This standard focuses on the trend of the management costs level. The standard stipulates that the costs should not increase any more than the consumer index price of the year to which the annual report relates. The budgeted cost increase in 2023 is 20.1%. The actual CPI increase for 2023 will be known in early 2024.

The budgeted cost increase in 2023 is calculated in relation to the actual costs in 2022, which are lower than budgeted. The higher management costs in 2023 are caused by improvement and change initiatives, including the replacement of the IT system. Because the start was hampered by Covid-19 and tightness in the labour market, the expected growth in costs to make this possible has also remained limited in previous years. Improvements are expected in the 2023 budget.

Under this item, the management costs are related to the distribution. In the 2023 budget, this results in an expense ratio of 18.2% for Buma/Stemra. This is higher than in previous years, which is caused by the higher budgeted management costs in 2023 due to further professionalisation of the organisation. This is expected to lead to higher collection flows from 2024. This will then also have the effect of further increasing the distribution in the future, as a result of which the cost percentage in relation to the distribution is expected to decrease from 2025. Buma/Stemra applies the cost standard with regard to collection and not the cost standard with regard to distribution, because the latter offers the option of controlling.

Under this item, management costs are related to the royalties. In the 2023 budget, this jointly results in an expense ratio of 14.6% for Buma/Stemra. Despite the rising management costs, this is lower than in the budget for 2022 (14.8%), which is caused by the higher royalties in 2023. The further professionalisation of the organisation is expected to lead to higher collection flows from 2024. This will also have the effect of further decreasing the cost percentage in relation to the royalties.

Under this item, the management costs are related to the copyright royalties. The standard is 15%.

In the 2022 budget Buma/Stemra jointly will meet this standard with a 14.8% cost ratio. On the basis of the provisional cost allocation, Stemra is expected to arrive at a cost ratio of 15.9%.

A decline is expected once the incidental high costs of replacing the obsolete IT system normalise and the results of the strategy implementation become visible.

Under this item, the management costs are related to the distribution. The standard is 15%.

In the 2022 budget Buma/Stemra jointly does not meet this standard with a 15.8% cost ratio. This is mainly due to the COVID-19 impact on Buma’s funds available for distribution and the incidental high costs for the replacement of the outdated IT system. Once these effects normalise and the results of the implementation of the strategy become visible, this cost ratio is expected to decrease. Stemra is, however, expected to satisfy this standard in 2022.

The standard focuses on the trend of the management cost level. The standard stipulates that the costs should not increase any more than the consumer index price of the year to which the annual report relates.

The budgeted cost increase in 2022 will turn out higher than the change in the consumer price index for the year. This is due to the catching up on improvement and change initiatives postponed from previous years, including the replacement of the IT system. The actual change in the consumer price index for 2022 will not be known until early 2023.

Under this item, the management costs are related to the distribution. The standard is 15%.

In the 2021 budget, this standard is not satisfied. This is primarily because of Buma’s decreasing distribution in 2021, arising from the lower collection. Stemra is expected to satisfy this standard, however; distribution there is expected to increase, especially due to the catching up on private copy funds from previous years.

The standard focuses on the trend of the management costs level. The standard stipulates that the costs should not increase any more than the consumer index price of the year to which the annual report relates.

The budgeted cost increase in 2021 will turn out higher than the change in the consumer price index for the year. This is due to the catching up on improvement and change initiatives postponed from previous years, including the replacement of the IT system. The actual change in the consumer price index for 2021 will not be known until early 2022.

Over the series of several years, since the introduction of the standard, the development of the management costs has remained within the development in the consumer price index.

Under this item, the management costs are related to the copyright royalties. The standard is 15%.

In the 2021 budget, this standard is not satisfied, mainly because of the decrease in collection of royalties as a result of the coronavirus measures. The budgeted management costs are also increasing, especially in connection with the necessary replacement of the outdated IT system. Without the impact of the coronavirus, the expense ratio would have remained below the standard of 15.0%.

In 2021, management costs rose by €0.1 million compared to the previous year. They remained €0.6 million under budget for 2021, as a result of cost control measures, including the decision to postpone filling vacancies and defer less urgent projects. As in 2020 and 2019, an allocation key of 83/17 (Buma/Stemra) has been applied.

Stemra’s management costs in 2021 consisted of personnel costs (€2.1 million), general costs (€2.5 million) and accommodation costs (€0.1 million).

In 2021, Buma’s management costs rose by €0.5 million compared to the previous year. They remained €2.7 million under budget for 2021, as a result of cost control measures, including the decision to postpone filling vacancies and defer less urgent projects. As in 2020 and 2019, an allocation key of 83/17 (Buma/Stemra) has been applied. Personnel costs allocated to Buma increased by €0.2 million and other general costs increased by €0.4 million. Accommodation costs were virtually the same and depreciation costs decreased by almost €0.2 million.

