Financial Statements

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Financial Statements2006

table of content

table of content

Key figures 4

Buma five-year plan 6

Stemra five-year plan 7

Report of the management boards 8

Directors’ report 10

Buma financial statements for 2006 13

Stemra financial statements for 2006 31

Composition of the management boards and directors 47

Table of Contents

3 Financial Statements 2006

4 Buma/Stemratable of content

Key figures

70,432 61,972 60,757 53,455 48,421

0

50

100

150

200

2002 2003 2004 2005 2006

111,577 106,002 112,770 113,575 119,972

0102030405060708090

100110

2002 2003 2004 2005 20060

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80

2002 2003 2004 2005 2006

-20

-15

-10

-5

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20

2002 2003 2004 2005 2006

buma/Stemra turnover developmentTurnover in EUR millions

Results of buma/StemraResult in EUR millions

breakdown of 2006 turnover in percentages - Stemrabreakdown of 2006 turnover in percentages - buma

0.5% Performing Rights Online Licensing 9.5% Cable 10.5% Workplaces 8.8% Sales Outlets 7.3% Performing Rights Abroad 35.2% Radio & TV Performing Rights 15.3% Stage 12.9% Catering

9.8% HHome Copy/Lending Rights 11.4% Mechanical Rights Abroad 2.2% Mechanical Rights Online

Licensing 12.6% Radio & TV Mechanical Rights 49.4% Biem Phonomechanical Rights/

Central Licensing 14.6% Special Licensing/Private Labels

Associates and members Foreign organisations Administrative costs deducted

Distribution by StemraRoyalties in EUR millions

Distribution by bumaRoyalties in EUR millions

Central licensing Associates and participants Foreign organisations Administrative costs deducted

Financial result Profit/loss on ordinary activities Operating loss

Buma Stemra

Stemra Buma

5 Financial Statements 2006table of content

0

50

100

150

200

250

300

350

2002 2003 2004 2005 2006

buma/Stemra staffing levelsAs at year-end

Net turnover of Buma can be specified as follows:(EUR x 1,000)

2006 2005 2004 2003 2002

Radio&TVPerformingRights 42,286 41,981 41,180 37,739 47,519Stage 18,354 15,499 15,443 14,910 11,620Catering 15,431 14,582 15,279 14,683 13,876Workplaces 12,620 11,853 11,172 10,805 10,055SalesOutlets 10,605 9,935 10,389 9,806 9,379PerformingRightsOnlineLicensing 564 331 380 201 591Cable 11,387 11,110 10,495 10,998 10,481PerformingRightsAbroad 8,725 8,284 8,432 6,860 8,056

119,972 113,575 112,770 106,002 111,577Net turnover of Stemra can be specified as follows:(EUR x 1,000)

2006 2005 2004 2003 2002

BiemPhonomechanicalrights/CentralLicensing 23,917 25,859 30,474 33,627 37,478SpecialLicensing/Privatelabels 7,064 9,540 8,421 8,648 7,865Radio&TVMechanicalRights 6,124 7,430 10,376 10,040 13,103MechanicalRightsOnlineLicensing 1,081 827 833 1,005 -HomeCopy-LendingRights 4,727 5,093 5,296 3,404 5,037MechanicalRightsAbroad 5,508 4,706 5,357 5,248 6,949

48,421 53,455 60,757 61,972 70,432

Part-time FTEs Full-time FTEs

Num

ber o

f FTE

s

6 Buma/Stemra

Buma five-year plan for 2002 to 2006

Buma five-year plan for 2002 to 2006(EUR x 1,000)

2006 2005 2004 2003 2002

Turnover 119,972 113,575 112,770 106,002 111,577 Profit and loss accoun Income 2,828 2,764 2,723 2,951 2,578Expenses -14,772 -14,129 -13,790 -12,706 -12,696 Operatingprofit/loss -11,944 -11,365 -11,067 -9,755 -10,118 Financialresult 9,392 8,400 8,148 11,497 2,780 Profit/lossonordinaryactivities -2,552 -2,965 -2,919 1,742 -7,338 Extraordinaryloss - - - -1,050 -1,500 Result -2,552 -2,965 -2,919 692 -8,838

Distribution Tobedistributedatyear-end 136,798 128,614 126,012 116,484 121,680 Availablefordistribution 121,578 114,814 113,356 110,128 105,989

Key index figures Totalturnoverindex(2002=100) 108 102 101 95 100 Operatingcostsindex(2002=100) 116 111 109 100 100 Tobedistributedatyear-end/available 112.5% 112.0% 111.2% 105.8% 114.8% Operatingcostsas%ofturnover 12.3% 12.4% 12.2% 12.0% 11.4% Availablefordistributionas%ofturnover 101.3% 101.1% 100.5% 103.9% 95.0%

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Stemra five-year plan for 2002 to 2006

Stemra five-year plan for 2002 to 2006(EUR x 1,000)

2006 2005 2004 2003 2002

Turnover 48,421 53,455 60,757 61,972 70,432 Profit and loss account Income 5,248 4,916 5,089 5,675 5,541Expenses -9,652 -9,296 -8,930 -9,964 -9,663 Operatingprofit/loss -4,404 -4,380 -3,841 -4,289 -4,122 Financialresult 4,325 4,226 4,201 4,544 4,548 Profit/lossonordinaryactivities -79 -154 360 255 426 Extraordinaryloss - - - -750 -1,500 Result -79 -154 360 -495 -1,074 Distribution Tobedistributedatyear-end 51,332 56,513 51,774 47,303 50,278 Availablefordistribution 50,344 55,652 61,868 61,743 70,271 Key index figures Totalturnoverindex(2002=100) 69 76 86 88 100 Operatingcostsindex(2002=100) 100 96 92 103 100 Tobedistributedatyear-end/available 102.0% 101.5% 83.7% 76.6% 71.5%

Operatingcostsas%ofturnover 19.9% 17.4% 14.7% 16.1% 13.7% Availablefordistributionas%ofturnover 104.0% 104.1% 101.8% 99.6% 99.8%


Report of the Management Boards

Financial Statements WearepleasedtopresentthefinancialstatementsofVerenigingBuma[BumaAssociation]andStichtingStemra[StemraFoundation].Bothsetsoffinancialstatementsreceivedanunqualifiedauditor’sreportfollowingauditingbyKPMGAccountantsN.V.Werecommendthatyouapprovethe2006financialstatementsofBumaandStemra,includingtheproposalsbytheboardofdirectors,anddischargethemanagementboardsandtheboardofdirectors.

Management boardsThemanagementboardsofBumaandStemrametseventimesduringthereportingyear.TheSupervisoryBoardmetfivetimes.

Duringtheyearunderreview,considerableattentionwaspaidtotherolethatourorganisationswouldlikeandneedtoplayintherealmofEuropeanmusiccopyrights.ThebasicpremiseencompassesthepolicyplansoftheEuropeanCommission,whichfocusonstimulatingmutualcompetitionbetweenrightsorganisations.Theemphasisisongivingrightownersthefreedomtoberepresentedbytherightsorganisationoftheirchoicewhenitcomestotheuseoftheirworksinanonlineenvironment.Thiscanclearlyhavesignificantimplicationsforourorganisations.Fortunately,theorganisationshavecarefullypreparedthemselvesforthisdevelopmentinrecentyears.In2006,thisenabledustoclearlydefinethefutureroleofourorganisationsandtotakedecisionswithregardtorealisingthatrole.ItisourambitiontogrowintooneofthelargermusiccopyrightorganisationsinEurope.However,inordertobecomeandremainanattractivepartnerfordomesticandinternationalrightownersandusers,wewillneedtokeepourcostsaslowaspossible.Asaresult,wehavedecidedtooutsourceasignificantproportionoftheback-officeactivitiestoathirdparty.Theorganisationswillbegearedtotheinternationalrolewewanttofulfil.

AttheJointMeetingofMembersandAssociatesoftheVerenigingBumaandStichtingStemra,adecisionwastakentocommencefor-malpreparationsforthepossibilityofincludingcopyrightandotherlegalentitiesasrightowners.Thisconcernstheso-called‘AuteursBV’[Dutchprivatelimitedcompanyforauthors].ThereisanincreasingdemandforBuma/StemratomakeitpossibleforpaymentstogotothepersonalBVsofauthorsasthisoffersbenefitswithregardtovalueaddedtax.Thedecisionthathasbeentakenopensthedoortothefur-therelaborationoftheAuteursBVtoacquiretheroleofrightownersinregulationsandcontracts.

MuchtimewasspentonthediscussionconcerningFlexibleCollectiveManagement.Withinthisframework,theorganisationsarelookingforwaystoimprovethelevelofserviceprovidedtoparticipants,andtooffermoretailor-madesolutions,whileretainingthebenefitsoftheexistingcollectivemanagement.Theinitialdetailsofthisconceptwerepresentedtotheorganisationsintheautumn.Itinvolvesthreeprojectsthatwillbetestedinthefirsthalfof2007.

ThenewwebsitewhichwasintroducedinSeptemberrepresentsasignificantstepforwardintermsofthelevelofserviceweprovide.Rightownersnowhavedirectonlineaccesstoouradministrativesys-temsinsofarasitconcernstheirownaccounts.In2007thewebsitewillalsoofferthepossibilityforuserstoapplyforandobtainlicences.

