flow statement
48 – Notes to the consolidated financial statements
59 – Disposal and acquisition of companies
61 – Notes to the consolidated balance sheet
86 – Notes to the consolidated income statement
95 – Notes to the consolidated cash flow statement
96 – Events after balance sheet date
97 – Consolidated group companies and associates
100 > 2010 Company financial statements of Koninklijke Wegener NV
100 – Company balance sheet
101 – Company income statement
102 – Notes to the company balance sheet
104 – Notes to the company income statement
105 > Independent auditor’s report
108 Other information
108 > Corporate Governance
113 > Remuneration report
116 > Profit distribution
118 > Wegener shares
119 > Share administration foundation report
119 > Financing preference share administration foundation report
120 > Group companies and their activities, and important associated companies
3

4
Royal Wegener in profile
In November 1903, in the east-central Dutch city of Apeldoorn, Johan Frederik Wegener started publishing a
news and advertising paper that would become “De Nieuwe Courant” and later “Apeldoornse Courant”, and
which is known today as “de Stentor”. One hundred and seven years later, that small local publishing house has
grown into today’s Koninklijke (Royal) Wegener NV (Wegener) specialising in newspapers and digital media, with
its headquarters in Apeldoorn, and a listing on the Euronext Amsterdam Stock Exchange. Wegener is the largest
publisher of regional daily newspapers and free door-to-door papers in the Netherlands. Every day some
775,000 copies of Wegener’s seven regional dailies are delivered to readers throughout a major portion of the
country, reaching an average of 2.5 million readers daily. Each week Wegener also produces some 190 free
door-to-door newspapers and weeklies which have a total circulation of around 9.6 million copies per week. In
addition, Wegener develops and operates internet products that generate millions of unique users. Another
group unit provides printed products and services. Since the end of October 2007, Wegener has been a
member of Mecom Group plc, London.
Region East
TC Tubantia
De Stentor
De Gelderlander
D-t-D newspapers
East
Regional online
Region South
Brabants
Dagblad
Eindhovens
Dagblad
BN DeStem
PZC
D-t-D newspapers
South
D-t-D newspapers
Limburg
Regional online
Corporate affairs &
Communication
Wegener Media
Region
West/North
Dagblad
De Pers
D-t-D newspapers
West
D-t-D newspapers
North
Regional online
Publishing
Supervisory Board
Wegener Management
(incl. Executive Board)
Central
frontoffices
Central editorial
department dailies
Central editorial
department weeklies
National
sales
Consumer
marketing
Advertising
marketing
Enterprises
Call centers
Sweetdeal
SpeciaalMedia
Backoffices
Operations
Distribution
dailies
Distribution
weeklies
Finance & Control
HRM
IM&ICT
Procurement &
Facilities
Legal Affairs
Tax Affairs
Wegener MediaVentions
AutoTrack
JobTrack
Printing
Wegener NieuwsDruk
Wegener NieuwsDruk
Brabant (Best)
Wegener NieuwsDruk
Gelderland (Apeldoorn)
Wegener NieuwsDruk
Twente (Enschede)
Marketing/sales
Central staff
Organigram Wegener as of March 2011

Vision, mission, goals and strategy
Vision
Wegener is an enterprise that provides news and information to consumers, primarily focused on their own
living and working environments. The reach of the vehicles to accomplish this is marketed to advertisers, while
the group’s consumer database is exploited for the sale of various other products and services. This strategic
choice stems from the fact that regional, local and ‘nearby’ content is highly distinctive, thereby representing
high added value with substantial durability over time.
To retain Wegener’s position as pre-eminent provider of information from and about the specific living and
working environments of people in the regions it serves, it is crucial to ensure that the value of the information
provided is superior in an ever more competitive media environment, where many such products are available
free of charge. This places great importance on innovation. The Wegener regional dailies and free door-to-door
papers are being developed so they continue to be solidly perceived as ‘best of class’.
Wegener’s environment is marked by the changing media consumption patterns of consumers, the demands
of advertisers and the dynamics of the media landscape. The group operates through a diversity of channels
and with a broad, finely meshed portfolio of products – online and print channels that serve to strengthen one
another – aimed both at the mass market and at niche markets. Thanks to this broad perspective, the group
regards the entire country of the Netherlands as its market.
The group works continuously and with a sharp focus on multimedia and cross-media initiatives. The
entrepreneurial character of the Wegener group – especially its ability to identify, capitalise on and integrate
new activities, coupled with its efficient and effective use of the company’s resources – ensures that Wegener
maintains a leadership position in the dynamic market environment in which it operates.
Mission
On the basis of the group’s profound regional involvement and expertise with regard to people in those living
and working environments, Wegener provides meaningful information to consumers and makes regional target
audiences available for marketing activities. The group places high value on conducting its activities in a socially
responsible manner, innovatively and with integrity. The quality, effectiveness and success of Wegener’s
products and services are the heart of the group’s profitability. Wegener prizes the commitment of its people to
achieving these objectives, and consequently seeks to be a responsive and challenging employer.
Goals
> Remaining on top as the largest and the best regional content publisher of the Netherlands.
> Wegener wants to be of importance in the daily life of consumers in the whole of the Netherlands by offering:
> Regional and local content
> Service information concerning the daily life of the consumer
> Products and services
These activities are being paid by the consumer or cause sufficient reach and are therefore being paid for by
advertisers.
> By means of an effective, efficient and innovative organisation, realising a return on operating profit (Ebitda as
a % of external revenue) that is high enough to ensure, as well as other benefits, that the group can continue
to invest in new products, activities, and processes, thus to guarantee the continuity of the company over the
longer term.
> Conducting its activities in a way that creates shareholder value.
> Being a stimulating and challenging employer.
> By being a socially responsible enterprise, contributing to the working and living environment in general and to
the welfare of all those involved with Wegener in particular.
5

6 Vision, mission, goals and strategy
Strategy
The strategic policy of Wegener will be implemented with emphasis on three dimensions in the coming planning
period:
A. Maximising reach through national coverage in the Netherlands.
B. Building up a cross-media portfolio, with products in both mass markets and niche markets.
C. Setting up a cross-media organisation and utilising it so as to achieve an operating result that guarantees the
group’s long-term continuity.

Mecom Group plc
Mecom Group plc (Mecom) is a major,
multi-platform European media group. Mecom
publishes over 40 paid-for daily titles and over
250 free door-to-door newspapers and operates
over 200 digital channels, giving it leading
positions within the Netherlands, Norway,
Denmark and Poland, with a combined print
readership of over 18 million every week and over
42 million online users every month.
Mecom, with its headquarters in London, is listed
on the London Stock Exchange.
Core values
> Mecom is committed to creating added value
for its shareowners, regional communities and
employees.
> Mecom creates commercial opportunities
without compromising journalistic freedom.
> By maximising the value of its content, Mecom seeks to protect high-quality journalism and editorial
independence.
> Mecom is committed to, and protects, high-quality journalism, editorial freedom and independence with
publishing principles that ensure that no government, owner, advertiser, or any other interest group is entitled
to interfere in editorial decisions.
> Mecom is close to all its regional communities, to their cultural heritage and local culture, focusing on the
needs and interests of its audiences.
> Mecom recognises its employees as its greatest asset and works with them to achieve ongoing development.
Further information on Mecom is available on its website, www.mecom.com.
7

8
Wegener: 10-year data
Currency amounts in thousand euros, except where indicated otherwise
2010 2009 2008
Operating data
Revenue 531,442 586,334 693,288
- change from prior year (%) (9.4%) (15.4%) 2.2%
Other income - 910 3,973
Profit from continuing operating activities before exceptional items 62,346 57,328 76,102
- as % of revenue 11.7% 9.8% 11.0%
- change from prior year (%) 8.8% (24.7%) 5.9%
Result from continuing operating activities
Result on discontinued operating activities after tax
(32,556) 7,853 11,300
Profit
attributable to:
(32,556) 7,853 11,300
- equity holders of Koninklijke Wegener NV (32,556) 7,853 11,348
- minority interests
Net profit after preference dividend and before exceptional items after tax attributable
(48)
to equity holders Koninklijke Wegener NV 38,016 31,042 45,146
- as % of revenue 7.2% 5.3% 6.5%
Cash flow from operating activities 35,563 32,518 53,041
Cash flow from investing activities (5,323) (7,392) (37,024)
Cash flow from financing activities (31,611) (52,743) (17,398)
Balance sheet data
Equity attributable to equity holders of Koninklijke Wegener NV 278,327 311,704 306,173
Minority interests 5
Subordinated loans
Non-current liabilities 163,620 180,224 85,896
Current liabilities 216,434 207,594 395,476
Liabilities relating to assets classified as held for sale
Total capital 658,381 699,522 787,550
Non-current assets 608,996 638,259 677,192
Current assets 49,385 61,263 110,358
Assets classified as held for sale
Ratio of equity to total capital 0.42 0.45 0.39
Balance of interest-bearing loans less cash and cash equivalents (excluding cumulative
financing preference shares) 88,344 117,017 150,450
Personnel
Average number of employees (full-time equivalents) 2,881 3,346 3,846
Staff costs (before exceptional items) 190,203 215,176 240,998
Average staff cost per employee 66.0 64.3 62.7
Average revenue per employee 184.5 175.2 180.3
Number of issued ordinary shares
- average (in thousands) 45,009 45,009 45,009
- year-end (in thousands) 45,009 45,009 45,009
Data per ordinary share (in euros)
Equity (excluding cumulative financing preference shares) 5.50 6.24 6.11
Earnings per share (0.76) 0.14 0.22
Earnings per share before exceptional items (after tax) 0.84 0.69 1.00
Cash flow from operating activities 0.79 0.72 1.18
Proposed dividend per ordinary share or depository receipt
Year-end price 5.62 3.99 4.60
Since 2004 the 10-year data have been drawn up based on International Financial Reporting Standards (IFRS).
Data for the previous years (2001 through 2003) were drawn up in accordance with Dutch reporting requirements, under application of Part 9 of Book 2 of the
Dutch Civil Code and the directives of the Dutch annual reporting standards.

2007 2006 2005 2004 2003 2002 2001
678,654 668,055 655,852 797,690 829,078 936,671 973,323
1.6% 1.9% (17.8%) (3.8%) (11.5%) (3.8%) (0.5%)
3,049 11,694 36,820 27,266 3,061 32,885
71,844 53,369 51,360 55,125 41,571 55,279 71719
10.6% 8.0% 7.8% 6.9% 5.0% 5.9% 7.4%
34.6% 3.9% (6.8%) 32.6% (24.8%) (22.9%) (42.5%)
31,249 29,108 38,966 18,929
1,238 (13,494) (7,679)
32,487 15,614 31,287 18,929 (57,858) (6,638) 3,287
32,492 15,525 30,729 18,745 (57,858) (6,638) 3,287
95) 89 558 184
38,504 24,243 17,474 12,261 11,054 17,918 28,784
5.7% 3.6% 2.7% 1.5% 1.3% 1.9% 3.0%
39,929 40,890 30,425 71,114 65,557 71,197 97,015
(25,193) 28,076 15,135 26,242 (7,680) 12,995 (28,229)
12,367 (72,094) (85,438) (68,575) (52,650) (124,550) (32,523)
299,310 273,001 250,631 203,308 287,282 351,679 375,541
16 295 1,113 2,145 1,525 4,015 1,540
90,000 90,000 90,000
254,772 244,421 312,371 350,708 302,097 266,181 366,792
221,732 248,331 282,162 344,546 235,124 329,596 334,431
4,843
775,830 770,891 846,277 900,707 916,028 1,041,471 1,168,304
662,405 671,033 723,869 723,888 730,606 838,673 910,411
113,425 93,026 122,408 176,819 185,422 202,798 257,893
6,832
0.39 0.35 0.30 0.23 0.31 0.34 0.32
165,810 173,639 210,414 243,593 298,264 354,086 430,748
4,034 4,337 4,723 6,098 6,642 7,468 8,020
243,588 258,295 276,367 350,146 370,928 395,078 394,115
60.4 59.6 58.5 57.4 55.8 52.9 49.1
168.2 154.0 138.9 130.8 124.8 125.4 121.3
44,802 44,525 44,389 44,389 44,389 44,389 44,389
45,009 44,589 44,389 44,389 44,389 44,389 44,389
5.96 5.46 4.98 4.58 5.20 6.65 7.18
0.69 0.31 0.69 0.42 (1.30) (0.15) 0.07
0.86 0.54 0.39 0.28 0.25 0.40 0.65
0.89 0.92 0.69 1.60 1.48 1.60 2.19
0.19 0.14 0.13 0.23
15.28 10.99 10.00 9.45 6.90 4.80 7.85
The terminology in the table is based on IFRS. Unless otherwise indicated, the figures presented relate to continuing operations.
9

10
Management Board members
T. Velgaard (1960)
Mr Velgaard was appointed as a member of the Management Board by the Extraordinary General Meeting of
Shareholders on 22 December 2010. Following this meeting he was appointed as chairman of the Management
Board (CEO) by the Supervisory Board. Mr Velgaard has been employed by Wegener since 4 October 2010. His
earlier experience included positions as CEO Mecom Poland and Edda Media, Norway, also a part of Mecom.
Mr Velgaard is a Norwegian national.
W. Cornelisse (1953)
Mr Cornelisse was appointed as a member of the Management Board (COO) by the General Meeting of
Shareholders on 8 May 2008. Mr Cornelisse has been employed by the group since 1978, and served as
director of Wegener NieuwsDruk from 1993 onward. His earlier experience included positions with Wolters
Kluwer and the Oostelijke Dagbladen Combinatie.
Mr Cornelisse is a Dutch national.
The members of the Management Board are all male. None of the board members holds a directorship in an
exchange-listed company.
Former members:
C.G. Boot RA (1960)
Resigned as of 1 September 2010
J.V. Munsterman (1951)
Resigned as of 4 October 2010

Supervisory Board members
D.J. Montgomery (1948)
Principal position: > Chief Executive Mecom Group plc
Additional offices: > Director Tournigan Energy Ltd
Initial appointment: 2009
Mr Montgomery resigned from the Supervisory Board at 13 January 2011.
E.A. van Amerongen (1953)
Additional offices: > Chairman, Supervisory Board, BT Nederland NV
> Chairman, Supervisory Board, Thales Nederland BV
> Vice-chairman, Supervisory Board, Hitt NV
> Member, Board of Directors, Shanks Plc (senior independent non-executive director)
> Member, Supervisory Board, Imtech NV
> Member, Supervisory Board/Review Board, ANWB
> Member, Supervisory Board, Essent NV
Initial appointment: 2009
S.M. van der Heijden (1960)
Principal position: > CEO and Chairman, Management Board, TUI Nederland NV
Additional offices: > Chairman, ANVR
> Board member, VNO-NCW
> Member, Supervisory Council, SGR
> Chairman, Supervisory Council, CFR
Initial appointment: 2009
In connection with the resignation of Mr Montgomery, at 26 January 2011 Mr S.M. van der Heijden was
appointed Chairman of the Supervisory Board.
The members of the Supervisory Board are all male. Mr Montgomery is a British national, and the other
members are Dutch nationals.
The Audit Committee and the Combined Management Compensation and Selection and Appointment
Committee both consist of the entire Supervisory Board.
11

12
Report of the Supervisory Board
The Supervisory Board herewith submits to the shareholders for your approval the annual accounts for the year
2010, which have been prepared by the Management Board. These accounts have been audited and approved
by Ernst & Young Accountants LLP, and their unqualified independent auditor’s report is provided with the
accounts in this Annual report. We discussed the annual accounts with the auditor at our annual meeting and
then signed it in accordance with the requirements of Section 2:101, subsection 2 of the Netherlands Civil
Code.
We recommend that the General Meeting of Shareholders approve these accounts. Additionally, we ask the
General Meeting to grant discharge to the Management Board and the Supervisory Board with regard to the
conduct of their duties in 2010. Further, we recommend that you agree to the Management Board’s proposal for
distribution of the results as set forth in this report. After consultation with the Management Board, we endorse
their proposal to declare no dividend to holders of depository receipts for ordinary shares, nor to holders of
ordinary shares. Considering the healthy financial situation of the company and continuing previous policy from
the last years, we endorse the Management Board’s proposal to declare a primary dividend of 5.33% on the
outstanding depository receipts for cumulative financing preference shares.
The Supervisory Board held eight regular meetings with the Management Board in 2010. Also, the members of
the Supervisory Board held frequently informal consultations with and without the Management Board. Topics
discussed at the latter meetings included the functioning of the Supervisory Board and the Management Board,
as well as of the individual members of both boards. It was concluded that both boards as well as their individual
members function properly.
Regular topics were discussed at the meetings with the Management Board, such as the annual accounts, the
half-year report, the budget, evaluation of the risk management and control systems, and aspects of the group
strategy. In addition, the Board meetings addressed such topics as the Corporate Governance Code, the
amendment to the articles of association regarding the remuneration of directors, the disadvantageous
development of Dagblad De Pers, co-operation in the area of daily newspaper delivery with the Telegraaf Media
Groep and the NDC Mediagroep, the NMa fine concerning BN/de Stem and PZC, as well as developments such
as the resignation of Mr J.V. Munsterman and Mr C.G. Boot and the appointment of Mr T. Velgaard as member of
the Management Board. At two meetings of the Supervisory Board the company’s auditor was present.
All supervisory directors were present at mostly all meetings of the Supervisory Board. None of them therefore
exhibited frequent absence as referred to in Best Practice provision III.1.5 of the Dutch Corporate Governance
Code (the Code).
One or more members of the Supervisory Board attended three consultative meetings of the Central Works
Council. These meetings were primarily devoted to the half-year report and the Social Annual report as well as
the resignation of Mr J.V. Munsterman as of 4 October 2010 and appointment of Mr T. Velgaard as member of the
Management Board. Intensive meetings about these changes in the Management Board took place between
the Central Works Council and one or more members of the Supervisory Board. The Supervisory Board
experienced these discussions as very constructive, which contributed to the process of regaining trust.
With regard to the stipulations of Best Practice provision III.5, no separate Audit Committee or Remuneration
and Selection and Appointment Committee meetings were held. Topics such as salaries, the bonus programme
and the Mecom option plan were discussed by the full membership in the Supervisory Board’s regular meetings.
Remuneration policy was not changed, with the exception of the option plan introduced by Mecom. Further
information on this point can be found in the Remuneration report section of this report (page 113).

On 13 January 2011, Mr D.J. Montgomery resigned as Chairman and member of the Supervisory Board.
The resulting vacant Supervisory Board seat has not yet been filled, but the Board intends to do so shortly.
Mr S.M. van der Heijden has been appointed Chairman of the Supervisory Board in accordance with the
Supervisory Board regulations. Mr D.J. Montgomery is not independent in the sense meant in the Code,
while the other two members are independent in the sense meant in the Code.
Remuneration of the supervisory directors does not depend on Wegener’s results. No option rights to Wegener
shares have been granted to members of the Supervisory Board. There were no cases of conflicting interests
with regard to the individual members of the Board in 2010. None of the supervisory directors were given
personal loans, guarantees or any similar financial assistance. None of the supervisory directors held shares
or depository receipts for shares in Koninklijke Wegener NV in 2010. In the opinion of the Supervisory Board, the
terms of Best Practice provisions III.6.1-III.6.3 and III.7.1 -III.7.4 of the Code were met.
On 1 September 2010, Mr C.G. Boot resigned as member of the Management Board, and on 4 October 2010,
Mr J.V. Munsterman resigned as Chairman and member of the Management Board. Because the only
Management Board member left, Mr Wil Cornelisse, reported sick on the very same day, the Supervisory Board
took over management of the company, in accordance with the company’s Articles of Association and
delegated the authority to Mr Truls Velgaard. These changes caused a period of instability within the company.
Various tiers of the company stood up to object to both Mr Munsterman’s departure and Mr Velgaard’s
appointment. On occasion, the Supervisory Board has consulted with wide delegations of the management
about the arising situation. These constructive meetings prevented further escalations and contributed to the
process of regaining trust. The Supervisory Board is thankful for the cooperation with all parties involved, which
contributed to the solution of the issue. On 22 December 2010, the Extraordinary General Meeting of
Shareholders appointed Mr T. Velgaard as member of the Management Board. On the same date, the
Supervisory Board appointed Mr Velgaard as Chairman of the Management Board. The Central Works Council
issued a positive recommendation on the appointment of Mr T. Velgaard as member of the Management Board.
The Supervisory Board is aware that the tough economic situation and, particularly, the changes to the
Management Board made 2010 a difficult year for management and staff alike. The Board therefore greatly
appreciates the results achieved by the Management Board as well as Wegener’s management and staff.
Apeldoorn, The Netherlands, 14 March 2011
Supervisory Board
Report of the Supervisory Board
13

14
Report of the Management Board
The continuing economic crisis hit Wegener hard in 2010, adversely affecting advertising sales again. The first
signs of economic recovery in the course of 2010 did not impact advertising sales at all. The recovery of the
Dutch economy was primarily due to an upturn in exports. Domestic production lagged behind, particularly as a
result of a lack of consumer confidence. The government crisis and the announced public cut-backs caused the
domestic economic climate to deteriorate rather than pick up. The economic decline has had a negative impact
on the recruitment and property advertising market segments in particular. The decline in advertising sales of
the daily newspapers and the free door-to-door newspapers that began in 2009 continued in 2010. Circulation
revenue for daily newspapers rose marginally (2%), although this was completely due to price increase; the
number of paid subscriptions dropped modestly (2%). In total,revenue declined by 9% to EUR 531.4 m.
The Delta reorganisation programme launched in 2009 was completed in the first quarter of 2010. As of 1
January 2010, all publishing activities, with the exception of AutoTrack.nl and JobTrack.nl, and all back office
departments were transferred to Wegener Media BV, creating a single publisher with a more flexible, variable
cost-based organisation and a consistently lower cost level that is able to generate a quality impulse and meets
the preconditions for a cross-media future.
In addition to the effect of the Delta programme, a strict cost control policy compensated for the decrease in
revenue with lower costs, contributing to an approximately EUR 60m decrease in the total cost (excluding
exceptional items) in 2010. EUR 25 m of this decrease relates to lower staff costs, caused in part by a decrease of
approximately 120 FTEs in the year under review. See also the section on financial performance as of page 16.
In 2010, the first follow-up steps were taken to transform Wegener into a cross-media content business. These
changes focused particularly on the front offices, where editorial boards and advertising sales need to switch
from a mono-media to a cross-media set-up, for which various task forces devised plans. In addition, training
programmes were set up for both journalists and salespeople alike. The transformation process will be settled
in 2011.
In conjunction with the Mecom developments, a plan was devised in November 2009 to better support the
strategic path of transformation towards a comprehensive content business using technology. ICT is becoming
an increasingly important tool and, in many cases, it is actually part of the product. In mid-2010, opportunities
for greater cooperation across Mecom were explored. It was also recognised that the ICT infrastructure at
Wegener needed improvement. This led to a Mecom-wide project. In the last few months of 2010, the plan
proved to entail too many business risks for Wegener. The Mecom plan was adjusted, with outsourcing certain
ICT components remaining an important point. The plan will be worked out in more detail in the first half of 2011,
after which final decision making will take place, including an advice procedure with the Central Works Council,
which is already involved in an earlier stage.
In April 2010, the Netherlands Competition Authority (NMa) published a report on its findings of an investigation it
had launched into alleged infringements of regulations that it had imposed in 2000 for Wegener’s takeover of the
VNU Dagbladengroep in Zeeuws-Vlaanderen. According to the NMa, Wegener has infringed these regulations.
Wegener contests this. Based on its report, the NMa decided in July 2010 to fine Wegener and five (former) (non)
executives more than EUR 20 million in total. Disagreeing with this decision, Wegener lodged an objection,
arguing that it did not infringe any regulations and that, even if it had, the fine was disproportionate regarding the
size of the activities in Zeeuws-Vlaanderen. In addition, Wegener instituted proceedings with the NMa to have the
regulations in Zeeuws-Vlaanderen declared null and void. These proceedings as well as the objection
proceedings were still ongoing at the end of the financial year. The fine has been accounted for in the balance
sheet as a liability. Wegener wishes to emphasise that this does not mean that Wegener is pleading guilty.

The year 2010 was characterised by changes in the Management Board. Halfway through the financial year, it
was announced that Mr Koos Boot (CFO) would resign from the Management Board and leave the company on
1 September 2010. On 4 October 2010, the Supervisory Board and the Management Board announced that
they and the chairman of the Management Board Mr Munsterman had agreed that Mr Joop Munsterman would
resign with immediate effect. Because the only Management Board member left, Mr Wil Cornelisse, reported
sick on the very same day, the Supervisory Board took over management of the company, in accordance with
the company’s Articles of Association and delegated the authority to Mr Truls Velgaard. These changes caused
a period of instability within the company. Various tiers of the company stood up to object to both
Mr Munsterman’s departure and Mr Velgaard’s appointment. The Central Works Council (CWC) launched an
investigation into the course of events. The Supervisory Board nominated Mr Truls Velgaard as a new member
of the Management Board. Following the CWC’s positive recommendation, Mr Velgaard was appointed as a
member of the Management Board by the Extraordinary General Meeting of Shareholders on 22 December 2010.
The Supervisory Board then appointed him as Chairman of the Management Board. Following CWC’s positive
recommendation together with the work done by the Supervisory Board and Mr Velgaard to turn the sense within
the company for the better, the company returned to further stability by the end of the financial year.
Report of the Management Board
15

16 Report of the Management Board
Financial review
The main developments in 2010 compared with the preceding year can be summarised as follows
(in millions of euros unless stated otherwise):
Financial
Statements
2010
Excluding exceptional items
2010 2009
Financial
Statements
2009
Revenue 531.4 531.4 586.3 586.3
Result from continuing operating activities (27.8) 62.3 57.3 18.2
Margin (5.2%) 11.7% 9.8% 3.1%
Result for the year attributable to equity -holders of
Koninklijke Wegener NV (32.6) 39.6 32.6 7.9
Operating profit before depreciation and impairment
losses (EBITDA) 5.6 81.0 78.1 39.0
Margin 1.1% 15.2% 13.3% 6.7%
Average number of employees on a
full-time basis 2,881 3,346
Net debt (interest-bearing loans less cash and cash
equivalents) 88.3 88.3 117.0 117.0
Net debt / operating result before depreciation and
impairment losses (net debt/EBITDA) 15.8 1.1 1.5 3.0
Equity 278.3 311.7
Balance sheet total 658.4 699.5
Solvency 42.3% 44.6%
Cash flows from:
- operating activities 35.6 32.5
- investing activities (5.3) (7.4)
- financing activities (31.6) (52.7)
Net cash flows (1.4) (27.6)
Reporting
The financial statements have been drawn up in accordance with the International Financial Reporting
Standards as approved by the European Union. For information on the accounting policies used and the notes
to the financial statements, please refer to the consolidated financial statements for 2010 in this report.
When applying Wegener’s accounting policies, the management has made judgments which have important
consequences for the amounts recognised in the financial statements. Furthermore, in some areas estimates
have been made about future developments which have a significant risk of causing a material adjustment to
the book value of assets and liabilities in subsequent years. These judgments and estimates are explained in
more detail in a section devoted to them in the section entitled ‘Accounting policies’ (page 49), to which the
reader is referred.
The company financial statements of Koninklijke Wegener NV were drawn up in accordance with Dutch reporting
requirements. Use was made of the facility offered under the law to apply the same principles for company
financial statements as for consolidated financial statements. Equity at the end of 2010 and 2009 and the
result for 2010 and 2009 according to the company financial statements are the same as the equity and the
result according to the consolidated annual accounts to the extent that they are attributable to holders of
equity in Koninklijke Wegener NV.

Report of the Management Board (Financial review)
Results
A comparison of the financial results of 2010 with those of the preceding year is rendered difficult by the sale of
the 37% share in AD NieuwsMedia BV, the sale of the printing plant in The Hague, and the acquisition of PCM
Lokale Media, all of which took effect in the second half of 2009. If the effects of this acquisition and disposals
are eliminated in 2010 and 2009, the ‘autonomous’ figures for Koninklijke Wegener NV are:
millions of euros 2010 2009 Change
Revenue 523.6 538.9 (2.8%)
Operating result (before exceptional items) 64.0 57.1 12.1%
Permanent staff as at year-end (FTE) 2,836 2,904 (68)
Revenues declined by 9.4%; the decline in organic growth was 2.8%.
Operating activities
The development of profit from operating activities before exceptional items is summarised below
(in millions of euros):
2010 2009 Change
Advertisements in daily newspapers 116.4 126.6 (8.1%)
Advertisements in AD NieuwsMedia (37%) - 10.7 -
Advertisements in free door-to-door weekly newspapers 145.5 151.4 (3.9%)
Subscriptions to daily newspapers 207.1 203.2 1.9%
Subscriptions to AD NieuwsMedia (37%) - 22.9 -
Graphic products 20.2 34.8 (42.0%)
Internet products 22.5 18.2 23.6%
Other revenue from newspaper activities 19.7 18.5 6.5%
Total revenue 531.4 586.3 (9.4%)
Costs of raw materials and stores 36.9 55.6 (33.6%)
Costs of work subcontracted and other external charges 135.9 140.8 (3.5%)
Staff costs 190.2 215.1 (11.6%)
Other operating expenses
Operating profit before depreciation and impairment losses (EBITDA)
87.4 96.7 (9.6%)
before exceptional items 81.0 78.1 3.7%
Depreciation 18.7 20.8 (10.1%)
Operating profit before exceptional items 62.3 57.3 8.7%
As noted above, it is not easy to compare to the preceding year because of the sale of AD NieuwsMedia BV, and
of the printing plant in The Hague at the end of July, as well as the acquisition of PLM on 15 July 2009.
17

18 Report of the Management Board (Financial review)
The continuing economic crisis led to a decline in sales. Advertising sales in particular showed a marked decline
compared to the preceding year, both for the dailies and for the free door-to-door weeklies. The increase in
revenue from subscriptions to Wegener dailies is the result of price rises. The average paid circulation of the
Wegener dailies in 2010 was 2.2% lower than in 2009.
Revenues from graphic products were also under pressure as volumes declined, titles ceased publication,
prices fell as a result of overcapacity in the market, and the printing plant in The Hague was sold.
Internet revenue showed an increase compared to the preceding year. The revenue of Autotrack increased
again compared to the previous year. Revenue of Jobtrack decreased compared to previous year, but during the
year there was a positive development visible. In 2010 there were introduced several new online products
which influenced the sales growth, such as a self service tool for advertisers. Other revenue from newspapers
activities rose thanks to increases in sales of travel, admission tickets, books, CDs and other items through
the ‘Enterprises’ programme.
The costs of raw materials and stores were lower due to significant lower paper prices and a marked decline
in volume.
After correction for divested and acquired business units (AD NieuwsMedia, printing plant in The Hague, and
PLM), costs of work subcontracted and other costs increased as a result of higher commission costs which
mainly relate to the annual fee for Dagblad De Pers. The costs of subcontracted printing activities increased
compared to previous year, which was a result of the sale of the printing plant in The Hague. The Wegener free
door-to-door weeklies for the surrounding areas of The Hague and the free door-to-door newspapers of PLM are
printed in The Hague which results in higher subcontracted printing activities.
Staff costs were lower primarily because average staffing was lower. The average employment level fell from
3,346 FTEs (full-time equivalents) in 2009 to an average of 2,881 FTEs in 2010 (-13.9%). After correction for
divested and acquired business units (AD NieuwsMedia, printing plant in The Hague, and PLM), the decline is
8.2%. This is the result of the implementation of the Delta reorganisation plan, a strict policy with regard to filling
vacant positions and the closure of the printing plant in Nijmegen in 2009.
If the effects of the acquisitions and disposals in 2009 are eliminated, the other operating expenses fell by 1.9%
compared to 2009. The decrease is a result of the response to the continuing economic crisis. Savings were
achieved in all cost categories, ranging from office expenses, accommodation expenses, promotional costs
and third-party services.
In 2010 depreciation was lower as result of the sale of the printing plant in The Hague.
The operating result before exceptional items increased by 8.7%, from EUR 57.3 million in 2009 to
EUR 62.3 million in 2010.
Exceptional items
The exceptional items in 2010 resulted from the fine imposed by the NMa, the Dutch competition authority,
costs of reorganisations, release of pension provision, impairment of the publishing rights of Dagblad De Pers,
costs relating to the provision of the onerous contract for Dagblad De Pers, provision vacated office space and
the tax effects of these items.
The fine imposed by the NMa to Wegener and five of its former managers / directors relates to a possible
infringement by Koninklijke Wegener NV of the conditions imposed by the NMa in 2000 relating to Wegener’s
takeover of VNU Dagbladen.
The costs of reorganisation in 2010 include an addition to the reorganisation provision as a result of some
reorganisations of departments. The reorganisations also include the severance payments for two board
members.

