Egmont is voted Best Financial function 2015 by Økonomisk Ugebrev, a Danish Economic Weekly.
Egmont has been voted Best Financial function 2015 by Økonomisk Ugebrev, a Danish Economic Weekly, ahead of 99 of the largest Danish companies such as TDC, Vestas, A.P. Møller - Mærsk, Novo, Carlsberg and others.
The award is based on a series of financial figures which show how well the company's financial management improves the cost efficiency ratio. Egmont managed to perform better than all other companies in the top 100 group.
"The media industry is undergoing a transformation. Egmont has as objective to be the best in content and we must invest in new technology in order to reach customers on digital platforms. It requires large investments and it has triggered the streamlining process. We need to work smart and efficiently, we have to cut down on unit costs and make more cost variable, so we can raise more funds for content and technology," says Egmont CFO, Hans J. Carstensen to Økonomisk Ugebrev.
Egmont is an exception
Egmont is 100 percent owned by a foundation and is not listed on the stock exchange and is therefore, according to Økonomisk Ugebrev, an interesting exception: Listed companies are on ten of the top twenty sites in the study. Egmont is distinguished because the group from 2011-2014 has reduced staff costs by 11 percentage points and other operational costs by 21 percentage points. The acquisition of TV 2 in Norway has given significant new revenue.
“Four or five years ago we initiated some deep dive processes focusing on certain issues, but today we have focus on all elements of working capital. The key to success is that work is driven in continuous cooperation with the entire organization, "said Hans J. Carstensen to Økonomisk Ugebrev.
Egmont is consolidated in a less complex organization with fewer units. But, stresses Hans J. Carstensen, "the lower cost is the result of a multitude of initiatives”.