Buma’s management costs in 2021 consisted of personnel costs (€10.3 million), general costs (€10.5 million), depreciation costs (€1.7 million) and accommodation costs (€0.7 million).

The standard focuses on the trend of the management costs level. The standard stipulates that the costs should not increase any more than the consumer index price of the year which the annual report relates to.

Potentially, the 2020 cost increase due to initiatives for improvement and change will be higher than the CPI change in that year. This cannot be determined – and if necessary explained – until the actual CPI change is known at the beginning of 2021.

Under this item, the management costs are linked to the distribution. The standard is 15%. This standard is met in Budget 2020.

Under this item, the management costs are linked to the copyright royalties. The standard is 15%. This standard is met in Budget 2020.

The CPI movement in 2021 was 2.7%. The cost development at Stemra did not exceed this percentage; this standard was therefore met in 2021.

Under this item, the management costs are related to the distribution. The standard is 15%. This standard was met in 2021.

Under this item, the management costs are related to the royalties. The standard is 15%. This standard was met in 2021.

The CPI movement in 2021 was 2.7%. The cost development at Buma did not exceed this percentage; this standard was met in 2021, therefore.

Under this item, the management costs are related to the distribution. The standard is 15%. This standard was met in 2021.

Under this item, the management costs are related to the royalties. The standard is 15%. This standard was met in 2021.

Income rose by €8.0 million in 2021. This was mainly due to a one-off gain (€7.1 million) resulting from the transition from realising the cost withholding at the distribution moment to realising it at the collection moment.

The financial income and expenses in 2021 mainly concerned the net investment result (€6.9 million). In 2021, a return of 3.7% was achieved on the investment portfolio. Investments in equities (+26%) in particular achieved good returns. This was offset by a negative return (-1%) on fixed-income securities and cash and liquid assets.

To partially cover the administrative expenses, a normative result is used; the additional investment result was added to the provision for temporary differences in cost coverage.

Income rose by €6.5 million in 2021. This was mainly due to a one-off gain (€5.4 million) resulting from the transition from realising the cost withholding at the distribution moment to realising it at the collection moment.

Fees collected from abroad showed a limited decrease in 2021 (€0.1 million). That was better than expected; we had anticipated a bigger ‘carve-out effect’ for 2021 from the pan-European direct licensing of online use to Digital Service Providers.

In 2021, a total of €0.2 million less was collected from Home Copy/Lending Right/Graphic compared to 2020. Stichting de Thuiskopie temporarily suspended distribution during 2021. As in 2020, Stichting de Thuiskopie withheld a reservation of 20% on account of the main distribution still to be determined.

The continuing growth in income from online music use increasingly offsets the decline in the traditional Stemra markets. In 2021, Online had the largest share in Stemra’s collection (34%), while in 2009 it had the smallest share (3%). In 2021 Stemra’s collection from online music use increased by €2.1 million, or 18%. The growth in this market is mainly due to the increase in streaming and video on demand.

The royalties from Own-Management Productions (abbreviated in Dutch as PIEB) and Special Licensing rose in 2021 due to incidentally high income from commercials around major events in 2021, such as the Eurovision Song Festival in Rotterdam and the Grand Prix in Zandvoort.

The royalties from BIEM contracts for mechanical sound carriers, a traditional Stemra market segment, increased by €1.3 million in 2021. This was due mainly to the growth in vinyl pressings.

Royalties from abroad fell by €1.6 million (-11%) in 2021 compared to 2020. This decline was more limited than expected; besides the impact of Covid-19, we also took into account a so-called ‘carve-out effect’ of the pan-European direct licensing of Digital Service Providers, which means that Buma no longer receives the income via foreign affiliates.

Online is the most important growth market. The share of this market segment in Buma’s total collection increased from 18% in 2020 to 22% in 2021. This share was still just 10% in 2019; since then, the collection has increased by €17 million, or 90%. The growth in this market is mainly due to the increase in streaming and video on demand. Buma concluded licence agreements with new parties and improved the agreements with a few large parties.

Royalties from public use in Restaurants and bars decreased by 49% compared to 2019. Restaurants and bars were compensated by Buma in 2020 and 2021 for the periods in which this sector was forced to close.

Income from public use in Workspaces, shops and stores decreased by 5% compared to 2020, largely due to measures to combat the Covid-19 pandemic. Shops and stores were compensated by Buma for the periods in which this sector was forced to close.

Compared to 2019 (the last year without a Covid-19 impact), the royalties from the live performances segment declined by €28.8 million, or 82%, in 2021. It goes without saying that this decrease was caused by the large number of cancelled and postponed performances and events. The number of licensed performances and events decreased from 36,000 in 2020 to 17,633 in 2021, compared to over 101,500 in 2019.

Income from the Radio & TV market recovered in 2021 to above the level of 2019. This industry saw its advertising income fall sharply in 2020, shortly after the outbreak of Covid-19. At 44%, this market segment still represents the largest share of Buma’s total collection by far.