Afterafewmonthsofpreparationinthecourseof2006,Buma’smanagementboardalsotookanimportantdecisionconcerningtheirstrategywithregardtosupportingDutchmusiccopyrights.TheexistingConamusFoundation,financedbyBuma,hasalwaysfocusedonsupportingDutchmusiconadomesticandinternationalscale.Inaddition,Bumaitselfwasresponsibleforsupportingmusicintheclassicalsector,aswellasjazzandcabaret.Theseactivitieswereplacedinasinglegroupinthecourseof2006andtransferredtotheBumaCultureFoundation.

Thenewpensionplanformusicauthorscommencedin2006.Unfortunately,agreatdealoftimewastakenupbyacquiringtheobligatoryparticipationofindependentartistsinthenewoccupationalpensionscheme.Asaresult,circumstanceschangedconsiderably,requiringnumerousnewadaptations.Butbytheendof2006,asidefromanumberofminorpoints,allthosewhowereeligibleforthepensionschemehadjoinedthenewsystem.

Duringthereportingyear,themanagementboardsextensivelydiscussedtheprogressoftheimplementationofthenewcomputersystemAxapta,thelicencesforonlinemusicuse,therelationshipwithCreativeCommonsandtheresultsachievedwiththeFingerprintingsystem.Inaddition,theannualreportfor2005wasdiscussedandattentionwaspaidtotheVasteCommissiePlagiaat(PermanentCommitteeonPlagiarism),thenewpensionplanformusicpublishers,arbitrationrules,theCannesAgreement,theinvestmentpolicyandthebudgetsfor2007forBumaandStemra.

TheAnnualGeneralMeetingofMembersandAffiliates,whichwasheldattheSchouwburginAmstelveenforthesecondtime,re-electedMessrs.VanEmpelen,SchramaandAbdoelbasier.Messrs.WestbroekandMensinkwereappointedtothemanagementboardofBuma.Themeetingre-electedMessrs.BrandsandKostermanandappointedMr.BruenstothemanagementboardofStemra.

Thisyearwasthesecondtimethattheannualmeetingincludedapublicsectiontowhichrepresentativesofmusicusers,governmentauthori-ties,politicsandthemediawereinvited.AfteradetailedexplanationofthepolicyofBuma/StemrabyChairmanMr.J.Boerstoel,StateSecretaryMs.K.vanGennipofEconomicAffairsspokeaboutcreativityandentrepreneurship.TheopensectionoftheannualgeneralmeetingincludedaperformancebyJeroenvanMerwijk,winnerofthe2005AnnieM.G.SchmidtAward.


ThemeetingsaidfarewelltoJanBoerstoelaschairman.HestoodupforBumainhisfinalspeech.Onbehalfofthemanagementboards,vice-chairmanMr.K.BoehmerthankedMr.Boerstoelforthegreatcontributionhehadmadeduringhistenyearsaschairman.HecommentedonhowBuma/Stemrahadchangedoverthisperiodintoanefficientlyoperatingorganisation,whereimprovingthelevelofserviceprovidedtorightownersandtoughcostcontrolgohandinhand.

Atthemeetingof6September,Mr.K.BoehmerwasappointedchairmanofthemanagementboardsofbothBumaandStemra.

Themanagementboardsareextremelyconcernedabouttheturnoverdevelopmentattheorganisation.ItisclearthatthetrendofonlinemusicuseoffersinsufficientcompensationforthedropinsalesofCDsandDVDs.Alsoagainstthisbackground,itisimportantforthecom-ingperiodthatBuma/Stemrasucceedsingeneratingextraturnoverbyattractingforeignrightownersandacquiringcontractswithlargeinternationalmusicusers.Wecanonlysafeguardthecontinuityofouractivitiesinthelongtermbyincreasingturnoverandreducingcosts.

ThemanagementboardsofBumaandStemraHoofddorp, 4 April 2007


General Astringentcostpolicy,coupledwiththehighestlevelofservice,leadingtothehighestpossiblepaymentstoourrightowners,hasbeenattheheartofBuma/Stemra’sfinancialpolicyforthepastdecade.Ourcostpercentages,whichareamongthelowestinthesectorofcopyrightorganisations,provethatwearesuccessfulinthis.In2006,preparationsweremadeforasignificantstep,whichisexpectedtostarthavinganimpactontheorganisation’sfinancialframeworkfrom2008onwards.Itinvolvesoutsourcingasignificantproportionoftheback-officeprocesses.ThiswillmakeasignificantcontributiontowardsfurtherloweringthecostlevelsofBuma/Stemraonastructuralbasis.

Itwasdecidedtoredefineanumberofturnovercategoriesinthisannualreport,sothattheoriginoftherelevantturnoverisexpres-sedmoreclearly.ThishasresultedintheRadio&TelevisionandSatellitecategoriesbeingcombinedatBumatobecometheRadio&TVPerformingRightscategory.TheOnlineLicensingcategoryhasbecomeacategoryinitsownrightandisnowcalledPerformingRightsOnlineLicensing.ThesameappliestotheForeignturnovercategory,whichisnowcalledPerformingRightsAbroad.

Startingwiththisannualreport,thefollowingturnovercategoriesaregoingtobeincludedinthefinancialrecordsforStemra:theRadio&TelevisionandSatelliteturnovercategorieshavebeencombinedintheRadio&TVMechanicalRightscategory,wherebytheOnlineLicensingcategoryhasbecomeacategoryinitsownrightandisnowcalledMechanicalRightsOnlineLicensing.ThesameappliestotheForeignturnovercategory,whichisnowcalledMechanicalRightsAbroad.TurnoverintheDutchIndustry,CentralLicensingandCentralLicensingForeigncategorieshavenowbeenincorporatedintoBiemPhonomechanicalRights/CentralLicensing.TheSpecialLicensingandPrivateLabelscategorieshavealsobeencombined.HomeCopy/LendingRightsturnoverhasremainedunchanged.Inordertofacilitatecomparisonwithpreviousyears,theturnoverdistributionforBumaandStemrahasbeenadjustedtothenewcategoriesfortheperioduptotheendof2002.

Buma’s turnover In2006,Buma’sturnoverroseby5.6%(EUR6.4million)toEUR120million.Allthecategoriescontributedtothisturnoverincrease,partlythankstotheindexingofratesin2006.ThebiggestincreasetookplaceintheStagecategory.TheconcertseriesbyMarcoBorsatointheGelredomeandtheconcertsgivenbyRobbieWilliams,MadonnaandtheRollingStonesintheArenAcontributedtothis.TurnoverintheCateringsectorroseby5.8%toEUR15.4million,partlyduetothefactthatvariousamateurfootballclubswereinvoicedforarrears.Thecontinuedfocusonmarketingalsoresultedinincreasesinothercategories.SalesOutletsroseby6.7%,inparticularinthesec-torBackgroundMusicMechanical.Supermarkets&Workplacesroseby6.5%asaresultofanincreaseintheSocialWorkandHealthcaresectors.TurnoverintheRadio&TVPerformanceRightscategory

remainedvirtuallyunchangedatEUR42.3million.Turnoverincreasedby5.3%inthePerformanceRightsAbroadcategory.

Stemra’s turnoverStemra’sturnovercontinuedtobeundergreatpressurein2006,duetothedownward-movingmusicmarket.IntheNetherlands,CDandDVDsalesdroppedevenfurtherin2006,notonlyintermsofquantity,butalsointermsofmoney.Asaconsequence,StemrawasforcedtoacceptadropinturnoverofEUR5milliontoEUR48million.Nearlyallthecategoriesexperiencedadropinturnoverin2006.InthecaseofRadio&TVMechanicalRights,thedropwaslimitedtojustoverEUR1.3million.TurnoverintheMechanicalRightsAbroadcategoryincreasedtoEUR5.5millionpartlythankstosalesoftheRollingStones“ABiggerBang”CDin2005andextraturnovergeneratedfromsalesofthe“HungUp”CDbyMadonna.TheSpecialLicensing/PrivateLabelcategoryhadtodealwithcontractingpartieswhoswitchedtoaforeignrightsorganisation.TheMechanicalRightsOnlineLicensingcategoryformedapositiveexception,asitsturnoverincreased.

Buma’s resultBuma’sresultamountedtoaEUR2.6millionlosscomparedwithaEUR3.0millionlossin2005.Itshouldbenotedthattheresultimpro-veddespiteexpensesonmajorinvestments.Thesemainlyconcernthefurtherdevelopmentofthefingerprintingsystem,theimplementationoftheintegratedsoftwaresysteminwhichalladministrativeproces-seshavebeenbroughttogether,andthedevelopmentofawebsiteandportalspecificallygearedtothis,whichenablesrightownerstoviewtheiraccountsonline.

Expensesroseby4.5%fromEUR14.1millionin2005toEUR14.8millionin2006.Ontheotherhand,incomeamoutedtoEUR2.8million.Asaresult,theoperatinglossamountedtoEUR11.9millioncomparedwithEUR11.4milliontheyearbefore.ThepositivedevelopmentofthestockmarketscontributedtoariseinthefinancialresultfromEUR8.4millionin2005toEUR9.4millionin2006.ItwasthuspossibletoaddEUR1.3milliontotherevaluationreserve.ThefinalresultwasaEUR2.6millionloss(2005:aEUR3.0millionloss).

Translatedintocostpercentages,thisresultmeansthatBumaonlywithholds2.1%ofeacheurocollectedtocoverthecostsitincurs.ThisonceagainmakesBumaoneofthemostefficientmusiccopyrightorganisations,withbyfarthelowestcostwithholdingpercentage.

