Warner Music Group (WMG) 2009年年度报告「NASDAQ」.pdf

1、Warner Music GroupAnnual Report 2009NYSE:WMGA Message from Chairman&CEO Edgar Bronfman,Jr.Dear Fellow Shareholders:In 2009,WMG achieved another year of strong progress towards the goals of our long-termgrowth strategy.Achieving those goals requires solid performance in our core businesses as we lead

2、 theindustrys transition to digital formats and platforms and diversify our revenue streams intonew growth areas.It also requires that we remain focused on continued cost containment andenhanced financial flexibility while delivering effective returns on our A&R investments.I am proud of our perform

3、ance against these objectives in 2009.As expected,2009 wasnt easy.The recorded music industrys challenging transitioncontinued as the broader economy experienced unprecedented upheaval.Yet even in thesecircumstances,our revenue only eroded modestly a significant achievement in thistumultuous environ

4、ment.Reflecting on 2009,we made important progress in several key areas.Managing Our Balance Sheet,Cash Flow and CostsAs the recorded music business undergoes fundamental changes,if we are to seize futureopportunities we must shift resources from physical sales channels to digital distributionchanne

5、ls and other new revenue streams.Given the state of the economy,these efforts requirecontinued cost controls and careful use of cash.To enhance our financial flexibility and reduce our leverage,we successfully recapitalized ourbalance sheet in May 2009.We retired our$1.4 billion senior secured credi

6、t facility by usingthe proceeds from our$1.1 billion bond offering together with$335 million in cash from ourbalance sheet.This transaction pushed out our earliest debt maturities to 2014 and eliminatedfinancial maintenance tests from our debt covenants.Our strong free cash flow,our ability to build