The release of pension provision stems merely from recalculation of used principles.
Report of the Management Board (Financial review)
In 2009 Wegener entered into a long-term contract with Mountain Media entitling Wegener to sell advertising in
the Dagblad De Pers daily free newspaper in the Netherlands, under the condition that Wegener pays an annual
fee to the publisher of Dagblad De Pers. Actual advertising revenues for Dagblad De Pers have fallen
considerably behind the previous expectations of management, with the result that Wegener now expects to
incur a loss over the life of the arrangement. A provision for onerous contract was accrued for the present value
of anticipated future losses on this contract. Furthermore the publishing rights of Dagblad De Pers were
impaired in 2010 to nil.
The addition to the onerous contract for vacated office space, on balance, relates to an addition as a result of
the supplementary agreement with de Persgroep Nederland on the sale of AD NieuwsMedia and a release
resulting from new lease agreements.
The exceptional items in 2009 resulted from the combined effect of the sale of AD NieuwsMedia BV and of the
assets and liabilities of the printing plant in The Hague, costs of reorganisations (redundancies and provisions
for onerous contracts), one-time pension costs (costs of future employer contributions for the “moratorium
shortfall” and one-off compensation of the difference in funding ratio upon the transition to PGB), a write-off for
prepaid financing costs, and the tax effects of these items.
The costs of reorganisations in 2009 include an addition to the reserves for reorganisations stemming from a
number of reorganisations in different group companies and a partial release at year-end 2008 of the provision
formed for Delta. The decision was made in mid-2008 to reorganise and further integrate the publishing units of
Wegener (Delta). The costs this entailed were recorded in 2008. The actual reorganisation was largely carried
out in 2009 and was finished in 2010. The release is primarily the consequence of a higher rate of natural
turnover and a lower average salary than was originally estimated. As a consequence of the reorganisations an
addition to the provision for onerous lease was recorded.
Taxes on results include the tax effects on all exceptional items to the extent that they are not covered by the
participation exemption. The fine imposed on Wegener by the NMa is not deductible for the corporate income tax.
Earnings per share
Ordinary earnings per share attributable to holders of ordinary shares in Koninklijke Wegener NV fell from a profit
of EUR 0.14 for 2009 to a loss of EUR 0.76 for 2010. Excluding exceptional items, the earnings per share rose
from EUR 0.69 for 2009 to EUR 0.84 for 2010, or a rise of 21.7%.
Financing and cash flows
Operational cash flows, at EUR 35.6 million, were marked higher in 2010 than in 2009. This was largely due to a
higher operating result (before exceptional items).
The cash flow from investing activities came to a total of EUR 5.3 million in 2010, which is EUR 2.1 million lower
than in 2009. This represents the effect of EUR 6.1 million less capital expenditure than in 2009. In 2010 the
accelerated repayment of the loan of AD Nieuwsmedia amounts to 15.4 million. On the other hand, in 2009 the
sale of AD NieuwsMedia BV and Wegener NieuwsDruk West, amounting to EUR 14.5 million, as well as Selekt
Mail, amounting to EUR 4.0 million, affected the cash flow from investing activities.
Investments in 2010 came to EUR 20.5 million, with EUR 7.2 million going to tangible fixed assets. The decline in
capital expenditure in 2010 compared to 2009 largely reflects the finalisation of the capital expenditure in the
new printing plant in Best. The cash flow in respect of intangible fixed assets primarily concerned investments in
software and the payment of the investment of the publishing rights of the free daily Dagblad De Pers.
Investments in 2009 primarily related to finalisation of the press renewal in Best (buildings and presses) and
the investments in software.
19

20 Report of the Management Board (Financial review)
On balance, the financing cash flow again showed a decrease of debt in 2010.
Net debt declined from EUR 117.0 million at year-end 2009 to EUR 88.3 million at year-end 2010. This is the
result of the good operational cash flow and the accelerated repayment of the loan of AD NieuwsMedia of
EUR 15.4 million. The net debt / EBITDA ratio before exceptional items is 1.1, which is improvement compared
to 2009.
No dividend was paid to holders of ordinary shares in Koninklijke Wegener NV in 2010. Holders of preference
shares were paid EUR 1.6m in preference dividend (the same as in 2009). As a result of the loss in 2010 the
equity decreased from EUR 311.7 million at the end of 2009 to EUR 278.3 million at the end of 2010. On balance,
solvency decreased from 44.6% at the end of 2009 to 42.3% at the end of 2010. The most important reason
for this decrease is the loss over 2010.
Financing charges were significant lower in 2010 than in 2009. Main reason is the lower average debt and
the lower amount in interest on financial lease agreements. The financing charges for 2009 include an extra
amount written off for costs withdrawn for downsizing the overall credit facility of Mecom Group from
EUR 1 billion to EUR 583 million.
Taxes
For 2010, there was tax income accounted for in the amount of EUR 4.9 million on a pre-tax loss of
EUR 37.5 million. The fine imposed by the NMa is not deductible for the corporate income tax.
For 2009, there was tax income accounted for in the amount of EUR 2.1 million on a pre-tax profit of
EUR 5.8 million. The income arose because the sale of the shares in AD NieuwsMedia BV comes under the
participation exemption.
The effective tax rate for 2010, corrected for exceptional items, is 25.0% (2009: 28.2%). This figure deviates
very slightly from the rate applicable to Wegener. The annual accounts show the relationship in detail of the
tax burden according to the applicable rate to the tax burden according to the effective rate.
Dividend proposal
It is proposed that no dividend be paid on ordinary shares for 2010, as was the case for 2009.
The Management Board has proposed to pay a preference dividend on the cumulative financing preference
shares of 5.33% per share of EUR 7.00, which amounts to a total payment of EUR 1.6 million. This proposal
was approved by the Supervisory Board on 14 March 2011. The preference dividend for 2009 was also
EUR 1.6 million, and was paid in 2010.
The preference dividend will become payable as of 1 June 2011.
The preference dividend on the cumulative financing preference shares was not included as a liability on the
balance sheet for 2010 or for 2009.

Risk management
Wegener recognises that there are risks associated with its business strategy. Changing media consumption
and the related changing media spending have consequences for the company’s strategic policy. To counter
these changing market conditions and the economic crisis, the Delta reorganisation programme was concluded
in 2010. The aim of this programme was not only to reduce costs, but to transform the organisation into a
cross-media content organisation as well, so that it is less susceptible to the aforementioned market risks. In
addition to concluding the Delta reorganisation programme, 2010 saw the first follow-up steps being made to
transform Wegener into a cross-media content business. These changes mainly concern the front offices, where
the editorial boards and advertising sales are transforming from a single media set-up to a cross-media one.
Wegener endeavours to monitor and control the realisation of its strategic and operational objectives to the
fullest extent possible. For this purpose, the group has established an effective risk management and control
system. The Management Board is responsible for monitoring the strategic, financial and operational risks
within Wegener, and uses the risk management and control system for this purpose. This effective risk
management and control system ensures that:
> the risks associated with the realisation of strategic and operational objectives are identified in a timely
manner and remain limited to an acceptable level;
> there is a reasonable degree of certainty that the financial reporting does not contain inaccuracies of material
importance; and,
> there is compliance with applicable legislation and regulations.
Wegener’s risk profile is aimed at continuity of operating activities in the long term, while reducing or, wherever
possible, appropriately hedging risks. Willingness to take risks depends on the magnitude of the risk in relation
to Wegener’s result and/or equity, while it also depends on what area they are in. The starting point is that any
risks taken must be sufficiently manageable.
Risks
A number of important risks specific to Wegener have been identified. However, the following summary of such
risks is not necessarily exhaustive. It is possible that risks not presently identified, or not currently perceived as
being of material consequence, may later have an important and negative impact on Wegener’s profits and its
ability to achieve its business objectives. The group’s internal risk management and control systems are geared
to timely identification of such risks and changes. The reader is also referred to page 81 and further of the
annual accounts for a description of the financial risks.
Advertising sales falling more than expected
Part of Wegener’s sales relies heavily on economic development, primarily advertising turnover and in particular
employment ads. These sales fluctuate, depending on the economic conditions. The negative economic
conditions over the last two years have, therefore, had a significant impact on Wegener’s advertising sales. In
2010, the ongoing economic crisis led to a further fall in advertising sales for both the daily newspapers and the
free local newspapers. The extent of this risk will remain more or less the same, depending on the extent of
economic recovery. The effect of the declining advertising market on Wegener's business results was mitigated
by the reorganisation carried out in 2009 and the new cost-savings measures taken in 2010. Wegener is also
developing new products that meet market demand to generate new advertising income. The graph below
shows the development of advertising volumes in the various categories of all of the Netherlands’ daily
newspapers (total market) in relation to the annual change in Gross Domestic Product (economic gauge) from
1978 up to and including 2010.
Report of the Management Board
21

22 Report of the Management Board (Risk management)
Cyclicality of ad volume in Dutch daily newspapers 1978=100 Yearly change in GDP in %
200
Family announcements
Classifieds
6.0
5.5
Local ads
Recruitment ads
National ads
5.0
4.5
Total
4.0
150
Yearly change GDP
3.5
3.0
2.5
2.0
1.5
1.0
100
0.5
0.0
-0.5
-1.0
-1.5
50
-2.0
-2.5
-3.0
-3.5
0
-4.0
1978
1979
1980
1981
1982
1983
1984
1985
1986
1987
1988
1989
1990
1991
1992
1993
1994
Insufficiently equipped to transform into a cross-media organisation in good time
The majority of Wegener’s sales relies on traditional print-related sales. The risk exists that Wegener cannot
capitalise on changing media consumption and the related changing media spending in good time. To counter
the risk of a decline in sales and results, Wegener’s strategic policy is geared to transforming into a successful
cross-media organisation. The risk, however, is that Wegener may not be able to make this change in good
enough time. In 2010, the first follow-up steps were taken to transform Wegener into a cross-media content
business. These changes mainly concern the front offices, where the editorial boards and advertising sales are
transforming from a single media set-up to a cross-media one. New products will become more important
alongside the existing key (printed) products.
Concentration of printing facilities
In striving to achieve the group’s aim to enhance effectiveness and efficiency, the number of operating locations
within Wegener NieuwsDruk has been reduced to the present three. The capacity utilisation level of the
remaining printing presses has increased, and capacity costs decreased. The potential damage that could
result from a disaster at a printing location or an interruption in the printing process has therefore increased.
The impact such an event would have on the result and/or on equity depends on the nature of the disruption
and is therefore difficult to quantify. Measures have been taken to reduce the chance that such a disruption
could occur. Examples of these measures are: disaster plans are in place, regular inspections are conducted
amongst others by insurers to improve the safety level, sprinkler systems have been installed, and
compartmentalisation (fire protection) has been introduced. The concentration of printing activity means there
is now virtually full-time staffing – and thus continual monitoring – and agreements have been made with other
printers to offset lengthy periods of loss of profits.
Significant dependence on ICT systems
Large parts of Wegener’s operating processes are based on automated systems and an infrastructure to make
possible communication between the various systems. These systems and networks play a key role in almost
every aspect of the group’s operations. Wegener works with a number of different IT systems, divided into
systems for advertising, editorial work, consumer market, distribution, financial matters and personnel.
1995
1996
1997
1998
1999
2000
2001
2002
2003
2004
2005
2006
2007
2008
2009
2010

Report of the Management Board (Risk management)
On the basis of a specific strategy in which improved effectiveness and efficiency thanks to benefits of scale
play an important role, the company makes more and more use of central and uniform processing and storage
of data, while certain of these services have been outsourced. Breakdowns in these systems and networks
can have a major disruptive effect on operating processes. The impact such an event would have on the result
and/or on equity depends on the nature of the disruption and is therefore difficult to quantify. These risks are
limited by putting in place emergency plans and security contingency controls, such as twin data centres at
both Atos and Getronics and networks with identical back-ups at the largest locations.
In 2010, a Mecom-wide project called Waves was launched, the aim of which is to further standardise ICT
systems and processes and to ensure the content business is better supported by ICT systems. As a result,
part of Wegener's current ICT activities will be outsourced. The plan will be worked out in more detail and its
implementation probably started in 2011. Naturally, implementation entails risks, for which appropriate
measures will be taken in 2011.
Dagblad De Pers
In 2009, Wegener entered into a long-term contract under which it gained the right to sell advertising in
Dagblad De Pers, on condition that it paid an annual fee to the Dagblad De Pers publisher, i.e. Mountain Media BV.
Over the course of 2010, it emerged that actual Dagblad De Pers sales were considerably lower than previously
expected, as a result of which Wegener, in all likelihood, will make a loss on this contract during the term of the
agreement. A provision for loss-making contracts has been set aside in the 2010 annual accounts for this risk.
There is also a risk regarding the management of this long-term agreement. The Management Board and the
Wegener management team keep on searching for possibilities to compensate the negative consequences of
this contract.
Legislation and regulations
The nature of Wegener’s activities means that the group must deal with a multitude of legal regulations, such
as copyright protection, tax legislation, employee health and safety protection, media controls, individual and
organisational privacy protection, legislation with regard to the environment, and regulations regarding
competition and free markets. Furthermore, two covenants were concluded with the Dutch tax administration
with respect to distribution of daily papers and personal statements from authors and editorial staff as to the
nature of their work. Changes, including international ones, in legislation and regulations can impact on the
group’s operating practices. There is a risk that Wegener executives do not observe the applicable legislation
and regulations, thus leading to imposition of sanctions on Wegener that adversely affect business operations.
To mitigate this risk, internal control measures are anchored in the operating processes.
In April 2010, the Netherlands Competition Authority (NMa) published a report with findings from an
investigation they had launched into alleged violations in Zeeuws-Vlaanderen of the conditions they had set in
2000 in relation to Wegener’s takeover of the VNU Dagbladengroep. On the basis of this report, the NMa fined
Wegener and five (former) directors a total amount in excess of EUR 20 million in July 2010. Wegener believes
that there have been no violations and has filed an objection to the NMa’s decision.
Financing
Wegener’s financing is part of the financing arrangements for the entire Mecom group. This means that the
credit margin available to Wegener depends on the needs of the Mecom group as a whole. Another aspect of
Mecom’s financing arrangements is that Wegener and almost all other country divisions of Mecom guarantee
the entire arrangement, which means that, if Mecom cannot meet obligations arising from these arrangements,
this can also affect Wegener. It is attempted to mitigate this risk by means of focused cash-flow planning and by
holding consultations with Mecom on a regular basis.
23

24 Report of the Management Board (Risk management)
Risk management and control system
The group’s system of risk management and control has its foundation in a number of key elements.
The control environment
In general, the group strives to maintain a culture marked by openness, integrity and a sense of social
responsibility, making sure each employee understands the significance of these aspects of group culture,
while at the same time ensuring strict adherence to all applicable legislation and regulations. The formal code of
conduct for Wegener and all group companies sets forth the general guidelines for conduct that all employees
are expected to embrace. Since 2005, this code has included a whistleblower provision to prompt employees
to report irregularities and undesirable occurrences. Effective relationships with governmental bodies, the
trade unions and social organisations are highly valued.
Organisation
Wegener’s organisational structure is based on supporting a collaborative approach within which individual
responsibilities are clearly defined and performance is measurable. Guiding principles are flexibility, rapid
responses to changing market circumstances, creativity and innovative capacity.
A number of procedures have been established to reinforce these concepts. They include a management
manual, delegation of decision powers, investment approval procedures, a regulation on insider information, a
human resources handbook, and the finance & control manual. The Management Board monitors
developments in operating activities through regular meetings with the Wegener Management Team, supported
by periodic management reports.
Risk inventory
An inventory of the risks relevant to the group’s operations is an integral element of the process of managing the
enterprise, particularly in drawing up long-term plans, the annual budget, project plans, and the periodic risk
reports. In addition, risk inventories are regularly conducted in specific areas, including employee health and
safety, the environment, ICT, and insurance cover. In the course of 2010, reports on the most important risks
identified at the Wegener level were issued to the Management Board on a quarterly basis.
Information provision and communication
Systems for internal information provision and communication are primarily aimed at furnishing information to
employees, supervisors and managers that is adequate for the conduct of their duties. Specific group
procedures documented in group manuals aid this process. A whistleblower regulation and a complaints
procedure enable employees to inform the group management of undesired situations. The Management Board
monitors the development of business activities by means of regular meetings with the Wegener Management
Team, supported by periodic management reports.
Control activities
A number of group activities are aimed specifically at risk management, information provision and reporting.
Central to this is a structured planning and control process which is set forth in the finance & control manual.
The planning and control cycle consists of a strategic plan drawn up annually, which includes a medium-term
prognosis and an annual budget, and which is amplified by periodic projections of annual financial results and a
monthly financial and management report. These reports are assessed and discussed by the Management
Board and the management team.
The reliability of the information flows is assured through an efficient administrative structure that requires all
important procedures to be documented in writing. Internal control measures are also anchored in the
operating processes. Disaster plans have been established for specific operating processes, primarily printing
operations and ICT functions. An appraisal of the effectiveness of the administrative organisation and the
procedures to assure continuity of the information systems to the extent they are used in drawing up the annual
accounts forms a major and integral element of the annual detailed review by the external auditors. The external
auditors report their findings and discuss them with the Management Board and the Supervisory Board on an

Report of the Management Board (Risk management)
annual basis. Along with this, external and internal (Mecom internal audit) experts conduct operational and EDP
audit investigations on a regular basis.
Evaluation of risk management and control systems
The status of the risk management and control systems is evaluated using the COSO-II framework as a
guideline, and findings are discussed within the Management Board and with the Supervisory Board.
On the basis of this evaluation, the Management Board believes that the risk management and control system
gives reasonable certainty concerning the following matters:
> there is systematic assurance of the manner in which strategic, operational and financial goals are achieved;
> the financial reporting for 2010 does not contain inaccuracies of material importance;
> the risk management and control systems functioned properly during 2010 and there are no indications that
these systems will not function properly in the coming year; and,
> there is compliance with applicable legislation and regulations.
No matter how well the group’s risk management and control systems may be structured, they cannot offer
absolute certainty that the company’s objectives will always be faithfully achieved. When it makes decisions,
the group’s management is therefore mindful of the following factors:
> there can be human errors of judgment;
> cost/benefit considerations are always an aspect of accepting risks and applying control measures;
> people can make simple mistakes or errors of judgment that have huge consequences;
> executives could conspire to circumvent internal control measures; and,
> the management of a group unit may, even temporarily, ignore the obligations it has agreed with the
Management Board.
25

26 Report of the Management Board
Outlook for 2011
Given the current economic situation, it is impossible to make any definite forecasts regarding advertising sales
and hence the company’s operating result in 2011. Various signs seem to indicate a moderate economic
recovery, but this appears to be largely due to exports. The domestic market has not yet started to recover,
which will again affect Wegener's advertising sales in 2011. The costs of newsprint will also rise. Partly resulting
from the reorganisations implemented and ongoing cost-saving measures the costs will be lower.
Investments will amount to approximately EUR 11 million in 2011.
Average staffing levels in 2011 are expected to be about the same as those in 2010.
The net debt position depends, of course, on how the result will develop. The level of the net debt position at
the end of 2011 will also be determined by the above-mentioned investment level. In 2011, an estimated
EUR 8 million will have to be paid in reorganisation expenses (to be debited from the provision created for this
purpose at the end of 2010). No changes are expected in 2011 with regard to the financing arrangement as at
the end of 2010.

Developments by activity
Daily newspapers
Ownership ratios in the Dutch daily newspaper market barely changed in 2010. In September, Egeria acquired
the remaining shares in Lux Media, the publisher of NRC Handelsblad and nrc.next, from co-owner and TV station
‘Het Gesprek’. The table below shows the new ratios in the Dutch daily newspaper market with respect to paid
daily newspapers, based on the latest data (Q3 2010) from the HOI, Het Oplage Instituut (Institute for
Media Auditing).
Paid circulation of daily newspapers
All paid daily newspapers
Q3-2010
abs
Q3-2009
abs Change
Report of the Management Board
Market share
Q3-2010
Wegener daily newspapers 728,531 747,000 (2.5%) 23.4%
MGL 160,191 165,152 (3.0%) 5.1%
Mecom total 888,722 912,152 (2.6%) 28.5%
Telegraaf MediaGroep 822,953 817,760 0.6% 26.4%
Persgroep Nederland 727,986 705,765 3.1% 23.4%
Lux Media 250,303 246,568 1.5% 8.0%
NDC 203,116 210,712 (3.6%) 6.5%
Other paid daily newspapers 220,515 228,882 (3.7%) 7.1%
All paid daily newspapers 3,113,595 3,121,839 (0.3%) 100.0%
All regional paid daily newspapers 1,395,065 1,433,195 (2.7%) 44.8%
All national paid daily newspapers 1,718,530 1,688,644 1.8% 55.2%
Source: HOI (Het Oplage Instituut)
Surprisingly, national daily newspapers performed better than their regional counterparts: +1.8% versus -2.7%.
The paid circulation of Persgroep Nederland’s daily newspapers rose the most in the Q3 2010 compared to the
same quarter in 2009 (+3.1%), thanks in part to intensive marketing campaigns. Also, De Telegraaf and nrc.next
saw their paid circulation rise. It is not yet clear if the rise of the circulation of the national daily newspapers is
structural or just incidentally caused by marketing campaigns. The regional daily newspapers, on the other
hand, lost ground. The biggest losers were the northern NDC daily newspapers.
The Mecom Group, of which Wegener is part, is market leader with a 28.5% market share in paid circulation,
immediately followed by the Telegraaf Media Groep with 26.4% and Persgroep Nederland with 23.4%.
There are three players active in the free daily newspaper market, namely Metro, Sp!ts and Dagblad De Pers.
Metro and Spits reduced their circulation in the third quarter of 2010, partly because of declining advertising
income. Only Dagblad De Pers increased its circulation, for which Wegener is responsible. The table below
shows the ratios.
27

28 Report of the Management Board (Developments by activity)
Circulation of free daily newspapers
Titles
Q3-2010
abs
Q3-2009
abs Change
Market share
Q3-2010
Metro 453,279 462,384 (2.0%) 45.7%
Sp!ts 309,513 343,131 (9.8%) 31.2%
Dagblad De Pers 228,085 158,865 43.6% 23.1%
Total 990,877 964,380 2.7% 100.0%
Source: HOI (Het Oplage Instituut)
The table below displays the developments in circulation of the Wegener daily newspapers for each title. This
data reflects the averages for all of 2010 and comes from an internal source.
Average paid circulation
Wegener Daily newspapers 2010 2009 Change
De Twentsche Courant Tubantia 107,976 109,390 (1,3%)
de Stentor 121,553 124,329 (2,2%)
De Gelderlander 139,669 142,859 (2,2%)
BN/DeStem 103,956 106,513 (2,4%)
PZC 50,276 51,046 (1,5%)
Eindhovens Dagblad 100,348 102,449 (2,1%)
Brabants Dagblad 120,287 122,860 (2,1%)
Wegener daily newspapers 744,065 759,446 (2,0%)
Source: Internal Wegener data
The average paid circulation of the Wegener daily newspapers dropped in 2010 by 2.0% compared to 2009. As a
result of the increase in subscription rates, circulation revenue rose by 1.9%.
In 2010, the advertising market did not recover from the poor year of 2009. The effects of the economic crisis
continued to make themselves fully felt in 2010, despite signs of economic recovery in the second half of the
year under review. This recovery, however, was largely due to an upturn in exports. Domestic production lagged
behind, particularly as a result of a lack of consumer confidence. This indicator remained low throughout the
year as a result of a cabinet crisis, a lengthy cabinet formation period, rumours about severe government
cut-backs and a euro crisis. Records on advertising figures in daily newspapers in the Netherlands
(source: Nielsen Media Research) show that advertising in all daily newspapers dropped overall by 3%
compared to 2009, which is chiefly accounted for by recruitment advertising. According to the same source,
the number of recruitment advertisements in daily newspapers fell by more than 19% in 2010.
The declining market also forced down advertising rates even more. In an attempt to persuade advertisers to
buy advertising space, various publishers offered additionally high discounts. Wegener daily newspapers overall
advertising revenue dropped by 8%.
in WONEN & TUINEN
Kaddafi,
geliefd
en gehaat
Buiig
Temp: 10
WOENSDAG 31 maart 2010 | Dagblad voor Zuidwest-Nederland, 149e jaargang | www.bndestem.nl | Prijs: € 1,50 zaterdag € 2,20 | Editie: BREDA
VOETBAL ACADEMIE BRABANT NAC trekt zich terug, Willem II en RKC gaan samen verder
Politie spreekt
gewonde oom
NAC bezwijkt onder druk fans Frans Bauer
door Wim van den Broek
termiddag naar buiten, tot vreug- RKC de intentie hadden om vanaf gezorgd heeft, dat het proces ten
de van een groot deel van de komend seizoen gezamenlijk een aanzien van de definitieve planvor- FIJNAART – De politie heeft giste-
geel/zwarte aanhang. Die meent jeugdopleiding te beginnen. In dit ming nu niet in alle rust verder ren Giel de Krom gehoord, de
dat de huidige directie steeds na- plan zouden de hoogste jeugdelf- kan gaan. We kunnen niet anders man van de tante van Frans Bauer
drukkelijker de Bredase clubcultallen in Tilburg gaan voetballen besluiten dan het proces te stop- die maandagavond dood in haar
tuur de nek omdraait.
onder de naam Voetbal Academie pen.’
woonwagen in Fijnaart is gevon-
„We zijn blij dat dit onzalige plan Brabant (VAB). Verschillende NAC-trainer Robert Maaskant den. De toestand van de 59-jarige
door Dennis van Bergen
is teruggedraaid”, liet voorzitter bronnen bij de drie clubs hadden deelt de vreugde van de NAC-fans man is stabiel. Hij ligt in een zie-
Sjoerd van Fessem van de Club- dit off the record bevestigd. bepaald niet: „Met de VAB hadkenhuis in Rotterdam.
BREDA – De ‘ontstane commotie’ raad, het officiële adviesorgaan Hoewel de Bredase club het voorden we tegenwicht kunnen bie- Over zijn verklaring doet de poli-
bij de achterban van NAC heeft er- van de club, weten. Hij wil snel tijdig uitlekken van de plannen den aan de opleidingen van PSV tie geen mededelingen, evenmin
toe geleid dat de Bredase club er met NAC in gesprek, omdat de hardop betreurde, bevestigde NAC en Feyenoord.”
over de doodsoorzaak van de
van afziet gezamenlijk met Wil- niet vooraf ingelichte Clubraad het nieuws diezelfde vrijdagavond NAC bekijkt nu hoe het verder vrouw en de verwondingen van
lem II en RKC een regionaal oplei- zich gepasseerd voelt.
op de eigen site. Gisteren stelde moet met de jeugdopleiding. De Krom. De exacte toedracht van
dingscentrum te vormen.
Vrijdag jl. publiceerde BN De Stem NAC dat de eerder genoemde pu- pagina’s 32/33
het geweldsdelict is nog onduide-
Dat bericht bracht de directie gis- het bericht dat NAC, Willem II en blicatie ‘voor zulke heftige reacties videobeelden op bndestem.nl lijk. De politie bekijkt of er sprake
is van ‘moord, poging tot zelfmoord
of een combinatie daarvan’.
Het technisch onderzoek in
de woonwagen werd gisteren rond
14.00 uur afgerond. Daarna was
De echte robofridge komt uit Breda
het kamp weer voor iedereen toegankelijk.
Beide slachtoffers werden maandagavond
kort na zes uur gevonden
in hun woonwagen, naast die
van de ouders van Frans Bauer op
het kampje aan de Molenstraat.
Op het lichaam van de overleden
vrouw wordt vandaag sectie verricht.
Frans Bauer heeft alle optredens
tot 10 april geannuleerd.
pagina’s 30/31
videobeelden op bndestem.nl
Computerstoring
treft artsen
en apothekers
BREDA – Huisartsenpraktijken op
verschillende plekken in de regio
moesten gisterochtend noodgedwongen
sluiten als gevolg van een
grote computerstoring.
Daardoor konden artsen, maar ook
apothekers en fysiotherapeuten
niet in hun computersystemen. Zij
konden zodoende niet de status
van hun patiënten nakijken of
medicijnen controleren.
Om één uur ’s middags was de
storing verholpen.
De vermoedelijke oorzaak is een
kabelbreuk of storing in het
KPN-netwerk ergens in de buurt
van Apeldoorn, waar een groot
datacentrum zit.
Friet eten in het studentenhuis en de robofridge brengt een biertje. Vlnr. Lonneke Boot, Han Murraij, Mike van Bruggen, Rolf Lettinga, Jacco Haagh en pagina’s 2/3
Geert Zebregts. foto René Schotanus/het fotoburo
IJskoud de beste
door Edine Wijnands
ren door de reclame van Hei- we het ding geprogrammeerd had- hè”, vinden de vier.
neken. Daarin wandelt een ‘walden, zodat hij zelf kon bewegen. Deze eerste versie kan twaalf blik-
BREDA – Hij weegt zeventig kilo, king fridge’ naar bierdrinkers toe. Maar dat vonden we niet leuk. We jes herbergen. „Hij vult zichzelf
komt op commando op je afrij- „Maar dat ding is een computerani- zagen de reclame en dachten: dat nog niet, dat is jammer. Dat moe- Word ook abonnee!
den, opent zelf zijn koelkastdeurmatie”, weten de studenten in Bre- doen we!”
ten we nog verbeteren.” Avans laat Zie bon op pagina 2 of
tje en pakt er een biertje voor je da. „Die van ons bestaat en werkt De mobiele koelkast is uitgerust het ding rondrijden tijdens de
bel 088 - 013 99 20
uit: de robofridge van de vier echt.” Ze maakten hem voor een met sensoren, zodat hij nergens open dag op 10 april. Tot die tijd
Avans-studenten Jacco Haagh, studie-opdracht. „We kregen een tegenaan loopt. Als je er met een hebben de studenten er veel lol
Rolf Lettinga, Geert Zebregts en kistje met elektronica, met de op- groene bal naar zwaait, reageert aan. En dan? „Hij zou ideaal zijn
Mike van Bruggen.
dracht: doe er wat mee”, vertellen hij en komt op je af. Een druk op voor het komende WK voetbal.”
De studenten lieten zich inspire- ze. „Het was genoeg geweest als de knop en hij geeft bier. „Ideaal videobeelden op bndestem.nl
0 ✔ Woekeren met ruimte
✔ De Opruiming
C
✔ Plofbank of relaxfauteuil
Wind: Z5 ✔ Mooie tuin op een kleine plek
10/11
� Fusieplannen jeugdopleidingen
clubs van de baan.
� Bredase aanhang opgelucht.
� NAC-coach Robert Maaskant
baalt van afblazen project.
ma-vr