Stemra’s result Stemra’sresultimprovedslightlyin2006andamountedtoalossofEUR0.1million.IncomeincreasedsomewhattoEUR5.2million(2005:EUR4.9million).ExpensesamountedtoEUR9.7million(2005:EUR9.3million).IncomefrominvestingactivitieswentupslightlytoEUR4.3millioncomparedwithEUR4.2millionin2005.Theresultfromordinarybusinessoperationsandthefinalresult

10 Buma/Stemra

Directors’ Report


amountedtoalossofEUR0.1million.Thiswasaslightimprove-mentcomparedwith2005,whichwasroundedoffwithalossofEUR0.2million.

Accounting policies for determining the investment resultSharesandbondsarestatedonthebalancesheetatmarketpricesatbalancesheetdate.Theensuingpriceperformanceisnottakendirectlyasresulttotheprofitandlossaccount,butisfirstincorporatedintotherevaluationreserve.Insofarasthebalanceofthisrevaluationreserveallowsit,inadditiontothesharedividendreceivedand,fromthebeginningof2006,inadditiontotheinterestreceivedonthefixed-incomeportfolio,a‘standardreturn’isincludedinthefinancialresult.Themethodabovefitsinwiththerequirementthattherecordedinvest-mentresultsonsharesandfixed-incomesecuritiesshowthemostevendevelopmentpossibleintheprofitandlossaccountovertheyears.

DistributionFortheyear2006,BumahadEUR121.6millionavailablefordistribu-tion,comparedwithEUR114.8millionforthepreviousyear.Intermsofapercentageofturnover,101.3%isavailablefordistribution.In2005,thisamountedto101.1%.StemrahasEUR50.3millionavailablefordistribution(2005:EUR55.7million);asapercentageofturnover,thisamountsto104.0%(2005:104.1%).

Commission rates In2006,theEuropeanCommissionterminatedtheprocedureconcerningtheCannesExtensionAgreementof18November2003whichhadbeenpresentedtoit.OncetheCommissionhadindicateditsobjections,musicpublishersandmusiccopyrightorganisationsamendedtheagreementonthepointsinquestion.TheEuropeanCommissionsubsequentlyapprovedtheseamendments,asaresultofwhichtheprocedurewasbroughttoaclose.Nochangeswereintroducedtothecommissionratesthatapply.

Organisation In2006,adecisionwastakentooutsourceanumberofactivitiesoftheBackOfficetoathirdparty.Expectationsarethatfullagreementcanbereachedin2007,andthatthetransferoftheactivitieswilltakeplaceduringthepresentfinancialyear.Asaconsequenceofthis,alargenumberofjobswillbelost.Eventhoughsomeoftheexistingcostswillbereplacedbythecostofoutsourcingtheactivities,themovewillresultinsavingsinthelongerterm.Buma/Stemratookthisdecisionbecausethismovewillenableittoreducecostsonastructuralbasis.Secondly,itwillallowtheorganisa-tiontoconcentratefullyonimprovingthelevelofserviceprovidedtorightownerswhoarealreadyassociates,andonattractingnewrightownersandlargeinternationalmusicusersintheNetherlandsandbeyond.

Outlook Comparedwith2006,weseepossibilitiesforincreasingBuma’sturnoverinthecurrentfinancialyear,whileStemra’sturnoverwill continuetodrop.AlthoughStemradoesindeedbenefitfromthegrowthoftheonlinemusicmarket,theamountsinvolvedarenotyetbigenoughtocompensateforthedropinsalesofCDsandDVDs.Internally,attentionwillbefocusedonsuchpointsasimplementingtheoutsourcingofanumberofBackOfficeactivities.Wehavehighexpectationswithregardtothenewwebsiteandportalthatwerelaunchedintheautumnof2006.Theyhavemadeitpossibleforrightownerstocompleteasignificantnumberoftheiradministrativetaskswithusonline.Ourambitionistoimprovetheonlineservicesprovidedtomusicusersinthecurrentfinancialyearsothat,forexample,theycanapplyforandobtainlicencesonline.Wewouldliketothankouremployeesfortheircommitmentandourrightownersandusersfortheirconfidenceinourorganisationoverthepastyear.

TheboardofdirectorsofBuma/StemraHoofddorp, 4 April 2007

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Financial statements for 2006Buma

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14 Buma/Stemra

Buma balance sheet as at 31 December 2006

Buma balance sheet as at 31 December 2006 After appropriation of the result(EUR x 1,000)

31 December 2006 31 December 2005*

Assets

Fixed assets Intangible fixed assets (1) Companyinformationsystem 914 2,063 914 2,063tangible fixed assets (2) Hardware/Computerequipment 424 519 Otheroperatingassets 858 1,435 1,282 1,954financial fixed assets (3) Securities 173,938 180,089 Participatinginterests -549 -232 173,389 179,857Current assets accounts receivable Debtors 12,181 12,529 Currentaccountbalances(4) 12,197 8,775 Taxesanddividends 326 83 Otherreceivablesandprepayments(5) 8,326 8,190 33,030 29,577cash at bank and in hand (6) Timedeposits 20,689 8,808 Othercashatbankandinhand 2,052 1,311 22,741 10,119

231,356 223,570Liabilities

funds (7) 16,589 13,860 Revaluation reserve financial fixed assets (8) 14,475 13,132 31,064 26,992Provisions (9) 15,455 17,482 46,519 44,474current liabilities Royaltiestobedistributed(10) 136,798 128,614 Debtstocreditinstitutions - 3,000 Creditors 7,346 5,188 Currentaccountbalances(11) 37,030 36,480 Taxesandsocialsecuritycontributions 696 379 Otheraccrualsanddeferredincome(12) 2,967 5,435 184,837 179,096

231,356 223,570*adjustedforcomparisonpurposes.


Buma profit and loss account for 2006

Buma profit and loss account for 2006(EUR x 1,000)

2006 2005*

Income Administrativecostscharged 689 534 Entrancefeesandannualallowances 457 495 Otherincome 1,682 1,735 2,828 2,764Expenses Staffcosts(13) 8,949 8,680 Accommodationcosts 1,110 1,068 Depreciationandamortisation 594 547 Investmentcosts 1,459 1,094 Othercosts 2,660 2,740 14,772 14,129 Operatingprofit/loss -11,944 -11,365 Financialresult(14) 9,392 8,400 Result -2,552 -2,965 Resultdeductedfromroyaltiestobedistributed -2,552 -2,965

*adjustedforcomparisonpurposes.


16 Buma/Stemra

Buma cash flow statement

Buma cash flow statement(EUR x 1,000)

2006 2005

cash flow from operating activities Turnover 119,972 113,575Distribution -98,640 -97,775Operatingprofit/loss -11,944 -11,365Depreciationandamortisation 594 547Investmentcosts,includingcharge-on 2,063 1,823Depreciationandamortisationchargedon 421 451WithdrawalfromFundforculturalandsocialpurposes -7,867 -5,247Changesinindemnificationobligation 26 -1Withdrawalfromprovisions -2,053 -2,294Resultofparticipatinginterests 317 232Changesinaccountsreceivable(excl.interestdue) -3,538 -3,902 Changesincurrentliabilities(excl.royaltiestobedistributed) 557 -323 -2,981 -4,225 Cashflowfrombusinessoperations -92 -4,279

Interestreceivedonsecurities 8,617 7,740 Interestpaidonsecurities -712 -549 7,905 7,191 Cashflowfromoperatingactivities 7,813 2,912

cash flow from investing activitiesInvestmentsinintangiblefixedassets -989 -2,401 Investmentsintangiblefixedassets -276 -401 Disposaloftangiblefixedassets 8 - Disposalofparticipatinginterests - 229 Cashflowfrominvestingactivities -1,257 -2,573 cash flow from investing activities Purchaseofsecurities -120,468 -90,254 Repayments/sales 129,534 83,827 Cashflowfromsecuritiestrading 9,066 -6,427 changes in cash at bank and in hand and debts to credit institutions 15,622 -6,088


Notes to the Buma balance sheet and profit and loss account

General

objective of Vereniging buma [buma association]TheAssociation’saimistopromoteboththetangibleandintangibleinterestsofmusicauthorsandpublishers,withoutaprofitmotiveofitsown.TheAssociationparticipatesintheimplementationandpromotionofvariousactivitiesinthiscontextforthepurposeofthisobjective.

Accounting policies for the valuation of assets and liabilities and determination of result GeneralThepoliciesusedforthevaluationofassetsandliabilitiesandthedeterminationofresultarebasedonhistoricalcost.

Unlessstatedotherwise,assetsandliabilitiesarestatedatfacevalue.Incomeandexpensesareallocatedtotheperiodtowhichtheyapply.

Whereapplicable,thefiguresforthepreviousfinancialyearhavebeenadjustedtofacilitatecomparisonwith2006

Accounting policies for the conversion of foreign currenciesTransactionsinforeigncurrenciesareconvertedtoeurosattheappli-cableexchangerateonthetransactiondate.Monetaryassetsandliabilitiesareconvertedtoeurosatbalancesheetdateattheexchangerateapplicableonthatdate.Exchangeratedifferencesoccurringduringconversionaretakentotheprofitandlossaccount.Non-monetaryassetsandliabilitiesinforeigncurrencythatarevaluedonthebasisofhistoricalcostsareconvertedattheapplicableexchangerateonthetransactiondate.

Principles of consolidationInviewofthetransparentstructure,StichtingBumaStemraObligatie-fonds[BumaStemraBondFundFoundation]andStichtingBumaStemraAandelenfonds[BumaStemraEquityFundFoundation]areincludedintheBumafinancialstatementsbymeansofproportionalconsolidation.Assetsandliabilities,aswellasincomeandexpense,areincludedinproportiontotheparticipatinginterest.Onthebasisoftheinformationprovidedinthenotes,noseparatefinancialstatementsforBumaareincluded.

