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Interim Report 2017

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18 August 2017

Company announcement no. 07-17

 

FK Distribution expects to sign contracts with new customers, and North Media Aviser reduces costs. Earnings expectations for 2017 adjusted upwards. Earnings expected to improve considerably in 2018.

”Activities in H1 2017 have centred around the development of the business segments to create a basis for improving earnings. At North Media Aviser, we have completed the second phase of a major restructuring process and implemented a new metropolitan strategy. FK Distribution has signed new customer contracts and expects to see an inflow of more new customers in H2 2017. In this connection, FK Distribution is in the process of adjusting production accordingly. We expect that these steps will help improve earnings considerably in 2018 so that the Group's earnings will again be satisfactory and positive," says Kåre Wigh, Group Executive Director & CFO of North Media A/S.

Group financial highlights from H1 2017

  • Group revenue reached DKKm 427.3 (2016: DKKm 430.9), which is 1% down on last year.

  • EBIT before special items was a loss of DKKm 6.2 (2016: a loss of DKKm 25.0).

  • The return on securities reached a positive DKKm 35.0, or 16.2%. The Group’s total portfolio of securities amounted to DKKm 255.4 at 30 June 2017.

  • The Group’s net interest-bearing cash position was DKKm 128.7 at the balance sheet date, and its capital resources amounted to DKKm 283.1. Consequently, the Group's financial resources remain strong.

Outlook for 2017

The revenue expectations range for the Group has been reduced to now be between DKKm 860 and DKKm 890 for 2017. Expected group EBIT before special items has been made more specific and increased to now be between a negative DKKm 20 and DKK 0 for 2017.

Based on the restructuring of North Media Aviser in H1 2017, special items (costs) are expected to be negative by DKKm 5.3 for the financial year.

Outlook for 2018

There will be some uncertainties in 2018 that may have both a positive and a negative effect. Among them are general market developments and FK Distribution’s costs for implementing the new mid-week distribution platform. Moreover, FK Distribution expects an inflow of more new customers, and North Media Aviser has reduced its cost base.

In this light, group EBIT is expected to improve considerably in 2018.

FK Distribution – H1 2017

  • Revenue was DKKm 310.0 (H1 2016: DKKm 274.5), up 13%.

  • EBITDA was DKKm 19.7 (H1 2016: DKKm 11.9).

  • EBIT stood at DKKm 13.9 (H1 2016: DKKm 4.2).

  • In March 2017, PostNord announced that they are going to introduce a new production model from 1 January 2018. This has led to FK Distribution signing new customer contracts. FK Distribution expects to see an inflow of more new customers in H2 2017. The new customers will primarily effect operations in 2018.

North Media Aviser - H1 2017

  • Revenue was DKKm 63.8 (H1 2016: DKKm 97.6), down 35%.

  • EBITDA was a negative DKKm 2.0 (H1 2016: a negative DKKm 12.6).

  • EBIT before special items stood at a negative DKKm 5.4 (H1 2016: a negative DKKm 18.9). Special items (costs) related to restructuring are negative by DKKm 5.3 in H1 2017.

  • Following massive restructuring and divestment measures in 2016, H1 2017 has been affected by the completion and implementation of the new metropolitan strategy. The reductions in cost made in 2016 have led to a significant earnings improvement in 2017.

North Media Online - H1 2017

  • Revenue was DKKm 43.5 (H1 2016: DKKm 48.2), down 10%.

  • EBITDA was a negative DKKm 8.1 (H1 2016: a negative DKKm 4.3).

  • EBIT stood at a negative DKKm 8.7 (H1 2016: a negative DKKm 5.0).

  • Decline for the “Job” business line (Ofir and MatchWork) due to Emply ApS’ unwarranted termination of Ofir’s interminable exclusive distribution right to the Emply Hire e-recruiting system.

BEKEY – H1 2017

  • Revenue was DKKm 10.0 (H1 2016: DKKm 10.6), down 6%.

  • EBITDA was a negative DKKm 7.5 (H1 2016: a negative DKKm 8.6).

  • EBIT stood at a negative DKKm 7.6 (H1 2016: a negative DKKm 8.7).

Contrary to expectations, revenue growth is negative, which is of course not satisfactory. In view of this, the strategy has been reconsidered, and focus been narrowed

For further information, please contact:

Group Executive Director & CFO Kåre Wigh, mobile + 45 25 65 21 45

Chief Executive Officer of FK Distribution Mads Dahl Andersen, mobile +45 20 42 09 85

Chief Executive Officer of North Media Aviser Gorm Wesing Flyvholm, mobile +45 25 45 67 74

Chief Executive Officer of North Media Online Henrik Løvig, mobile +45 61 79 94 31

Chief Executive Officer of BEKEY Søren Holmblad, mobile +45 25 65 21 30.

Yours faithfully

North Media A/S

 

Kåre Wigh

Group Executive Director & CFO

 

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.

 

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