Report of the Management Board (Developments by activity)
Given the various developments in the advertising segments of the Wegener daily newspapers, the relative
shares in revenue changed as well. The division for 2010 is as follows:
The largest segment is Local
Brands & Services, with a 35% share in
advertising revenue (2009: 46%).
The revenue share of National Brands &
Services dropped from 22% in 2009 to
18% in 2010. The recruitment
advertisements share fell to 15%
(last year 17%).
Classified 2%
Travel 6%
Motors 6%
Property 6%
Announcements 12%
Recruitment 15%
Brands & Services
Local 35%
Brands & Services
National 18%
Based on the Nielsen Media Research
forecast of a net expenditure of EUR 588 million on advertising in daily newspapers in 2010, the Wegener daily
newspapers jointly achieved a 20% market share, which is the same as last year.
In 2010, Wegener made great headway with sales of products and services to consumers (Enterprises).
The regional daily newspaper web shops were completely revamped and an online shop was opened for
De Weekkrant.nl. E-marketing and ‘search engine optimisation’ were improved and Enterprises revenue in
2010 rose.
The management in charge of the seven Wegener daily newspapers responded in 2010 to the ongoing poor
economic conditions by implementing strict cost control, achieving cost savings in all categories.
In late 2009, Wegener announced its plans to end its participation in Nationale Regiopers CV (NRp) as of the
end of 2010. The NRp is the regional daily newspaper publishers’ sales organisation for national advertisers.
Established in 1998, the NRp is a joint initiative of the regional daily newspaper publishers. Wegener took this
step to be better able to realise its cross-media ambitions in the national advertising market, using the year
2010 to pave the way for the national sale of daily newspapers. As of 1 January 2011, Wegener integrated the
sale of national advertisements for its regional daily newspapers and websites into its existing National Sales
& Marketing department for Wegener Media’s free local papers in Houten, thus creating a cross-media sales
department.
To better respond to consumer demand for video information, Wegener’s three Brabant-based daily
newspapers sought to collaborate with Omroep Brabant broadcasting corporation in 2010. By collaborating in a
regional media centre, both parties hope to bolster their position in the regional media market. Complex media
legislation has thus far made extensive cooperation impossible. A similar initiative was launched in Twente.
In October 2010, De Twentsche Courant Tubantia presented a new format, a notable feature of which is that the
paper is divided into two parts, namely the regional section and the section covering national and international
news. The editors buy the latter section ready-made from the central Wegener editorial board, enabling the
editors of De Twentsche Courant Tubantia to focus entirely on the region and thus improve the quality of the
regional section. Both readers and advertisers responded enthusiastically to this change.
In the year under review, Brabants Dagblad worked on transforming the Tilburg edition into a cross-media city
platform, featuring printed products in various shapes and sizes, as well as digital products. The project was still
ongoing at the end of 2010.
In the second half of 2010, two groups of twenty Journalism students from Fontys University of Applied Sciences
joined the editorial boards of the Brabants Dagblad and Eindhovens Dagblad respectively as an experiment.
As part of their training, they worked with journalists of the papers on practical assignments and theory.
29

30 Report of the Management Board (Developments by activity)
The placement lasted three months and Fontys provided
on-site instruction. Journalists and readers alike were
welcome to join the lectures. This collaborative venture was
mutually beneficial: the students received training in an
innovative manner and the editorial boards learned a great
deal about new media and how to use them.
At the end of 2010, Wegener, the Telegraaf Media Groep (TMG) and the NDC Mediagroep (NDC)
started working together on a distribution model for the joint distribution of daily newspapers to
subscribers and single copy sales points. Under this new model, TMG’s delivery activities
regarding De Telegraaf will be integrated with those of Wegener and NDC, respectively, in those
areas where Wegener and NDC distribute their regional morning newspapers. Wegener and NDC,
respectively, will also be responsible for transporting the free daily newspaper Sp!ts to the
distribution points in those areas. The purpose of this joint venture is to decrease the relevant
daily newspapers’ distributions costs while delivering the same level of quality. The results from
the pilot areas are positive.
Dagblad De Pers
In 2009, Wegener entered into a long-term agreement with Mountain Media, entitling it to sell
advertisements in the free daily newspaper Dagblad De Pers in the Netherlands. Wegener pays
the publisher of Dagblad De Pers an annual fee for this right. In early 2010, circulation was
increased to 250,000. Research revealed a great demand from advertisers to establish
distribution points in the larger areas outside the Randstad conurbation. Wegener also took over
the ‘Depers.nl’ website in 2010.
The actual revenue of Dagblad De Pers was significantly lower than management had previously
expected, meaning that Wegener will most likely incur a loss during the term of this agreement.
Wegener aims to minimise this loss by exercising its contractual rights to revise the publishing
model of Dagblad De Pers. Nevertheless, Wegener recognised exceptional items of EUR 63 million
as of 31 December 2010 (approximately EUR 47 million after tax). Of the EUR 63 million,
EUR 48 million relates to the current value of expected future net losses over the next 11 years of
the agreement. The remaining EUR 15 million relates to the impairment of the publishing rights.
Free door-to-door newspapers
In 2010, the market for free door-to-door newspapers was adversely affected by the persistent poor
economic climate and many free door-to-door newspaper publishers had a hard time. Wegener is
the absolute leader in this market, with the Telegraaf Media Groep in a distant second place.
Based on the Nielsen Media Research forecast of a net expenditure of EUR 579 million on
advertising in free local papers (only the major publishers were included) in 2010, the Wegener
free local papers jointly achieved a 25% market share in the advertising market, which is slightly
less than last year.
The distribution of
advertising revenue
according to the
various segments for
2010 is as follows:
Property 12%
Recruitment 5%
Motors 9%
Travel 3%
Announcements 1%
Classifieds 1%
1
2
15
14
3
10 9
11
5
4 7
8
16
13
12
Brands & Services 69%
6
20 Augustus 2008 • NUMMER 34
WWW.ALMEREDEZEWEEK.NL • OPLAGE: 79.822 TEL (036) 5300765
stELLing Deze week
LEEftijDgREns vOOR
piERcings MOEt OMHOOg
nAAR 21 jAAR!
Stem op onze nieuwe site:
www.almeredezeweek.nl
of reageer op: redactie@almeredezeweek.nl
Praat met de Politiechef oP 11 sePtember
Op zoek Jongeren in gesprek met de politie
ALMERE - De politie Almere wil graag
naar
op een positieve manier in contact
komen met jongeren. Daarom is er op
een baan? donderdag 11 september van 19.00
tot 21.00 uur een ‘Gesprek met de
Vacature Vizier politie’ op het politiebureau aan de
Pagina 27, 28 & 29 Baljuwstraat in Almere Stad. Politie
en Almeerse jeugd kunnen deze avond
op een ontspannen manier met elkaar
praten over diverse onderwerpen.
Dé parketoutlet
van Flevoland!
Door een gespreksleider worden die
avond stellingen ingebracht waar-
Alle topmerken laminaat en
lamelparket tegen outletprijzen!
over de jongeren hun mening kunnen
spuien. Stellingen als ‘Discri-
Ingekocht: Ruim 3000m Pergo laminaat
Altijd inclusief mineert de politie?’ of ‘Almere een
plint en ondervloer!
8 verschillende decors
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NORMAAL � 32,95 �19,95
dat?’ Goede ideeën voor betere om-
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gang met elkaar, wederzijds begrip
Markerkant 15-12 - Almere - Tel. 036 - 531 71 42 - www.parketoutlet.nl kweken maar ook misverstanden
Open: ma t/m vrij 11.00 - 17.30 uur en za 10.00 - 17.00 uur
uit de weg ruimen, daar is de avond
voor bedoeld. Woordvoerder van Met cartoons wil de politie Almere jongeren warm maken voor een gesprek met de politie.
de politie Sven van der Burg: “Het
(Foto: aangeleverd)
Vrijwilligers gezocht voor onze school in Almere! is echt een avond voor de Almeerse
Wil je de schoolgaande kinderen van en naar school vervoeren? Neem dan
jeugd. We willen hiermee de ver- Contact met bewoners
aanmelden. De eerste tien jongeren
contact op met mw. Nageswar mobielnummer 06-54348605. Ik reken op U! binding leggen tussen de jeugd en Het ‘Gesprek met de politie’ past vol- die zich hebben aangemeld, worden
de politie. De jongeren krijgen deze ledig in de lijn van de GGPZ, Gebieds uitgenodigd voor een kijkje achter
avond de mogelijkheid om te ver- Gebonden Politie Zorg. Hiermee wil de politieschermen in het trainingstellen
wat ze van de politie vinden. de politie bereiken dat het contact centrum van de politie aan de Mara-
Wij willen hier ook van leren, dus is met de bewoners beter verloopt en thonlaan in Almere Stad. Hier kun-
het de bedoeling dat er in alle open- er samen met andere partijen wordt nen jongeren zien waar de agenten
heid gesproken wordt. We gaan die gewerkt aan het oplossen van pro- in opleiding training krijgen en waar
avond ook niet controleren of er blemen. “Heel belangrijk daarbij hun fysieke vaardigheden worden
iemand bekend bij ons is. Begrip is dan ook ‘Wat vinden wij van el- getest. Jongeren die zich wel willen
voor elkaar tonen en kennis delen kaar?’ Dat is de vraag die we ons die aanmelden maar daarbij niet hun
is de strekking.” De politie neemt avond stellen”, aldus Van der Burg. woonadres willen geven, kunnen het
het bezoek serieus. Naast een aantal
adres opgeven van het jongerencen-
wijkagenten is ook Hans Lesscher, Kijkje achter de politieschermen trum of buurthuis in hun wijk. Wie
districtschef Zuid die avond aanwe- Via de website www.gesprekmetpo- meer wil weten kan bellen met 0900zig
om met de jeugd in gesprek te litie.nl, die speciaal voor deze avond 8844, vraag naar de afdeling Commu-
gaan.
is opgericht, kunnen jongeren zich nicatie van Politie Flevoland.
Stand-up comedy- Olympisch zilver voor Marlies Smulders
workshop in Cinescope ALMERE - De Almeerse roeister Mar- deze krant. Alle medewerkers van
ALMERE - Voor beginnend stand-up lies Smulders heeft bij de Olym- Almere DEZE WEEK feliciteren Mar-
comedytalent presenteert The Joker pische Spelen in Beijing zilver lies dan ook namens alle lezers van
Comedy Club een stand-up comedy- veroverd in de Dames 8-roeiboot. harte met deze uitstekende prestaworkshop
op zaterdag 30 augustus. Marlies Smulders is columniste bij tie.
Hier worden de deelnemers geïnspireerd
en geholpen met tips door
een professionele comedian met minimaal
vijftien jaar ervaring in het
vak. Deelnemers worden deze dag
begeleid bij het schrijven van grappen
en bij het uitvoeren hiervan op
het podium. Er wordt geleerd hoe
met het publiek om te gaan, de beste
timing van grappen en hoe een
goede grap te maken. Na deze work-
Betaalbaar en
shop is er ‘s avonds om 20.00 uur in
Cinescope een open podium waar
de deelnemers zullen optreden.
gezellig
www.trouweninalmere.nl
Hier kunnen ze gelijk toepassen
wat ze die dag hebben geleerd. Om
zelf dit beginnend talent te kunnen
uitgaan?
zien, kunnen kaarten gereserveerd
worden via reserveren@thejokercomedyclub.nl.
Kaarten voor het open
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2
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V E R H U U R D
ZATERDAG 30 AUGUSTUS
SALSA AVOND
Ook spoedcursus theorie

With a 69% share, Brands & Services is the largest segment. Revenue from national advertisers
amounted to 32% of the total advertising revenue of Wegener’s free door-to-door newspapers.
In January 2010, the ‘De Weekkrant Limburg’ was introduced in the province of Limburg. In
March, two new papers were launched in Amsterdam and environs: ‘De Weekkrant Amstelveen’
and ‘De Weekkrant Amsterdam’. For the remaining areas, Wegener has joint ventures with
external publishers and, as such, has achieved the strategic aim of nation-wide coverage in
2010.
The portfolio was adjusted in a number of places partly because of the disappointing revenues
of the various titles. Titles were taken off the market, merged with other titles or their publishing
frequency reduced.
In 2010, another wide-scale study into the reach of the door-to-door newspapers in the
Netherlands was carried out by Wegener order, designed to yield selling points that can be used
in the sale of advertising space. The results of this study will become available in Spring of 2011.
Digital
The Netherlands has an advanced infrastructure for internet applications. Although this is an
advantage, it also means that there are many competitors.
Based on the Nielsen Media Research forecast of a net expenditure of EUR 588 million on online
brands & services and classified ads in 2010, the Wegener internet activities jointly achieved a
5% market share.
In 2010, Wegener worked zealously to implement its strategic plan for digital and online
development. Several existing websites were revamped to good effect. In addition, a great many
new initiatives were developed and launched, including ‘De grootste etalage van Nederland’,
‘Maakmedia’ and ‘Sweetdeal’ (to be introduced in early 2011). There were also innumerable
regional and local online initiatives.
Wegener entered into an agreement with the NOS on the use of videos on Wegener news sites.
Improved content, more references from the printed media and many special campaigns
generated a 39% increase in unique visitors between December 2009 and December 2010.
The joint website of the free local papers ‘deweekkrant.nl’ also showed an increase in the
monthly number of unique visitors (+52%), contributing to an increase in revenue from the news
sites. Moreover, revenue increased, particularly from national customers, as a result of offering
the entire Wegener online network.
In 2010, AutoTrack.nl introduced a new platform, enhancing both the speed and success rate of
searches for new and used cars. After a brief adjustment period, the new website was more
highly rated by advertisers and visitors alike. AutoTrack also benefited from the collaboration with
the ANWB, which materialised in 2010.
JobTrack.nl had a difficult year because of the economic decline, although revenue picked up
somewhat in the second half of 2010. According to Nielsen, the overall number of recruitment
adverts placed online fell by 12%. The CareerID start-up was discontinued due to disappointing
results.
Report of the Management Board (Developments by activity)
De zorgvuldige autosite.
de grootste regionale businessclub
31

32 Report of the Management Board (Developments by activity)
Printing
In 2010, the Wegener printing plants had a hard time generating revenue. There were three printing plants in the
group throughout the year, having sold one in The Hague and closing one down in Nijmegen, both in 2009. Partly
due to the sale of AD NieuwsMedia in 2009, external revenue in 2010 was lower than in the year before. In
addition, a number of external contracts were not renewed or lower volumes printed as a result of a reduction in
the number of advertisement pages. In total, autonomous external revenue dropped by 22% in 2010 compared
to 2009.
Internal revenue also fell, particularly as a result of the decision of daily newspaper publishers to stop printing
specials separately and expand editions, reducing the need for edition changes. Internal revenue from free
door-to-door newspapers increased slightly as a result of the introduction of new free door-to-door newspapers
and part of PLM’s order portfolio. In 2010, part of the Dagblad De Pers was also printed on Wegener’s printing
presses.
In 2010, two printing plants were awarded the IFRA Quality Award, thereby joining the ‘International Newspaper
Color Quality Club’.
The revenue decrease at Wegener NieuwsDruk is mainly compensated with achieved cost savings in 2010, on
the one hand due to divesting two printing plants and on the other hand making efficiency improvements. The
number of FTEs strongly reduced.
Personnel & Organisation
Organisational development
In the first half of 2010, the finishing touches were made to the Delta reorganisation programme. As of
1 January 2010, all publishing activities were combined under one publisher, Wegener Media. The front offices
(editorial and sales) remained separated according to type of medium, while the administrative departments
were centralised in the back offices. Besides achieving cost benefits, this allowed the administrative
departments to improve their services by leveraging economies of scale. The reorganisation was a prelude to
the publisher’s transformation into a cross-media content business. In mid-2010, the next stage of this
development process began. Task forces were formed at various levels of the company to prepare, initiate and
complete the transformation. However, the transformation was temporarily put on hold due to the managerial
problems ensuing from the former CEO’s departure in the final quarter of 2010. In early 2011, the newly
appointed CEO resumed the process with great zeal.
Since Wegener had given notice of terminating its participation (as per 1 January 2011) in the NRp – the regional
daily newspapers’ joint advertising sales organisation in the national market – at the end of 2009, the year
under review was used to set up an in-house national daily newspaper sales department. This activity was
assigned to the existing National Sales & Marketing department for the free door-to-door newspapers in
Houten.
In conjunction with Mecom developments, a large-scale study into an improved ICT service organisation was
conducted in 2010. In the second half of the financial year, Wegener was actively involved in this process, which
helped prevent decisions that would entail unacceptable business risks for Wegener. At the end of 2010, a plan
was submitted for outsourcing part of the ICT services, which will impact the Wegener ICT department. The
decision-making process at Wegener, including advice from the representative consultative platform, will be
completed in the first few months of 2011, after which implementation will get underway in mid-2011.
To improve internal communication, a new Wegener-wide intranet called ‘WiM’ was launched in March 2010.
Departments and staff can profile themselves on this platform, encouraging internal communication. Moreover,
it offers improved access to all internal and external regulations.

Report of the Management Board (Developments by activity)
Personnel development
Wegener employed a restrictive staff acquisition policy, particularly to safeguard the jobs of existing staff that
may be at risk. This means that vacancies were filled internally wherever possible, using a weekly updated list of
vacant positions. Of all vacancies originating in 2010, 18% were filled internally. Other vacancies were filled by
external candidates, using the readership base of Wegener’s own titles and sites.
This staff acquisition policy, the above-mentioned organisational changes and the various efficiency measures
resulted in job losses in 2010. All in all, Wegener’s staff changes were as follows:
Staff development in FTE End of 2010 End of 2009
Change
abs %
Wegener Media
- daily newspapers 1,054 1,459 (405) (27.8%)
- free door-to-door newspapers 521 883 (362) (41.0%)
- back offices 833 163 670 411.0%
Wegener MediaVentions 64 75 (11) (14.7%)
Wegener NieuwsDruk 391 408 (17) (4.2%)
Dagblad De Pers 5 - 5 -
Wegener Total 2,868 2,988 (120) (4.0%)
In total, the number of jobs on FTE basis was reduced by 120 (4.0%) in 2010. Due to the Delta reorganisation,
the back office operations of the various divisions were combined, as a result of which their FTE figures cannot
be compared.
Staff policy development
2010 was characterised by actual structuring of the development-oriented personnel policy outlined in 2009.
The main focal points in 2010 were:
1. The introduction of an online career site
2. The implementation of the Wegener Academy throughout the Wegener organisation
3. The development of a Wegener HR cycle
Re 1) Career
As a spin-off of the development-oriented personnel policy devised in 2009, a digital mobility centre developed
in-house called ‘WiL’ (Wegener intra Loopbaan [career]) was introduced on 31 May 2010. It is only one of the tools
that is being used to encourage staff to actively work on their ongoing employability. All staff are awarded a
personal career budget that is made available on WiL through the Loopbaanwinkel (Career Shop). In 2010, over
1,700 employees signed up. The Career Shop has sold 700 products, including courses for the digital world, and
social media as well as language training programmes.
Re 2) Wegener Academy
All of Wegener’s training activities are centred at the Wegener Academy. Approximately 80% of staff took a
course in 2010. The year 2010 was mostly characterised by developing expertise and skills in the area of digital
and online publishing. Customised training programmes were developed and carried out for both editorial and
commercial positions. For example, in 2010, the Academy developed an online sales training programme under
the name ‘Crossing Borders’, which will be rolled out in the beginning of 2011. Two programmes were organised
for the management target group: a leadership programme designed to support the process of transforming
from a print to a content organisation and a knowledge-oriented Business Case Management programme to
support decision-making on investment matters.
33

34 Report of the Management Board (Developments by activity)
Re 3) Wegener HR cycle
In 2010, the Central Works Council (COR) approved the implementation of a new Wegener HR cycle. During this
cycle, performance interviews about the development within the current job, but even so about future
possibilities will be held on average twice a year with all staff (and managers). After obtaining approval from the
COR, P&O started preparing the cycle’s implementation, which is scheduled for 2011.
Welfare policy
The policy of ensuring, together with the Achmea Vitale occupational health and safety service, that health and
safety care remains focused on prevention was continued in 2010.
Sick leave, excluding maternity leave, dropped
to 4.45% compared to 2009 (4.9%). This
improvement was due in part to additional
attention being paid to prevention policy and
the intensive supervision of sick employees,
both by management and the occupational
health and safety service. The decline in sick
leave was notable also because it occurred in a
period of reorganisation and uncertainty for
many employees.
Average annual absences due to illness, excluding maternity leave
8
7
6
5
4
2001
Terms of employment and collective labour agreements
Following the start of negotiations on these issues in 2009, the employers and trade unions reached
agreement in February 2010 on a separate collective labour agreement (CLA) for administrative staff of the daily
newspaper business (CLA for the daily newspaper publishing sector). The Grafimedia CLA remained effective as
the CLA for technical staff. As a result, four important CLAs were in effect at Wegener in the year under review.
1. CLA for Daily Newspaper Journalists
At the end of January 2010, an agreement in principle was reached with the Dutch Union of Journalists
(NVJ) on a new CLA effective until 31 December 2010. This agreement in principle was approved in early
April. The key element of the new CLA for daily newspaper journalists was the fact that salaries were not
increased collectively in 2010. The daily newspaper journalists did, however, receive a 1.4% benefit, as
the employee’s premium for the early retirement transitional scheme (1.4%) would be paid by the employer
in 2010. The arrangements regarding work experience places for young journalists were also continued
in the new CLA. Preparations for negotiations on a new CLA started in early 2011.
2. Grafimedia CLA
The new Grafimedia CLA came into effect on 1 February 2010 and will remain effective until 1 February
2012. During the term of the CLA, the agreed fixed gross salaries will be increased by 0.5% as of 1 July
2011 and by 0.5% as of 1 January 2012. It has been agreed that during the term of this CLA, the employer
will spend 2% of the gross pay on employee training and instruction. Local agreements will be made
about the distribution among individual staff. In addition, arrangements have been made about training
during working hours and receiving a lump-sum diploma bonus for passing the final exam. Maintaining
the definition of a normal average working week of 36 hours, options and conditions have been agreed
for hours designated by the employer as hours worked less than or in excess of the 36-hour average in
certain weeks.
Given the actual and expected developments in the area of pensions, the CLA parties deem a study of
the future-proofness of the pension scheme advisable. The Board of Consultation for the Grafimedia
Sector will formulate the terms of reference for this study.
2002
2003
2004
2005
2006
2007
2008
2009
2010

Report of the Management Board (Developments by activity)
3. CLA for the Daily Newspaper Business
On completing the negotiations between the CLA parties, the associated communication of trade unions
and employers with their members and employees respectively, and further preparations, the new CLA
for the daily newspaper publishing business came into effect on 1 February 2010. In September 2010,
subsequent CLA negotiations resulted in the first agreement within this new framework.
This CLA is effective from 1 February 2010 to 31 December 2011. With regard to remuneration, a lump-sum
gross payment of EUR 250 as of 1 December 2010 (full-time employment) has been agreed for all staff
governed by this CLA, as well as a permanent 1.0% salary increase effective as of 1 July 2011. In the year
2011, the employer will make at least 1.0% of the gross pay (for staff governed by this CLA) available for
employee training. In addition, it has been agreed that as of 1 January 2011, the employer and employee
can deviate from the normal 36-hour working week with mutual consent and agree on a longer working
week of up to 40 hours. In addition, agreements have been reached on a reduction in the working hours
scheme for older staff and procedures relating to establishing policy on flexible working hours.
4. CLA for free Door-to-door Newspaper Journalists
This CLA is effective from 1 January 2010 to 31 March 2012.
It has been agreed that salaries will be increased by 0.5% as of 1 April 2011 and by 0.5% as of
1 January 2012.
In addition, agreements have been reached on offering journalists an annual training day.
Based on the terms of reference to be formulated, a joint industrial committee will research job ratings,
salary structures and appraisal criteria. In addition, the Board of Social Committee of Free Door-to-door
Newspaper Publishers will contact the Dutch Association of Local Newspapers to discuss the possibilities
and to reach a single collective Local Media CLA.
The negotiations about a new Social Plan entered into with the trade unions in 2009 were aborted in 2010.
Before the parties were able to reach agreement, their negotiations were stopped short by the management
crisis that arose. It was agreed that until 1 July 2011, any reorganisations would take place in the spirit of the
Delta Social Plan.
Pensions
On 1 January 2010, Wegener entrusted the administration of its pension scheme to the Pensioenfonds voor de
Grafische Bedrijven (PGB, the Graphical Industry Pension Fund).
Until the end of 2009, the pension scheme was administered by the Algemeen Pensioenfonds Wegener
(APW, the Wegener General Pension Fund).
As a result of the transition to the PGB as of 1 January 2010, the PGB standard pension scheme, adjusted with
regard to a number of Wegener-specific elements, has become effective for non-graphical Wegener staff. This
PGB Wegener Pension Scheme is largely the same as the APW scheme applicable until then, with only a few
minor differences. In so far as staff are affected by any such differences, they have been personally informed in
advance in writing.
The transition was effected after both the APW Participants’ Council and the Central Works Council had given
their consent.
In early 2010, all staff and retired staff were informed about the background and the entire process of this
transition in a special final edition of the APW magazine Pensioen in perspectief, which was entirely devoted to
the transition to PGB.
In the first half of 2010, the APW accounts were closed, the necessary audits performed and preparations made
for the transition. Then, in Q3 2010, PGB actually took over the accounts and administration activities.
35

36 Report of the Management Board (Developments by activity)
The participants were personally informed about this process in several letters. In addition, they received an
APW statement of the rights transferred and confirmation from PGB regarding the fund-related rights and
administration taken over by PGB.
At the end of 2009, Wegener and the COR agreed to create a special COR pensions committee for the
transition, which would serve as a consultation partner for adjusting any Wegener-specific elements in the
PGB-administered pension scheme. To this end, consultations were held in 2010 about gradually reducing the
contribution-free allowance to the level of the PGB standard pension scheme. At the end of the year under
review, Wegener and the COR reached an agreement on how to go about this in the coming years. As a result,
the first step in this process was taken on 1 January 2011 and the amount of the contribution-free allowance
was decreased in accordance with the agreed system.
Employee consultation
A company in flux also means a great deal of work for the employee representation bodies. In 2010, this was
most definitely true for all of Wegener’s works councils. The changes to the Management Board and the ensuing
commotion in particular put considerable pressure on the Central Works Council (CWC). Intensive consultation
between the new director and the CWC led to a positive recommendation from the CWC on the intended
appointment of the new CEO. The Management Board appreciates the CWC’s constructive approach to these
issues.
In addition, various topics were addressed, the most important ones being:
> 2010 budget and investment programme
> 2009 annual report and annual accounts
> 2009 Social Annual Report
> HR-cycle (new HR policy)
> Code of conduct for use of social media
> Project Ysbrecht (cooperation on distribution with De Telegraaf)
> Lowering of the franchise of the pensions
Three consultative meetings were also attended by one or more members of the Supervisory Board. These
meetings were primarily devoted to the half-year report and the Social Annual report as well as the resignation
of Mr J.V. Munsterman as of 4 October and appointment of Mr T. Velgaard as member of the Management Board.
Intensive meetings about these changes in the Management Board took place between the Central Works
Council and one or more members of the Supervisory Board. The Supervisory Board experienced these
discussions as very constructive, which contributed to the process of regaining trust.
The implementation of the Delta plan and the ensuing formation of Wegener Media necessitated adjusting the
structure of the representative consultative platform to the new situation, for which preparations were made in
the final months of 2009. In proper consultation between the director and the representative consultative
platform, the latter body was restructured and became effective following the April 2010 elections. The new
structure comprises a single Central Works Council, under which 11 works councils and 3 subcommittees
operate.
Wegener is part of Mecom, which also operates in Norway, Poland, Denmark and the Netherlands (Limburg).
Mecom has a European Works Council (EWC), on which three representatives from the Netherlands have a
seat. Two EWC members come from the Wegener CWC.

Report of the Management Board (Developments by activity)
Acknowledgements
2010 was a particularly turbulent year for Wegener. Tailoring the organisation to suit changing market demand
took the first three quarters of the year, with many staff changing workplace, job or manager. The final quarter
was mainly marked by the departure of Joop Munsterman and the arrival of Truls Velgaard. The changes to the
Management Board stirred up a great deal of commotion within the organisation. Many groups voiced their
opinions. The Management Board understands the emotions that flared up and is grateful for the way in which
they subsided. Work goes on and so must Wegener, for which motivated staff are indispensable. The
Management Board is confident that we will succeed and envisages a beautiful future for our splendid company.
The Management Board appreciates everyone who has contributed to this and wants to do so in the future.
37

38 Report of the Management Board
Corporate social responsibility
Wegener recognises that the sustainability of an enterprise and all considerations related to this goal are
influenced by the policies it selects. The company has designated social responsibility as a foundation stone of
the mission and objectives of the group. In this context, Wegener took concrete steps in 2005 with the
introduction of the “Code of Conduct for Koninklijke Wegener NV and its group companies”. This code sets forth
how the company seeks to behave and what is required of its employees with regard to such matters as
observing legislation and regulations, integrity, openness, proper conduct with colleagues, concern for working
conditions and safety, concern for the environment, and involvement with society.
Social involvement is inseparable from Wegener because of the substantial and crucial impact of the media on
society. As publisher of regional daily newspapers, free door-to-door newspapers and online products, Wegener
operates deeply within the fabric of the regional societies to which these products are provided.
Journalistic reporting entails a significant social responsibility, thus demanding a high degree of care and
integrity. This is to a large extent assured by the editorial statutes of each daily newspaper, which give particular
emphasis to journalistic responsibility, autonomy and unbiased independent reporting. Through the journalistic
products it supplies, Wegener makes a significant contribution to the knowledge level and development of
awareness within Dutch democratic society.
The importance of the individual client, the Dutch citizen, is central in developing and implementing the group’s
strategic and operational policies. The dynamic character of the media world demands that there be constant
dialogue with both readers and advertisers. Reader panels allow consumers to react to the content of the
group’s newspapers, and customer satisfaction surveys are conducted regularly, while periodic use and
appreciation studies illuminate the wants and needs of the group’s clients. To an increasing extent, readers and
site users are themselves given ample opportunity to contribute to the content of the newspapers or the wide
range of online products.
Social involvement is also expressed via the group’s publications and multimedia products, through
collaborative alliances, sponsorships and the provision of editorial coverage, as well as free advertising space.
Wegener’s dailies and free door-to-door newspapers give coverage to innumerable regional and local initiatives
and activities in fields such as culture, sport, charitable projects, public information, education, and leisuretime
activities.
With this perspective, Wegener became one of the founding members of Fonds Slachtofferhulp, a charitable
foundation devoted to victims of crime, roadway accidents and disasters. The foundation supports and seeks
to improve the circumstances of victims and their companions or survivors.
Wegener’s success is determined by its people. The group therefore strives to create a positive working
environment, one within which each employee can develop to an optimal extent, and which offers varied and
safe work. There are ample training facilities.
Wegener believes that a good working environment and transparency for its employees are crucial. For this
reason, the company has a code of conduct, whistleblower provisions, and a complaints procedure. The
Wegener organisation works with distinct and clearly formulated guidelines for operating processes and
regulations, all of which are set forth in manuals. Internal (Mecom) audits assure compliance with these
mandates. Wegener also complies with Mecom policies in this respect. Every Wegener employee is expected to
be familiar with all of the legal and regulatory requirements that pertain to the group’s operations, as well as
requirements set forth by supervisory bodies. A matter of particular emphasis stems from the requirements of
the Dutch Personal Data Protection Act (WBP). Since Wegener’s publishers and internet activities make use of
numerous databases containing personal details, compliance with the requirements of the WBP is monitored.