Intangible fixed assetsTheintangibleassetsconcerntheexpenseforthenewbusinessinfor-mationsystemtosupporttheprimarybusinessprocesses.Thesearevaluedathistoricalcostlesscumulativeinvestmentexpensesoramorti-sation.Theinvestmentsarechargedtotheprofitandlossaccountoveraperiodofthreeyears.

Tangible fixed assetsThevaluationoftangiblefixedassetstakesplaceonthebasisofhistori-calcostlesscumulativedepreciation.

Thedepreciationiscalculatedasapercentageofthepurchasepriceaccordingtothestraight-linemethodonthebasisoftheexpectedeconomiclife.

Thefollowingexpectedeconomiclivesareused:•Hardware/Computerequipment3years•Otheroperatingassets3-7years

Financial fixed assetsBondsandsharesarestatedatmarketvalue.Valueadjustmentsaretakendirectlytotherevaluationreserve.Thispreventstheoperatingresultfrombeinginfluencedtoostronglybypricefluctuations.Iftherevaluationreserveisinsufficient,thereductionsinvaluearechargedtotheresult.Eachyear,thesizeoftherevaluationreserveneededtoabsorbthesepricefluctuationsisdeterminedbytheboardofdirectorsinconsultationwithitsassetmanagers.Iftherevaluationreserveislargerthandeemednecessary,thissurplusiseligibleforadditiontotheroyaltiestobedistributed.Withregardtotheresultforshares,astandardreturnisentered,ifpossible.

Participating interestsParticipatinginterestsarecapitalinterestsinwhichsignificantinfluenceisexercisedonthebusinessandfinancialpolicy.Participatinginterestsareincludedatnetassetvalue.

Standard return Thestandardreturniscalculatedasapercentageoftheaveragevalueofthesharesoverthefinancialyear,andcomprisestheeffectivereturnon5-yearEurogovernmentbondsattheendofthefinancialyearplusariskmark-up.Thedifferencebetweenthestandardreturnandthedividendreceivedonsharesiswithdrawnfromtherevaluationreserve,ifpossible.

Accounts receivableAccountsreceivablearestatedatfacevaluelessaprovisionforuncol-lectability.

Determination of resultIncomeandexpensearerecordedintheyeartowhichtheyapply.Theresultisdeterminedbycalculatingthedifferencebetweentheincomerealisedontheonehand,andthecostsandotherexpensesincurredforoperationfortheyearontheother.Thebalanceoftheprofitandlossaccountandthemovementinthefundsisthereforeaddedto/deductedfromtheroyaltiestobedistributed.


TurnoverInthefinancialstatements,theturnoverinroyaltiesisaddedtotheroy-altiestobedistributed.Bumaincludestheexploitationofperformingrightsintheturnover,insofarastheserelatetothefinancialyear,canbedeterminedinareliablemanner,andthereisreasonablecertaintythattherevenueiscollectible.

TaxesWithregardtoBuma,theDutchtaxauthoritiesstipulatedinanagree-mentdated6November2001,determiningthelegalrelationshipbetweentheparties,thatVerenigingBumaisliabletopaycorporationtax.Thisagreementisvaliduntil31December2007.Foreignwithhol-dingtaxavailableforset-offandDutchdividendtaxmaybedeductedfromthetaxduebyvirtueofthisagreementdeterminingthelegalrelationshipbetweenparties.Ataxitemisonlyincludedinthefinancialstatementsifcorporationtaxisstillowedafterdeductionoftheforeignwithholdingtaxavailableforset-off.

accounting policies for cash flow statementThecashflowstatementisdrawnupaccordingtotheindirectmethod.

Use of estimatesDrawingupthefinancialstatementsrequiresthemanagementtoformopinionsandmakeestimatesandassumptionsthatinfluencetheappli-cationofpoliciesandthereportedvalueofassetsandliabilities,andofincomeandexpense.

Theestimatesandtheassociatedassumptionsarebasedonpastexpe-rienceandvariousotherfactorsthatareconsideredreasonableinviewofthecircumstances.

Theoutcomeformsthebasisfortheopiniononthecarryingvalueofassetsandliabilitiesthatdoesnotemergeclearlyfromothersources.Theactualoutcomesmaydeviatefromtheseestimates.

Notes to the Buma balance sheet and profit and loss account


(EUR x 1,000)

business information system

Actualcostasat1January2006 5,454Cumulativeinvestmentcosts -3,391balance sheet value as at 1 January 2006 2,063Change during financial year:Investments 989Amortisation -75Investmentcosts -2,063 -1,149Actualcostasat31December2006 6,443Cumulativeamortisation -75Cumulativeinvestmentcosts -5,454balance sheet value as at 31 December 2006 914Amortisationinnumberofyearsonaverage: 3

Theintangibleassetsconcerntheexpenseforthenewbusinessinfor-mationsystemtosupporttheprimarybusinessprocesses.ItconsistsofabasicinvestmentofEUR5.5million,whichhasbeenchargedtotheprofitandlossaccountoveraperiodofthreeyearsfrom2004untiltheendof2006.Intheautumnof2006,afurtherinvestmentofEUR1.0millionwasmadeintheonlineenvironmenttoincreaseeffi-ciencyandmaintaincostleadershipforthebenefitofourrightownersbothathomeandabroad.Thisinvestmentistobeamortisedusingthestraight-linemethodoveraperiodofthreeyearsstartingfromthelastquarterof2006.

TheinvestmentcostsaccountedforinthestatementofmovementsarepartlychargedonastheassetsinquestionareusedbyStemra.

Notes to the Buma balance sheet as at 31 December 2006

(1) Intangible fixed assets The changes in the intangible fixed assets can be specified as follows:


(2) tangible fixed assets The changes in the tangible fixed assets can be specified as follows: (EUR x 1,000)

Hardware/ other total

computer equipment operating assets

Actualcostasat1January2006 1,570 5,156 6,726Cumulativedepreciation -1,051 -3,721 -4,772balance sheet value as at 1 January 2006 519 1,435 1,954 Changes during financial year: Investments 268 8 276Depreciation -355 -585 -940Disposals -160 - -160Depreciationofdisposals 152 - 152 -95 -577 -672 Actualcostasat31December2006 1,678 5,164 6,842Cumulativedepreciation -1,254 -4,306 -5,560 balance sheet value as at 31 December 2006 424 858 1,282 Depreciationinnumberofyearsonaverage: 3 7

ThedepreciationaccountedforinthestatementofmovementsispartlychargedonastheassetsinquestionareusedbyStemraorsub-tenants.TheamountschargedontoStemraandthesub-tenantsareEUR0.2millionandEUR0.2millionrespectively.



(3) financial fixed assets The changes in the financial fixed assets can be specified as follows: (EUR x 1,000)

Securities Participating total

interests balance sheet value as at 1 January 2006 180,089 -232 179,857 Changes during the financial year: Acquisitions 120,468 - 120,468Repayments/sales -129,534 - -129,534Pricemovements 2,915 - 2,915Resultofparticipatinginterests - -317 -317 -6,151 -317 -6,468

balance sheet value as at 31 December 2006 173,938 -549 173,389

SharesandbondsofVerenigingBumaarecarriedatmarketvalue.Theresultsonsharesarestatedatastandardreturn,whichwas6.3%for2006(2005:5.6%)Valuationdifferencesonbondsandsharesarechargedorcreditedtotherevaluationreserveforfinancialfixedassets.

ThetotalfacevalueofthebondsamountedtoEUR110.3mil-lion(2005:EUR112.8million)comparedtoamarketvalueofEUR112.3million(2005:EUR117.9million).

TheparticipatinginterestsareStichtingBuma/Stemraprojectsinformation,whicharestatedatnetassetvalue.

Buma’ssecuritieshavebeenplacedinStichtingBumaStemraObliga-tiefonds[BumaStemraBondsFundFoundation]andStichtingBumaStemraAandelenfonds[BumaStemraEquityFund].ThefoundationsareproportionallyconsolidatedinBuma’sfinancialstatementsatanaveragerateof64.1%(2005:63.9%).

TheparticipationsgiveVerenigingBumaa68.1%interestinStichtingBumaStemraAandelenfonds[BumaStemraEquityFundFoundation][BumaStemraEquityFund](2005:68.0%)anda62.0%interestinStichtingBumaStemraObligatiefonds[BumaStemraBondFundFoundation](2005:62.0%)atyear-end2006.




31 December 2006 31 December 2005

Assets fixed assets Financialfixedassets 271,748 281,751 other assets 42,241 18,775 313,989 300,526 Liabilities Participants account Participants,includingcurrentaccountwithparticipants 334,734 322,660Overallrevaluationreserve -21,133 -22,500 313,601 300,160current liabilities Creditors 388 366 313,989 300,526

(5) other receivables and prepayments (EUR x 1,000)


Cablefeesdue 4,379 4,301Interestdue 2,813 2,898Otherreceivablesandprepayments 1,134 991 8,326 8,190

financial fixed assets (continued) Thefully-combinedfinancialstatementsofStichting buma Stemra obligatiefonds (bSo) [buma Stemra bond fund foundation]andStichting buma Stemra aandelenfonds (bSa) [buma Stemra equity fund foundation] canberepresentedincondensedformasfollows:(EUR x 1,000)

(4) current account balancesThecurrentaccountwithStemraincludesaloanofEUR6.6millionfromBumatoStemra.ThisloanissubjecttotheEuribor3-monthrate.Thetermoftheloanisthreemonthsfromthecommencementdateoftheloanagreement.

