9 March 2012
Company announcement no. 04-12
Annual General Meeting of North Media A/S, Friday 9 March 2012 - Summary
The Annual General Meeting was held in accordance with the agenda issued.
The management commentary was presented and the Annual Report for 2011 was adopted. The Group realised a considerable profit increase for 2011 and North Media managed to increase EBIT before special items by DKK 56 million to DKK 167 million despite the difficult situation prevailing in the markets. In 2011, revenue rose by 6% to DKK 1,212 million.
In the management commentary, Lars Nymann Andersen, CEO, stated that in 2012 price competition intensifies in the market in which FK Distribution operates, and volumes of the market are expected to decline. Søndagsavisen continues to pursue an aggressive volume strategy, focusing on reaching breakeven point for the Group for Q1 2013. Ofir’s new strategy and massive marketing efforts are expected to result in revenue growth in 2012.The Group’s revenue for 2012 is estimated to be in the range of DKK 1,050 million to DKK 1,150 million. EBIT for 2012 is expected to come to DKK 100 million to DKK 130 million, corresponding to a reduction of DKK 35 million to DKK 65 million compared to 2011.The decrease in profit is attributable to the lower profit generated from the Print segment, whereas the more positive results produced by the Online segment compensate for this in part.
The Group’s free cash flows came to DKK 167 million in 2011 and the Group’s net interest-bearing cash position totals DKK 107 million at 31 December 2011.
Profit for the year came to DKK 301,6 million based on operating profit and profit on the sale of the remaining shares in Gratistidningar i Sverige AB (GISAB).
Positive cash flows from operating activities increased to DKK 156 million compared to DKK 148 million in 2010.
Lars Nymann Andersen, CEO, also pointed out that the Board of Directors recommends that the Annual General Meeting on 9 March 2012 distribute dividend of DKK 3 per share, or DKK 60 million in total.
The Annual General Meeting granted discharge to the Board of Directors and the Executive Board and adopted the proposal for distribution of profit for the year as provided in the Annual Report, thus adopting the proposal by the Board of Directors to distribute ordinary dividend of DKK 3 per share.
The Annual General Meeting adopted the Board of Directors’ proposal to renew the authorisation granted to the Board of Directors to increase the share capital one or several times by up to DKK 25,000,000.00. The authorisation was granted for a period until 9 March 2017.
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 Revisionspartnerselskab was reappointed 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 of the Board of Directors