Report of the Management Board (Corporate social responsibility)
Wegener strives for good, open relationships with employee organisations and representative bodies. Each
year the group prepares a Social Annual Report, which is sent to all employees and is also available on the
corporate website, www.wegener.nl.
The group’s involvement in careful attention to the environment has been embedded in daily operations for
many years. This encompasses preventing pollution, reducing the volume of waste materials, and minimising
the consumption of energy. Wegener first issued an environmental declaration in 1994, and then renewed and
updated it in a new declaration set forth in January 2005. This policy was worked out yet further during 2010.
As part of the Mecom group, there was also attention to improving the sustainability of the production process
and the use of raw materials. Priorities of this policy are reducing CO2 emissions, reducing the volume of waste,
energy usage and sustainable purchase of newsprint. In these respects, Wegener follows the Mecom policy.
In 2010, steps were taken to reduce energy consumption by closing down offices and making more efficient use
of the remaining offices. In line with this, the latest energy-saving technologies were used in the renovation and
new construction of the offices in Best.
All Wegener printing plants have obtained the ‘Sustainable Procurement’ certificate, thereby guaranteeing that
the raw materials Wegener purchases for the primary process meet the ‘Sustainable Procurement’ criteria. Key
examples are the K4 non-solvent detergents and the paper used. Wegener’s aim is to ensure that at least 75%
of the paper used for printing newspapers is either recycled paper or paper produced in accordance with
sustainable forest management. In 2010, Wegener NieuwsDruk Twente obtained FSC/PEFS (Programme for the
Endorsement of Forest Certification) certification, following Wegener NieuwsDruk Gelderland’s example in
2009. All Wegener printing plants meet the ISO 14001:2004 standard.
39

40
Declaration of the Management Board
According to 5:25 sub c of the “Wft” (Financial Compliance Law) the Management Board declares that, to the
best of its knowledge:
1. the Annual accounts present a true and fair view of the assets, liabilities, financial position and profits or
losses of the company and the companies jointly included in the consolidation; and,
2. the Annual report presents a true and fair view of the situation on the balance sheet date, the course of
business in the financial year of the company and of the companies affiliated with it, the details of which are
included in its annual accounts, and that the fundamental risks with which the company is confronted are
described in the Annual report.
This management statement has not been signed by Management Board member
Mr W. Cornelisse because of his long-term absence due to sickness.
Apeldoorn, The Netherlands, 14 March 2011
T. Velgaard
Chairman, Management Board (CEO)

Financial statements (Consolidated balance sheet) 41
2010 Financial Statements
2010 Consolidated financial statements of
Koninklijke Wegener NV
2010 Company financial statements of
Koninklijke Wegener NV

42 Financial statements
2010 Consolidated financial statements of Koninklijke Wegener NV
Consolidated balance sheet
At 31 December (in thousands of euros)
Assets
notes 2010 2009
Non-current assets
Intangible assets 1 505,161 523,105
Property, plant and equipment 2 83,001 88,608
Investments in associates 3 5,134 4,561
Deferred tax assets 4 15,489 10,837
Other financial assets 5 211 11,148
608,996 638,259
Current assets 6
Inventories 1,945 2,219
Amounts owed by group companies 1,134 922
Trade and other receivables 44,177 54,622
Cash and cash equivalents 2,129 3,500
49,385 61,263
658,381 699,522

Equity and liabilities
Financial statements (Consolidated balance sheet)
notes 2010 2009
Total equity
Equity attributable to equity holders of Koninklijke Wegener NV 7 278,327 311,704
278,327 311,704
Non-current liabilities
Pensions 8 27,994 33,010
Provisions 9 59,190 33,179
Interest-bearing loans 10 75,586 112,780
Interest rate swaps 12 850 1,255
163,620 180,224
Current liabilities
Pensions 8 5,899 6,275
Provisions 9 22,256 24,444
Interest-bearing loans 10 14,887 7,737
Interest rate swaps 12 919 1,447
Debts to group companies 1,973 2,816
Trade payables 19,674 25,253
Prepaid subscriptions 54,435 52,996
Other current liabilities 11 96,391 86,626
216,434 207,594
658,381 699,522
43

44 Financial statements
Consolidated income statement
(in thousands of euros)
notes 2010 2009
Revenue 15 531,442 586,334
Other income 16 - 910
Revenue and other income 531,442 587,244
Raw materials and stores 17 36,968 55,591
Work subcontracted and other external charges 18 135,895 140,756
Staff costs 19 197,135 250,868
Amortisation of intangible assets 20 7,372 5,499
Depreciation of property, plant and equipment 21 11,284 15,292
Impairment of publishing rights 1 14,694 -
Other operating expense 22 155,870 101,006
Operating expense 559,218 569,012
Operating result (27,776) 18,232
Share of profit of associates 3 1,196 698
Finance income 23 489 755
Finance expense 24 (11,365) (13,907)
Financial income and expense (9,680) (12,454)
Loss/ profit before tax (37,456) 5,778
Taxes (gain) 25 4,900 2,075
Loss / profit for the year (32,556) 7,853
Attributable to:
- equity holders of Koninklijke Wegener NV (32,556) 7,853
(32,556) 7,853
Earnings per share (in euros) 26
- basic and diluted, for profit for the year attributable to holders of ordinary shares in
Koninklijke Wegener NV (0.76) 0.14

Consolidated comprehensive income statement
(in thousands of euros)
2010 2009
Result for the year (32,556) 7,853
Value changes in effective hedging interest rate swaps 12 1,001 (1,013)
Tax (255) 258
746 (755)
Comprehensive income (31,810) 7,098
Attributable to:
- equity holders of Koninklijke Wegener NV (31,810) 7,098
(31,810) 7,098
Financial statements
45

46 Financial statements
Consolidated statement of changes in equity
2010
Issued
share
capital
Equity attributable to equity holders of Koninklijke Wegener NV
Share
premium
Cash flow
hedge
reserve
Retained
earnings
Profit for
the year
Total
equity
At 1 January 2010 14,763 167,458 (2,089) 123,719 7,853 311,704
Comprehensive income 746 (32,556) (31,810)
Appropriation of profit for previous year 7,853 (7,853) -
Dividend paid on cumulative financing
preference shares for 2009
(1,567) (1,567)
At 31 December 2010 14,763 167,458 (1,343) 130,005 (32,556) 278,327
This relates to:
- ordinary shares 13,503 139,317 (1,343) 130,005 (34,123) 247,359
- cumulative financing preference shares 1,260 28,141 1,567 30,968
At 31 December 2010 14,763 167,458 (1,343) 130,005 (32,556) 278,327
The proposed decision to pay out dividend for 2010 to the shareholders of cumulative financing preference
shares has already been incorporated into the overview above.
2009
Equity attributable to equity holders of Koninklijke Wegener NV
Issued
share
capital
Share
premium
Cash flow
hedge
reserve
Retained
earnings
Profit for
the year Total
Minority
interest
Total
equity
At 1 January 2009 14,763 167,458 (1,334) 113,938 11,348 306,173 5 306,178
Comprehensive income
Appropriation of profit for
(755) 7,853 7,098 7,098
previous year
Dividend paid on cumulative
financing preference shares for
11,348 (11,348) - -
2008 (1,567) (1,567) (1,567)
In connection with divestment of
group companies
- (5) (5)
At 31 December 2009 14,763 167,458 (2,089) 123,719 7,853 311,704 - 311,704
This relates to:
- ordinary shares 13,503 139,317 (2,089) 123,719 6,286 280,736
- cumulative financing
preference shares
1,260 28,141 1,567 30,968
At 31 December 2009 14,763 167,458 (2,089) 123,719 7,853 311,704
The decision to pay out dividend for 2009 to the shareholders of cumulative financing preference shares has
already been incorporated into the overview above.

Consolidated cash flow statement
(in thousands of euros)
notes 2010 2009
Cash flows from operating activities
Revenue and other income 531,442 587,244
Total expense 559,218 569,012
Operating result
Adjustments for:
(27,776) 18,232
- book results / value changes of non-current assets - (910)
- amortisation of intangible assets 7,372 5,499
- depreciation of property, plant and equipment 11,284 15,292
- impairment of publishing rights 14,694 -
- changes in working capital 2,555 4,622
- liability NMa fine regarding Zeeuws-Vlaanderen 19,100 -
- taken to the income statement regarding provisions 55,457 38,092
Withdrawals from provisions (40,034) (39,671)
Cash flows from operations 42,652 41,156
Dividend received from associates 914 994
Finance income received 38 328
Finance expense paid (8,034) (9,960)
Tax paid (7) -
Cash flows from operating activities 30 35,563 32,518
Cash flows used in investing activities
Acquisition of group companies - 862
Sale of group companies
Proceeds received from sale of AD NieuwsMedia BV and assets/liabilities of
- 3,973
Wegener NieuwsDruk West - 14,543
Received redemption loan AD NieuwsMedia BV 15,374 -
Capital contribution to associates (291) (392)
Purchase of intangible assets (13,339) (9,819)
Purchase of property, plant and equipment (7,155) (16,767)
Sale of property, plant and equipment 88 208
Cash flows used in investing activities 31 (5,323) (7,392)
Cash flows used in financing activities
Repayment of interest-bearing loans (30,044) (51,176)
Dividends paid to holders of cumulative financing preference shares of
Koninklijke Wegener NV
(1,567) (1,567)
Cash flows used in financing activities 32 (31,611) (52,743)
Net cash flows (1,371) (27,617)
At 1 January 3,500 31,117
At 31 December 6 2,129 3,500
Financial statements
47

48 Financial statements
Notes to the consolidated financial statements
General
The 2010 consolidated financial statements of Koninklijke Wegener NV were approved by the Supervisory Board
at its meeting of 14 March 2011. A press release was issued about the annual figures for the year 2010, before
start of business on 16 March 2011.
Koninklijke Wegener NV has its registered office in Apeldoorn, the Netherlands; the depository receipts for
ordinary shares are listed on Euronext Amsterdam.
The activities of Koninklijke Wegener NV and its group companies include publishing regional newspapers and
free door-to-door newspapers, developing and exploiting Internet products, and providing graphic products
and services. These activities are carried out in the Netherlands. The 2010 financial statements still need to be
adopted by the shareholders. This adoption will be on the agenda of the General Meeting of Shareholders to be
held on 18 May 2011.
Since the end of October 2007 Mecom Group plc, based in London, has been majority shareholder in Wegener
through its subsidiary Mecom Media Holland Holding BV. Mecom acquired 86.44% of the (depository receipts
for) ordinary shares. Mecom also acquired all (depository receipts for) cumulative financing preference shares
(in so far as not held by Wegener).
Intra-group balances
Koninklijke Wegener NV is part of the Mecom Group, which is headed by Mecom Group plc, London. Mecom
Group plc is a public limited company with its registered office in the United Kingdom. The ordinary shares in
Mecom are listed on the London Stock Exchange (UK: MEC). The financial statements of Koninklijke Wegener NV
are incorporated into the consolidated financial statements of Mecom Group plc, London.
Basis of consolidation
The group companies in which Koninklijke Wegener NV has a direct or indirect interest and control are included
in the consolidation. The assets and liabilities and the income and expenses are included in full. Minority
interests in equity and profit are shown separately. The financial statements of the group companies are
prepared for the same reporting year and based on the same accounting policies as those of Koninklijke
Wegener NV. Joint ventures are consolidated proportionately using the same accounting policies as used by
Koninklijke Wegener NV. A joint venture is deemed to exist if the participants in a collaboration agreement have
joint control over the resulting activities.
All intra-group balances, transactions, income and expenses and profits and losses resulting from intra-group
transactions are eliminated in full.
The results of acquired group companies are consolidated as from the acquisition date, being the date on which
formal control was acquired of the party being taken over. Consolidation is continued until the date on which
formal control ceases to exist.
A list of consolidated group companies and associates is included at the end of the notes to these consolidated
financial statements (page 97). Koninklijke Wegener NV has directly or indirectly issued statements of joint and
several liabilities for most of its Dutch group companies in accordance with Section 403 of Part 9 of Book 2 of
the Dutch Civil Code.
The list includes the group companies for which such statements of liability have been issued.
In 2010 there were no significant changes in the consolidation circle.
The most important changes in the consolidation circle in 2009 include the deconsolidation of
AD NieuwsMedia BV on 31 July 2009 and the consolidation of Wegener PLM BV on 15 July 2009. In addition, the
consolidated figures are influenced by the sale of the printing plant in The Hague, which was closely related with
the sale of AD NieuwsMedia BV. The most important change in associates is the sale of Deutsche Post Selekt
Mail Nederland CV in February 2009.
Since the results of Koninklijke Wegener NV are included in the consolidation, the company income statement
is drawn up in condensed form (under application of Section 402 of Part 9 of Book 2 of the Dutch Civil Code).

Financial statements (Notes to the consolidated financial statements)
Accounting policies
Statement of compliance
The financial statements have been drawn up in accordance with the International Financial Reporting Standards
(IFRS) as approved by the European Union. The financial statements have been prepared under the historical cost
convention, with the exception of interest rate swaps, which are carried at fair value in the balance sheet.
Financial year
The financial year coincides with the calendar year. The consolidated financial statements have been drawn up
in euros, and all amounts have been rounded off to the nearest thousand unless stated otherwise.
Effect of new financial reporting standards
The financial reporting standards are consistent with previous year. The following standards and
interpretations, which have been effective since 1 January 2010, did not have a material effect on the financial
statements of Wegener.
> IFRS 2 - Share-based payment: Group cash-settled share-based payment transactions
> IFRS 3 - Business combinations (Revised)
> IAS 27 - Consolidated and separate financial statements
> IAS 39 - Financial instruments: Recognition and measurement – Eligible hedged items
> IFRIC 9 - Remeasurement of embedded derivatives
> IFRIC 12 – Service concession arrangements
> IFRIC 15 – Agreements for the construction of real estate
> IFRIC 16 – Hedging of a net investment in a foreign company
> IFRIC 17 - Distributions of non-cash assets to owners
> IFRIC 18 - Transfers of assets from customers
Wegener decided against an early implementation of the new standards, amendments to standards, and new
interpretations for which the application was mandatory for financial years beginning on or after 1 July 2010 or
subsequent years.
The following standards and interpretations have been published but do not yet apply to the 2010 financial
statements:
> IFRS 9 - Financial Instruments: Classification and measurement. This standard is the first step in the process
towards replacement of IAS 39. It is expected to come into effect as from 1 January 2013 but will not have any
consequences for Wegener.
> IAS 24 - Related party disclosures (revised). This standard will be effective as from 1 January 2011.
> IAS 32 - Classification of rights issue. This standard, which entered into effect on 1 February 2010, does not
apply to Wegener.
> IFRIC 14 - Prepayments of a minimum funding requirement. This standard, which will be effective as from
1 January 2011, does not apply to Wegener.
> IFRIC 19 - Extinguishing financial liabilities with equity instruments. This standard, which came into effect on
1 July 2010, does not apply to Wegener.
Application of the above standards and interpretations is not expected to have any material impact on the
financial statements for 2011.
Significant accounting judgements and estimates
When applying Wegener's accounting policies, the management has made judgements which have important
consequences for the amounts recognised in the financial statements and the notes thereto. Furthermore,
in some areas estimates have been made of future developments which have a significant risk of causing
a material adjustment to the carrying amounts of assets and liabilities in any following financial year. When
forming these judgements and making the estimates referred to, use was also made of the opinions and advice
of (external) experts in the relevant areas.
49

50 Financial statements (Notes to the consolidated financial statements)
These judgements and estimates are explained in more detail below. For more details about how the items
referred to are shown in the financial statements, please see the notes to the financial statements.
Judgements
Goodwill (former) VNU Dagbladen group
Wegener acquired the VNU Dagbladen group in 2000. The activities of the VNU Dagbladen group primarily
related to the publishing of regional newspapers, free door-to-door newspapers, and related graphic
production.
These activities have since been extensively integrated with the same type of activities already run by Wegener.
The integration process started immediately in 2000 in order to realise maximum synergies through economies
of scale. The integration took place across all levels: merging of titles, graphic production and organisations,
including the reorganisation of management and the centralisation of the back offices.
As a result, the goodwill can no longer be attributed to the original cash-generating units, and the whole
newspaper organisation of Wegener is now seen as one single cash-generating unit.
PGB Pension Fund
As from 1 January 2010, Wegener voluntarily joined the Graphic Sector Pension Fund (PGB), based on an
agreement signed in December 2009 which also covers the transfer of the capital, the pension entitlements
and pensions in payment of APW to the sector pension fund PGB.
Owing to the transfer to the PGB, the PGB plan will apply, plus a number of Wegener-specific adjustments, as
from 1 January 2010. This adapted pension plan is largely similar to the former APW pension plan. According to
Wegener, it qualifies as a collective defined contribution plan.
Sale of shares in AD NieuwsMedia BV and assets/liabilities of Wegener NieuwsDruk West (only relevant to
2009 figures)
At the end of July 2009, the shares in AD NieuwsMedia BV were sold to de Persgroep Nederland. The 37%
interest in AD NieuwsMedia BV has since that date been derecognised from Wegener’s consolidated balance
sheet. At the same time, Wegener’s printing plant in The Hague (Wegener NieuwsDruk West) was transferred to
de Persgroep Nederland. According to Wegener, these two transactions are interrelated to such an extent that
they are recognised in the financial statements as a single transaction (and as a single gain) so as to provide a
better insight into the balance sheet, the income statement and the cash flows in the comparative figures.
Recognition of long-term collaboration with Dagblad De Pers
In 2009 Wegener made arrangements for long-term cooperation with the Dagblad De Pers newspaper.
The relevant contractual agreements run through March 2022, and provide for the right of Wegener to sell
advertisements in Dagblad De Pers in return for an annual fee payable by Wegener during the term of the
agreement. In addition, Wegener will be responsible for Dagblad De Pers being printed and distributed.
Furthermore, various back-office activities will be performed for Dagblad De Pers. The ensuing advertising
revenue will accrue in full to Wegener. In view of the nature of the specific arrangements involved in the
collaboration, it has been recognised as an executory contract in the comparative figures.
Processing of the NMa fine
On 14 July 2010, the Netherlands Competition Authority (NMa) issued its decision on the investigation it had
conducted of alleged violations, by Wegener, of the conditions imposed by the NMa when it gave its permission
for Wegener to the acquisition of VNU Dagbladen by Wegener in 2000. The NMa decided to impose a fine
of EUR 19.1 million on the company, and also to impose a fine to five former and present executive and/or
supervisory board members totalling EUR 1.3 million. Pursuant to IFRS rules the fine was recognised in full as a
debt on the balance sheet. Wegener wishes to emphasise that this does not mean that Wegener admits it has
committed the alleged violation. On the contrary: Wegener has filed an appeal against the NMa's decision. The
obligation to pay the fine is suspended for the duration of the objection and appeal proceedings. However, when

Financial statements (Notes to the consolidated financial statements)
and if a fine is finally determined, the amount is interest-bearing for the period of appeal. The fine imposed on
Wegener is not deductible for corporate income tax purposes.
Estimates
Impairment of goodwill
At least once a year Wegener determines whether goodwill has been impaired. This requires an estimate of the
value in use of the cash-generating units to which the goodwill is allocated. Estimating the value in use requires
Wegener to make an estimate of the expected future cash flows from the cash-generating unit and determine
an appropriate discount rate in order to calculate the present value of those cash flows.
Impairment of Dagblad De Pers publishing rights
At least once a year, Wegener assesses whether the Dagblad De Pers publishing rights have been subject
to impairment. This requires an estimate of the value in use of Dagblad De Pers. To estimate the value in use
Wegener has to make an estimate of Dagblad De Pers’ expected future cash flows and at the same time
establish an appropriate discount rate in order to calculate the present value of those cash flows. The 2010
impairment test resulted in a full impairment of the publishing rights.
Provisions for reorganisations
In previous years estimates of reorganisation costs were made of average salaries, ages and service years. This
means that the actual restructuring costs can be higher or lower than anticipated in preceding years.
Provision for onerous contracts
The provision for onerous contracts relates, on the one hand, to the provision for vacated office space and, on
the other, to the provision relating to the onerous contract with Dagblad De Pers.
As regards the provision for vacancy, in recent years estimates have been made on the basis of the projected
vacant floor area and the expected price per square metre. This means that the actual vacancy-related costs
may turn out to be higher or lower than provided for.
As regards the provision for the onerous contract with Dagblad De Pers, an estimate is made of the expected future
cash flows. In addition, an appropriate discount rate is determined for calculating the present value of those cash
flows.
Foreign currency
The consolidated financial statements are presented in euros, which is the group's functional and presentation
currency. All Wegener companies operate in the Euro zone.
Transactions in foreign currencies are translated into euros at the exchange rates applicable on the transaction
date. The cash flows generated by the settlement of transactions are translated at the exchange rate applicable
on the date of settlement. The exchange rate differences resulting from this are taken to the income statement.
Monetary assets and liabilities (resulting from unsettled transactions) in foreign currency are translated at the
exchange rates applicable on the balance sheet date. Exchange differences arising from this are also taken to
the income statement.
AD NieuwsMedia BV joint venture (only relevant to 2009 figures)
AD NieuwsMedia BV was a joint venture of Wegener (37% share) and de Persgroep Nederland (63% share). The
control of the company was shared on a 50/50 basis.
All the assets and liabilities and the income and expenses of the joint venture were allocated proportionally,
i.e., for 37%, in the consolidation. At the end of July 2009, the 37% share in AD NieuwsMedia BV was sold to
de Persgroep Nederland. Since that date, the figures of AD NieuwsMedia BV have been derecognised from
Wegener’s balance sheet. At the same time, Wegener’s printing plant in The Hague (Wegener NieuwsDruk
West) was sold to de Persgroep Nederland.
51

52 Financial statements (Notes to the consolidated financial statements)
Other joint ventures
As from the date of acquisition, these interests are treated as joint ventures and, hence, consolidated
proportionally.
These joint ventures are included in the ‘list of consolidated group companies and associates’.
The notes to the consolidated balance sheet include a summary of information relating to the balance sheet,
income statement and cash flows of the total joint ventures (page 84).
Cash flow statement
The indirect method was used to prepare the cash flow statement. The cash resources in the cash flow
statement consist of cash and cash equivalents. Interest paid and received, dividends received and income
tax are included in the cash flows from operating activities. Dividends paid are included in the cash flows from
financing activities.
Criteria for non-current/current and long-term/short-term
Assets and liabilities are carried as non-current or long-term items if their settlement is not expected to occur
within 12 months of the end of the financial year. Assets and liabilities that are expected to be settled within
12 months of the end of the financial year will be classified as current or short-term items.
Non-current assets
Intangible assets
Intangible assets consist of:
- goodwill
- publishing rights Dagblad De Pers and other publishing rights
- software
Goodwill represents the surplus value paid on the date of acquisition of group companies, joint ventures, and
associates above the fair value of the acquired assets and liabilities and contingent liabilities, increased by the
expenses involved in an acquisition. From 2010 acquisition costs are no longer counted towards the acquisition
costs, but directly recognised in the consolidated profit and loss account.
An annual assessment is made to see whether the carrying amount of the goodwill is in line with the value of
the activities for which the goodwill has been paid, in light of the actual and expected result developments of
those activities. If the value determined in this way is expected to be lower than the carrying amount, then the
carrying amount is written down and charged to the income statement. Impairments relating to goodwill cannot
be reversed in subsequent years.
The goodwill paid between 1 January 1999 and 1 January 2004 was valued at acquisition cost and amortised
straight-line over the economic life, or valued at net realisable value if lower. The expected economic life was
calculated differently depending on the nature of the acquired associate or business activity. The goodwill paid
for VNU Dagbladen was amortised over 30 years and for the other acquired companies over 3 to 10 years.
The carrying amount of the goodwill determined in this way at 31 December 2003 was carried to the opening
balance sheet under the IFRS accounting policies as from 1 January 2004. Goodwill paid before 1 January 1999
was taken to equity.
The publishing rights concern the publishing rights Dagblad De Pers and other smaller publishing rights.
As a result of the sale of AD NieuwsMedia BV in 2009 these publishing rights are no longer included in the
consolidated balance sheet of Wegener.
In 2009 Wegener reached agreement on a long-term collaboration with the daily Dagblad De Pers to extend its
printed product footprint, especially in the Randstad area. The relevant contractual agreements will be effective
through March 2022. In addition to the arrangements regarding long-term collaboration, Wegener acquired the

Financial statements (Notes to the consolidated financial statements)
publishing rights with respect to Dagblad De Pers through March 2022. Such publishing rights offer Wegener
maximum leeway and the authority to determine the distribution pattern and the number of copies of Dagblad
De Pers according to demand, taking account of regional and marketing-related circumstances. The publishing
rights will be amortised on a straight-line basis annually through March 2022, starting from the effective date of
the rights (i.e. 1 January 2010). Annual tests are performed to check whether the level of the publishing rights and
the amortisation method are still appropriate. In 2010 this resulted in a full impairment of the publishing rights.
The other publishing rights mainly relate to the acquisition of local free door-to-door newspapers, and will be
amortised proportionally in 10 years. Annual tests are performed to check whether the level of the publishing
rights and the amortisation method are still appropriate. Any impairment is charged to the income statement.
Software is valued at cost and amortised straight-line over its economic life, or valued at the net realisable value
if lower. The core applications for the newspaper activities (systems for advertisement management, print
production, and news editing) are amortised in seven years. All other software is amortised in three to five years.
Software and websites are purchased from external parties. These external costs are capitalised. Internal
hours spent are not capitalised and are charged to the income statement.
The remaining economic life is assessed and adjusted where necessary each year.
Any result arising from the derecognition of the asset (to be calculated as the difference between the net
proceeds upon disposal and the carrying amount of the asset) is taken to the income statement in the year of
derecognition.
Property, plant and equipment
Property, plant and equipment is stated at cost, excluding the costs of day-to-day servicing, less accumulated
depreciation and accumulated impairment losses.
Depreciation is calculated on a straight-line basis over the expected useful economic lives of the relevant assets.
The following depreciation rates apply:
Buildings 2 1/2% - 10%
Plant and equipment:
- rotary newspaper presses 6 2/3%
- other plant and equipment 10% - 20%
Other 10% - 33 1/3%
Land and buildings in the course of construction are carried at cost.
The carrying amounts of property, plant, and equipment are reviewed for impairment if events or changes in
circumstances indicate that the carrying amount may not be recoverable.
Property, plant and equipment is derecognised upon disposal or when no future economic benefits are
expected from its use or disposal. Any result arising on derecognition of the asset (to be calculated as the
difference between the net proceeds upon disposal and the carrying amount of the asset) is taken to the
income statement in the year the asset is derecognised.
The residual value of the property, plant, and equipment, the expected useful lives and the valuation methods
are reviewed, and adjusted if necessary, at the end of each financial year.
Only for qualifying investments are the finance costs of investments during construction included in the cost
price. At Wegener this concerns investments in rotary newspaper presses and printing plants. These finance
costs are allocated based on the specific source of finance (for example, finance lease for the relevant object)
or on a capitalisation rate to be applied in line with the weighted average finance costs applicable to the loans
of the company.
53

54 Financial statements (Notes to the consolidated financial statements)
Investments in associates
Associates are companies in which Wegener has a significant influence on the commercial and financial policy,
without having a controlling interest in those companies. Associates are not group companies or joint ventures,
and are not consolidated. The valuation is carried out in accordance with the equity method. According to this
method, the investment is initially carried at cost and then adjusted to take into account the change of the
interest of Wegener in the net assets of the associate after the acquisition. Wegener’s interest in the net profit
of the associate is recognised in the income statement.
Deferred tax assets
In principle, deferred tax assets are recognised for all temporary differences available for set-off, unused tax
facilities or carry-forward tax losses, but only insofar as a settlement or utilisation can probably be realised. The
carrying amount is assessed at the balance sheet date, and reduced if the settlement or utilisation cannot be
wholly or partially realised. Non-recognised deferred tax assets are reviewed at the balance sheet date, and
only recognised to the extent it is probable that a settlement or utilisation can be realised.
Deferred tax assets are measured at the tax rates that are expected to apply to the period in which the asset is
realised in accordance with the tax rates set by law and the applicable tax legislation.
Other financial assets
Other financial assets relates to loans to (former) associates and shares in other companies on whose
commercial and financial policy Wegener does not exercise any significant influence. The shareholdings in other
companies are not group companies, joint ventures, or investments in associates, and are not consolidated.
The loans to (former) associates are carried at amortised cost using the effective interest method, less any
provisions deemed necessary.
The shares in other companies are valued at fair value, which is based on the financial statements of the
relevant companies. The changes in fair value are allocated to the income statement.
Impairment of financial assets
If there is objective evidence that an impairment loss on loans and receivables carried at amortised cost has
been incurred, the amount of the loss is measured as the difference between the asset’s carrying amount and
the present value of estimated future cash flows, discounted at the financial asset’s original effective interest
rate. The asset’s carrying amount will be lowered by the amount of the loss, and the loss will be recognised in
the income statement.
Current assets
Inventories
The inventories of raw materials and stores are valued at cost (using the Fifo principle) or the realisable value if
lower.
Trade and other receivables
Trade receivables are carried at the original invoice amount less a provision for doubtful debts. Other
receivables are valued at amortised cost using the effective interest method.
Cash and cash equivalents
Cash and cash equivalents in the balance sheet consist of cash at banks and cash in hand.
Equity
In the financial statements, the balance sheet is presented before the proposed profit appropriation.

