25 March 2011
Company announcement no 06-11
Annual General Meeting of North Media A/S, Friday 25 March, 2011
The Annual General Meeting was held in accordance with the agenda issued.
The management commentary was presented and the Annual Report for 2010 was adopted. The Group realised a considerable profit increase for 2010 and EBIT before special items reached DKK 110.2 million, which is DKK 90.7 million up on 2009. Since 2008 the profit has gone up by DKK 164.6 million.
The pivotal reason for the Group’s performance improvement is increased revenue and positive development in the quality and efficiency of the distribution business.
Activities and initiatives in 2010 were marked by an extremely low level of activity in the job advertisement market both in the newspaper and on the Internet, rendering the development in revenue and earnings unsatisfactory for Søndagsavisen, Ofir and MatchWork.
At 31 December 2010, the Group has a strong liquidity base with cash funds totalling DKK 99.4 million and a securities portfolio totalling DKK 48.8 million.
Profit after tax for 2010 is DKK 85.8 million.
In the management commentary, Lars Nymann Andersen, CEO, stated that, in 2010, the North Media Group realised a considerable and very satisfactory profit increase despite difficult market conditions. In 2010, the Group has generally strengthened its market position and created a more solid earnings and liquidity base.
Lars Nymann Andersen,CEO, also pointed out that the Board of Directors recommends not paying ordinary dividend and that the Board intends to pay an extraordinary dividend of DKK 12 to 14 per share, corresponding to DKK 240 to 280 million. Such payment has been planned for May 2011 if a resolution is passed to that effect.
The Annual General Meeting adopted the Annual Report for 2010 and discharged of the Board of Directors and the Executive Board in addition to adopting the proposal for appropriation of profit for the year as provided in the Annual Report.
The Board of Directors’ recommendation that ordinary dividend should not be paid was adopted.
Richard Bunck, Peter Rasztar, Steen Gede and Ulrik Holsted-Sandgreen were re-elected to the Board of Directors. The Board of Directors is now made up of Richard Bunck, Peter Rasztar, Steen Gede and Ulrik Holsted-Sandgreen.
Immediately after the Annual General Meeting, the Board of Directors elected Richard Bunck as Chairman and Peter Rasztar as Vice-Chairman.
As proposed by the Board of Directors, Deloitte Statsautoriseret Revisionsaktieselskab was re-appointed as company auditor.
For further information, please contact Lars Nymann Andersen, CEO, at + 45 39 57 70 00.
Yours faithfully
North Media A/S
Richard Bunck
Chairman
This document is an unofficial translation of the Danish original. In the event of any inconsistencies the Danish version shall apply.