Annual General Meeting of North Media A/S, Friday, 13 April 2018 - Summary

13 April 2018
Company announcement no 04-18

The Annual General Meeting was held in accordance with the agenda issued.

The management commentary was presented, and the Annual Report for 2017 was adopted.

Group revenue reached DKK 899.4 million in 2017, and profit for the year was DKK 28.0 million.

In his report, Kåre Stausø Wigh stated that 2017 was a landmark year for North Media, which had succeeded in restoring the improvement of earnings at group level and in improving profit for the year by more than DKK 90 million. He also pointed out that, just like the preceding years, 2017 was marked by heavy investments in the four business segments, by the execution of the strategic focus areas and by new product launches. This is to illustrate that investments in long-term value creation remain the key objective of all of North Media’s activities.

In 2018, the Group’s revenue is expected to total between DKK 1,090 million and DKK 1,155 million, equivalent to a growth rate of 21-28% compared to 2017. Similarly, group EBIT before special items is expected to range between DKK 60 million and DKK 95 million in 2018. In 2017, EBIT before special items stood at a negative DKK 0.1 million.

At 31 December 2017, the Group’s net interest-bearing cash position was DKK 128.3 million. This is DKK 21.4 million over the balance at year-end 2016 when the net interest-bearing cash position stood at DKK 106.9 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.

Kåre Stausø Wigh pointed out that the earnings performance in 2017 and the positive earnings expectations for 2018 are the reasons why the Board of Directors recommended that the Annual General Meeting adopt payment of dividend for the financial year 2017.

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 to distribute dividend of DKK 1.50 per share of DKK 5.

The Annual General Meeting adopted the following proposals by the Board of Directors:

• Amendment of sections 7.4 and 14.1 of the Company’s Articles of Association
   
• Amendment of the remuneration policy for the Board of Directors and other levels of management of the Group.

The present Board was re-elected: Richard Bunck, Peter Rasztar, Steen Gede and Ulrik Holsted-Sandgreen. Furthermore, Mads Dahl Møberg Andersen was elected as new member of the Board of Directors. The Board of Directors is now made up of Richard Bunck, Peter Rasztar, Steen Gede, Ulrik Holsted-Sandgreen and Mads Dahl Møberg Andersen.

As proposed by the Board of Directors, Deloitte Statsautoriseret Revisionspartnerselskab was re-appointed as company auditor.

Immediately after the Annual General Meeting, the Board of Directors elected Mads Dahl Møberg Andersen as Chairman and Richard Bunck as Vice-Chairman.

For further details, please contact Kåre Stausø Wigh, Group Executive Director & CFO, at +45 25 65 21 45.

Yours faithfully
North Media A/S

Mads Dahl Møberg Andersen
Chairman of the Board

This Company announcement has been prepared in Danish and English.

The Danish text shall be the governing text for all purposes, and in case of any discrepancy the Danish wording shall be applicable.

Attachments

• Company announcement 04-18 GF summary 13042018
• UK North Media AS Remuneration Policy 13042018