Warner Music Group (WMG) 2008年年度报告「NASDAQ」.pdf

1、Warner Music GroupAnnual Report 2008NYSE:WMGA Message from Chairman&CEO Edgar Bronfman,Jr.Dear Fellow Shareholders:Fiscal 2008 marked a year of strong progress at Warner Music Group and I am very proud of whatwe have accomplished.At a time of great upheaval both in the broader economy and in the rec

2、orded music industry,weimplemented an innovative and disciplined management approach that sustained revenue andOIBDA no small achievement in this challenging environment.More importantly,WMG continued to build the foundation for future growth through a strategythat we believe will not only help us n

3、avigate through these difficult times,but will also help usreap the long-term rewards of the recorded music industrys evolution.Clearly,the industrys transition is far from over and many challenges lie ahead.Our confidence inour future prospects is based on our track record of developing new music b

4、usiness solutions,maintaining our digital leadership position,managing costs,gaining share and delivering strongreturns on our A&R investments.Looking back on fiscal 2008,we made meaningful progress in several of those key areas.Managing Our Balance Sheet and Cash FlowEarly in fiscal 2008,we moved t

5、o a more conservative balance sheet strategy,which enabled us topreserve financial flexibility and satisfy balance sheet requirements even as economic conditionsworsened.The strategy included several components:building cash on our balance sheet andimproving our cash flow,remaining vigilant about ma

6、naging costs,reducing M&A spending andeliminating the quarterly dividend.As a result,our year-end cash balance grew to$411 million infiscal 2008 from$333 million in fiscal 2007.Continuing Our A&R SuccessStrong returns on our A&R investments over the past several years support our plan to sustainsubs