Financial statements (Notes to the consolidated financial statements)
Cumulative financing preference shares
The cumulative financing preference shares are initially carried at the fair value of the consideration received
less the directly attributable transaction costs.
Pensions
Wegener has pension commitments under several plans:
1. Wegener pension plan at PGB (Graphic Sector Pension Fund). As from 1 January 2010 the company pension
fund was transferred, voluntarily, to the Graphic Sector Pension Fund.
2. Graphic Sector Pension Fund at PGB, mandatory sectoral pension plan
3. Moratorium shortfall pension plan at PGB
4. Supplementary pension commitments (past-service)
5. Early retirement and pre-pension plans
6. Health insurance contributions during retirement
7. Several individual pension plans
8. Pension plan for members and former members of the Management Board
Plans 1, 2 and 8 qualify as collective contribution plans in the Wegener accounts. The contributions owed for the
financial year are recognised in the income statement.
The other plans qualify as conditional defined benefit plans. Wegener has created provisions in the balance
sheet for all these pension plans. The provision for conditional defined benefit plans is determined on the date
the commitment is made.
The actuarial profits and losses associated with the (conditional) defined benefit plans mentioned above are
added or charged, respectively, to the income statement.
The plans mentioned above are discussed in further detail on page 71 and further.
Deferred tax liabilities
A provision for deferred tax liabilities is formed on the basis of the temporary differences at the balance sheet
date between the taxable carrying amount of assets and liabilities, and their carrying amount as recognised
in these financial statements. In principle, deferred tax liabilities are recognised for all taxable temporary
differences.
Deferred tax liabilities are measured at the tax rates that are expected to apply for the period in which the
liability is settled, based on the current or future tax rates set by law or under applicable tax legislation.
Deferred tax assets and liabilities are netted if a legally enforceable right exists to set off current tax assets
against current tax liabilities, and the deferred taxes relate to the same taxable entity and the same taxation
authority. In 2009, in connection with temporary differences the deferred tax liabilities were allocated to a
deferred tax asset and recognised accordingly in both 2010 as well as 2009 figures.
Provisions
Provisions are formed if Wegener has a current (legal or constructive) obligation as a result of an event in the
past. A provision will only be formed insofar as a reliable estimate can be made of the amount of the obligation,
and if it is likely that such an obligation will also actually have to be paid.
If it is expected that (part of) a provision might be reimbursed, the reimbursement is recognised as a separate
asset as long as the receipt of the reimbursement is a reasonable certainty. This type of reimbursement might,
for example, be possible under an insurance contract.
The expense associated with a provision is presented in the income statement less any reimbursement.
If the effect of the time value of money is significant, the provisions are discounted to their present value using
a current pre-tax discount rate. The increase in a discounted provision due to the passage of time is recognised
as a finance cost in the income statement.
55

56 Financial statements (Notes to the consolidated financial statements)
Interest-bearing loans
All loans are initially recognised at the fair value of the consideration received less the directly attributable
transaction costs. After initial recognition, interest-bearing loans and borrowings are subsequently measured at
amortised cost using the effective interest method.
Finance leases
Finance leases, which transfer to Wegener substantially all the risks and benefits associated with the
ownership of the leased item, are capitalised at the inception of the lease at the fair value of the leased property
or, if lower, at the present value of the minimum lease payments. Lease payments are apportioned between the
finance charges and reduction of the lease liability so as to achieve a constant rate of interest on the remaining
balance of the liability. Finance charges are taken directly to the income statement.
Leased assets are depreciated over the shorter of the estimated useful life of the asset or the lease term, if
there is no reasonable certainty that Wegener will obtain ownership at the end of the lease term.
Derecognition of financial assets and liabilities in the balance sheet
A financial asset is derecognised if Wegener is no longer entitled to the cash flows from this asset. If no cash
flows are received, but there is a continuing involvement in the asset, this is taken into account in the valuation.
A financial liability is derecognised when the obligation under the liability is discharged (or is cancelled or
expires). Where an existing financial liability is replaced by another from the same lender on substantially the
same terms, or the terms of an existing liability are substantially modified, such an exchange or modification
is treated as a derecognition of the original liability and the recognition of a new liability. The difference in the
respective carrying amounts is recognised in the income statement.
Remuneration linked to shares
Mecom option plan
Mecom granted options on shares in Mecom Group plc to the former members of the Management Board
and to a small and select group of other employees.
In 2009 this took place under the Mecom Executive Share Option Plan (ESOP), and in 2010 under the Senior
Executive Share Plan (SESP). Both plans are subject to a three-year conditionality period and cannot be
exercised until the conditions described below have been met.
As regards the ESOP, a specified profitability target for 2011 must be achieved. If the profitability level remains
under a certain threshold, no options will be granted; if the target is met in full, 100% of the options will be
granted.
As regards the SESP, the primary criterion is the highest price of Mecom shares during a period of three years
following the moment of the grant, on the understanding that the price must have remained at that highest
level for 20 consecutive trading days. The second condition is the earnings per share in the year 2012. Both
conditions include a threshold under which no options are granted at all, and a provision that all options are
granted if the target is met in full.
Partial allocation of share options applies in cases where the profitability level is anywhere in between the
threshold and the target, and is effected through straight-line interpolation between threshold and target.
These option plans qualify as remuneration linked to shares and are settled using equity instruments of
Mecom Group plc. Wegener settles the plan annually with Mecom on a cash basis, which is why the costs are
recognised in the income statement and no changes take place in equity. The costs are recognised in the
income statement under staff costs.
Derivative financial instruments
Wegener uses interest rate swaps to hedge interest rate risks. Such derivative financial instruments are
initially recognised at fair value on the date on which a derivative contract is entered into and are subsequently

Financial statements (Notes to the consolidated financial statements)
remeasured at fair value. Interest rate swaps are carried as assets if the fair value is positive, and as liabilities if
the fair value is negative.
The fair value of interest rate swaps is determined by reference to market values for similar instruments.
The changes in fair value of effective hedging interest rate swaps are taken to equity (cash flow hedge reserve).
Any gains or losses arising from changes in the fair value of interest rate swaps that do not or no longer hedge
the risks effectively are recognised directly in the income statement (finance income and finance expense
respectively).
Income and expenses recognition
Revenue
Revenue relates to the net turnover of goods supplied or services provided to third parties, net of any discounts
and VAT. Revenue is recognised to the extent that it is probable that the economic benefits will flow to Wegener
and the revenue can be measured reliably.
Revenue is recognised for each revenue category as follows:
- advertisements in daily newspapers, free door-to-door newspapers, special editions and news magazines: on
the date they are placed;
- internet advertisements: relating to the period in which the advertisement is published;
- subscriptions to daily newspapers, weeklies and internet sites: for the period the subscriptions relate to;
- graphic products: on the date of delivery.
Other income relates to profit realised on the sale of group companies, joint ventures or associates, the sale of
plant, property, and equipment and the sale of business units.
Barter transactions
A barter (exchange transaction providing advertising services) is an agreement between parties, of which one
party sell goods or services without receiving a financial settlement.
There are dissimilar and similar barter transactions. In case of a dissimilar barter transaction the exchange
will be recognised as a revenue-generating transaction. If advertising space is bartered or exchanged for
advertising space that is similar in terms of its nature, fair value and target group, such an exchange will not
be regarded as a revenue-generating transaction. Yields resulting from transfers in advertising services are
measured on the basis of comparable advertising services provided to other parties than those with whom the
transfer was performed or by exchanging for assets for which reliable measurement of the real value is possible.
Government grants
Government grants are recognised at fair value if there is a reasonable certainty that the grants will be received,
and if the criteria and other conditional terms for the awarding of the grants have been satisfied. Subsidies
relating to costs are systematically recognised as income in the same period as that in which the relevant costs
are recognised. In the event of grants relating to property, the fair value of the grants will be deducted from the
carrying amount of the property, and annually an item of income will be recognised in the income statement pro
rata the useful life of the relevant property.
Financial income and expense
The profits of associates relate to the proportional part of the profit for the year using the equity method.
Finance income and expense are recognised based on the effective interest income and expense respectively,
including attributable transaction costs.
Dividends on the shares in other companies included under other financial assets are recognised when
Wegener's right to receive the payment is established.
57

58 Financial statements (Notes to the consolidated financial statements)
Taxes
The tax expense is calculated based on the profit before tax, taking into account non-deductible impairment of
goodwill, the participation exemption, and other tax facilities. Furthermore, changes to deferred tax assets and
liabilities resulting from changes in the tax rates applicable to such are also taken into account.
Segment reporting
The application of IFRS 8 does not result in information on separate segments, given that the various activities
within Wegener all have similar risk profiles and are interrelated to such an extent that operational and strategic
decisions on resources to be allocated are made exclusively at the aggregate level.
Wegener does not have a single customer who makes a single contribution to revenue of more than 10%.

Disposal and acquisition of companies
Disposal of companies
Wegener did not sell any companies in 2010.
The comparative figures for 2009 include the sale of AD NieuwsMedia BV and of the assets and liabilities of
Wegener NieuwsDruk West to de Persgroep Nederland.
In June 2010 a revised agreement was agreed with de Persgroep Nederland concerning the sale of AD
NieuwsMedia. The result of this revised agreement was that AD NieuwsMedia accelerated the repayment
of the interest-free loan (EUR 15.4 million), that the printing contract of NRC Handelsblad was extended for
Wegener NieuwsDruk and that the obligation for de Persgroep Nederland for the lease contract on a building
was released. As a consequence of the release of the lease obligation for de Persgroep Nederland, Wegener
increased its onerous lease provision for vacated office space for an amount of EUR 1.7 million.
On 31 July 2009 Wegener sold its 37% share in AD NieuwsMedia BV and the assets and liabilities of Wegener
NieuwsDruk West to de Persgroep Nederland. These transactions are interrelated to such an extent that they
were both recognised in the financial statements as a single transaction.
The gain realised on the sale amounted to EUR 0.9 million, based on the carrying amount of the net identifiable
assets and liabilities and the proceeds and costs related to the sale.
Effect of disposal of companies on 2009 figures:
Intangible assets 31,107
Property, plant and equipment 28,478
Inventories 626
Receivables 4,398
Cash and cash equivalents 694
Pensions (4,329)
Provisions (5,741)
Deferred tax liabilities (7,456)
Finance lease liabilities (9,874)
Other current liabilities (13,908)
Net assets and liabilities 23,995
Plus: the new liabilities recognised in respect of onerous lease
contracts and guarantees on subcontracted printing 4,858
Plus: transaction related costs 291
Less: receivable on loan granted (fair value) 1 ) (14,526)
Disposed assets and liabilities, adjusted for provisions,
transaction costs and loan to be repaid 14,618
Sale proceeds 15,528
Profit on disposal of AD NieuwsMedia BV and assets/liabilities of
Wegener Nieuwsdruk West 910
Consisting of:
Profit on disposal of shares in AD NieuwsMedia BV 13,343
Loss on disposal of assets and liabilities Wegener NieuwsDruk West (12,433)
Sale proceeds 15,528
Less: cash and cash equivalents sold 694
Less: transaction costs paid 291
Net cash flow according to cash flow statement 14,543
1 ) See notes loan page 66 and 67
2009
Financial statements
59

60 Financial statements (Disposal and acquisition of companies
Acquisition of companies
Wegener did not acquire any companies in 2010.
The comparative figures for 2009 include the acquisition of PCM Lokale Media BV.
On 15 July 2009, Wegener acquired 100% of the shares in PCM Lokale Media BV (now Wegener PLM BV). The fair
value of the assets was EUR 4.0 million and the fair value of the liabilities was EUR 2.5 million. The difference
between the fair value of assets and liabilities and the purchase price was EUR 0.0 million (net of costs).
On 1 January 2010 Wegener PLM BV was legally merged with Wegener Media BV.

Notes to the consolidated balance sheet
(in thousands of euros)
1 Intangible assets
2010 Goodwill
Publishing
rights Software Total 2010
Cost 568,069 17,521 49,699 635,289
Accumulated amortisation (75,862) (36,322) (112,184)
Carrying amount at 1 January 2010 492,207 17,521 13,377 523,105
Change in carrying amount:
At 1 January 492,207 17,521 13,377 523,105
Investments 975 3,214 4,189
Amortisation (2,444) (4,928) (7,372)
Impairment (14,694) (14,694)
Disposals (67) (67)
At 31 December 492,207 1,358 11,596 505,161
Cost 568,069 18,496 51,235 637,800
Accumulated amortisation (75,862) (17,138) (39,639) (132,639)
Carrying amount at 31 December 2010 492,207 1,358 11,596 505,161
2009 Goodwill
Publishing
rights Software Total 2009
Cost 579,828 20,028 48,852 648,708
Accumulated amortisation (76,229) - (31,834) (108,063)
Carrying amount at 1 January 2009 503,599 20,028 17,018 540,645
Change in carrying amount:
At 1 January 503,599 20,028 17,018 540,645
Reclassification (1,203) 1,203 -
Investments 16,318 2,651 18,969
Acquisition of group companies 97 97
Deconsolidation of AD NieuwsMedia (10,189) (20,028) (890) (31,107)
Amortisation (5,499) (5,499)
At 31 December 492,207 17,521 13,377 523,105
Cost 568,069 17,521 49,699 635,289
Accumulated amortisation (75,862) - (36,322) (112,184)
Carrying amount at 31 December 2009 492,207 17,521 13,377 523,105
Financial statements
61

62 Financial statements (Notes to the consolidated balance sheet)
Of the goodwill, EUR 492.2 million (year-end 2009: EUR 492.2 million) relates to the acquisition of the former
VNU Dagbladengroep in 2000. As explained before, the activities of the former VNU Dagbladen group are
integrated within the total Wegener newspaper activities in such a way as to create a single cash-generating
unit. After the sale of AD NieuwsMedia BV only this goodwill remains.
The goodwill impairment test is based on the net realisable value of the goodwill of newspaper activities which
is determined with reference to the value in use calculated on the basis of cash flow projections for a five-year
period. Up to 2007, the cash flow was forecast over a ten-year period. Due to uncertainty in the market, the
normal cycle on which the ten-year period is based was no longer reliable. The period was therefore reduced
to five years. These cash flow forecasts are based on the budgets for 2011 and 2010 respectively and recent
long-term forecasts. After five years account has been taken of a perpetual cash flow based on the cash flow
of the fifth year. In view of the current economic developments, the future cash flows and the perpetual cash
flow were calculated with reference to a scenario that provides for a steady downward trend, in addition to the
assumptions in long-term forecasts.
These cash flows were discounted using a pre-tax discount rate of 10.0% (2009: 9.1%). As the discount rate
cannot be derived from current market transactions for comparable assets, it was decided to determine the
weighted average cost of capital of Wegener.
To determine the sensitivity of a possible impairment of the goodwill, an analysis was made from the
assumptions underlying the assessment of the future cash flows and the discount rate. The key assumptions
are the development of the operating result and the weighted average cost of capital. However, limited changes
in the assumptions for the development of the operating result will not cause the net realisable value to fall
below the carrying amount. Regarding the weighted average cost of capital a strong increase of this rate will not
lead to a lower net realisable value than the carrying amount.
The reclassification from goodwill to publishing rights in 2009 concerns the surplus value of purchased assets
paid upon the acquisition of, in particular, local free door-to-door newspapers.
In 2009 Wegener capitalised the publishing rights (concerning circulation and distribution) of Dagblad De Pers
newspaper (which is owned by Mountain Media BV) for an amount of EUR 16 million. The publishing rights
are amortised on a straight-line basis from the effective date (1 January 2010) and are amortised to zero;
amortisation stops on the date the contract ends (March 2022).
In the course of 2010 it was known that the actual advertising revenues for Dagblad De Pers have fallen
considerably behind the previous expectations of management, with the result that Wegener expects to
incur a loss over the life of the contract (see page 77). As a consequence, Wegener has recorded a provision
for onerous contracts of EUR 48 million which relates to the present value of future cash losses over the
remaining years of the contract. Besides the common amortisation of EUR 1.3 million an impairment of
EUR 14.7 has been made regarding the publishing rights of Dagblad De Pers (cumulative impairment at
year-end 2010: EUR 14.7 million; 2009: EUR nil).
The net realisable value of the contract of Dagblad De Pers is determined with reference to the value in use
calculated on the basis of cash flow projections for the remaining years of the arrangement.
The cash flow forecast is based on the budget for 2011 and recent long-term forecasts. The future pre-cash
flows were calculated with reference to a scenario that provides for a modest increase of the revenue. These
cash flows were discounted using a pre-tax discount rate of 6.0%, which is equal to the discount rate used on
calculating the provisions at net present value with premium loading.
Other investments in publishing rights made in 2010 as well as in 2009 relate to acquisitions and collaborative
ventures in connection with the exploitation of local door-to-door newspapers.

2010
2 Property, plant and equipment
Land and
buildings
Plant
and
equipment
Financial statements (Notes to the consolidated balance sheet)
Other
fixed
assets
Fixed
assets under
construction
Cost 46,439 135,260 40,898 1,596 224,193
Accumulated depreciation (23,274) (78,296) (34,015) (135,585)
Carrying amount at 1 January 2010 23,165 56,964 6,883 1,596 88,608
Change in carrying amount:
At 1 January 23,165 56,964 6,883 1,596 88,608
Additions 3,270 84 657 1,687 5,698
Disposals (21) (21)
Depreciation (2,321) (6,460) (2,503) (11,284)
Reclassification between categories 7 (253) 246 -
Realised projects under construction 1,743 982 (2,725) -
At 31 December 25,864 50,335 6,244 558 83,001
Cost 51,606 135,092 41,068 558 228,324
Accumulated depreciation (25,742) (84,757) (34,824) (145,323)
Carrying amount at
31 December 2010 25,864 50,335 6,244 558 83,001
2009
Land and
buildings
Plant
and
equipment
Other
fixed
assets
Fixed
assets under
construction
Cost 57,785 208,617 47,831 14,701 328,934
Accumulated depreciation (27,730) (143,622) (38,091) - (209,443)
Carrying amount at 1 January 2009 30,055 64,995 9,740 14,701 119,491
Total
2010
Total
2009
Change in carrying amount:
At 1 January 30,055 64,995 9,740 14,701 119,491
Acquired group companies 3 8 42 53
Additions
Deconsolidation of AD NieuwsMedia
561 12,481 13,042
BV and Wegener NieuwsDruk West (15,814) (11,567) (1,054) (43) (28,478)
Disposals (103) (105) (208)
Depreciation (2,821) (9,724) (2,747) (15,292)
Realised projects under construction 11,742 13,355 446 (25,543) -
At 31 December 23,165 56,964 6,883 1,596 88,608
Cost 46,439 135,260 40,898 1,596 224,193
Accumulated depreciation
Carrying amount at
(23,274) (78,296) (34,015) (135,585)
31 December 2009 23,165 56,964 6,883 1,596 88,608
63

64 Financial statements (Notes to the consolidated balance sheet)
In 2007, preparations were launched with regard to renewal of the newspaper presses in the printing plant
at Best (the Netherlands). During 2009 all three presses were in operation, the first two already in 2008. In
2010 further work was carried out to improve the presses and renovate the associated buildings. The total
investment in the new presses in Best and the associated accommodation amounts to EUR 3.2 million in 2010,
the capitalised construction interest costs were nil (2009: EUR 11.9 million, including capitalised construction
period interest costs of EUR 0.2 million). At the end of 2010, EUR 4.0 million of the investment was recognised
under investment creditors (2009: EUR 5.5 million).
Property, plant and equipment include assets financed with a finance lease. The carrying amount of the relevant
assets at the balance sheet date was:
2010 2009
Plant and equipment 4,742 5,733
4,742 5,733
Property, plant and equipment largely relates to printing plants, rotary newspaper presses, and ICT equipment.
Office buildings are often leased. In light of the specific character of property, plant and equipment, it is
estimated that the fair value does not differ significantly from the carrying amount.
3 Investments in associates
2010 2009
At 1 January 4,561 4,465
Plus: share in net profits 1,196 698
capital contributions 291 392
6,048 5,555
Less: dividend received 914 994
At 31 December 5,134 4,561
During 2010 as well as 2009 no associates were acquired or divested.

Financial statements (Notes to the consolidated balance sheet)
The following summarised financial information can be given on the associates recognised in the balance sheet
(total amounts for all combined associates, pro rata to the proprietary rights held):
2010 2009
At 31 December
Current assets 10,065 9,244
Non-current assets 822 1,058
Total assets 10,887 10,302
Current liabilities 5,753 5,738
Non-current liabilities - 3
Total liabilities 5,753 5,741
Revenue 7,646 7,081
Operating expenses (5,919) (6,106)
Financial income and expenses 17 72
Result before tax 1,744 1,047
Tax (548) (349)
Net profit 1,196 698
4 Deferred tax assets
2010 2009
At 1 January 10,837 789
Transfer to current tax receivables 7 -
Acquired group company - 261
Deconsolidation of AD NieuwsMedia BV - 7,456
Taken to the income statement 4,900 2,075
Withdrawn / taken to equity (255) 256
15,489 10,837
65

66 Financial statements (Notes to the consolidated balance sheet)
The deferred tax asset relates to:
2010
Intangible
assets
Property
plant and
equipment Pensions Provisions
Other
assets and
liabilities Subtotal
Capitalised
carry
forward
losses Total
At 1 January 2010
Reclass to
115 (144) 2,466 868 (1,937) 1,368 9,469 10,837
current liabilities
Taken to the
- 7 7
income statement (27) 438 2,177 7,143 345 10,076 (5,176) 4,900
Withdrawn to equity (255) (255) (255)
At 31 December 2010 88 294 4,643 2,011 (1,847) 11,189 4,300 15,489
2009
Intangible
assets
Property
plant and
equipment Pensions Provisions
Other
assets and
liabilities Subtotal
Capitalised
carry
forward
losses Total
At 1 January 2009
Deconsolidation of
AD NieuwsMedia BV and
Wegener NieuwsDruk
West and acquired group
(7,456) (2,774) 3,795 642 (3,074) (8,867) 9,656 789
companies
Taken to the
7,600 93 13 11 7,717 7,717
income statement (29) 2,630 (1,422) 213 870 2,262 (187) 2,075
Taken to equity 256 256 256
At 31 December 2009 115 (144) 2,466 868 (1,937) 1,368 9,469 10,837
5 Other financial assets
Loans to associates
2010 2009
At 1 January 250 125
Plus: granted - 150
250 275
Less: received 65 25
At 31 December 185 250
In 2010, Punt Uit Media BV and Peel en Maas repaid part of the loan.
In 2009 two loans were granted and Punt Uit Media BV repaid a part of its loan.
Loan to AD NieuwsMedia BV
2010 2009
At 1 January 10,863 -
Plus: granted - 10,563
interest on discounted loan 330 300
Less: received repayment 11,193 -
At 31 December - 10,863

Financial statements (Notes to the consolidated balance sheet)
On 29 June 2010 there was the early repayment amounting to EUR 15.4 million, by Persgroep Nederland, of
the non-interest-bearing loan to AD NieuwsMedia BV. Upon the sale of the shares at the end of July 2009,
the shareholders’ loan to AD NieuwsMedia BV was converted into a non-interest-bearing loan. That loan was
discounted to its present value on the basis of the market interest rate (end of July 2009: 5.9%) and was to be
increased by annual interest. At year-end 2009 this loan had a fair value of EUR 14.5 million. The nominal value
of the loan was EUR 16.7 million. Part of it was recognised as a short-term receivable. De Persgroep NV (Belgium)
offered security for its repayment.
Shares in other companies
2010 2009
At 1 January 35 35
Less: due to liquidation 9 -
At 31 December 26 35
The liquidation in 2010 concerns ING Lease Starprint & Polaris Marketing BV.
No changes occurred in 2009.
Receivables from personnel under pension plans
2010 2009
At 1 January - 2,775
Plus: interest on discounted receivable - 30
- 2,805
Less: income - 149
deconsolidation of AD NieuwsMedia BV - 1,086
reclassification receivables personnel - 1,570
At 31 December - -
As a result of the sale of AD NieuwsMedia BV, the receivable with respect to the PGB-PCM pension plan was
derecognised. The reclassification relates to the receivable from personnel regarding supplementary pension
commitments. The receivable is netted against the pension provision.
6 Current assets
Inventories
2010 2009
Rotary newsprint 1,247 1,393
Other 698 826
1,945 2,219
Other inventories mostly relate to graphic materials such as ink and plates.
67

68 Financial statements (Notes to the consolidated balance sheet)
Trade and other receivables
2010 2009
Trade receivables 39,809 42,177
Prepaid pension premiums 670 518
Receivables from associates - 35
Other receivables, prepayments and accrued income 3,698 11,892
44,177 54,622
Other receivables, prepayments and accrued income includes year-end 2009 the current portion of the loan to
AD NieuwsMedia BV in the amount of EUR 4.1 million.
The age structure of trade receivables as at the balance sheet date is as follows:
2010 2009
receivables provision receivables provision
Not due 35,000 (900) 30,697 (729)
Due 0 - 90 days 8,448 (795) 15,823 (867)
Due 91 - 120 days 271 (72) 304 (93)
Due 121 - 180 days 536 (220) 303 (108)
Due more than 180 days 1,770 (1,463) 1,117 (987)
46,025 (3,450) 48,244 (2,784)
Bad debt provision (3,450) (2,784)
Credit note provision (2,766) (3,283)
Total trade receivables 39,809 42,177
The trade receivables item includes a write-down for an amount of EUR 3.5 million (2009: EUR 2.8 million).
The provision for credit notes relates to complaints, quantity bonuses to be settled and contract positions
to be set off.
Movements in the bad debt provision are as follows:
2010 2009
At 1 January 2,784 2,696
Plus: taken to income statement 1,250 1,229
acquisition of group company - 133
4,034 4,058
Less: deconsolidation of AD NieuwsMedia BV - 175
withdrawal 584 1,099
At 31 December 3,450 2,784
The provision has been determined almost entirely on a collective basis. An assessment based on individual
items was also carried out. Due to the persistent economic crisis and the resulting rise in bad debt risk, a
provision has also been created for the items that are not overdue.

Cash and cash equivalents
Financial statements (Notes to the consolidated balance sheet)
2010 2009
Cash at bank 2,096 3,465
Cash in hand 33 35
Cash and cash equivalents are freely available.
7 Equity
At year-end 2010, the authorised share capital consisted of:
> 65,000,000 ordinary shares with a nominal value of EUR 0.30 each
> 15,000,000 cumulative financing preference shares with a nominal value of EUR 0.30 each
Cumulative financing preference shares
Relating to cumulative financing preference shares, the following is of importance.
2,129 3,500
Voting rights on cumulative financing preference shares depend on the fair value of the capital contribution
relating to the value of the ordinary shares in the capital of Koninklijke Wegener NV, whereby no more than one
vote per cumulative financing preference share can be cast. The value of the ordinary shares is calculated
annually at 31 December as the arithmetic average of the share price for the previous twenty stock exchange
trading days. The value calculated accordingly amounted to EUR 5.69 per ordinary share at year-end 2010
(2009: EUR 3.89). Based on a capital contribution of EUR 7.00 per cumulative financing preference share, the
voting rights attached to these latter shares are equal to 100% of ordinary shares. Consequently, the voting
rights satisfy the relevant provision of the Dutch Corporate Governance Code.
The Management Board (with the approval of the Supervisory Board) can decide to reserve the profit before a
preference dividend is paid. The payment of dividends on ordinary shares will only take place after the dividend
on the cumulative financing preference shares has been paid. If in any particular year the profit is not sufficient
to pay the dividend on the cumulative financing preference shares, or to add such to the dividend reserves
relating to the cumulative financing preference shares, the deficit can be made up in the following financial
years (accumulation provision). A payment is owed on a dividend reserve in subsequent financial years equal to
the dividend percentage on the cumulative financing preference shares.
Despite the losses incurred in 2010, the Management Board proposes, in accordance with Article 45 of the
Article of Association of Koninklijke Wegener NV, dividend on cumulative financing preference shares.
From 1 January 2006 to 31 December 2010, a coupon rate of 5.33% of the issue price of EUR 7.00 applies. The
coupon rate for the period from 1 January 2011 to 31 December 2015 inclusive has been set at 5.53%.
At year-end 2010, all (depository receipts for) cumulative financing preference shares not held by Wegener were
held (indirectly) by Mecom Group plc.
On initial issue in 2001, 8,089,718 cumulative financing preference shares were issued at an issue price of
EUR 7.00 and a nominal value of EUR 0.30 per share. On 2 January 2006, 3,889,545 depository receipts for
cumulative financing preference shares were purchased, but these have not been cancelled since then. The
relevant depository receipts are therefore held by Koninklijke Wegener NV. In 2009 and 2010, no changes
occurred in the number of cumulative financing preference shares. Hence, at 31 December 2010 there
were 4,200,173 shares. At year-end 2010, depository receipts for shares had been issued for all cumulative
preference shares.
In 2010 EUR 1.6 million in dividend was distributed on cumulative financing preference shares from the 2009
profit appropriation (2009: EUR 1.6 million for 2008).
69

70 Financial statements (Notes to the consolidated balance sheet)
Ordinary shares
Movements during the financial year were as follows:
Number of shares Issued capital Share premium
At 1 January 2010 45,008,842 13,503 139,317
Changes during the financial year - - -
At 31 December 2010 45,008,842 13,503 139,317
The nominal value of the ordinary shares at year-end 2010 was EUR 13,502,653 (year-end 2009: EUR
13,502,653). At year-end 2010, depository receipts for shares had been issued for an amount of EUR 1,838,240
(year-end 2009: EUR 1,838,240).
In 2010 and 2009 no dividend on ordinary shares was distributed.
Reserves
The equity attributable to equity holders of Koninklijke Wegener NV consists of the issued share capital,
reserves, and the result for the current year.
The share premium was created on the issue of ordinary and cumulative financing preference shares being the
difference between the issue price and the nominal value. The transaction costs for the issue of shares were
charged to the share premium account.
The cash flow hedge reserve consists of the changes in fair value of effective hedging interest swaps. Reference
is made to the accounting policies, under “Derivative financial instruments”.
Retained earnings relate to the balance of profits achieved in the past that was not distributed to shareholders
and goodwill being written off to the extent it was paid before 1 January 1999. With reference to the latter,
please see the accounting policies, under “Intangible assets”.
The results for the year are at the free disposal of the shareholders of Koninklijke Wegener NV. For the policy
relating to dividends on cumulative financing preference shares, please see the above notes on the cumulative
financing preference shares. Reference is also made to the notes under the section “Dividends paid and
proposed”.

