8 March 2013
Company announcement no 05-13
The Annual General Meeting was held in accordance with the agenda issued.
The management commentary was presented and the Annual Report for 2012 was adopted. The Group’s revenue stands at DKK 1,105 million for 2012, which is 9% down on 2011. Group EBIT for 2012 amounts to DKK 100.5 million, which is much lower than Group EBIT for 2011 of DKK 166.5 million.
In the management commentary, Lars Nymann Andersen, CEO, stated that, seen in isolation, the financial performance for 2012 was satisfactory, but that the earnings expectations for 2013 are unsatisfactory. The Group’s EBIT for 2013 is estimated to range from a negative DKK 15 million to a positive DKK 15 million.
The decline is due to FK Distribution realising a lower profit. The increase in newspaper and online activities did not suffice to compensate for this.
The Group is developing new and supplementary business models that are expected to increase earnings in the long run.
The Board of Directors and the Executive Board emphasise the importance of North Media having solid capital resources, which is considered a considerable strategic advantage in a market undergoing structural change, enabling the Group to make long-term targeted efforts. The long-term perspective is key to creating growth for the Company in the long run.
At 31 December 2012, the Group’s net interest-bearing cash position is DKK 66.3 million.
Cash flows from operating activities for 2012 were DKK 91 million compared to DKK 156 million for 2011. The reason for this is the declining operating profit combined with the payment of income tax payable for prior years.
Referring to this and considering the earnings expectations for 2013, Lars Nymann Andersen, CEO, pointed out that the Board of Directors recommended the Annual General Meeting not to distribute dividend for the financial year 2012.
The Annual General Meeting granted discharge to the Board of Directors and the Executive Board and approved the proposed distribution of profit for the year as disclosed in the Annual Report, including the Board of Directors’ recommendation not to distribute dividend.
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 re-appointed as company auditor.
Please contact Lars Nymann Andersen, Chief Executive Officer, at +45 39 57 70 00 for further information.
North Media A/S
Chairman of the Board of Directors
This document is an unofficial translation of the Danish original. In the event of any inconsistencies the Danish version shall apply.