27 March 2015
The Annual General Meeting was held in accordance with the agenda issued.
The management commentary was presented, and the Annual Report for 2014 was adopted.
Kåre Stausø Wigh, Chief Financial Officer, commented that 2014 was the year in which No Ads+ achieved its breakthrough. In No Ads+, the Group has developed an innovative product that lets the consumers choose which retail leaflets they want to receive.
The Group’s revenue stands at DKK 1,074 million for 2014, which is on a par with 2013. Group EBIT before special items for 2014 comes to DKK 55.2 million compared to DKK 57.6 million in 2013.
In his report, Kåre Stausø Wigh stated that the financial performance for 2014 matched expectations at the beginning of the year and, seen in the light of market conditions, is deemed satisfactory. For 2015, Group EBIT before special items is expected to range from a negative DKK 20 million to a positive DKK 5 million.
At 31 December 2014, the Group’s net interest-bearing cash position is DKK 67.6 million. This reflects an improvement of DKK 79.2 million on year-end 2013 when the net interest-bearing debt position stood at DKK 11.6 million.
The Board of Directors and the Executive Board believe that the Group has a solid balance sheet and strong financial resources ensuring and supporting the long-term development of the business. Strong financial resources are considered a key competitive parameter.
On this basis, Kåre Stausø Wigh stated at the Annual General Meeting that the Board of Directors decides that no dividend be paid for the financial year 2014. He also stated that the Board of Directors maintains its objective and expectation of achieving a profit performance that can enable distribution of dividend as an annually recurring event.
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.
The Board of Directors’ proposal that it be authorised to allow the Company to regularly acquire treasury shares up to an aggregate nominal amount of 15% of the share capital was adopted, provided that the acquisition is made at the market price in force at the time of purchase with a variance of plus or minus 5%. This authorisation is effective for five years until 26 March 2020.
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, CEO, at +45 40 36 26 30 for further information.
Yours faithfully
North Media A/S
Richard Bunck
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.