8 Pensions
Financial statements (Notes to the consolidated balance sheet)
2010 2009
Early retirement and (pre-)pension plans 11,489 13,557
“Moratorium shortfall” funding commitment 22,109 25,411
Individual plans 295 317
33,893 39,285
2010 2009
At 1 January 39,285 24,410
Plus: taken to the income statement 3,358 26,372
acquired group companies - 365
change in discount rate *) - 796
interest 1,427 826
44,070 52,769
Less: withdrawals 7,714 5,870
deconsolidation of AD NieuwsMedia and Wegener NieuwsDruk West - 4,329
early retirement commitments released to the income statement *) 2,320 1,515
change in discount rate 143
reclassification from receivables from personnel and other receivables - 1,770
At 31 December 33,893 39,285
*) This related to the actuarial gains and losses resulting from the reduction of the obligations, including
premium adjustments.
2010 2009
Non-current 27,994 33,010
Current 5,899 6,275
33,893 39,285
Of the non-current portion, EUR 11.9 million relates to the period after five years
(year-end 2009: EUR 15.7 million).
Wegener has pension commitments under several plans:
1. Wegener pension plan at PGB (Graphic Sector Pension Fund). As from 1 January 2010 the company pension
fund was transferred, voluntarily, to the Graphic Sector Pension Fund.
2. Graphic Sector Pension Fund at PGB, mandatory sectoral pension plan
3. Moratorium shortfall pension plan at PGB
4. Supplementary pension commitments (past-service)
5. Early retirement and pre-pension plans
6. Health insurance contributions during retirement
7. Several individual pension plans
8. Pension plan for members and former members of the Management Board
71

72 Financial statements (Notes to the consolidated balance sheet)
This means that as from 1 January 2010 Wegener has accommodated the following plans with the PGB:
> the Wegener pension plan (voluntary participation after transition from APW)
> the Graphic Sector Pension Fund (compulsory participation Grafimedia graphics industry)
> the pension plan to fund the “moratorium shortfall”
> the supplementary pension commitments
1. Wegener pension plan at PGB
Wegener joined the PGB on a voluntary basis on 1 January 2010. As a result of the transition to the PGB, the PGB
plan (see below) has applied since 1 January 2010, subject to a number of Wegener-specific amendments. The
amended pension plan is largely identical to the former APW pension plan. Since the transition, all of Wegener’s
major pension plans have been accommodated with the PGB.
In the opinion of Wegener, the plan qualifies as a defined contribution plan.
Up to and including 2009, the Wegener pension plan was administered by the company pension fund Algemeen
Pensioenfonds Wegener (APW). The financing agreements, which were introduced on 1 January 2005, relating
to this plan between the company pension fund, APW, and the employer, Wegener, were valid for a period of five
years. The new pension plan was a collective defined contribution plan. During the term of the agreement, the
employer and the employee paid the pension fund a total fixed contribution of 25.7% of the pension entitlement
per year. The fixed pension contribution of 25.7% was agreed in light of the collective labour agreement on
pensions applicable at the time, which included a maximum pension contribution of 24%, to be supplemented
with 1.7% for a dependant’s pension.
The Wegener General Pension Fund (APW) used the funds (such as contribution revenue, investment earnings
and capital) to administer the pension plan on the basis of group solidarity. Pension entitlements were accrued
on the basis of the conditional average salary system, with indexation of the accrued entitlements and
indexation of pensions in payment. These pension entitlements were only accrued and indexed if the pension
fund had sufficient funds available, and under certain circumstances the entitlements already accrued could
even be cut back.
With respect to the APW, Wegener made an estimate of the costs of the pension accrual of active participants,
taking into account a mark-up for future collection and administrative expenses, risk of employment disability
contribution exemption, solvency mark-ups, long-life risk, and future indexation of the pension accrual.
It was established that the paid pension contributions did not cover the financing of (increases in) conditional
entitlements or benefits which are attributable to the period of employment already served, and therefore
entailed adjustments over that past period.
2. Graphic Sector Pension Fund at PGB
The PGB plan applies to (the majority of) the staff of Wegener NieuwsDruk (compulsory participation). The
pension plan is an average salary plan.
The PGB does not provide further details for the purpose of preparing the IFRS financial statements of Wegener.
Given that the PGB is unable to allocate a proportional part of investments and liabilities to the participating
companies, the plan qualifies as a collective defined contribution plan. Also the companies participating in it are
only required to pay a premium fixed in advance, and there is no obligation to top-up any deficits, nor is there any
entitlement to any accrued surpluses.
There is no financing agreement between Wegener and the PGB. Wegener has not received any figures from
the PGB on the basis of which a reliable estimate could be made of Wegener's share in the assets and liabilities
of the PGB. As a result of the above, the paid pension contributions have been taken to the income statement.
According to Wegener, if information had been received from PGB, this would not have had any material impact
on the income statement.

Financial statements (Notes to the consolidated balance sheet)
3. Moratorium shortfall pension plan at PGB
On 1 January 2010 all assets and liabilities of Wegener General Pension Fund (APW) were transferred to
the Graphic Sector Pension Fund (PGB), which, as from that date, took over from APW the responsibility for
administering the provisionally indexed average salary plan. The transfer was agreed at the moment APW,
relative to the PGB, had a historically high funding ratio, enabling the transfer to be finalised on conditions that
were acceptable to both parties.
APW administered a final salary plan until the first years of this millennium. Owing to substantial past-service
commitments in connection with rising wages, combined with a decline in the value of investments due to
falling share prices, APW’s financial position was no longer sufficient at the time. In response, after a period
of investigation and consultation the parties involved (the APW board and the employer and employees)
decided to terminate the final pay plan and introduce the contingent indexed average salary system that
still applies today. During that period of investigation and consultation (which lasted from 1 July 2002 until
31 December 2004) a moratorium applied during which no past-service commitments were allocated. This is
referred to within Wegener as the “moratorium shortfall”. Neither APW nor Wegener were under an obligation
to compensate for the rights that had not been granted after all, which is why these rights were not included in
the balance sheet. Nevertheless, the APW board had expressed its ambition to grant the past-service after all,
funds permitting, to groups of employees that had retired in the year concerned.
At the end of 2009, as part of the transfer from APW to the PGB the parties committed to compensating all
(former) Wegener employees for the “moratorium shortfall” under the PGB. The “moratorium shortfall” will be
funded from an annual 4.2% contribution (of which an average of 75% is for the employer’s account) paid to the
PGB until the shortfall has been eliminated. Due to this contribution towards the moratorium shortfall, the total
PGB contribution for 2010 will amount to 25.7% (2009: 25.7%). It is expected that the moratorium shortfall can
be eliminated in full in around ten years.
This commitment (employer’s contribution) was included in the balance sheet as a pension provision at
year-end 2009 based on actuarial principles. The relevant plan qualifies as a defined conditional pension plan.
In November 2010 the first past-service purchase was effected from the earmarked part (4.2%) of the
contributions up to and including 1 July 2010. The retirees concerned have received a corresponding
subsequent pension payment retroactive to 1 July 2010. The next purchase will be effected on 1 July 2011.
4. Supplementary pension commitments
A select group of employees has been granted entitlements to a conditional past-service plan in the form of
an intended old age and dependant’s pension.
This plan only applies to the group of employees born in or after 1950 who were employed by Wegener at
year-end 2005 (and are still employed by Wegener on their retirement date) and who were subject to the
Grafimedia collective labour agreement at the time. The pension base is determined with reference to the
number of past years of service as at 31 December 2005 and the fixed pensionable salary that applied as
at 31 December 2005. This plan, which took effect in 2006, was administered by PGB on the strength of an
additional agreement. Both the employer and the employees contribute to the required funds. The employees’
contributions are transferred to a fund specifically created for this plan. For the employer’s contribution to
the required capital a provision has been formed in Wegener’s consolidated balance sheet. The pension is
purchased and funded on 31 December 2020 or on the day preceding the retirement date of the employee
concerned if that date is earlier than 1 January 2021. The plan qualifies as a conditional defined benefit plan.
73

74 Financial statements (Notes to the consolidated balance sheet)
5. Early retirement and pre-pension plans
An early retirement transition plan on a pay-as-you-go basis is in place for staff or former staff born before 1950
and employed by Wegener Media (with the exception of newspaper journalists, who are covered by a separate
plan) and Wegener NieuwsDruk.
These early retirement and pre-pension plans are conditional defined benefit plans. Wegener has formed a
provision for the present value of future contributions payable up to and including 2014. This was calculated
based on the annual accrual for participating employees who will still be entitled to benefit from the existing
transition plans over the coming years (until 2012). These costs are allocated to the period in which the
employees were actively working. The existing benefits are financed by the annual contributions.
The early retirement plans have a maximum income limit on which early retirement pension benefits are paid.
For certain groups of employees with higher incomes, Wegener has made a commitment to supplement
the sector early retirement pension plan (supplementary pension). Provisions have been formed for these
commitments. Costs of supplementary pensions and the costs of pension accrual during the early retirement
period are determined using the projected unit credit method.
6. Health insurance contributions during retirement
Commitments were made to certain groups of employees relating to health insurance contributions during
retirement. In connection with the introduction of the standard insurance cover for healthcare expenses on
1 January 2006 and the associated new regulations relating to employee and employer contributions, the
existing commitments have been adjusted accordingly. These adjustments entail that for active members the
plan has been abolished, and for inactive (retired) members the plan will gradually be phased out over several
years (up to and including 2010).
The (remaining) provision formed for this purpose is calculated using the projected unit credit method.
7. Several individual pension plans
There are non-reinsured pension commitments for a very limited number of individual current and former
employees. A provision has been formed for the associated cost, which was determined actuarially using the
projected unit credit method. The relevant plan qualifies as a defined conditional pension plan.
8. Pension plan for members and former members of the Management Board
A defined contribution plan is in place for the current and former members of the Management Board. This is
an average salary system with an accrual percentage of 2.25% on the pensionable salary to be determined
annually. The plan includes supplementary indexation irrespective of the employment contract and dependent
on the surplus interest realised in this plan with the pension insurer, with an annual mark-up of up to 1.5%, funds
permitting.

Below is an overview of the main principles and assumptions applied in the calculation of the pension
commitments:
2010 2009
Financial statements (Notes to the consolidated balance sheet)
GBM/GBV 2000-2005
GBM/GBV 2000-2005
with age adjustment for both men and with age adjustment for both men and
Mortality tables
women of -2 year
women of -2 year
Discount rate* 3.6% 3.5%
General pay rise 2.25% 2.25%
< age 45: 3%
< age 45: 3%
Career-related pay rise
from age 45: 0%
from age 45: 0%
< age 26: 10%
< age 26: 10%
from age 26: linear decrease to 0%
from age 26: linear decrease to 0%
Chance of dismissal
at age 60
at age 60
Mortality trend mark-up 1.0% 1.0%
* For the purpose of calculating the present value of the commitment arising from the moratorium shortfall, in
2009 a discount rate of 4.25% has been applied.
With respect to the calculation of the early retirement premium, a contraction of the sector of 2.5% per annum
has specifically been taken into account (2009: 2.5%).
The discount rate used for the actuarial provisions referred to above is determined on the basis of the weighted
average terms of the various plans and the associated interest rates of corporate bonds with a high credit rating
(AA-rating). At year-end 2010 this was 3.6% (2009: 3.5%).
2010 2009 2008 2007 2006
Pension commitments at 31 December 33,893 39,285 24,110 32,868 40,219
Experience adjustments on commitments 2,808 719 5,621 3,339 (6,253)
There were no plan assets in this period.
9 Provisions
2010 2009
Reorganisations 8,807 17,516
Onerous contracts 44,425 9,292
Anniversary and leaving benefits 5,958 6,371
Recognised under non-current liabilities 59,190 33,179
The provision for onerous contracts is presented as a separate provision in the 2010 financial statements.
The comparative figures for 2009 have been restated accordingly.
75

76 Financial statements (Notes to the consolidated balance sheet)
Reorganisations
2010 2009
At 1 January 39,335 65,240
Plus: taken to the income statement 6,529 19,826
change in discount rate - 355
interest 982 2,115
acquired group companies - 603
46,846 88,139
Less: released to the income statement 34 10,500
withdrawals 29,502 33,249
change in discount rate 17 -
deconsolidation of AD NieuwsMedia BV - 5,055
At 31 December 17,293 39,335
2010 2009
Non-current 8,807 17,516
Current 8,486 21,819
At year-end 2010 and 2009 the non-current portion had a term of less than five years.
17,293 39,335
The provision for reorganisations concerns the costs relating to the agreed social plan. In particular, it includes
the cost of redundancy plans, outplacement, supplementary unemployment benefits, and senior staff benefits.
The costs of senior staff benefits comprise the continued payment of salary until the age of 60, and the
payment of supplementary benefits in addition to existing (transition) benefits for early retirement and prepension
between the age of 60 and 65.
The project to amalgamate the three publishing companies Wegener NieuwsMedia, Wegener Huis-aan-huis
Media and Wegener MediaVentions into a single company, and the associated integration of all group staff
services, was largely completed in 2009 and took partly place in 2010.
Of the addition to the income statement, EUR 6.5 million (2009: EUR 19.8 million) was charged to staff costs.
The addition in 2010 concerned a supplement to current reorganisations (especially Delta) and a few smaller
new reorganisations.
The release to the income statement in 2009 is due to higher natural staff turnover and lower average salaries
than originally estimated.
The provision is shown at present value, using a discount rate of 3.6% (2009: 3.5%), based on the duration of
the various plans and the associated interest rates for corporate bonds with a high credit rating (AA-rating).

Onerous contracts
Financial statements (Notes to the consolidated balance sheet)
2010 2009
At 1 January 11,258 4,850
Plus: taken to the income statement 49,700 6,002
change in discount rate - 390
interest 360 266
61,318 11,508
Less: released to the income statement 979 -
withdrawals 2,279 250
change in discount rate 325 -
At 31 December 57,735 11,258
2010 2009
Non-current 44,425 9,292
Current 13,310 1,966
57,735 11,258
Of the non-current portion, EUR 13.3 million relates to the period after five years (2009: EUR 2.5 million).
The provision for onerous contracts concerns the provision for the onerous contract with Dagblad De Pers and
provisions for vacated office space.
Of the addition in 2010, EUR 48.0 million concerned the onerous contract with Dagblad De Pers and
EUR 1.7 million concerned vacated office space. The addition was charged to other operating expenses.
In 2009 Wegener entered into a long-term agreement under which it became entitled to sell advertisements
in Dagblad De Pers newspaper, subject to payment of an annual fee, by Wegener, to the publisher of Dagblad
De Pers. The actual revenue of Dagblad De Pers is considerably lower than previously expected, which means
that Wegener, in all probability, will operate at a loss throughout the term of this agreement. This is why a
provision was formed in 2010 to cover the expected future net losses of Dagblad De Pers during the remaining
term of the agreement. A discount rate of 6% has been taken into account in the calculation of the provision.
The addition in 2009 concerned vacated office space (EUR 6.0 million).
Provision for anniversary and leaving benefits
A one-time payment is made to employees reaching an anniversary year (certain number of years of service) or
in the event of (early) retirement. The calculation of this payment takes into account the chances of employees
remaining with the company based on historical averages. The provision is shown at present value, using
a discount rate of 3.6% (2009: 3.5%), based on the weighted average terms of the various plans and the
associated interest rates for corporate bonds with a high credit rating (AA-rating).
77

78
Financial statements (Notes to the consolidated balance sheet)
2010 2009
At 1 January 7,030 7,978
Plus: taken to the income statement 164 262
change in discount rate - 604
interest 236 346
acquired group companies - 369
7,430 9,559
Less: withdrawals 539 301
release 423 1,542
change in discount rate 50 -
deconsolidation of AD NieuwsMedia BV and Wegener Nieuwsdruk West - 686
At 31 December 6,418 7,030
2010 2009
Non-current part 5,958 6,371
Current part 460 659
Of the non-current portion, at year-end 2010 EUR 4.1 million relates to the period after five years
(year-end 2009: EUR 3.8 million).
In 2010 the workforce decreased, as it did in 2009. This resulted in a release of EUR 0.4 million
(2009: EUR 1.5 million).
10 Long-term interest-bearing loans
6,418 7,030
2010 2009
Loans from credit institutions 74,810 110,000
Finance lease liabilities 776 2,780
75,586 112,780
Loans from credit institutions
Credit facility
In October 2007, Mecom Group plc concluded a five-year syndicated credit facility of EUR 1.0 billion for its
international group. The facility was to be reduced annually in two instalments totalling EUR 60 million, the first
one being payable on 31 December 2008. The credit facility concluded in 2007 served to replace several loans
and facilities of the Mecom group.
On 22 May 2009, Mecom Group plc agreed a number of changes to the group facility referred to above
concluded with the banking syndicate. The key changes pertained to a new mark-up percentage, a new
maximum facility limit and a revised repayment schedule. Year-end 2009 the total maximum facility was
EUR 582.5 million, existing of term loans for an amount of EUR 382.5 million and revolving credit facility of
EUR 200 million.
In the course of 2010 the term loans were decreased by EUR 51.7 million and now amount to EUR 330.8
million. The revolving credit facility amounts to EUR 200 million, which brings the total maximum facility to
EUR 530.8 million.

Financial statements (Notes to the consolidated balance sheet)
The repayment schedule for the term loans will be quarterly payments of EUR 5.0 million through September
2013 and the final repayment of EUR 275.0 million due in October 2013. Furthermore, there is a repayment due
for an amount of EUR 0.8 million in October 2012. However, in January 2011 this was repaid in full.
Wegener uses the group facility managed by Mecom. Year-end 2010 Wegener drew EUR 74.8 million of the term
loan (2009: EUR 96.5 million) and nil (2009: EUR 13.5 million) under the revolving credit facility, which makes for
a total of EUR 74.8 million (2009: EUR 110.0 million).
EUR 35 million of the total Mecom group facility is available to Wegener as a seasonal credit facility. Such
seasonal credit is used by means of short-term bank loans, which amounted to EUR 12.2 million at year-end
2010 (2009: EUR 5.6 million). The terms of the seasonal facility are virtually equal to those that apply to the
revolving credit facility.
The unused portions of the credit facilities for the individual Mecom group companies are inter-related. The
drawing of tranches by Wegener is, in general, for brief periods. By the end of the term of a tranche the required
financial scope is considered and, depending on the outcome, it is decided whether the tranche will be
increased, decreased, repaid in full or rolled over unchanged. Wegener classified the financing drawn as a longterm
liability in both 2010 as well as 2009, because the facility is long-term. Wegener was given permission by
Mecom Group plc to extend each tranche beyond year-end 2011.
The interest rate is Euribor plus a mark-up, which is calculated according to an agreed price structure and
which can be revised, depending on the net interest-bearing debt/EBITDA (adjusted for exceptional items).
A commitment fee is owed by each relevant group company of Mecom in respect of the unused portion of the
credit facility.
The major group companies (including Wegener) within the Mecom group guarantee the facility according to
specific criteria, each group company guaranteeing the entire facility. At year-end 2010, Mecom group’s total
liability in respect of this facility amounted to EUR 373.8 million (2009: EUR 437.1 million).
Furthermore, Wegener did not provide any security. It has been agreed with the banking syndicate that any such
security will not be provided to third parties either (negative pledge).
At year-end 2010, the average effective interest rate was 5.0% (year-end 2009: 5.3%).
Finance lease liabilities
In both 2010 as well as 2009 these liabilities relate to the finance lease agreements for rotary newspaper
presses, including peripheral equipment in Apeldoorn and computer-to-plate equipment.
The finance lease contracts for rotary newspaper presses run until 2012 (printing presses) and 2010 (peripheral
equipment) respectively. There is an annuity facility. In 2009 Wegener exercised its right to acquire the
ownership of the collective assets after the contract had expired, at the residual value at that time. The interest
has been fixed for the term of the contract at 6.2%.
In 2009, 2008 and 2007, new computer-to-plate lease contracts were signed with a term of five years.
The last contract runs until 2013 at the latest. The average interest on these contracts is 4.0%.
2010 2009
At 31 December 3,511 4,896
Less: repayment commitments for the coming year recognised under current liabilities 2,735 2,116
Non-current liabilities at 31 December 776 2,780
The repayment commitments after five years are nil (2009: nil).
79

80 Financial statements (Notes to the consolidated balance sheet)
The minimum lease payments and their present values are as follows:
Minimum
payments
2010 2009
Present
value
Minimum
payments
Present
value
< 1 year 2,813 2,735 2,169 2,116
> 1 year and < 5 years 812 776 2,934 2,780
3,625 3,511 5,103 4,896
Less: discount 114 207
Present value 3,511 3,511 4,896 4,896
11 Current liabilities
Provisions
2010 2009
Reorganisations 8,486 21,819
Onerous contracts 13,310 1,966
Anniversary and leaving benefits 460 659
Recognised under current liabilities 22,256 24,444
Please see the notes on page 76 up to 78.
Current interest-bearing liabilities
2010 2009
Finance lease repayment liabilities 2,735 2,116
Bank credit facilities 12,152 5,621
14,887 7,737
For further details on loans from credit institutions, please refer to “Long-term interest-bearing loans” (page 78).
The bank credits shown here were drawn under the seasonal credit facility.
Other current liabilities
2010 2009
Accrued staff costs 36,109 36,872
Other tax and social security costs 16,974 16,316
Payable to associates - 19
Payable pension contributions 2,166 47
Other payable costs and accrued liabilities 41,142 33,372
96,391 86,626
The accrued staff costs include payable holiday allowances, holiday entitlements and profit-sharing. Payable
to associates relates to trade debts. Other payable costs and accrued liabilities include, among other things,
the fine imposed by the NMa to Wegener and to the (former) directors and Supervisory Board members plus
associated costs (EUR 22.2 million). The portion of the publishing rights Dagblad De Pers (EUR 10.7 million), paid
in January 2010 is part of the amount in 2009.

Financial statements (Notes to the consolidated balance sheet)
12 Financial instruments
General
The principal financial instruments of Wegener include the group facility, finance lease agreements, and cash
and cash equivalents. The main purpose of the financial instruments is to finance the business operations of
Wegener.
Wegener has various other financial assets and liabilities, such as trade receivables and trade payables, which
arise directly from its operations.
Wegener uses interest rate swaps to hedge the risk of cash flow fluctuations due to changes in market interest
rates. There are no other derivatives.
Wegener does not use or issue financial instruments for trading purposes.
Wegener incurs market risks, interest rate risks and credit and liquidity risks in the ordinary course of its
business. In addition, trends in paper prices potentially have an impact on the operating result. Financial
instruments are used to cover part of the risk of interest rate fluctuations. Wegener’s policy is to hedge interest
rate risk by taking out interest instruments.
Market risk
Market risk relates to the risk of the fair value of the future cash flows of a financial instrument being adversely
impacted by changes in market prices, such as interest rates, exchange rates and share prices. Financial
instruments susceptible to market risk include loans, deposits, investments in associates and financial
derivatives.
The paragraphs below explain the exposure of Wegener to these risks and how they are mitigated.
Interest rate risk
The credit facility available to Wegener is characterised by a variable interest structure. Within certain limits
and in coordination with Mecom, Wegener is able to choose the term of a drawing. The use of interest rate
derivatives limits the resulting interest rate risk. As at the balance sheet date, there are two interest rate swaps
with a combined principal amount of EUR 55 million. In December 2010 an interest rate swap for an amount
of EUR 20 million was terminated. The first interest rate swap of EUR 40 million has a term of 5 years and the
second of EUR 15 million a term of 2.5 years. The swaps were concluded with a reputable counterparty with high
credit ratings.
The interest rate swaps classify as cash flow hedges. The same reference interest rate applies to the group
facility and the swaps. A drawing under the group facility in 2010 in the amount of EUR 74 million has the same
term and interest rate fixing date as the interest rate swaps. This means the hedges are effective up to a total
amount of EUR 74 million, and hedge accounting is allowed in 2010. In 2009 the change in the value of the
interest rate swap concerning the part that relates to the remaining EUR 1 million was charged directly to the
profit and loss account as interest result. The fair value of interest rate swaps is determined by reference to
market values for similar instruments. Changes in the fair value of effective interest rate swaps are taken to
equity (cash flow hedge reserve) after deduction of deferred taxes.
At year-end, the position with regard to interest rate swaps is as follows:
2010 2009
Amount
Average
interest Amount
Average
interest
2007-2012 40,000 3.5% 40,000 3.5%
2007-2010 - - 20,000 4.1%
2008-2011 15,000 3.8% 15,000 3.8%
Total 55,000 75,000
81

82 Financial statements (Notes to the consolidated balance sheet)
2010 2009
Non-current 40,000 55,000
Current 15,000 20,000
Total 55,000 75,000
The following table shows the sensitivity of equity in the event of changes in the interest rates for the (net) bank
debts while all other variables remain unchanged.
2010 2009
Increase / decrease in basis points +/- 100 +/- 100
Impact on result before tax -/+ 0.3 -/+ 0.4
Impact directly on equity +/- 0.8 +/- 1.4
Total impact on equity +/- 0.5 +/- 1.0
In the event of a different change in basis points, the impact on the result before tax and on equity is directly
proportional.
Foreign currency risk
Virtually all activities of Wegener are carried out in the same currency as the currency of the financial
statements. This means that Wegener does not incur any foreign currency risk.
Credit risk
The credit risk concerns a counterparty’s failure to meet its payment obligations, or a change in the estimated
chance of such a failure. This mainly concerns trade receivables. The trade receivables mainly consist of media
agencies, companies and subscribers. For both items the maximum credit risk equals the carrying amount as
reported in the balance sheet.
Wegener has procedures and guidelines in place to limit credit risks for each contract party or market. These
procedures, and the spread across so many customers, limit Wegener's exposure to risks associated with
credit concentrations and market risks. Furthermore, subscriptions to newspapers are payable in advance.
Liquidity risk
Liquidity risk relates to the risk of Wegener being unable to fulfil its financial obligations on time. Liquidity risk
management is based on the principle that sufficient cash is held, insofar as possible, to be able to meet
current and future financial obligations.
To cover liquidity risk, Wegener has the following facilities at its disposal:
> Credit facilities as part of the Mecom group facilities
> A seasonal credit facility of EUR 35 million
For further details regarding the Mecom group facility and the seasonal credit facility of EUR 35 million, see
“loans from credit institutions”.

The table below gives an overview of the terms of the financial obligations at 31 December, based on
contractual nominal amounts and the corresponding interest payable.
Financial statements (Notes to the consolidated balance sheet)
< 3
3-12
1-5
31 December 2010
months
months
years Total Bookvalue
Interest-bearing loans 12,836 6,672 77,035 96,542 74,810
Interest rate swaps
Trade payables and other
287 861 1,047 2,195 1,769
short-term debts 83,185 34,853 - 118,038 118,038
96,308 42,386 78,082 216,775 194,617
< 3
3-12
1-5
31 December 2009
months
months
years Total Bookvalue
Interest-bearing loans 19,780 5,627 104,325 129,732 110,000
Interest rate swaps
Trade payables to suppliers and
568 1,702 2,336 4,606 2,702
other short-term debts 79,146 35,549 - 114,695 114,695
99,494 42,878 106,661 249,033 227,397
Capital management
Wegener’s primary capital management objective is to provide optimum support to its business operations so
as to ensure their effectiveness, efficiency and profitability, creating shareholder value as a result.
Wegener uses the group facility managed by Mecom. This means that Wegener does not report to banks
independently on leverage rates achieved. The capital management policy is geared to the applicable group
policy.
As regards the group facility, Wegener guarantees for the entire debt of Mecom with respect to this facility,
which amounted to EUR 373.8 million at year-end 2010 (year-end 2009: EUR 437.1 million). For further details,
please refer to “loans from credit institutions” (page 78 and 79).
Fair value
IFRS 7 uses a three-level hierarchy for determining the fair value of financial instruments. Valuation at level
one is done on the basis of quoted market prices; valuation at level two involves the use of models with input
variables based on identifiable market values, and level three concerns valuation in cases in which the value of
financial instruments cannot be derived from market values. At Wegener this principally occurs in the valuation
of the fair value of interest rate swaps. The method selected for the valuation of interest rate swaps comes
under level two.
The fair value of the loans from credit institutions is equal to the carrying amount, as they are subject to variable
interest rates.
The fair value of the finance lease liabilities at year-end 2010 was EUR 3.6 million (2009: EUR 5.3 million). The
fair value of the lease obligations is determined by recalculating the annuities payable by Wegener at the market
interest rate plus a mark-up applicable to Wegener.
The fair value of interest rate swaps is determined by reference to market values for similar instruments
(level 2). On balance, the fair value of the interest rate swaps at year-end 2010 was EUR 1.8 million negative
(2009: EUR 2.7 million negative).
83

84 Financial statements (Notes to the consolidated balance sheet)
The loans to associates recognised under financial assets are limited in scope and subject to interest rates
that only slightly differ from the current variable market interest rates. The year-end 2009 loan to former
associates recognised under financial assets is the original shareholders’ loan to AD NieuwsMedia BV. This
interest-free shareholders’ loan in the amount of EUR 16.7 million was granted to AD NieuwsMedia BV upon the
sale of its shares at the end of July 2009. In 2010 de Persgroep Nederland effected the early repayment of this
loan.
In light of their short term, the fair value of cash and cash equivalents, current receivables, and current liabilities
is almost identical to their carrying amount.
13 Information on joint ventures
The balance sheets, income statements and cash flow statements of all joint ventures are recognised
proportionately. Year-end 2010 and 2009 there were only joint ventures in connection with the operation of free
door-to-door newspapers.
The total of the proportional shares in the balance sheets items is as follows:
2010 2009
Non-current assets 148 388
Current assets 1,042 762
1,190 1,150
2010 2009
Non-current liabilities 353 435
Current liabilities 1,339 1,547
1,692 1,982
The total of the proportional shares in the income statement items is as follows:
2010 2009
Revenue and other income 3,631 41,216
Expenses 3,798 43,021
Result before tax (167) (1,805)
Tax (6) 8
Result for the year (173) (1,797)
The total of the proportional shares in the cash flows is as follows:
2010 2009
Cash flows used in operating activities 199 (4,746)
Cash flows used in investing activities (5) (216)
Cash flows from financing activities - 4,689
Net cash flows 194 (273)

Financial statements (Notes to the consolidated balance sheet)
14 Contingent liabilities
Commitments relating to non-current assets on order
At 31 December 2010, the investment commitments for non-current assets on order amounted to EUR nil
(2009: EUR nil).
Other financial commitments
At 31 December 2010, Wegener had significant long-term commitments relating to the lease of office buildings,
cars, ICT services, and other services. All long-term commitments were concluded at terms and conditions in
line with the market.
2010 2009
< 1 year 37,000 53,000
> 1 year and < 5 years 45,000 60,000
> 5 years 3,000 7,000
85,000 120,000
Of the overall liabilities at year-end 2010, EUR 9.7 million (2009: EUR 11.3 million) was accounted for in the
balance sheet as a provision for onerous contracts.
Security has been provided for part of the above commitments in the form of bank guarantees provided to the
contract parties involved.
Koninklijke Wegener NV forms a fiscal unit with most of the Dutch group companies for corporate income tax
and VAT purposes and, as such, is jointly and severally liable for the tax liabilities of all companies that are part of
the fiscal unit.
Publishing collaboration commitments
In 2009 Wegener entered into a long-term collaboration agreement with Dagblad De Pers to extend its printed
product footprint, especially in the Randstad area. Under this agreement Wegener has a commitment to pay,
after a starting-up period, a fixed annual fee of EUR 15.9 million in exchange for advertising revenue, sold by
Wegener, in Dagblad De Pers. The collaboration agreement lasts until March 2022. The total obligation under this
contract is EUR 184.5 million. Of the non-current portion, EUR 102.5 million relates to the period after five years.
At year-end 2010 Wegener formed a provision of EUR 48 million to cover the expected future net losses of the
contract during the remaining term of the agreement.
Financing guarantee
The major group companies within Mecom Group (including Wegener) guarantee the facility according to
specific criteria, each group company guaranteeing the entire facility. At year-end 2010, Mecom Group’s total
liability with respect to this facility amounted to EUR 373.8 million (year-end 2009: EUR 437.1 million).
The Wegener Management Board does not consider it likely that under the guarantee discussed above Wegener
will be called upon to pay a higher amount than what is put forth in Wegener’s financial statements as debt as
from year-end 2010.
85

86 Financial statements
Notes to the consolidated income statement
(in thousands of euros)
15 Revenue
2010 2009
Publishing activities
- advertisements in newspapers 116,388 126,557
- advertisements in AD NieuwsMedia - 10,705
- advertisements in free door-to-door newspapers 145,466 151,371
- subscriptions to Wegener daily newspapers 207,166 203,224
- subscriptions to AD NieuwsMedia - 22,870
- graphic products 20,183 34,788
- internet products 22,521 18,252
- other revenue from newspaper activities 19,718 18,567
531,442 586,334
Other revenue from newspaper activities relates to ICT services supplied to (former) joint ventures and to
Media Groep Limburg (which is also part of Mecom), arranging the distribution of printed matter and the sale of
products and services for third parties through newspapers and websites.
16 Other income
No other income was recorded in 2010.
Other income in 2009 relates to the profit on disposal realised on the sale of the shares in AD NieuwsMedia BV
and the sale of Wegener NieuwsDruk West (page 59).
17 Raw materials and stores
2010 2009
Newsprint 30,358 47,434
Other 6,610 8,157
36,968 55,591
18 Work subcontracted and other external charges
2010 2009
Transport and distribution 70,063 78,311
Outsourced printing work and technical production 24,095 25,711
Subcontract 19,228 22,142
Other 22,509 14,592
135,895 140,756
"Other" includes the cost of paid commissions, electricity and other direct costs.

