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Annual General Meeting of North Media A/S, Friday, 29 March 2019 - Summary

Annual General Meeting of North Media A/S, Friday, 29 March 2019 - Summary

29 March 2019

Company announcement no 07-19

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

The management commentary was presented, and the Annual Report for 2018 was adopted.

Group revenue reached DKK 1,144.9 million in 2018, and profit for the year was DKK 55.8 million.

In his report, Mads Dahl Andersen stated that the positive development in earnings is very satisfactory. Above all, this development has been driven by developments in the Group’s largest operation – FK Distribution. The change in the competitive situation in the market for distribution to households caused an increase in volume and a normalisation of the price level for distributing unaddressed printed matter. FK Distribution has been quick and efficient in adjusting all parts of the business. It was a transition that required a great effort from the entire organization - and the improved performance is very much a result of that effort.

North Media Online and BEKEY too experienced a great improvement of their results whereas the weekly newspaper market declined more than expected, which had an adverse effect on North Media Aviser.

For 2019, the Group’s revenue expectations range between DKK 1,100 million and DKK 1,160 million, and Group EBIT before special items is expected to be between DKK 95 million and DKK 125 million. In 2018, EBIT before special items stood at DKK 109.7 million.

At 31 December 2018, the Group’s net interest-bearing cash position was DKK 196.1 million. This is DKK 67.8 million higher than the balance at year-end 2017 when the net interest-bearing cash position was DKK 128.3 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.

Mads Dahl Andersen pointed out that the performance in 2018 and the positive expectations for 2019 are the reasons why the Board of Directors recommended that the Annual General Meeting adopt payment of dividend for the financial year 2018.

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 3.00 per share of DKK 5.

The present Board was re-elected: Mads Dahl Møberg Andersen, Richard Bunck, Peter Rasztar, Steen Gede and Ulrik Holsted-Sandgreen.

As proposed by the Board of Directors, PricewaterhouseCoopers Statsautoriseret Revisionspartnerselskab (PwC) was appointed as the Company’s new 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

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