(6) cash at bank and in handAllthecashatbankandinhandisfreelyavailable.


Funds


(7) fundsThe changes in the funds can be specified as follows:(EUR x 1,000)

balance as at additions Withdrawals balance as at

1 January 2006 2006 2006 31 December 2006

Continuityfund 4,457 - - 4,457Fundforculturalandsocialpurposes 9,403 10,596 -7,867 12,132 13,860 10,596 -7,867 16,589



Continuityfund 4,457 - - 4,457Fundforculturalandsocialpurposes 4,417 10,233 -5,247 9,403 8,874 10,233 -5,247 13,860

continuity fundThecontinuityfund’saimsincludeguaranteeingthecontinuityofthework.Italsoservestofulfilobligationsinrespectofthirdparties,inparticularwithregardtodistributionoftheroyaltiesyettobedistribu-tedinaccordancewiththefinancialstatements.

Thisfundfurthermoreservestoleveloutunwantedfluctuationsintheamountsavailablefordistribution,resulting,amongotherthings,fromdomesticandinternationalpressureonturnover,aswellascontinuingchangesinthedistributionofrights.

fund for cultural and social purposes Forthebenefitofthisfund,inaccordancewithArticle29,paragraph3oftheArticlesofAssociation,eachyearapercentagedefinedbythemanagementboardontherecommendationoftheboardofdirec-tors,withamaximumof10%,isdeductedfromtheDutchroyaltiesavailablefordistribution.Theamountsdeductedarereservedbythemanagementboardforpaymentstoinstitutionsororganisationswhosepurposeistorepresenttheidealisticormaterialinterestsofcomposers,lyricistsandmusicpublishers,orwhootherwisepromoteDutchmusic.


Provision for annual Sfb allowanceTheprovisionforannualSFBallowancesconcernsaprovisionfortheactualobligationsbyvirtueoftheannualallowancespaidto(former)authorsandpublishersandtheirnextofkinthroughtheStichtingSociaalFondsBuma(SFB)[BumaSocialFundFoundation].Althoughtheobligationshavebeenincludedprovisionally,thereisafirminten-tiontomeettheobligations.Thepartoftheprovisionforwhichnosub-sidyhasbeencommittedtotheSFBasyetisrecognised.Theexpectedremainingtermoftheprovisionisuntiltheendof2022,andithasbeencalculatedonthebasisofthenominalamountsoftheannualallowanceswithnon-actuarialassumptionswithregardtoindexingandlifeexpec-tancy.TheprovisionwasformedfromtheFundforculturalandsocialpurposes;releasesarepartofthedeductionsandtakentotheFund.

Provision for optimisation of operationsTheinternationalchangeswithregardtomusicuseandtheresultingallocatedfundsrequireanadjustmentoftheorganisationinordertooptimisethelevelofserviceprovidedinlinewithdomesticallyandinternationallyacceptedstandardsandcompetitiverelationships.

Duringthefinancialyearwithdrawalsweremadeforthestreamliningoftheorganisation,whichstartedin2003.ThismainlyconcernsinitialcostsofexternalITstaffandstaffredundancycosts.

Provision for obligation to indemnifyAsapartytotheagreementsconcludedwithcableoperatorsconcer-ningcopyrightarrangementsforrelayingprogrammesfrombroad-castingcompanies,Bumahasundertakenobligationswithregardtocopyrightclaimsthatcouldbeenforcedagainstcableoperatorsbythirdparties,notrepresentedinthematterbyBuma.

Inrespectofobligationstoindemnifyarisingfromtheseagreements,theprovisionforobligationstoindemnifyamountsto3%ofthemoneyscollected.Theaddition/withdrawaltakesplacetothedebit/creditofthecollection.

(8) Revaluation reserve for financial fixed assetsThe changes in the revaluation reserve financial fixed assets can be specified as follows:(EUR x 1,000)

2006 2005

balance as at 1 January 13,132 4,560 Transactionresultandrevaluation 2,915 10,174Withdrawaltothecreditofthefinancialresulttostandardreturn -1,572 -1,602 1,343 8,572 balance as at 31 December 14,475 13,132

(9) Provisions The changes in the provisions can be specified as follows: (EUR x 1,000)



AnnualallowanceforSFBscheme 15,874 - -1,391 14,483Optimisationofoperations 1,140 - -662 478Indemnificationobligation 468 493 -467 494 17,482 493 -2,520 15,455




(10) Royalties to be distributed(EUR x 1,000)

2006 2005

Royaltiestobedistributedatthebeginningoftheyear 128,614 126,012Royaltiesturnover 119,972 113,575AdditiontoFundforculturalandsocialpurposes -10,596 -10,233Changesintheroyaltiestobedistributed -2,552 -2,965 available for distribution 235,438 226,389 Distributed in the reporting year: Affiliatesandmembers 54,962 55,600Foreignorganisations 42,021 40,440Miscellaneousincome 1,657 1,735 98,640 97,775 Royalties to be distributed at the end of the year 136,798 128,614

AnamountofEUR4.2millioninindivisiblerightswillbeaddedtotheavailableamountfordistribution,tobeincludedinthe2007payment(2005:EUR4.2million,includedinthe2006payment).

available for distribution by buma (EUR x 1,000)

2006 2005

Royaltiesturnover 119,972 113,575Indivisiblerights 4,158 4,204Changesinroyaltiestobedistributed -2,552 -2,965 became available for distribution during the year 121,578 114,814 Tobedistributedatthebeginningoftheyear 128,614 126,012Available* 117,420 110,610Distributed -98,640 -97,775Fundforculturalandsocialpurposes -10,596 -10,233 Royalties to be distributed at the end of the year 136,798 128,614 *Excludingindivisiblerightswhichhavealreadybeenaccountedforintheopeningbalancesheet.


*Theturnovercategorieswereredefinedduringthereportingyear.Thefiguresfortheyear2005havethereforebeenadjustedforcompa-risonpurposes


Distribution of turnover buma (EUR x 1,000)

2006 2005* Radio&TVPerformingRights 42,286 41,981Stage 18,354 15,499Catering 15,431 14,582Workplaces 12,620 11,853SalesOutlets 10,605 9,935PerformingRightsOnlineLicensing 564 331Cable 11,387 11,110PerformingRightsabroad 8,725 8,284 119,972 113,575

The amount available for distribution (including addition for indivisible rights) is allocated to the different categories as followings:(EUR x 1,000)

2006 2005

Liveentertainment 16,488 12,156Entertainmentmechanical 31,499 31,281Radio 5,719 5,791Television 6,844 6,955Film 1,662 1,838Seriouscategories 3,313 2,466Cable 10,444 10,160Satellite 26,288 25,650International 8,725 8,284Fundforculturalandsocialpurposes 10,596 10,233 121,578 114,814


Distribution of turnover buma (EUR x 1,000)

2006 2005* Radio&TVPerformingRights 42,286 41,981Stage 18,354 15,499Catering 15,431 14,582Workplaces 12,620 11,853SalesOutlets 10,605 9,935PerformingRightsOnlineLicensing 564 331Cable 11,387 11,110PerformingRightsabroad 8,725 8,284 119,972 113,575


off-balance sheet commitmentsInaccordancewiththedecisionofthemanagementboard,attheendof2002partofthebondportfolioofStichtingBumaStemraObligatiefonds[BumaStemraEquityFundFoundation]amountingtoEUR27.5millionwaspledgedassecuritytoINGBankinconnectionwithacashfacilityneededfornormaloperations.

ThefinancialliabilitywithregardtothebusinessaccommodationinHoofddorpwasassumeduntil1August2011.TheannualrentforBuma/StemratogetheramountstoapproximatelyEUR1.8million.Thisdoesnottakeintoaccountsublettingtothirdparties.

Furthermore,therearejointmulti-yearliabilitiesfortherentalofXeroxprintingequipmentamountingtoEUR0.1millionayear.Inthecurrentcomposition,theannualamountfortheleasingofcarsbyBuma/StemraisEUR0.2million.

Theoff-balancesheetrentalandleaseobligationsofEUR8.7millioncanbesummarisedasfollows:•lessthan1year:EUR2.1million.•between1and5years:EUR6.6million.•longerthan5years:nil

(11) current account formulas (EUR x 1,000)


Affiliatedsocietiesabroad 24,511 24,064Subsidyobligations 9,969 10,205Bumamembers 600 324Other 1,950 1,887 37,030 36,480

Theamountsowedtoaffiliatedsocietiesabroadwerelargelysettledatthebeginningof2007.Thesubsidyobligationsconcernsubsidiesthathavebeenpromisedtovariousfoundationsforsocialandculturalpurposes.

(12) other liabilities and accruals (EUR x 1,000)


Third-partycablerightowners 1,308 4,357Holidayallowance/annualleave 812 724Otherliabilitiesandaccruals 847 354 2,967 5,435

Witheffectfromthereportingyear,theamountsowedtothird-partycablerightownersaretobesettledafterthequarter.Inpreviousyears,thistookplaceonceayear,namelyintheyearfollowingthereportingyear.