19 Staff costs
Financial statements (Notes to the consolidated income statement)
2010 2009
Salaries 160,004 182,372
Social security costs 20,475 22,056
Pension costs 16,656 46,129
Costs of Mecom share option plan - 311
197,135 250,868
These amounts include additions to and releases from the provisions for pensions, reorganisations and
anniversary and leaving benefits. Further details relating to (the additions to) these provisions can be found
in the notes to the consolidated balance sheet (pages 71 and 76). See “remuneration of Management Board
members” for details on the costs of the Mecom share option plan and the share plan.
In 2010, subsidies received for training costs (EUR 0.4 million) were deducted from the staff costs
(2009: EUR 1.4 million).
The breakdown of pension costs was as follows:
2010 2009
Contributions to Graphic Sector Pension Fund 13,019 1,976
Share in cost of the PGB-PCM pension plan of AD NieuwsMedia - 731
Contributions to Wegener General Pension Fund (APW) - 14,892
Subtotal of pension costs for (collective) defined contribution plans 13,019 17,599
Contributions to early retirement (VUT) and pre-pension plans 3,847 2,980
Release of provision for VUT commitments (432) (1,515)
Costs of funding the “moratorium shortfall” (employers’ contribution) - 25,411
Other pension contributions 222 154
Subtotal of pension costs for defined benefit plans 3,637 27,030
Non-recurring settlement in connection with transition from APW to PGB to allow for difference in
pension cover ratio - 1,500
16,656 46,129
As a consequence of the voluntarily transfer from the Wegener General Pension Fund (APW) to the Graphic
Sector Pension Fund (PGB) the contributions to PGB in 2010 is higher than in previous year. The contribution to
APW has expired due to this transfer.
Further details relating to the additions to, and release from the provision for pension liabilities can be found in
the notes to the balance sheet (page 71).
Average staffing levels on fulltime basis
2010 2009
Publishing activities 2,881 3,281
Central services - 65
2,881 3,346
87

88 Financial statements (Notes to the consolidated income statement)
The fall in the average number of full-time staff members is the result of the Delta reorganisation project, which
involved the integration of the central services into the back-office activities and the sale of AD NieuwsMedia
and the printing plant in The Hague, in the second half of July 2009.
Remuneration of current and former Management Board and Supervisory Board members
The following amounts for remuneration of Management Board members were charged to the income
statement (in euros):
Regular
salary
Performance
related
bonuses
Costs of
pre-pension
and pension
Severance
payments
Costs of
option plan Total
T. Velgaard 1 - - - - 615 615
J.V. Munsterman 2 454,669 99,900 122,771 2,300,000 (13,844) 2,963,496
C.G. Boot 3 344,639 122,902 84,036 486,200 (7,816) 1,029,961
W. Cornelisse 344,639 122,902 89,638 - 17,445 574,624
J.C. Houwert 4 277,260 - 136,881 - - 414,141
Totaal 2010 1,421,207 345,704 433,326 2,786,200 (3,600) 4,982,837
Totaal 2009 1,428,377 444,903 588,558 - 27,610 2,489,448
The remuneration for Mr T. Velgaard is not included, because of his appointment on 22 December 2010. As of
1 January 2011 the remuneration will be paid by Wegener.
The performance-related bonuses partly depend on the return on capital employed, the earnings per share after
preference dividend, and certain performance targets. If the performance is below a certain level, no bonuses
are granted; above a certain level, the plan provides for maximum bonuses. In addition, performance-related
bonuses include the costs of the long-term conditional bonus plan that was converted as of 1 November 2007
and involves payment in cash rather than in shares. The granting of the bonus of 2007 was conditional upon
achievement of a target with respect to the trend in results in 2009. As that target was not met, the plan came
to an end in 2009. Hence, no bonuses for 2009 and 2008 were granted under this plan and no costs under this
item were recognised in the income statement for these years.
The pre-pension and pension costs include an amount of EUR 0.4 million (2009: EUR 0.4 million) in pension
costs relating to (collective) defined contribution plans.
As regards the severance payments, part of the payment (EUR 0.8 million) awarded to Mr J.V. Munsterman is
conditional. If the relevant conditions are met, the amount concerned will be paid out in 2012 and 2013.
In addition to the costs included in the remuneration table for Management Board members, an amount of
EUR 1.4 million (including payroll tax effect) has been taken to the income statement in connection with NMa
penalties imposed on two former managing directors of Wegener who were also managing directors of PZC and
BN/De Stem. These managing directors are indemnified with respect to their directors’ and officers’ liability.
Wegener has filed an appeal against the NMa's decision and the fine.
The costs of the option plan include the costs of options granted on Mecom shares. The members of the
Management Board and a very small number of other employees will be entitled to options on Mecom shares.
The value, as calculated by Mecom, of the conditionally granted share options is charged by Mecom Group plc.
1 As of 22 December
2010
2 Until 4 October
2010 Management
Board member,
contract ended at
the end of the year
3 Until 1 September
2010 Management
Board member,
contract ended at
the end of the year
4 From May 2008
former Board
member

The table below presents the numbers of contingent granted share options:
Financial statements (Notes to the consolidated income statement)
2010 2009
Conditionally granted options at 1 January 280,501 32,028
Plus: conditionally granted in the financial year 159,924 280,501
current options T. Velgaard 162,357 -
Less: exercised in the financial year - -
expired in the financial year (308,341) (32,028)
Conditionally granted options at 31 December 294,441 280,501
The numbers of contingent granted share options and the share options per board member recognised in the
final statement are as follows: T. Velgaard 162,357 and W. Cornelisse 132,084. The current options of T. Velgaard
will not be debited to the company.
The options that expired in the financial year are the result of termination of the employment contract with two
Management Board members.
All options give entitlement to 1 ordinary share in Mecom Group plc with a nominal value of £ 60.86 (rounded).
The conditionally granted options have a weighted average exercise price of £ 1.62. Once all conditions have
been met, the options can be exercised between three and ten years after they were granted. No options
became unconditional on 31 December 2010 (2009: none).
The conditionally granted options are non-transferable and expire upon termination of employment, except in
the event of special circumstances.
The value of the options as shown in the management remuneration table was calculated using an option
valuation model based on the same starting points as those used by Mecom Group plc.
The following remuneration for the members of the Supervisory Board was charged to the income statement:
Periodic remuneration paid
D.J. Montgomery, chairman 40,000
E.A. van Amerongen 35,000
S.M. van der Heijden 35,000
Total 2010
110,000
Total 2009 92,410
The remuneration of members of the Supervisory Board is determined by the General Meeting of Shareholders,
and is not dependent on the performance of Wegener. No share or option rights on shares in Wegener have
been granted to the members of the Supervisory Board.
20 Amortisation of intangible assets
2010 2009
Software 7,372 5,499
7,372 5,499
89

90 Financial statements (Notes to the consolidated income statement)
21 Depreciation of property, plant and equipment
2010 2009
Buildings 2,321 2,821
Plant and equipment 6,460 9,724
Other 2,503 2,747
22 Other operating expenses
11,284 15,292
2010 2009
Contract staff 10,106 10,243
Other staff costs 4,027 4,024
Hotel, travelling, and business entertainment expenses 5,655 6,888
Car costs 6,380 6,664
Accommodation costs 12,135 14,278
Office expenses 8,163 10,114
Promotional costs 14,389 14,992
Services of third parties 26,516 29,489
Other costs 68,499 4,314
155,870 101,006
Other operating expenses include the NMa fine of EUR 19.1 million and the costs associated with the provision
for onerous contracts for Dagblad De Pers in the amount of EUR 48.0 million.
23 Finance income
2010 2009
Interest on loans to associates 7 270
Interest on discounted loan to AD NieuwsMedia BV 452 397
Interest on discounted PGB-PCM receivable from AD NieuwsMedia BV’s staff - 30
Interest on cash at bank 30 58
489 755
24 Finance expense
2010 2009
Interest on interest-bearing loans 8,021 9,218
Less: capitalised construction period interest costs - 151
8,021 9,067
Interest on finance lease agreements 211 782
Interest on provisions discounted to present value 3,005 3,550
Interest fine NMa 128 -
Amortisation of transaction costs current credit facilities - 508
11,365 13,907
The interest rate for the calcution of the interest on the NMa fine is equal to the legal interest. The average
interest rate for the calculation of the capitalised construction period interest costs was 6.8% in 2009.

25 Tax
The applicable tax rate is the weighted average of the current rates. For 2010 this rate was 25.5%
(2009: 25.5%).
Financial statements (Notes to the consolidated income statement)
The reconciliation of the tax expense based on the applicable rate for the result before tax and the tax expense
recognised in the income statement is as follows:
2010 2009
Tax based on the applicable tax rate (9,551) 1,473
Non deductible fine NMa 4,903 -
Domestic-source losses not yet available for set-off 255 1,317
Participation exemption (418) (5,042)
Other changes (89) 177
Tax expense according to income statement (4,900) (2,075)
2010 2009
Recognised under deferred tax assets (4,900) (2,075)
Recognised under deferred tax liabilities - -
Recognised under current liabilities - -
(4,900) (2,075)
2010 2009
Effective tax rate 13.1 (35.9)
26 Earnings per share
Earnings per share are calculated by:
- The basic earnings for the financial year attributable to the holders of ordinary shares, divided by:
- The weighted average number of outstanding ordinary shares during the year.
Earnings per share net of the preference dividend on cumulative financing preference shares will accrue to the
holders of ordinary shares in Koninklijke Wegener NV.
At year-end 2010 and 2009 respectively, there were no equity instruments that may dilute the earnings per share.
In the following tables, the figures for earnings on shares are given that were used to calculate the basic
earnings per share (in thousands of euros and thousands of shares):
2010 2009
Result for the year attributable to equity holders of Koninklijke Wegener NV (32,556) 7,853
Preference dividend (1,567) (1,567)
Result for the year attributable to holders of ordinary shares Koninklijke Wegener NV (34,123) 6,286
2010 2009
Weighted average number of ordinary shares 45,009 45,009
91

92 Financial statements (Notes to the consolidated income statement)
27 Related parties
As the holder of 86.44% of (depository receipts for) ordinary shares in Koninklijke Wegener NV, Mecom Group
plc has had a significant influence on Wegener since 25 October 2007 and, for that reason, qualifies as a related
party. In 2010, various transactions with Mecom were carried out: recharging of holding costs by Mecom for an
amount of EUR 1.8 million (2009: EUR 1.0 million) and recharging of costs connected to activities performed by
Wegener for the group for an amount of EUR 0.4 million (2009: EUR 0.5 million).
In addition, Limburg Media Groep (LMG), which also forms part of Mecom group, uses some Wegener services.
These include ICT services and the outsourcing of accounting tasks. These services are laid down in contracts
based on terms and conditions in line with the market. In all, a total of EUR 1.5 million in services was recharged
to Limburg Media Groep (2009: EUR 1.7 million).
Wegener uses LMG printing services. Owing to press renovation work on the printing plant in Best, printing
orders within Wegener have shifted, resulting in the transfer of part of the orders to NieuwsDruk Limburg
(part of LMG). In 2010, NieuwsDruk Limburg charged EUR 6.2 million in connection with these services
(2009: EUR 5.5 million).
Wegener also has, in addition to its shareholdings, a business relationship with some of its associates, whereby
services and/or products are purchased from or supplied to such associates. These services are provided
under normal contractual terms based on terms and conditions in line with the market. The extent and the
number of these transactions are very limited.
At year-end 2010, Wegener recorded receivables from Mecom Group plc totalling EUR 1.5 million
(2009: EUR 0.6 million) and payables to Mecom Group plc for an amount of EUR 0.7 million (2009: 0.4 million).
Remuneration of the Management Board and the Supervisory Board is explained separately. There are no other
key management personnel as referred to in IAS 24.
28 Wegener profit concepts
Each year, non-recurring exceptional items may have an effect on the income statement, making comparison
of performance for a number of years less transparent. In addition to the profit definitions used in legislation,
Wegener therefore also uses the following concepts:
- Profit before exceptional items (“adjusted EBIT”).
- Net profit after preference dividend before exceptional items after tax (“cash earnings”) and per ordinary share
(“cash earnings per share”). Net profit is the profit after appropriation to minority interests.
This also allows a better insight into the financial performance of the group.

Exceptional items
An overview of the impact of exceptional items on the income statement is given below:
Financial
statements
2010
Financial statements (Notes to the consolidated income statement)
Excluding
exceptional items
2010 2009
Financial
statements
2009
Revenue and other income 531,442 531,442 586,334 587,244
Raw materials and stores 36,968 36,968 55,591 55,591
Work subcontracted and other external charges 135,895 135,895 140,756 140,756
Staff costs 197,135 190,203 215,176 250,868
Depreciation 18,656 18,656 20,791 20,791
Impairment of publishing rights 14,694 - - -
Other operating expenses 155,870 87,374 96,692 101,006
Operating result (27,776) 62,346 57,328 18,232
Share of profit of associates 1,196 1,196 698 698
Finance income/expense (10,876) (10,748) (12,585) (13,152)
Tax 4,900 (13,211) (12,832) 2,075
Loss / profit (32,556) 39,583 32,609 7,853
Attributable to:
- equity holders of Koninklijke Wegener NV (32,556) 39,583 32,609 7,853
(32,556) 39,583 32,609 7,853
The exceptional items detailed above relate to the following non-recurring earnings:
Other income in 2009 relates to the profit on disposal of the shares in AD NieuwsMedia BV and the assets and
liabilities of Wegener NieuwsDruk West.
Staff costs in 2010 as well as 2009 relate to additions to reorganisation provisions. In addition, in 2010 the fine
imposed on the (former) directors and Supervisory Board members by the NMa was recognised under staff
costs. Furthermore, there was a release of the pension provision due to actuarial recalculations. In 2009 a nonrecurrent
contribution was made in connection with the transition to the PGB to compensate for the difference
in pension cover ratio with APW. Furthermore, new pension commitments were made in 2009 to fund the
“moratorium shortfall”.
The impairment of publishing rights relates to Dagblad De Pers.
Other operating expenses in 2010 concern the NMa fine, the costs associated with the forming of the provision
for the onerous contract with Dagblad De Pers and the additions with respect to the provision for vacated
office space. The addition to the onerous contract for vacated office space, on balance, relates to a grant as
a result of the revised agreement with de Persgroep Nederland on the sale of AD NieuwsMedia (see page 59)
and a release resulting from new lease agreements. Other operating expenses in 2009 include additions to
the onerous contract provision regarding vacated office space.
Within the finance income/expense is recorded in 2010 the interest with respect to the NMa fine. In 2009 this
related to an increased amortisation of prepaid financing costs due to the lower credit facility.
93

94 Financial statements (Notes to the consolidated income statement)
Tax relates to the tax effects on the above-mentioned exceptional items insofar as the participation exemption
is not applicable.
Cash earnings
The net profit after preference dividend before exceptional items after tax is calculated as follows:
2010 2009
Loss/profit for the year attributable to shareholders of Koninklijke Wegener NV (32,556) 7,853
Exceptional items after tax 72,139 24,756
39,583 32,609
Preference dividend (1,567) (1,567)
38,016 31,042
2010 2009
Earnings per share after preference dividend and before exceptional items after tax (in EUR)
- Earnings per share after preference dividend and before exceptional items after tax attributable
to holders of ordinary shares Koninklijke Wegener NV 0.84 0.69
The calculation of the earnings per share after preference dividend and before exceptional items after tax is
based on the weighted average number of ordinary shares.
29 Dividends paid and proposed
2010 2009
Declared and paid during the year:
- preference dividend on cumulative financing preference shares for 2008: 5.33% (EUR 0.37)
per share of EUR 7.00 1,567
- preference dividend on cumulative financing preference shares for 2009: 5.33% (EUR 0.37)
per share of EUR 7.00 1,567
Proposed by the Management Board and approved by the Supervisory Board on 15 March 2010
and 14 March 2011 respectively (not recognised as a liability at 31 December)
- preference dividend on cumulative financing preference shares for 2009: 5.33% (EUR 0.37)
per share of EUR 7.00
- preference dividend on cumulative financing preference shares for 2010: 5.33% (EUR 0.37)
per share of EUR 7.00 1,567
Proposed for approval at the General Meeting of Shareholders
- no dividend payment on ordinary shares for 2010 -
Despite the losses incurred in 2010, the Management Board proposes, in accordance with Article 45 of the
Article of Association of Koninklijke Wegener NV, dividend on cumulative financing preference shares.
1,567

Notes to the consolidated cash flow statement
30 Cash flows from operating activities
The cash flows of group companies acquired and disposed of during the year are recognised as from, or up to,
the transaction date.
31 Cash flows from investing activities
For the items acquisition of group companies and acquisition of associates, the cash and cash equivalents held
by the group companies and associates are net of outgoing cash flows connected with the acquisitions.
For the items sale of group companies and proceeds from sale of AD NieuwsMedia BV and assets and liabilities
of Wegener NieuwsDruk West, the cash and cash equivalents held by those group companies and associates
are net of incoming cash flows connected with the disposal.
32 Cash flows from financing activities
Wegener uses the group facility managed by Mecom. In the cash flow statement the changes in the credit
facility have been recognised on a net basis under “use of credit facility interest-bearing loans”.
Financial statements
95

96 Financial statements
Events after the balance sheet date
No events have taken place after the balance sheet date that are relevant in connection with the 2010 financial
statements.

Consolidated group companies and associates
Country of
establishment
Koninklijke Wegener NV The Netherlands
% interest at
31-12-2010 31-12-2009
Wegener Nederland BV 1) The Netherlands 100.0 100.0
Wegener Media BV (former Wegener NieuwsMedia) 1) The Netherlands 100.0 100.0
Uitgeverij BN/De Stem BV 1) The Netherlands 100.0 100.0
Uitgeverij Provinciale Zeeuwse Courant BV 1) The Netherlands 100.0 100.0
Wegener Narrowcasting Arnhem Nijmegen BV The Netherlands 50.0 50.0
Wegener MediaVentions BV 1) The Netherlands 100.0 100.0
Wegener Jobtrack BV 1) The Netherlands 100.0 100.0
Mensenlinq BV 4) The Netherlands 65.0 65.0
Duinpan BV (former CareerdID Netherlands BV) 5) The Netherlands 70.0 70.0
Spot A Job BV The Netherlands 60.0 60.0
Wegener Huis-aan-huisMedia BV 1) The Netherlands - 100.0
Wegener PLM BV (as from 15 July 2009) 1) 6) The Netherlands 100.0 100.0
Mediahaus Wegener GmbH (as from 1 January 2009) Germany 50.0 50.0
Uitgeversmaatschappij De Bossche Omroep / De Waalwijker BV 1) The Netherlands 100.0 100.0
Beekman Media BV The Netherlands 100.0 100.0
Peel en Maas Uitgevers BV The Netherlands 50.0 50.0
Punt Uit Media BV The Netherlands 50.0 50.0
Wegener NieuwsDruk BV 1) The Netherlands 100.0 100.0
Wegener ICT Media BV 1) The Netherlands - 100.0
Wegener Facilitair Bedrijf BV 1) The Netherlands 100.0 100.0
Associates
De Nationale Regiopers CV 2) The Netherlands 54.6 54.6
De Nationale Regiopers Beheer BV 2) The Netherlands 54.6 54.6
Funda NV 3) The Netherlands 30.0 30.0
Zeeuws Vlaams Mediabedrijf BV The Netherlands 49.0 49.0
Other interests in companies
Spin in ’t Veld BV The Netherlands 90.0 90.0
Group companies without business activities or intermediate holding companies
Audet Nieuwe Media BV 1) The Netherlands 100.0 100.0
Autotrust BV 7) The Netherlands 100.0 100.0
Imatra BV 1) The Netherlands 100.0 100.0
Oostelijke Weekbladpers BV 1) The Netherlands 100.0 100.0
Racon Sales BVBA Belgium 100.0 100.0
Rondo BV The Netherlands 100.0 100.0
Stadsnieuws BV 1) The Netherlands 100.0 100.0
Uitgeversmaatschappij Gelderlander Weekbladpers BV 1) The Netherlands 100.0 100.0
Utrechts Nieuwsblad | Haagsche Courant BV 1) The Netherlands 100.0 100.0
Wegener International BV 1) The Netherlands 100.0 100.0
Wegener Regio Partners BV 1) The Netherlands 100.0 100.0
Wegener Speciale Uitgaven BV 1) The Netherlands 100.0 100.0
Wegener (UK) BV The Netherlands 100.0 100.0
Wegener Transport BV The Netherlands 30.0 30.0
Financial statements
97

98 Financial statements (Consolidated group companies and associates)
1) Liability statements have been issued by Koninklijke Wegener NV for these companies.
2) The share of voting rights in Nationale Regiopers is 50%; the collaboration has ended as of 1/1/2011.
3) The share of voting rights in Funda is 13%.
4) The share of voting rights in Mensenlinq BV is 50%.
5) Dissolved as of 13/12/2010.
6) Merger with Wegener Media as of 1 January 2010.
7) Dissolved on 10/2/2011.

Financial statements
99

100 Financial statements
2010 Company financial statements of Koninklijke Wegener NV
Company balance sheet
At 31 December (in thousands of euros)
Assets
Non-current assets 33
notes 2010 2009
Financial non-current assets
Interests in group companies - 13,727
Loans to group companies 450,073 499,090
Deferred tax assets 15,481 10,837
465,554 523,654
Current assets
Trade and other receivables 730 619
Cash and cash equivalents 643 -
1,373 619
466,927 524,273

Equity and liabilities
Equity 34
Financial statements (Consolidated balance sheet) 101
notes 2010 2009
Issued share capital 14,763 14,763
Share premium 167,458 167,458
Cash flow hedge reserve (1,343) (2,089)
Retained earnings 130,005 123,719
Result for the year (32,556) 7,853
Non-current liabilities
278,327 311,704
Loans from credit institutions 10 74,810 110,000
Interest rate swaps 850 1,255
Current liabilities
75,660 111,255
Loans from credit institutions 11 10,710 5,030
Interest rate swaps 919 1,447
Other current liabilities 35 101,311 94,837
Company income statement
(in thousands of euros)
112,940 101,314
466,927 524,273
2010 2009
Profit/(loss) from interests in group companies after tax (37,102) (4,951)
Other income and expenses after tax 4,546 12,804
Profit/(loss) for the year (32,556) 7,853

102 Financial statements
Notes to the company balance sheet
(in thousands of euros)
Accounting policies
The company financial statements have been drawn up in accordance with Dutch reporting requirements. Use
was made of the facility offered under the law to apply the same principles for company financial statements as
for consolidated financial statements (Section 362 (8) of Part 9 of Book 2 of the Dutch Civil Code).
For the accounting policies, please see the notes to the consolidated financial statements. Interests in group
companies are recognised at net asset value according to the relevant IFRS referred to in the consolidated
financial statements. The loans to group companies are recognised at face value.
General
Explanatory notes are only given below for those items that differ from the consolidated balance sheet.
33 Non-current assets
Financial assets
Interests in group companies
2010 2009
Net asset value at 1 January 13,727 16,163
Profit/(loss) of group companies (37,102) (4,951)
Transfer from loans to group companies 23,375 2,515
Net asset value at 31 December - 13,727
Loans to group companies
2010 2009
At 1 January 499,090 537,605
Repayment (25,642) (36,000)
Transfer to interest in group companies (23,375) (2,515)
At 31 December 450,073 499,090
Loans to group companies have a variable interest rate using Euribor as reference. The Euribor rate is increased
by a mark-up that is linked to the mark-up that Koninklijke Wegener NV owes for its financing. No repayment
schedules have been agreed.

Financial statements (Notes to the company balance sheet)
34 Equity
The equity recognised in the company financial statements is equal to the equity that is attributable to the
equity holders of Koninklijke Wegener NV recognised in the consolidated financial statements.
Changes in equity in 2010 were as follows:
Issued
share
capital
Share
remium
Cash flow
hedge
reserve
Retained
earnings
Result for
the year Total
At 1 January 2010 14,763 167,458 (2,089) 123,719 7,853 311,704
Profit for the year 746 (32,556) (31,810)
Appropriation of profit for previous year
Preference dividend paid on cumulative
7,853 (7,853) -
financing preference shares for 2009
(1,567) (1,567)
At 31 December 2010 14,763 167,458 (1,343) 130,005 (32,556) 278,327
The cash flow hedge reserve is a statutory reserve. Retained earnings are not distributable if the value of this
reserve is negative.
35 Current liabilities
Other liabilities
2010 2009
Debts to group companies 101,086 93,831
Other liabilities 225 1,006
101,311 94,837
Debts to group companies relate to intercompany transfers for settlements of costs. In addition, at year-end
2010, bank balances held by wholly-owned group companies were granted as short-term loans to Koninklijke
Wegener NV. Amounts owed to credit institutions of Koninklijke Wegener NV fell as a result.
Other liabilities relate to interest charges.
103

104 Financial statements
Notes to the company income statement
Since the results of Koninklijke Wegener NV are included in the consolidation, the company income statement
is drawn up in condensed form (in accordance with Section 402 of Part 9 of Book 2 of the Dutch Civil Code).
Result for the year is the result attributable to equity holders of Koninklijke Wegener NV.
The notes to the remuneration of the Management Board and the Supervisory Board are included in the
consolidated financial statements.
Ernst & Young Accountants LLP incurred the following costs on behalf of the company and its group companies
in respect of the financial year:
2010 2009
Audit of the financial statements 474 739
Other audit engagements 102 104
Total Ernst & Young Accountants LLP 576 843
Tax advisory services 176 119
Other work 11 96
Total Ernst & Young network 763 1,058

Independent auditor’s report
To the General Meeting of Shareholders and Supervisory Board of Koninklijke Wegener N.V.
Report on the financial statements
We have audited the financial statements of Koninklijke Wegener NV, Apeldoorn, The Netherlands, for the year
2010 as included in this report. The financial statements consist of the consolidated financial statements
and the company financial statements. The consolidated financial statements comprise the consolidated
balance sheet as at 31 December 2010, the consolidated income statement, consolidated comprehensive
income statement, consolidated statement of changes in equity and consolidated cash flow statement for the
year then ended, and a summary of significant accounting policies and other explanatory notes. The company
financial statements comprise the company balance sheet as at 31 December 2010 and the company income
statement for the year then ended and the notes.
Management's responsibility
The Management Board of Koninklijke Wegener NV is responsible for the preparation and fair presentation of
these financial statements in accordance with International Financial Reporting Standards as adopted by the
European Union and with Part 9 of Book 2 of the Dutch Civil Code, and for the preparation of the management
board report in accordance with Part 9 of Book 2 of the Dutch Civil Code. Furthermore the Management Board
is responsible for such internal control as it determines is necessary to enable the preparation of the financial
statements that are free from material misstatement, whether due to fraud or error.
Auditor's responsibility
Our responsibility is to express an opinion on these financial statements based on our audit. We conducted our
audit in accordance with Dutch law, including the Dutch Standards on Auditing. This requires that we comply
with ethical requirements and plan and perform the audit to obtain reasonable assurance about whether the
financial statements are free from material misstatement.
An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the
financial statements. The procedures selected depend on the auditor's judgment, including the assessment of
the risks of material misstatement of the financial statements, whether due to fraud or error.
In making those risk assessments, the auditor considers internal control relevant to the entity’s preparation
and fair presentation of the financial statements in order to design audit procedures that are appropriate
in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the entity's
internal control. An audit also includes evaluating the appropriateness of accounting policies used and the
reasonableness of accounting estimates made by management, as well as evaluating the overall presentation
of the financial statements.
We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our
audit opinion.
Opinion with respect to the consolidated financial statements
In our opinion, the consolidated financial statements give a true and fair view of the financial position of
Koninklijke Wegener NV as at 31 December 2010 its result and its cash flows for the year then ended in
accordance with International Financial Reporting Standards as adopted by the European Union and with
Part 9 of Book 2 of the Dutch Civil Code.
Opinion with respect to the company financial statements
In our opinion, the company financial statements give a true and fair view of the financial position of Koninklijke
Wegener NV as at 31 December 2010 and of its result for the year then ended in accordance with Part 9 of Book
2 of the Dutch Civil Code.
Financial statements
105

106 Financial statements
Report on other legal and regulatory requirements
Pursuant to the legal requirement under Section 2:393 sub 5 at e and f of the Dutch Civil Code, we have no
deficiencies to report as a result of our examination whether the management board report , to the extent we
can assess, has been prepared in accordance with Part 9 of Book 2 of this Code, and whether the information
as required under Section 2:392 sub 1 at b-h has been annexed. Further we report that the management board
report, to the extent we can assess, is consistent with the financial statements as required by Section 2:391
sub 4 of the Dutch Civil Code.
Zwolle, 14 March 2011
Ernst & Young Accountants LLP,
Signed by P.J.T.A. van Kleef

Apeldoorn, The Netherlands 14 March 2011
The Supervisory Board: The Management Board:
S.M. van der Heijden, chairman T. Velgaard, chairman
E.A. van Amerongen
The 2010 Financial statements have not been signed by Management Board member Mr W. Cornelisse because
of his long-term absence due to sickness.
Financial statements
107

108 Other information
Other information
Corporate Governance
Structure of Koninklijke Wegener NV
Koninklijke Wegener NV (Wegener) is a company incorporated under Dutch law, and to which the mitigated
two-tier board system has applied since 1 November 2007. Wegener subscribes to the principles and best
practice provisions stated in the Dutch Corporate Governance Code (the “Code”) as published in the
Government Gazette No. 18499 dated 3 December 2009.
Since 25 October 2007 Mecom Group plc (Mecom) has held 86.4% of the issued capital in the form of ordinary
shares in Wegener. Since that date, Wegener has been a member of the group of legal entities headed by
Mecom (the Mecom Group).
Management Board
Wegener’s Management Board is responsible for developing objectives and strategy and for implementing the
company’s strategic and operational policies, as well as the policies with regard to corporate social
responsibility, compliance with legislation and regulations, risk management, and financing.
The Management Board normally consists of three members, but in 2010 as of September it consisted of fewer
than three members due to resignations. Headed by the chairman, the Management Board forms a collegial
team. The members of the Management Board are appointed and dismissed by the General Meeting of
Shareholders. All three members of the Management Board have been appointed for a membership term of four
years. The Supervisory Board annually appraises the performance of the members of the Management Board.
In carrying out its duties, the Management Board of Royal Wegener is guided by the interests of the company
and of the undertaking connected with it. As a consequence, consideration is given to the interests of all parties
involved with the company (stakeholders).
In accordance with the provisions of Article 20 (2) of the company’s articles of association, certain decisions
proposed by the Management Board are subject to the approval of the General Meeting of Shareholders. The
Management Board must also receive approval from the Supervisory Board for a variety of significant corporate
decisions as set forth in Article 20 (1). The remuneration policy for the Management Board is established by
the General Meeting of Shareholders. The remuneration of the respective Management Board members is
established by the Supervisory Board, subject to the remuneration policy adopted by the General Meeting of
Shareholders.
In 2010, an option programme for Mecom shares applied for members of the Management Board. Under this
plan, some members of the Management Board were awarded options to Mecom shares, under certain
conditions, in 2010.
No transactions took place in the financial year of 2010 involving conflicting interests of material consequence
for Wegener or the respective board members. This complies with Best Practice provisions II.3.2-II.3.4 of
the Code.
Supervisory Board
Wegener’s Supervisory Board supervises and provides advice and support to the Management Board. The
Supervisory Board consists of three members. However in January 2011, Mr Montgomery resigned from the
Supervisory Board. The resulting vacant Supervisory Board seat has not yet been filled, but the Board intends to
do so shortly The Board conducts its activities on behalf of the company and the undertaking connected to it,
and the interests of all stakeholders are taken into account in the board’s decisions.
On a monthly basis, the Supervisory Board receives a report from the Management Board concerning the
financial affairs of the company. In meetings with the Supervisory Board, the Management Board provides
information on developments within the undertaking and on all topics relevant to Wegener.

