Summary of business conducted at the Annual General Meeting of North Media A/S on Friday, 27 March 2020

Announcement no. 15-2020

27 March 2020

The annual general meeting was conducted in accordance with the announced agenda.

The management report was presented and the annual report for 2019 was adopted.

In his report, the Chairman of the Board of Directors noted that the operating profit (EBIT) for the year was among the best in the Company’s 55-year history.

• Revenue had dropped by 1% to just over DKK 1.1 billion, which was in line with expectations.
• EBIT before special items amounted to DKK 160 million, a DKK 51 million increase on the previous year.
• The return on equity was almost 34%.
• The capital resources were strengthened, in part due to strong cash flows from operating activities.   

Due to the corona pandemic, the situation in Denmark has changed substantially and economic developments in the remainder of 2020 are subject to substantial uncertainty. In light of the highly unpredictable outlook, the Board of Directors resolved on 18 March 2020 to withdraw its proposal for the distribution of dividends.

At the beginning of 2020, we anticipated consolidated revenue of about DKK 1.1 billion and expected to lift earnings to DKK 160-190 million. Although actual developments in January and February 2020 were largely in line with this outlook, the Board of Directors also resolved on 18 March 2020 to suspend the full-year financial guidance for 2020. At the same time, the Board noted that in light of the corona pandemic we would expect the Group’s revenue and profit for 2020 to fall short of the original guidance issued at the beginning of the year. We expect to update the Group’s financial guidance for 2020 once the situation in Denmark stabilises and general market visibility improves.

The Board of Directors and the Executive Board believe that the Group has a solid balance sheet and the capital strength to ensure and support the long-term development of the business, also during difficult periods such as currently being experienced in Denmark and most parts of the world.

A resolution was adopted to discharge the members of the Board of Directors and the Executive Board from liability and to approve the Board’s recommendation that no dividend be paid this year.

A resolution was adopted to authorise the Board of Directors to allow the Company to acquire treasury shares with a total value of up to 15% of the share capital at the market price prevailing from time to time subject to a deviation of up to plus or minus 5%. The authorisation applies for a five-year period ending on 27 March 2025.

The remuneration policy submitted was approved.

The proposed amendment involving the addition of an item on the agenda regarding consideration of the remuneration report prepared pursuant to the new remuneration policy was adopted.

The following members of the incumbent Board of Directors were re-elected: Mads Dahl Møberg Andersen, Richard Bunck and Ulrik Holsted-Sandgreen. Due to personal reasons Peter Rasztar did not want re-election. In addition, three new board members were elected: Thomas Weikop, Ulrik Falkner Thagesen, and Ole Elverdam Borch.

PricewaterhouseCoopers Statsautoriseret Revisionspartnerselskab was re-appointed as the company’s auditors as proposed by the Board of Directors.

Immediately after the general meeting, the Board of Directors elected Mads Dahl Møberg Andersen Chairman and Richard Bunck Vice-Chairman of the Board of Directors.

For further information, please call Mads Dahl Møberg Andersen, Chairman of the Board of Directors on tel. .

On behalf of the Board

North Media A/S

Mads Dahl Møberg Andersen

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.