Notes to the Buma profit and loss account as at 31 December 2006Expenses

(13) Personnel expenses (EUR x 1,000)

2006 2005*

Salaries 8,303 8,459Socialsecuritycontributions 1,033 1,012Pensionpremiums 800 878Otherstaffcosts 3,941 3,555 14,077 13,904 Chargedtothirdparties -5,128 -5,224 8,949 8,680

(14) Financial result (EUR x 1,000)

2006 2005

Interest income and other income Fixed-income securities Interestreceivedonbonds 5,279 5,043 Shares Sharedividendreceived 2,349 1,693 Withdrawalsfromrevaluationreserve 1,572 1,602 3,921 3,295Otherinterestincomeandsimilarincome 1,221 843Totalincomefrominvestments 10,421 9,181 Resultofparticipatinginterests -317 -232Interestexpensesandothercosts -712 -549

9,392 8,400


Theaveragenumberofemployeesduringthereportingyearwas197(2005:198employees),whichcorrespondstoanaverageof179.8FTEs(2005:177.2FTEs).ThisincludesemployeeswhoworkpartlyforStemra,onthebasisofwhichpartofthecostsarechargedontoStemra.Bumaemploysafurther4.5FTEs,whicharechargedtootheraffiliatedfoundations.


to: the board of directors and the general assembly of Vereniging buma (buma association) Auditor’s report

Wehaveauditedtheaccompanyingfinancialstatements2006ofVerenigingBuma,Hoofddorp,whichcomprisethebalancesheetasat31December2006,theprofitandlossaccountfortheyearthenendedandthenotes.

Responsibility of the board of directors Theboardofdirectorsisresponsibleforthepreparationofthefinancialstatementsinaccordancewithprinciplesselectedanddisclosedbytheentity.Thisresponsibilityincludes:designing,implementingandmaintaininginternalcontrolrelevanttothepreparationofthefinancialstatementsthatarefreefrommaterialmisstatement,whetherduetofraudorerror;selectingandapplyingappropriateaccountingpolicies;andmakingaccountingestimatesthatarereasonableinthecircumstances.

auditor’s responsibility Ourresponsibilityistoexpressanopiniononthefinancialstatementsbasedonouraudit.WeconductedourauditinaccordancewithDutchlaw.Thislawrequiresthatwecomplywithethicalrequirementsandplanandperformtheaudittoobtainreasonableassurancewhetherthefinancialstatementsarefreefrommaterialmisstatement.Anauditinvolvesperformingprocedurestoobtainauditevidenceabouttheamountsanddisclosuresinthefinancialstatements.Theproceduresselecteddependontheauditor’sjudgment,includingtheassessmentoftherisksofmaterialmisstatementofthefinancialstatements,whetherduetofraudorerror.Inmakingthoseriskassessments,theauditorcon-sidersinternalcontrolrelevanttotheentity’spreparationofthefinan-cialstatementsinordertodesignauditproceduresthatareappropriateinthecircumstances,butnotforthepurposeofexpressinganopinionontheeffectivenessoftheentity’sinternalcontrol.Anauditalsoinclu-desevaluatingtheappropriatenessofaccountingpoliciesusedandthereasonablenessofaccountingestimatesmadebymanagement,aswellasevaluatingtheoverallpresentationofthefinancialstatements.Webelievethattheauditevidencewehaveobtainedissufficientandappropriatetoprovideabasisforourauditopinion.

opinionInouropinion,thefinancialstatements2006ofVerenigingBuma,includingthedistributionofthereceivedcopyrightsover2006,areprepared,inallmaterialaspects,inaccordancewithprinciplesselec-tedanddisclosedbytheentity,asdefinedinthenotesofthefinancialstatements.

Amstelveen,4April2007KPMGACCOUNTANTSN.V.R.J.GrootRA

Other information

table of content30 Buma/Stemra

Profit appropriationForBuma,theresultfor2006willbedeductedfromtheroyaltiestobedistributed.Then,accordingtotheassessmentofthecontinuityfundandtherevaluationreserve,itwillbedeterminedtowhatextentfundswillhavetobeaddedtoordeductedfromthis.Thismovementwillalsobecreditedorchargedtotheroyaltiestobedistributed.

Asaresultofthisassessmentofthecontinuityfundandtherevaluationreserve,noaddition/withdrawalistotakeplace,aswasthecasein2005.AtotalofEUR2.6millionwillthereforebedeductedfor2006fromthecopyrightsasyettobepaidout(2005:alossofEUR3.0million).

ProposaloftheboardofdirectorsAsshowninthefinancialstatements,drawnupbyusinaccordancewithArticle26,paragraph2oftheArticlesofAssociation,theboardofdirectorsproposesthedeductionofthenegativeresultofEUR2.6millionfromtheroyaltiestobedistributed.Theproposalhasalreadybeenincorporatedinthe2006financialstatements.

table of content

Financial statements for 2006Stemra

table of content


Stemra balance sheet as at 31 December 2006

Stemra balance sheet as at 31 December 2006After profit appropriation (EUR x 1,000)


Assets Fixed assets tangible fixed assets (1) Hardware/Computerequipment 221 190 221 190 financial fixed assets (2) Securitiesandprivateloans 97,809 101,663 Participatinginterests -549 -233 97,260 101,430Current assets accounts receivable Debtors 6,647 7,499 Taxesandsocialsecuritycontributions 2,197 1,092 Otherreceivablesandprepayments(3) 1,618 1,758 10,462 10,349cash at bank and in hand (4) Depositaccounts 9,565 4,478 Otherliquidassets 1,137 1,366 10,702 5,844

118,645 117,813 Liabilities foundation capital 1 1 continuity fund (5) 10,390 10,390 Revaluation reserve financial fixed assets (6) 10,672 10,647 21,063 21,038Provisions (7) 558 1,150 21,621 22,188current liabilities Royaltiestobedistributed(8) 51,332 56,513 Debtstocreditinstitutions 13,000 3,000 Creditors 1,084 2,559 Currentaccountbalances(9) 12,235 14,609 Otheraccrualsanddeferredincome(10) 19,373 18,944 97,024 95,625

118,645 117,813


Stemra profit and loss account for 2006 (EUR x 1,000)

2006 2005*

Income Administrativecostscharged 4,778 4,389 Entrancefeesandannualallowances 456 495 Miscellaneousincome 14 32 5,248 4,916 Expense

Personnelcosts(11) 5,718 5,774 Accommodationcosts 740 712 Depreciationandamortisationcosts 395 365 Investmentcosts 604 729 Othercosts 2,195 1,716 9,652 9,296 Operatingloss -4,404 -4,380 Financialresult(12) 4,325 4,226 Result -79 -154


Stemra profit and loss account for 2006


Stemra cash flow statement(EUR x 1,000)

2006 2005

cash flow from operating activities Turnover 48,421 53,455Distribution -53,523 -48,562Operatingloss -4,404 -4,380Depreciationandamortisation 395 365Depreciationandamortisationchargedon -267 -257Withdrawalfromprovisions -592 -689Resultofparticipatinginterests 316 233Changesinaccountsreceivable(excl.interesttobereceived) -253 -1,487 Changesincurrentliabilities(excl.royaltiestobedistributed) -3,420 3,376 -3,673 1,889

Cashflowfromoperatingactivities -13,327 2,054 Interestreceivedonsecurities 4,540 4,273 Interestpaidonsecurities -812 -551 3,728 3,722

Cashflowsfromoperationalactivities -9,599 5,776 cash flow from investing activities Investmentsintangiblefixedassets -159 -159 Disposalofparticipatinginterests - 229 Cashflowfromsecuritiestrading -159 70 cash flow from securities trading Purchaseofsecurities -62,958 -50,141 Repayments/sales 67,574 46,404 Cashflowfromsecuritiestrading 4,616 -3,737 changes in cash at bank and in hand and debts to credit institutions -5,142 2,109

Stemra cash flow statement


General

objective of Stichting StemraTheFoundation’sobjectiveistorepresentandpromoteboththetangibleandnon-tangibleinterestsofmusicauthorsandpublishersandothercopyrightowners,inparticularwithregardtomechanicalreproductionrights.TheFoundation’sothergoalsareexercisingandmaintainingmechanicalreproductionrightsforparticipatingauthors,participatingpublishers,aswellasotherauthorsandcopyrightowners.TheFoundationparticipatesintheimplementationandpromotionofvariousactivitiesinthiscontextforthepurposeofthisobjective.

accounting policies for the valuation of assets and liabilities and determination of resultGeneralThepoliciesusedforthevaluationofassetsandliabilitiesandthedeterminationoftheresultarebasedonhistoricalcost.Unlessstatedotherwise,assetsandliabilitiesarestatedatfacevalue.Theincomeandexpensesareallocatedtotheperiodtowhichtheyapply.

Whereapplicable,thefiguresforthepreviousfinancialyearhavebeenadjustedtofacilitatecomparisonswith2006.

accounting policies for the conversion of foreign currencyTransactionsinforeigncurrenciesareconvertedtoeurosattheapplicableexchangerateonthetransactiondate.Monetaryassetsandliabilitiesareconvertedtoeurosatbalancesheetdateattheexchangerateapplicableonthatdate.Exchangeratedifferencesoccurringduringconversionaretakentotheprofitandlossaccount.Non-monetaryassetsandliabilitiesinforeigncurrencythatarevaluedonthebasisofhistoricalcostsareconvertedattheexchangerateapplicableonthetransactiondate.

Principles of consolidationInviewofthetransparentstructure,theStichtingBumaStemraObligatiefonds[BumaStemraBondFundFoundation]andStichtingBumaStemraAandelenfonds[BumaStemraEquityFundFoundation]areconsolidatedproportionallyintheBumafinancialstatements.Assetsandliabilities,aswellasincomeandexpense,areincludedinproportionoftheparticipatinginterest.Onthebasisoftheinformationprovidedinthenotes,noseparatecompanyfinancialstatementsareincludedforStemra.

tangible fixed assetsThevaluationoftangiblefixedassetstakesplaceonthebasisofhistori-calcostlesscumulativedepreciation.

