Warner Music Group (WMG) 2010年年度报告「NASDAQ」.pdf

1、Warner Music GroupAnnual Report 2010NYSE:WMGA Message from Chairman&CEO Edgar Bronfman,Jr.Dear Fellow Shareholders,As we reflect on fiscal year 2010,I am proud of what we have accomplished.Even as the broader economy stabilized throughout the year,the recorded music industryschallenging transition c

2、ontinued.We mitigated the impact of this transition by focusing on our corestrengths in A&R,marketing and promotion.In addition,we demonstrated progress in our abilityto encourage and sustain viable new business models,further diversified our recorded musicrevenue streams,fine-tuned our digital stra

3、tegy and prudently managed our balance sheet and ourcost base.Clearly many obstacles lie ahead,but our confidence in the companys future prospects is based onour consistent track record and our proven ability to outperform the rest of the industry.We arealso further encouraged by the progress we mad

4、e in 2010 in a number of critical areas.Managing Our Balance Sheet,Cash Flow and CostsFor the last several years,we have concentrated on generating cash and maintaining a conservativebalance sheet.That approach has yielded timely benefits and positioned us well during the globaleconomic downturn and

5、 deteriorating credit markets.Thanks to those efforts,we ended the year with a cash balance of$439 million,up from$384million at the end of fiscal year 2009.Our net debt fell to$1.51 billion,as compared to$1.56billion at the end of the prior year.We continue to see opportunities for cost savings as

6、our business evolves.In fiscal year 2010,wesuccessfully managed our cost base and streamlined our physical channel supply chain.Related tothese initiatives,we took severance charges of$54 million,compared to$23 million in fiscal year2009.We strive to maintain our OIBDA margins and Im pleased to repo