Summary of business conducted at the Annual General Meeting of North Media A/S on 25 March 2022

Announcement no. 14-202225 March 2022

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

The management commentary was presented and the annual report for 2021 was adopted.

The management commentary highlighted among other things the following about 2021:

  • The company had improved its operating profit (EBIT) for the fifth consecutive year.
  • Operating profit (EBIT) increased by 2% to DKK 244m.
  • Revenue amounted to DKK 1,034m, equal to 99% of the 2020 revenue. The Last Mile business area (FK Distribution) reported an EBIT margin improvement to 28% on about 3% lower revenue, which was a result of efficiency optimisations including non-recurring cost savings.
  • The Digital Services business area reported 10% revenue growth and improved EBITDA. EBIT declined following the DKK 20m write-off in Bekey announced in December, which was taken because the company’s commercial breakthrough in new segments is still pending. Ofir posted record results, and BoligPortal reported its highest-ever revenue despite market challenges.
  • Lead Supply, the 50%-owned associate, delivered its best-ever performance on strong revenue growth.
  • The net profit for the year was DKK 274m compared with DKK 307m in 2020. The securities portfolio produced a lower return in 2021 than in 2020.

The management commentary noted among other things the following about the guidance for 2022:

  • Revenue is expected to be in line with the 2021 figure, i.e. in the DKK 1,010-1,045m range.
  • EBIT is expected to be in the DKK 190-220m range.
  • Last Mile (FK Distribution) expects revenue in the DKK 850-870m range and EBIT of DKK 190-210m following rising costs, especially for transport and distribution.
  • The Digital Services businesses expect about a 16% increase in revenue to the DKK 160-175m range and EBIT of DKK 9-17m.

The shareholders voted to adopt the Board’s recommendation for a dividend of DKK 5 per share in respect of the 2021 financial year.

The Board of Directors’ ambition is, provided the growth and earnings targets are achieved, to propose dividends of DKK 5 per share for each of the 2022, 2023 and 2024 financial years.

The shareholders approved the remuneration report presented at the general meeting.

The proposed amendments to the articles of association, mainly involving an update and clarification on electronic communication, were adopted by the shareholders.

In response to a question from shareholders about increasing dividends or share buybacks, the Board of Directors stated that the company wishes to maintain its current policy. The company prefers to maintain strong financial resources and to place the funds in equities as a value-protecting investment because historically that approach has yielded a better long-term returns as compared with cash being eroded by negative interest and inflation.

The following board members were re-elected: Ole Borch, Richard Bunck, Ulrik Holsted-Sandgreen, Ulrik Falkner Thagesen and Ann-Sofie Østberg Bjergby.

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

Immediately following the general meeting, Ole Borch was elected Chairman and Richard Bunck was elected Vice-Chairman of the Board of Directors.

Additional information is available from the Chairman of the Board, Ole Borch, who can be reached on tel. +45 2518 3555.

North Media A/S

Ole BorchChairman 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.

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