Other information (Corporate Governance)
Members of the Supervisory Board are appointed by the General Meeting of Shareholders. For this purpose, the
Board puts forward one name per vacancy. The General Meeting of Shareholders and the Central Works Council
have the right to make recommendations. In addition, the Central Works Council has an enhanced right of
recommendation with respect to appointment of one-third of the board members. The terms of office of
supervisory directors expire after four years of service, in accordance with a schedule determined by the board.
Reappointment is possible. The total term of service as a director is limited to twelve years.
All members of the present Supervisory Board were appointed on 26 March 2009 for a period of four years. In
making these appointments, consideration was given to the aim of optimising the composition of the board
with regard to aspects such as diversity.
The remuneration of the Supervisory Board is established by the General Meeting of Shareholders.
During the 2010 financial year there were no transactions involving conflicting interests of supervisory directors
that are of material significance for Wegener and/or the supervisory directors. This means that Best Practice
provision III.6 of the Code was met.
General Meeting of Shareholders
A General Meeting of Wegener Shareholders is held on an annual basis. The agenda for this meeting always
includes approval of the previous year’s accounts, proposals concerning the reserves and dividend policies,
any proposal for distributions of dividend, the proposal for the granting of discharge for the conduct of their
duties in the previous year to members of the Management Board, the proposal to grant comparable discharge
to members of the Supervisory Board and, as appropriate, the appointment of an external auditor.
Among the rights of the General Meeting is approving recommendations by the Management Board that would
lead to a significant change in the identity or character of the company, such as a decision to transfer most or all
of its business to a third party.
Requests to place items on the agenda for a General Meeting are honoured when made by holders of shares or
depository receipts who – alone or jointly – represent at least one-hundredth (1/100) part of the issued capital,
or whose holding amounts to a value of at least EUR 50 million (EUR 50,000,000) according to the official price
publication of Euronext Amsterdam. Such a request must be received by the Management Board or the
chairman of the Supervisory Board at least sixty days prior to the meeting, and may not be incompatible with a
substantial interest of the company.
Wegener has an outline policy with regard to bilateral contacts with shareholders. This policy is set forth on the
company’s website (www.wegener.nl).
Amendments to the Articles of Association
Since the amendment to the Articles of Association that was implemented on 1 November 2007, Article 49 (1)
of the Articles of Association of Koninklijke Wegener NV has included the following stipulation regarding
amendments:
The General Meeting of Shareholders is authorised to amend the Articles of Association and to dissolve the
company. Without the approval of holders of cumulative financing preference shares, no change may be made
to the rights attaching to such shares.
The Annual General Meeting of Shareholders of 18 May 2011 will be proposed to amend the Articles of
Association of the company, pertaining amongst others to an amendment of the authority to represent the
company.
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110
Other information (Corporate Governance)
Code of conduct
Wegener works with a customised risk management and control system as meant in Best Practice provision
II.1.3 of the Code. Consequently, Wegener has a Code of Conduct which formulates the way in which Wegener
deals with clients, readers, advertisers, shareholders, and other parties directly or indirectly involved with the
company.
An important element of the Code of Conduct is the whistleblower provision, which states that employees have
the opportunity to report suspected irregularities of a general, operational or financial nature that take place
within Wegener without endangering their own legal position. There is also a complaints programme and
procedure, which describes the safeguards in place for a fair and effective handling of complaints made by
individual Wegener employees. These provisions are among those set forth on the company’s website
(www.wegener.nl) and each new employee gets these when entering his/her job.
Share administration foundation
The depository receipts for ordinary shares in Wegener that have been issued with the cooperation of the
company are listed on the stock exchange. The share administration foundation of Wegener now holds 13.6% of
the share capital issued in ordinary shares.
The articles of association of the Stichting Administratiekantoor Koninklijke Wegener (the share administration
foundation) as well as the Provisions for Administration were amended on 5 May 2008. The amended articles of
association and provisions specifically state that the foundation will exercise the rights attaching to the shares
in Koninklijke Wegener NV in such a way that the interests of holders of depository receipts are guaranteed as
well as possible. Moreover, voting proxies will be granted without any restrictions and under all circumstances.
Shareholders have the right to attend the General Meeting, to take the floor, and to exercise their vote. Holders
of depository receipts have the right to attend the meeting and to take the floor. Under current statutory
regulations, holders of depository receipts may apply to the foundation for a proxy authorising them to vote at a
general meeting.
In deviation from Best Practice provision IV.2.2. of the Code, holders of depository receipts for shares are not
authorised to nominate persons for appointment as directors of the foundation.
The foundation report for 2010 is provided on page 119 of this Annual report. The board of the foundation
currently consists of one member. This member is independent.
Financing preference share administration foundation
The cumulative financing preference shares in the capital of the company have been converted into depository
receipts and are held by the financing preference share administration foundation. The depository receipts for
these shares are not exchange-listed.
The articles of association of the financing share administration foundation were amended on 5 May 2008 in a
manner similar to that of the amendment of the articles of association of the share administration foundation.
The purpose of the foundation is to acquire and administer registered cumulative financing preference shares
issued as part of Wegener’s share capital with limited exchangeability, and to exercise all rights associated with
these shares, such as voting rights.
The board of the foundation is the same as the board of the share administration foundation. All outstanding
depository receipts for cumulative financing preference shares that have not been redeemed are presently held
by Mecom Group plc.

Takeover Directive
Information as meant in the Decree of 5 April 2006 implementing Article 10 of Directive 2004/25/EC of the
European Parliament and the Council of the European Union regarding the public takeover bid – to the extent
applicable – is stated in this section and in the Wegener Shares section (page 118) and elsewhere under the
Other Information heading (pages 107 ff.).
Transactions with shareholders
As the holder of 86.44% of the ordinary shares and associated depository receipts in Koninklijke Wegener NV,
since 25 October 2007 Mecom Group plc has had a significant influence on Wegener and on this basis is
deemed to be a related party. Various transactions took place with Mecom and/or its subsidiaries in 2010 for
which the reader is referred to the section entitled Related Parties on page 92 of the annual accounts. These
transactions are concluded under conditions customary in the group’s sector. Since the Supervisory Board gave
its approval to these transactions, Best Practice provision III.6.4 has been met.
Transparency Directive
The annual financial reporting includes:
A. the audited annual accounts;
B. the Annual report; and
C. statements by persons designated by Wegener as those responsible, clearly giving their names and
positions, that, to the best of their knowledge,
1. the annual accounts give a true and fair view of the assets, the liabilities, the financial position and the
result (profit or loss) of Wegener and the businesses jointly included in the consolidated figures; and
2. the Annual report gives a true and fair view of the situation on the balance sheet date, the course of
business in the past year of Wegener and of the businesses affiliated with it, the details of which are
included in Wegener’s annual accounts, and that the Annual report contains a description of the
fundamental risks with which Wegener is confronted.
For the application of this article, annual accounts and Annual report have the following meaning:
> the annual accounts as referred to in Section 361 of Book 2 of the Dutch Civil Code as well as the information
to be added pursuant to Section 392 (1) of Book 2 of the Dutch Civil Code;
> the Annual report as referred to in Section 391 of Book 2 of the Dutch Civil Code.
Non-conformance with Code provisions
The introduction to the Code explicitly states that non-conformance with its provisions may be necessary and
justified under certain circumstances. The application of all the provisions of the Code is, in the final analysis,
dependent on the specific situation of an enterprise and its shareholders. It is a result of the circumstance that
Wegener is a member of Mecom Group plc that it is unable to comply with a number of principles and best
practice provisions in the Code.
The following are specific exceptions from the provisions of the Code:
Other information (Corporate Governance)
a. The powers as meant in Best Practice provisions II.2.10 and II.2.11 do not accrue to the Supervisory Board.
b. In deviation from Best Practice provision IV.2.2 of the Code, the meeting of holders of depository receipts for
shares is not authorised to nominate persons for appointment as director of the share administration
foundation. This is because the share administration foundation grants voting proxies to holders of
depository receipts for shares that are not subject to any limitations.
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112 Other information (Corporate Governance)
Statement regarding corporate governance pursuant to Article 2a of the decree of
23 December 2004 setting forth further regulations for the contents of the Annual
report (the "Decree")
1. The principles and best practice provisions as meant in Article 3(1) of the Decree, which addresses the
Management Board or the Supervisory Board, are met and will be met, unless stated otherwise in this section.
2. No other code of conduct or practices as meant in Article 3(2) of the Decree is observed by Wegener, whether
voluntarily or otherwise.
3. The characteristics of the monitoring system indicated in Article 3a (a) of the Decree are given in this Annual
report on pages 24 and 25.
4. The information regarding the functioning of the shareholders’ meeting and the other information meant in
Article 3a (b) of the Decree are given above in this section.
5. The information regarding the composition and the functioning of the Management Board and the
Supervisory Board indicated in Article 3a (c) of the Decree are given above in this section.
6. This section refers to the information to be furnished pursuant to the Decree implementing Article 10 of
the Takeover Directive. There are no persons to whom a special right of control of Wegener accrues under the
articles of association as meant in Article 392 (1) (e) of Book 2 of the Dutch Civil Code.

Remuneration report
Remuneration of the Management Board in 2010
In general, the remuneration of the Management Board is based on the provisions of the Dutch Corporate
Governance Code, market comparisons, and the remuneration policy that applies within Mecom. Remuneration
policy is established by the General Meeting of Shareholders, while each individual director’s remuneration and
other terms of employment are established by the Supervisory Board.
The aim of Wegener’s remuneration policy is to attract, motivate and retain talented, capable board members.
The basic tenets of the remuneration policy for 2010 and subsequent periods are:
> The remuneration level for the Management Board must be in accordance with general standards for
remuneration levels in the Dutch employment market for directors.
> The remuneration levels for board members are to be identical, except as when a transition period is required.
The chairman receives a supplement to the level of remuneration of the other members of the board.
> Performance standards are linked to short- and long-term variable remuneration and are linked to both the
results for the financial year in question and to the creation of long-term value.
In determining the amount and the structure of the remuneration of directors, aspects given consideration
include developments in the result, financial and non-financial indicators that are relevant for the company’s
long-term objectives, with due observance of the risks to the company that may be entailed by variable
remuneration.
Remuneration structure in 2010
The total remuneration package for members of the Management Board consists of:
1. Base annual salary
2. Annual results-related bonus
3. Long-term remuneration
4. Pension provisions
5. Other perquisites
Re 1 Base annual salary
The base salaries for the members of the Management Board in 2010 were in line with the level established a
number of years ago. Due to his special (expatriate) status, different agreements that have yet to be negotiated
may apply to the chairman of the Management Board appointed as of 22 December 2010.
Re 2 Bonus
The annual bonus is based partly on quantitative financial objectives and partly on qualitative objectives set
down in advance. In 2010, these criteria were result development and cash flows.
The amount of the bonus is expressed as a percentage of the fixed annual salary and determined within the
framework of the Mecom international remuneration structure.
Payment of the cash flow-related part of the bonus depends in part on cash flows in the next year. If next year’s
objective is achieved, this part of the original bonus will be increased. If next year’s objective is not reached, this
part of the original bonus will not be paid out.
Re 3 Long-term remuneration
Each year, the board of Mecom Group plc decides whether the members of the Management Board are entitled
to options in Mecom shares in that year. In 2010, options were granted in that context giving entitlement to
ordinary shares in Mecom Group plc with a nominal value of 60.86 pence. The options granted have a weighted
average exercise price of £ 1.62. The options can be exercised between three and ten years after they were
granted, depending on whether the performance conditions set in advance were met. The exercisement with
respect to the in 2010 granted options is dependent on the achievement of performance conditions set in
advance.
Other information
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114 Other information (Remuneration report)
No options were exercisable on 31 December 2010. The options are non-transferable and they expire upon
termination of employment, unless there are exceptional circumstances.
Re 4 Pension
The pension for members of the Management Board is based on the following principles:
> Retirement age is 65.
> The retirement pension to be attained is based on an average wage system with an accrual rate of 2.25% of
the pensionable salary base. The pensionable salary base is the fixed salary less the fixed deductible for
Dutch old age pension (AOW).
> A survivor’s pension is 70% of the retirement pension plus (to the extent allowed by tax laws) a temporary
survivor’s benefit of 20% of the attainable retirement pension until the age of 65.
> The employee’s contribution is 9.6% of the pensionable salary base.
Part of this programme is accommodated in the Pensioenfonds voor de Grafische Bedrijven (PGB). That portion
is index-linked in accordance with the indexation policy of the executive board of PGB.
The other, supplementary, part has been placed with pension insurer Aegon. For that portion, independent of
the term of service, a supplementary cost-of-living increase is paid, depending on the surplus interest earned in
this scheme. For the duration of a person’s membership of the pension fund, each year an indexation
supplement is awarded to a maximum of 1.5%, insofar as the financial funds in the deposit fund are adequate
for this purpose.
Due to his special (expatriate) status, different agreements that have yet to be negotiated may apply to the
chairman of the Management Board appointed as of 22 December 2010.
Re 5 Other perquisites
In addition to the remuneration elements set out above, the members of the Management Board are entitled
to a hotel expenses allowance, as well as the use of a company car. Due to his special (expatriate) status, the
chairman of the Management Board, appointed as of 22 December 2010, will also receive allowances for
travelling and accommodation expenses.
Early retirement and pre-pension
Members of the Management Board, who were employed with (one of the companies of) Wegener before
1 January 2006 are subject to the “Conditional Back-Service Programme” as agreed within Wegener. This
provides compensation for the fact that early retirement and pre-pension plans no longer exist. The
compensation consists of an increase in the pension entitlements when a participant retires directly from
employment with Koninklijke Wegener and expires when a participant resigns before their retirement age.
Loans
No loans, guarantees or similar dispensations were furnished to the members of Wegener’s Management
Board.
Employment contracts
All members of the Management Board have been appointed for a period of four years. The chairman was
appointed to serve until 22 December 2014 and one other member of the Management Board was appointed to
serve until 8 May 2012.
The present contracts of the members of the Management Board who were employed with Wegener before
1 January 2010 provide for a period of notice of three months in the event of termination by the board member
and a period of notice of six months if the company terminates the agreement. For all newly appointed members
of the Management Board this is 6 months respectively 12 months.

Other information (Remuneration report)
It has been agreed with all members of the Management Board that they will be paid compensation if their
employment is terminated through a cause beyond their personal control. Furthermore, it has been agreed with
one member of the Management Board that he will also be paid compensation if the employment is terminated
by this member because he no longer wishes, or is no longer able, to perform his duties solely on the basis of a
change in circumstances to such a degree that – as a result of a merger, acquisition, fundamental change of
policy or internal reorganisation, or as a result of Wegener’s hiring a director or some other official who is his
superior by law and/or in fact – he can no longer carry out his duties at the desired level at which he most
recently did so. At such time, all relevant circumstances will be considered in determining the amount of the
compensation.
In accordance with the above, two departing directors were paid compensation in the year under review.
Remuneration structure 2011
In principle, the remuneration policy as it applied in 2010 will be continued in 2011. Changes to it may possibly
be made on the basis of Mecom’s remuneration policy.
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116 Other information
Profit distribution
thousands of euros
Result for 2010 attributable to equity holders of Koninklijke Wegener NV (32,556)
On 14 March 2011, the Management Board decided,
and the Supervisory Board concurred to make the following distribution:
Dividend on cumulative financing preference shares 1,567
Withdrawal from the general reserves 34,123
Despite the loss incurred in 2010, the Supervisory Board and the Management Board proposes, in accordance
with article 45 of the Articles of Association of Koninklijke Wegener NV, dividend on cumulative financing
preference shares.
The dividend on cumulative financing preference shares will be payable beginning 1 June 2011.
Article 45 of the Articles of Association of Koninklijke Wegener NV, which pertains to the distribution of profits,
consists of the following stipulations:
45.1 In addition to other reserves, the company has a dividend
reserve for financing preference shares and a share premium reserve
for financing preference shares, to which reserves only the
preference shares are entitled. If the company acquires (depository
receipts for) preference shares, an amount equal to the portion of the
balance to be attributed to those (depository receipts for) preference
shares in the share premium reserve for financing preference shares,
and respectively in the dividend reserve for financing preference
shares, will be charged to the share premium reserve for financing
preference shares and respectively the dividend reserve for financing
preference shares.
45.2 From the profit obtained in a financial year first of all, if
possible -- and this at the discretion of the Management Board and
with the approval of the Supervisory Board -- either an amount will be
added to the dividend reserve for financing preference shares as
primary dividend, or an amount will be paid out as primary dividend on
the preference shares. The amount of these additions or distributions
is equal to the dividend percentage as defined in paragraph 5,
calculated on the average balance, weighted for passage of time, of
the dividend reserve for financing preference shares during that
financial year
45.3 If profit in a financial year is not sufficient to make the
additions or the distributions referred to in paragraph 2, in
subsequent financial years the stipulations contained in paragraph 2
will only be applied once the deficit has been made up.
45.4 The Management Board is authorised, with the approval
of the Supervisory Board, to decide to pay out on the preference
shares an amount equal to the deficit as referred to in the preceding
paragraph or to add it to the dividend reserve for financing preference
shares charged to reserves, with the exception of the share premium
reserve for financing preference shares and the dividend reserve for
financing preference shares.
45.5 Of the profit remaining after application of the provisions
contained in the preceding paragraphs, if possible, a dividend will be
paid out on the preference shares equal to a percentage calculated
on the sum of the nominal amount of the issued preference shares,
increased by the average balance, weighted over time, of the share
premium reserve for financing preference shares, and which
percentage is fixed at five and thirty-three hundredths of one per cent
(5.33%).
As of the first of January of the year two thousand and eleven and
subsequently once every five (5) years, the dividend percentage of
the preference shares will be adjusted to the arithmetic average to
be calculated of the five (5) year euro denominated interest rate swap
as published by Reuters on page “ISDAFIX2”, calculated on the
average of the last five (5) working days of the year prior to the
dividend revision date, and this at eleven o’clock in the morning
Central European Time, increased by a possible increment, which is to
be determined by the Management Board with the approval of the
Supervisory Board, of a maximum of three hundred (300) basis
points, depending on the market circumstances prevailing at that
time.
In the event that the prices on the aforementioned Reuters page are
not available and that therefore no dividend percentage can be
calculated as described herein above, the dividend percentage will be
determined by taking the arithmetic average of the mean interests of
the fixed euro denominated SWAP interest rate, rounded up to the
nearest basis point, as issued on the last five (5) working days of the
year prior to the dividend revision date by three banks, which banks
issue “quotes” against receipt of a variable interest rate on the basis

of six months Euribor, increased by an increment as described above.
For the quotes, in principle reference is made to publications of the
banks cited previously, to wit: (i) ABN AMRO Reuters page
“AABIRSEU01”, (ii) UBS Reuters page “WDREURSWAP1” and (iii)
Barclays Bloomberg page “BXSW01”, or other pages of comparable
European banks for which such quotes are available. If one of the
aforementioned pages is not available, the bank in question will be
requested to issue a direct quote for the day in question.
45.6 If profit in a financial year is not sufficient to make the
payments as referred to in paragraph 5, in subsequent financial years
the provisions stated in paragraph 5 will only be applied after the
deficit has been made up.
45.7 The Management Board is authorised, with the approval
of the General Meeting, to decide to distribute an amount equal to the
deficit referred to in the preceding paragraph and to charge it to
reserves, with the exception of the share premium reserve for
financing preference shares and the dividend reserve for financing
preference shares.
45.8 At the proposal of the Management Board and with the
approval of the Supervisory Board, the General Meeting may decide to
reserve a part of the profit remaining after application of the
provisions stated in the preceding paragraphs. That which is not
reserved of this profit will be distributed to the holders of (depository
receipts for) ordinary shares, on the proviso that no dividend payment
can take place as long as, at the time of the dividend payment, the
balance of the dividend reserve for financing preference shares is
positive.
45.9 The Management Board may decide, with the approval
of the Supervisory Board, to make distributions charged to the share
premium and dividend reserves for financing preference shares.
45.10 The Management Board may, with the approval of the
general meeting, pay out an interim dividend, if and to the extent that
profit so allows. Interim dividend can also be paid out solely on one
type of share. Interim dividend cannot be paid out on the ordinary
shares if at the time of the dividend payment the balance of the
dividend reserve for financing preference shares is positive.
45.11 In the event of the withdrawal and repayment of
preference shares, in addition to the repayment of the nominal
amount and the portion of the balance of the share premium and
dividend reserves for financing preference shares to be attributed to
those shares, a distribution will be made on the preference shares to
be withdrawn, which distribution is calculated as much as possible in
accordance with the provisions contained in paragraphs 2, 3, 5 and 6
of this article, including the amount of a deficit, and this to be
calculated on a proportionate basis over the period from the day on
which a distribution of dividend or an addition of dividend as meant in
Other information (Profit distribution)
paragraphs 2, 3, 5 or 6 of this article was most recently made until the
day of repayment.
Moreover, an amount will be paid out equal to the difference between:
(I) the cash value of the dividend that would have to be paid out on
the shares in question until the next dividend revision date as meant
in paragraph 5 of this article if withdrawal had not taken place, and
(II) the cash value of the return, calculated for the same period, if the
above determined amount that was paid out were to be reinvested in
state loans with a remaining term lasting until the next dividend
revision date.
45.12 Payments may only be made up to a maximum of the
amount of the distributable portion of shareholders’ equity.
45.13 Distribution of profit takes place after adoption of the
annual accounts showing that this is permissible.
45.14 Decisions to pay out interim dividend pursuant to this
article are only possible if the condition stated in paragraph 12 has
been satisfied as revealed in an interim statement of assets and
liabilities. This refers to the state of the assets and liabilities at the
earliest on the first day of the third month before the month in which
the decision to pay out interim dividend is announced. The statement
must be drawn up with due observance of generally accepted
accounting principles. The statement of assets and liabilities will
include the amounts to be reserved pursuant to the law. It will be
signed by the directors; if one or more of their signatures is missing,
the reason for this omission will be stated. The statement of assets
and liabilities will be deposited at the offices of the trade register
within eight days after the day on which the decision to pay out is
announced.
45.15 Decisions to make interim and other distributions shall be
announced without delay.
45.16 In the calculation of the profit appropriation, the shares
held by the company in its own capital are not included.
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118 Other information
Wegener shares
Share capital
The depository receipts for the ordinary shares of Koninklijke Wegener NV are listed on Euronext Amsterdam
Exchange. The nominal value of both the ordinary shares and the cumulative financing preference shares is
EUR 0.30 per share.
Issued share capital at 31 December 2010 was EUR 15,929,568, consisting of 45,008,842 ordinary shares and
8,089,718 cumulative financing preference shares. Of the ordinary shares, depository receipts have been
issued for 6,127,467 of the total, while depository receipts have been issued for all of the cumulative financing
preference shares.
There were no changes in issued share capital during 2010.
Shareholders
There were no changes to the share ownership during 2010.
Mecom Media Holding Holland BV (a subsidiary of Mecom Group plc) holds 38,880,948 ordinary shares (not
converted into depository receipts). This is 86.4% of the ordinary shares. In addition, Mecom holds 4,200,173
depository receipts for cumulative financing preference shares. The total Mecom holding as of 31 December
2010 was 81.13% of the total capital of Koninklijke Wegener NV.
No reports were received in 2010 of a change to a substantial shareholding. According to reports in 2008,
Governance for Owners holds 13.28% of the (depository receipts for) ordinary shares. The total Governance for
Owners holding as of 31 December 2010 was 11.26% of the total capital of Koninklijke Wegener NV.
As of 31 December 2010, Koninklijke Wegener NV still held a package of 3,889,545 depository receipts for
cumulative financing preference shares purchased in 2006, representing 7.3% of the total capital.
Important dates
18 May 2011 Annual General Meeting of Shareholders
27 July 2011 2011 Half-year report (before trading)

Share administration foundation report
Financing preference share administration foundation report
As required by Article 18 Provisions for Administration of ordinary shares and cumulative financing preference
shares of Koninklijke Wegener NV, we offer this report to holders of depository receipts.
As was explained at the Extraordinary General Meeting of Shareholders of 26 March 2009, the issue of
depository receipts for shares will be continued for purely economic reasons.
The Board of both foundations was present at the General Meeting of Shareholders, held on 18 May 2010 and at
the Extraordinary General Meeting of Shareholders, held on 22 December 2010. Holders of depository receipts
who had announced they would attend these meetings and who were present were automatically granted
voting rights in accordance with the provisions of administration. At both meetings, the board cast its vote for all
shares under administration for which no proxy had been given.
The board of both foundations is the administrator:
> Administration office of the “Algemeen Administratie- en Trustkantoor BV” in Amsterdam
As of 31 December 2010, a total of 6,127,467 ordinary shares of EUR 0.30 nominal value, representing a total
nominal value of EUR 1,838,240.10, were in administration by the share administration foundation, and against
which bearer depository receipts had been issued in an identical nominal value. This is unchanged since
31 December 2009.
The total number of outstanding depository receipts for cumulative financing preference shares remaining
under administration at year-end 2010 was unchanged at 4,200,173, representing a total nominal value of
EUR 1,260,051.90.
The activities involved in the administration of the shares were conducted by the administrator of the
foundation: Administration office of the “Algemeen Administratie- en Trustkantoor BV”.
The annual remuneration for administration for both foundations together is EUR 7,500 (excl. VAT).
Apeldoorn, The Netherlands, 18 January 2011
The Board
Other information
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120 Other information
Group companies and their activities, and important associated
companies (as of March 2011)
Wegener Management Board
Truls Velgaard (CEO)
Chairman Executive Board
Wil Cornelisse (COO)
Member Executive Board
Fieneke v.d. Brink
Proposed member Executive Board (18 May)
Arnoud Lippinkhof (CFO)
Director Finance & Control
Rob de Spa
Director Content & Editorial Development
Gerda Bastet
Director Region East
Marco Paans
Director Region South
Hans Zantkuijl (a.i.)
Director Region West/North
Eilko Bronsema
Director IM & ICT
Wegener Media BV
General manager: T. Velgaard
Region East
Regional managing director: Gerda Bastet
DAILY NEWSPAPERS
De Gelderlander
Director/publisher: Stef Rietbergen
Editor-in-chief: Kees Pijnappels
www.degelderlander.nl
de Stentor
Director/publisher: Gerda Bastet (a.i.)
Editor-in-chief: Alex Engbers
www.destentor.nl
De Twentsche Courant Tubantia
Director/publisher: Angelina Schoonewille (a.i.)
(per 16 April 2011)
Editor-in-chief: André Vis
www.tctubantia.nl
FREE DOOR-TO-DOOR NEWSPAPERS
87 local free door-to-door newspapers
Region South
Regional managing director: Marco Paans
DAILY NEWSPAPERS
BN/DeStem
Director/publisher: Ad Verrest
Editor-in-chief: Johan van Uffelen
www.bndestem.nl
Brabants Dagblad
Director/publisher: Annemieke Besseling (a.i.)
(per 1 April)
Editor-in-chief: vacancy
www.brabantsdagblad.nl
Eindhovens Dagblad
Director/publisher: Annemieke Besseling (a.i.)
(per 1 April)
Editor-in-chief: John van de Oetelaar (a.i.)
www.eindhovensdagblad.nl
Provinciale Zeeuwse Courant
Director/publisher: Ad Verrest
Editor-in-chief: Peter Jansen
www.pzc.nl
FREE DOOR-TO-DOOR NEWSPAPERS
35 local free door-to-door newspapers
Region West/North
Regional managing director: Hans Zantkuijl (a.i.)
DAILY NEWSPAPERS
Dagblad De Pers (free)
Operational director: Hans Zantkuijl (a.i.)
www.depers.nl
FREE DOOR-TO-DOOR NEWSPAPERS
66 local free door-to-door newspapers
Digital products
250 websites national, regional,
local and hyperlocal
Centrally organised
front offices
Editorial department
free door-to-door newspapers
Editor-in-chief: Mart Jochemsen
Central editorial department
daily newspapers
Manager: Rob de Spa
Editor-in-chief: Louis van de Geijn
National ad sales
Manager director: Fred van Domburg Scipio
Consumer marketing
Manager: Tialde Postma
Advertising marketing & Communication
Manager: André Kooij
Enterprises
Manager: Marieke Meijer
Call centers
Manager: Robert Dijkhuis
Sweetdeal
Manager: Dirk Renders
Wegener SpeciaalMedia
Manager: Jan ten Vaarwerk
Business unit specializing in services to third
parties related to preparation of newspapers,
magazines, brochures, annual reports, books,
and other printed products. The unit consists
of specialists in design and production, project
-co-ordination, editing, ad sales and distribution.

Wegener Media Backoffices
IM & ICT
Manager: Eilko Bronsema
Human Resource Management
Manager: Heinz Reinink
Finance & Control
Manager: Arnoud Lippinkhof
Operations
Manager: Bert Ribbink
Procurement & Facilities
Manager: Han Daals
Central department distribution
daily newspapers
Manager: Frits Boekhoff
Central department distribution
free door-to-door newspapers
Managers: Gerard Kockmann / Daan van Ee
Staff departments
Legal affairs
Head: Onno Kuit
Tax affairs
Head: Christiaan van Waalwijk Doorn
Corporate affairs & Communication
Manager: Han van den Berg
Other information (Group companies and their activities, and important associated companies)
Wegener MediaVentions BV
AutoTrack.nl
Manager: Sander van den Hout
National online platform for information about
and sale of new and used cars, co-operated by
BOVAG and ANWB
www.Autotrack.nl
JobTrack.nl
Manager: Elton Habits
National online platform for vacancies
www.Jobtrack.nl
Wegener NieuwsDruk BV
General managerr: Wil Cornelisse
Operating manager: Emiel Hagens
Printing Plants
Wegener NieuwsDruk Brabant, Best
Wegener NieuwsDruk Gelderland, Apeldoorn
Wegener NieuwsDruk Twente, Enschede
Extensive, comprehensive graphic production
services related to newspaper-type products
such as daily newspapers, free door-to-door
newspapers, magazines, periodicals, special
publications and directories. Includes concept
development and conducting prepress and
-printing operations, plus a full range of after-
press and bindery services, addressing and
-distribution (including personalized mailings
www.wegenernieuwsdruk.nl
Important associated
companies
Funda NV
30%
Complete listing of residential
properties and services via the internet.
(voting rights 13%)
Mediahaus Wegener GmbH
50%
Advertising agent for German
advertisess in Wegener products
(A complete list of associated
companies is provided on page 97
of this report)
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122
Colophon
Editor
Han van den Berg, Royal Wegener, Apeldoorn, The Netherlands
Graphic design and realisation
Studio Wegener Media
Paper
Cover 300 grams Tom & Otto
Contents 135 grams Tom & Otto
Printing
Drukkerij Roelofs, Enschede, The Netherlands

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