Summary of business conducted at the annual general meeting of North Media A/S on Friday, 11 April 2025
Announcement no. 6/2025
11 April 2025
The annual general meeting was conducted in accordance with the announced agenda.
The management commentary was presented and the annual report for 2024 was adopted.
The management commentary highlighted, among other things, the following:
• While revenue increased by 42% in 2024, driven by SDR, the operating result (EBIT) for 2024 of DKK -75m was unsatisfactory, affected by impairment of the value of SDR, see company announcement no. 3-2025. North Media did not achieve its full-year guidance for 2024 in terms of revenue and EBIT. With respect to revenue, the shortfall was exclusively due to an adjustment of discontinued activities in Ofir, while for EBIT the only reason was the impairment of SDR.
• Revenue in the Last Mile business area (FK Distribution and SDR) grew by 49%, while EBITDA was down by 5%. The EBIT margin was -4.7%, affected by the impairment of SDR.
• In the Digital Services business area (BoligPortal and Bekey), revenue increased by 3%, driven by BoligPortal, while EBITDA decreased by 57%, primarily due to a decline in Bekey. The EBIT margin was 3.0%.
• As expected, the 50%-owned Karman Connect delivered lower revenue and earnings than in 2023.
• The net profit for the year was DKK 62m (2023: DKK 264m). Excluding the return on securities, the loss for the year was DKK 108m (2023: profit of DKK 117m).
• The Group expects consolidated revenue for 2025 in the DKK 1,280-1,337m range, EBITDA in the DKK 80-115m range and EBIT in the DKK 25-60m range.
Some shareholders expressed regret concerning the described challenges in relation to SDR.
The annual general meeting took note of the Board's decision that, on the basis of the unsatisfactory result, no dividend will be paid for 2024. Although it was not possible to vote on the matter, some shareholders expressed their disagreement with the decision, while expressing a wish for the company to establish a buyback programme for its treasury shares.
The shareholders approved the remuneration report presented at the general meeting.
The annual general meeting authorised the Board to allow the company to acquire treasury shares up to an aggregate amount of 15% of the share capital at the time of exercise of the authorisation in accordance with applicable law. The acquisition of treasury shares must be made at the market price prevailing at the time of acquisition with a variance of plus or minus 5%. The authorisation was granted for a five- year period ending on 11 April 2030.
The incumbent members of the Board of Directors were re-elected: Ole Elverdam Borch, Richard Bunck, Ulrik Holsted-Sandgreen, Ulrik Falkner Thagesen and Ann-Sofie Østberg Bjergby.
PricewaterhouseCoopers Statsautoriseret Revisionspartnerselskab (PwC) was re-appointed as the company’s auditors as proposed by the Board of Directors, and appointed to provide a statutory statement on the Company’s sustainability report.
Following the general meeting, Ole Elverdam Borch was elected Chairman and Richard Bunck was elected Vice-Chairman of the Board of Directors.
For further information, please contact:
Ole Borch, Chairman, tel.
This document is an unofficial translation of the Danish original. In the event of any inconsistencies, the Danish version shall apply.
North Media develops and operates platforms for transactions that bring businesses and consumers together. These platforms help consumers find the right products, whether they are looking for groceries, rental housing, jobs or digital access management solutions. North Media has two core business areas: Last Mile: FK Distribution and SDR Svensk Direktreklam are the leading distributors of leaflets and local newspapers in Denmark and Sweden, respectively. Digital Services: Three businesses with the potential for growth, rising earnings and scalability: BoligPortal is Denmark’s leading home rentals platform, offering services to both landlords and tenants. MineTilbud is a leading digital offer platform. Bekey provides digital access solutions for secured stairwells and private homes for the use of homecare services and companies delivering parcels, groceries, meal services, etc.