Depreciationiscalculatedasapercentageofthepurchasepriceaccor-dingtothestraight-linemethodonthebasisoftheexpectedusefullife.

Thefollowingexpectedusefullivesareused:•Hardware/Computerequipment3years

financial fixed assetsBondsandsharesarestatedatmarketvalue.Valueadjustmentsareincorporateddirectlyintotherevaluationreserve.Thispreventstheoperatingresultfrombeinginfluencedtoostronglybypricefluctua-tions.Iftherevaluationreserveisinsufficient,thereductionsinvaluearechargedtotheresult.Eachyear,thesizeoftherevaluationreserveneededtoabsorbthesepricefluctuationsisdeterminedbytheboardofdirectorsinconsultationwithitsassetmanagers.Iftherevaluationreserveislargerthandeemednecessary,thesurplusiseligibleforadditiontotheroyaltiestobedistributed.Withregardtotheresultforshares,astandardreturnisenteredifpossible.

Participating interestsParticipatinginterestsarecapitalinterestsinwhichsignificantinfluenceisexercisedonthebusinessandfinancialpolicy.Participatinginterestsarestatedatnetassetvalue.

Standard return Thestandardreturniscalculatedasapercentageoftheaveragevalueofthesharesoverthefinancialyearandcomprisestheeffectivereturnon5-yearEurogovernmentbondsattheendofthefinancialyearplusariskmark-up.Thedifferencebetweenthestandardreturnandthedividendreceivedonsharesisdeductedfromtherevaluationreserve,ifpossible.

accounts receivableAccountsreceivablearecarriedatfacevaluelessaprovisionforuncollectability.

Notes to the Stemra balance sheet and profit and loss account


Determination of the resultIncomeandexpensearerecordedintheyeartowhichtheyapply.Theresultisdeterminedbycalculatingthedifferencebetweentheincomerealisedontheonehand,andthecostsandotherexpensesincurredforoperationfortheyearontheother.Thebalanceoftheprofitandlossaccountandthemovementinthefundsisthereforeaddedto/deductedfromtheroyaltiestobedistributed.

turnoverInthefinancialstatements,turnoverinroyaltiesisaddedtotheroyal-tiestobedistributed.Stemraincludestheexploitationofmechanicalrightsintheturnover,insofarastheserelatetothefinancialyear,canbedeterminedinareliablemannerandthereisreasonablecertaintythattherevenueiscollectible.

taxesWithregardtoStemra,theDutchtaxauthoritiesstipulatedinanagree-mentdated6November2001,determiningthelegalrelationshipbetweentheparties,thatStichtingStemraisliabletopaycorporationtax.Thisagreementisvaliduntil31December2007.Foreignwithholdingtaxavailableforset-offandDutchdividendtaxmaybedeductedfromthetaxduebyvirtueofthisagreementdeterminingthelegalrelationshipbetweenparties.Ataxitemisonlyincludedinthefinancialstatementsifcorporationtaxisstillowedafterdeductionoftheforeignwithholdingtaxavailableforset-off.

accounting policies for cash flow statementThecashflowstatementisdrawnupaccordingtotheindirectmethod.

Use of estimatesDrawingupthefinancialstatementsrequiresthemanagementtoformopinionsandmakeestimatesandassumptionsthatinfluencetheapplicationofpoliciesandthereportedvalueofassetsandliabilities,andofincomeandexpense.

Theestimatesandtheassociatedassumptionsarebasedonpastexperienceandvariousotherfactorsthatareconsideredreasonableinviewofthecircumstances.

Theoutcomeformsthebasisfortheopiniononthecarryingvalueofassetsandliabilitiesthatdoesnotemergeclearlyfromothersources.Theactualoutcomesmaydeviatefromtheseestimates.

Notes to the Stemra balance sheet and profit and loss account


(1) tangible fixed assets The changes in the tangible fixed assets can be specified as follows:(EUR x 1,000)

Hardware/

computer equipment

Actualcostasat1January2006 709Cumulativedepreciation -519balance sheet value as at 1 January 2006 190Changes during financial year:Investments 159Depreciation -128 31Actualcostasat31December2006 868Cumulativedepreciation -647balance sheet value as at 31 December 2006 221

Thedepreciationcostsaretakentotheprofitandlossaccount,includingdepreciationofEUR0.2millionchargedonbyBumafortheuseofBumaassetsbyStemra.

Notes to the Stemra balance sheet as at 31 December 2006


(2) financial fixed assets The changes in the financial fixed assets can be specified as follows: (EUR x 1,000)

Securities Participating total

interests

balance sheet value as at 1 January 2006 101,663 -233 101,430 Changes during the financial year: Acquisitions 62,958 - 62,958Repayments/sales -67,574 - -67,574Pricemovements 762 - 762Resultofparticipatinginterests - -316 -316 -3,854 -316 -4,170 balance sheet value as at 31 December 2006 97,809 -549 97,260


BondsandsharesofStichtingStemraareaccountedforatmarketvalue.Theresultsonsharesarestatedatastandardreturn,whichis6.3%for2006(2005:5.6%).Valuedifferencesonbondsandsharesarechargedorcreditedtotherevaluationreserveforfinancialfixedassets.

ThetotalfacevalueofthebondsamountedtoEUR67.7million(2005:EUR69.2million)comparedtoamarketvalueofEUR68.9million(2005:EUR72.3million).

TheparticipatinginterestsareStichtingBuma/Stemraprojectsinformation,whichareincludedatnetassetvalue.Stemra’ssecuritieshavebeenplacedinStichtingBumaStemraObligatiefonds[BumaStemraBondFundFoundation]andStichtingBumaStemraAandelenfonds[BumaStemraEquityFundFoundation].ThefoundationsareproportionallyconsolidatedinStemra’sfinancialstatementsatanaverageof35.9%(2005:36.1%).TheparticipationsgaveStichtingStemraa31.9%interestinStichtingBumaStemraAandelenfonds[BumaStemraEquityFundFoundation](2005:32.0%)anda38.0%interestinStichtingBumaStemraObligatiefonds[BumaStemraBondFundFoundation](2005:38.0%)atyear-end2006.


Notes to Stemra balance sheet as at 31 December 2006

financial fixed assets (continued)ThefullcombinedfinancialstatementsofStichtingBumaStemraObligatiefonds(BSO)[BumaStemraBondFundFoundation]andStichtingBumaStemraAandelenfonds(BSA)[BumaStemraEquityFundFoundation]canbepresentedincondensedformasfollows:(EUR x 1,000)


Assets fixed assets Financialfixedassets 271,748 281,751 other assets 42,241 18,775 313,989 300,526 Liabilities Participants accounts Participantsincludingcurrentaccountwithparticipants 334,734 322,660Overallrevaluationreserve -21,133 -22,500 313,601 300,160current liabilities Creditors 388 366 313,989 300,526

(3) other accruals and deferred income (EUR x 1,000)


Interesttobereceived 1,618 1,758

(4) cash at bank and in handAllthecashatbankandinhandisfreelyavailable.


(5) fundsThe changes in the continuity fund can be specified as follows:(EUR x 1,000)



Continuityfund 10,390 - - 10,390

(6) Revaluation reserve financial fixed assetsThe changes in the revaluation reserve for financial fixed assets can be specified as follows:(EUR x 1,000)

2006 2005

balance as at 1 January 10,647 6,807 Transactionresultandrevaluation 762 4,595Withdrawaltothecreditofthefinancialresulttostandard -737 -755 25 3,840 balance as at 31 December 10,672 10,647

(7) Provisions Changes in the provisions can be specified as follows:

(EUR x 1,000)


1 januari 2006 2006 2006 31 december 2006

Optimisationofoperations 1,150 - -592 558

Provision for optimisation of operationsTheinternationalchangeswithregardtothelicensingofmechanicalreproductionrightsandtheresultingallocatedfundsrequireinparticularanadjustmentoftheorganisationinordertooptimisetheservicesprovidedinaccordancewithdomesticandinternationallyacceptedstandardsandcompetitiveconditions.

Duringthefinancialyear,withdrawalsweremadeforstreamliningtheorganisation,whichstartedin2003.ThismainlyconcernsinitialcostsofexternalITstaffandstaffredundancy.


Funds

continuity fund Thecontinuityfund’saimsincludeguaranteeingthecontinuityofthework.Italsoservestofulfilobligationsinrespectofthirdparties,inparticularwithregardtotheroyaltiesyettobedistributedaccordingtothefinancialstate-ments.

Thisfundfurthermoreservestoleveloutunwantedfluctuationsintheamountsavailablefordistribution,resultingamongotherthingsfromdomesticandinternationalpressureonturnover,aswellascontinuingchangesinthedistributionofrights.


(8) Royalties to be distributed (EUR x 1,000)

2006 2005

Royaltiestobedistributedatthebeginningoftheyear 56,513 51,774Turnoverroyalties 48,421 53,455Changesintheroyaltiestobedistributed -79 -154 available for distribution 104,855 105,075 Distributed in the financial year: Affiliatesandmembers 40,318 34,871Foreignorganisations 7,168 8,347CentralLicensing 1,259 955AdministrativecostswithheldintheNetherlands 4,518 4,182Administrativecostswithheldabroad 260 207 53,523 48,562 Royalties to be distributed at the end of the year 51,332 56,513

available for distribution by Stemra (EUR x 1,000)

2006 2005

Turnoverroyalties 48,421 53,455Indivisiblerights 2,002 2,351Changesinroyaltiestobedistributed -79 -154

became available for distribution during the year 50,344 55,652 Tobedistributedatthebeginningoftheyear 56,513 51,774Available* 48,342 53,301Distributed -53,523 -48,562 Royalties to be distributed at the end of the year 51,332 56,513

*Excludingindivisiblerightswhichhavealreadybeenaccountedforintheopeningbalancesheet.



Distribution of Stemra turnover (EUR x 1,000)

2006 2005*

BiemPhonomechanicalrights/CentralLicensing 23,917 25,859SpecialLicensing/PrivateLabels 7,064 9,540Radio&TVMechanicalRights 6,124 7,430MechanicalRightsOnlineLicensing 1,081 827HomeCopy/LendingRights 4,727 5,093MechanicalRightsAbroad 5,508 4,706 48,421 53,455

*Theturnovercategorieswereredefinedduringthereportingyear.Thefiguresfor2005havethereforebeenadjustedforcomparisonpurposes.

(9) current account balances (EUR x 1,000)


Affiliatedsocietiesabroad 4,407 5,628Bumacurrentaccount 7,828 8,981

12,235 14,609


Theamountsowedtoaffiliatedsocietiesabroadwerelargelysettledatthebeginningof2007.ThecurrentaccountbalancewithBumaincludesaloanofEUR6.6millionfromBumatoStemra.ThisloanissubjecttotheEuribor3-monthrate.Thetermoftheloanisthreemonthsfromthecommencementdateoftheloanagreement.


(10) other liabilities and accruals (EUR x 1,000)


AdvancestoDutchIndustry 17,790 17,834Tobeoffsetwithindustryandprivatelabels 175 110Holidayallowance/annualleave 265 213Otherliabilitiesandaccruals 1,143 787

19,373 18,944

advances to Dutch industryThisincludestheinvoicedadvancesonreproductionrightstobesettledbytheDutchindustryforperiodsuptotheendof2006.Whenthesettlementsarereceivedfromtheseproducers,theseadvancesaredeductedfromtheroyaltiestobereceived.

off-balance sheet commitmentsInaccordancewiththedecisionofthemanagementboard,attheendof2002partofthebondportfolioamountingtoEUR27.5millionwaspledgedassecuritytoINGBankinconnectionwithacashfacilityneededfornormaloperations.

ThefinancialliabilitywithregardtothebusinessaccommodationinHoofddorpwasassumeduntil1August2011.TheannualrentforBuma/StemratogetheramountstoapproximatelyEUR1.8million.Thisdoesnottakeintoaccountsublettingtothirdparties.

Furthermore,therearejointmulti-yearobligationsforBuma/StemrafortherentalofXeroxprintingequipmentamountingtoEUR0.1millionayear.Inthecurrentcomposition,theannualamountforleasingofcarsisEUR0.2million.

Theoff-balancesheetrentalandleaseobligationsofEUR10.5millioncanbespecifiedasfollows:•llessthan1year:EUR2.1million•between1and5years:EUR6.6million•longerthan5years:nil



Liabilities

(11) Personnel expenses (EUR x 1,000)

2006 2005*

Salaries 1,941 1,937Socialsecuritycontributions 260 251Pensionpremiums 183 177Otherstaffcosts 109 228 2,493 2,593 ReimbursedtoBumainrespectofshareddepartments 4,275 4,074 6,768 6,667Allocatedtothirdparties -1,050 -893 5,718 5,774

Notes to the Stemra profit and loss account as at 31 December 2006

Theaveragenumberofemployeesduringthereportingyearwas39(2005:44employees),whichcorrespondstoanaverageof33.3FTEs(2005:37.4FTEs).ThisdoesnotincludeemployeeschargedonviaBuma.Stemraemploysafurther12.3FTEs,whicharechargedtootheraffiliatedfoundations.

(12) Financial result (EUR x 1,000)

2006 2005

Interest income and other income Fixed-income securities Interestreceivedonbonds 3,239 3,093 Shares Sharedividendreceived 1,101 799 Withdrawalsfromrevaluationreserve 737 755 1,838 1,554Otherinterestincomeandsimilarincome 376 363Totalincomefrominvestments 5,453 5,010

Resultofparticipatinginterests -316 -233Interestexpensesandothercosts -812 -551 4,325 4,226



to: the board of directors and the general assembly of Stichting Stemra (Stemra foundation)

Auditor’s report

Wehaveauditedtheaccompanyingfinancialstatements2006ofStichtingStemra,Hoofddorp,whichcomprisethebalancesheetasat31December2006,theprofitandlossaccountfortheyearthenendedandthenotes.

Responsibility of the board of directors Theboardofdirectorsisresponsibleforthepreparationofthefinancialstatementsinaccordancewithprinciplesselectedanddisclosedbytheentity.Thisresponsibilityincludes:designing,implementingandmain-taininginternalcontrolrelevanttothepreparationofthefinancialstate-mentsthatarefreefrommaterialmisstatement,whetherduetofraudorerror;selectingandapplyingappropriateaccountingpolicies;andmakingaccountingestimatesthatarereasonableinthecircumstances.

auditor’s responsibilityOurresponsibilityistoexpressanopiniononthefinancialstatementsbasedonouraudit.WeconductedourauditinaccordancewithDutchlaw.Thislawrequiresthatwecomplywithethicalrequirementsandplanandperformtheaudittoobtainreasonableassurancewhetherthefinancialstatementsarefreefrommaterialmisstatement.Anauditinvolvesperformingprocedurestoobtainauditevidenceabouttheamountsanddisclosuresinthefinancialstatements.Theproceduresselecteddependontheauditor’sjudgment,includingtheassessmentoftherisksofmaterialmisstatementofthefinancialstatements,whetherduetofraudorerror.Inmakingthoseriskassessments,theauditorconsidersinternalcontrolrelevanttotheentity’spreparationofthefinancialstatementsinordertodesignauditproceduresthatareappropriateinthecircumstances,butnotforthepurposeofexpressinganopinionontheeffectivenessoftheentity’sinternalcontrol.Anauditalsoincludesevaluatingtheappropriatenessofaccountingpoliciesusedandthereasonablenessofaccountingestimatesmadebymanagement,aswellasevaluatingtheoverallpresentationofthefinancialstatements.Webelievethattheauditevidencewehaveobtainedissufficientandappropriatetoprovideabasisforourauditopinion.

opinionInouropinion,thefinancialstatements2006ofStichtingStemra,includingthedistributionofthereceivedcopyrightsover2006,areprepared,inallmaterialaspects,inaccordancewithprinciplesselectedanddisclosedbytheentity,asdefinedinthenotesofthefinancialstatements.

Amstelveen,4April2007

KPMGACCOUNTANTSN.V.R.J.GrootRA

Other information

46 Buma/Stemra

Profit appropriationForStemra,theresultfor2006willbedeductedfromtheroyaltiestobedistributed.Then,accordingtotheassessmentofthecontinuityfund,itwillbedeterminedtowhatextentfundswillhavetobeaddedtoordeductedfromthis.Thismovementwouldalsobecreditedorchargedtotheroyaltiestobedistributed.

Asaresultofthisassessmentofthecontinuityfundandtherevaluationreserve,noaddition/withdrawalistotakeplace,aswasthecasein2005.AtotalofEUR0.1millionwillthereforebedeductedfor2006fromthecopyrightsasyettobepaidout(2005:alossofEUR0.2million).

Proposal of the board of directorsAsshowninthefinancialstatements,drawnupbyusinaccordancewithArticle26,paragraph2oftheArticlesofAssociation,theboardofdirectorsproposesthedeductionofthenegativeresultofEUR0.1millionfromthereservedresultsofpreviousyearsincludedintheroyaltiestobedistributed.Theproposalhasalreadybeenincorporatedinthe2006financialstatements.

table of content


Management board of Vereniging Buma

Dr.K.P.Boehmer,chairmanMr.H.Kosterman, deputy chairmanT.Berk,secretary

Drs.S.A.A.AbdoelbasierMr.E.BoomH.C.M.deClercqP.vanEmpelenM.W.MensinkA.A.SauerC.M.SchramaH.WestbroekA.J.Witte

Composition of management board and managementas at 1 april 2007

Management board of Stichting Stemra

Dr.K.P.Boehmer,chairmanJ.Brands,deputy chairmanP.vanEmpelen,secretary

F.BruensJ.H.GreveltC.vanderHoevenP.C.KoelewijnMr.H.KostermanA.J.KraamerA.deRaaffA.C.M.RuiterA.A.Sauer

Allamountsquotedinthisannualreportareineuro

Management of Buma/Stemra

C.P.Vervoord,chairman of the boardDrs.W.J.Ketellapper, director general affairs departmentDrs.M.Mackay,director Back OfficeMr.C.vanRij,director legal affairs department

Publication

Textcontributions:ErikdeBoerBoardroomFinancialPR

Translation:EnglishServices(Communications)BV

Designandrealisation:LinkDesignBV,Amsterdam

Photography:GettyImages(coverfoto)MatthewNiederberger(photoonpage12/13)LinkDesignBV(fotopag.31)

Printedby:WCdenOudenBV,Amsterdam

table of content

Buma Association/Stemra Foundation

Siriusdreef 22-282132 WT HoofddorpThe Netherlandst +31 (0)23 799 79 99f +31 (0)23 799 77 77e [email protected]

Office in The HagueLange Voorhout 86-122514 EJ The HagueThe Netherlandst +31 (0)70 310 91 09f +31 (0)70 310 91 00e [email protected]

table of content

Financial Statements

Economy & Finance

stemra financial statements

buma financial statements

bumastemra table of

stemra fiveyear planfor

eur millionsresult

eur millions11080

financial resultbumaprofitloss

eur millions20020