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North Media

North Media

2021 Annual Report, guidance 2022 and financial ambitions

18:42 / 9 February 2022 North Media Press release

Announcement no. 2-2022
9 February 2022

Today, the Board of Directors of North Media A/S approved the audited annual report for 2021:

2021 highlights
After a solid fourth quarter, North Media is reporting results at the upper end of the most recent guidance range:

  • EBIT improved for the fifth consecutive year.  
  • Consolidated revenue was down by 1% to DKK 1,034m (guidance: DKK 1,020-1,035m).
  • EBIT was up by 2% to DKK 244m (guidance: DKK 235-245m).
  • The Last Mile business area (FK Distribution) reported a 28% EBIT margin improvement on about 3% lower revenue. Earnings improved on efficiency optimisations which included non-recurring cost savings.
  • The Digital Services business area reported 10% growth and improved EBITDA, whereas EBIT declined following the previously announced DKK 20m write-off in Bekey 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 profit for the year declined as the return on securities fell to DKK 274m from DKK 307m in 2020.
  • The Board of Directors recommends the distribution of an ordinary dividend for the financial year of DKK 5 per share.

Guidance for 2022
North Media released preliminary guidance for 2022 on 2 December 2021. Following the acquisition of Boligmanager in January 2022, the FY 2022 EBIT guidance is adjusted relative to the December announcement.

  • Revenue is still expected to be in line with the 2021-figure, i.e. in the DKK 1,015-1,045m range.
  • EBIT is now expected in the DKK 190-220m range as compared with the guidance for DKK 200-220m in December. The adjustment is due to the fact that, as previously announced, the Boligmanager acquisition is expected to reduce EBIT by DKK 8m after costs for growth and upscaling purposes, depreciation of the purchase price and earn-out provisions.
  • 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 revenue of DKK 160-175m after an increase of about 16% and EBIT of DKK 9-17m. As previously announced, Ofir and BoligPortal are accelerating investments for growth and upscaling purposes, and Bekey expects to expense all development and installation costs.

Financial ambitions for 2023-24 and dividends:
North Media has updated its financial ambitions:

  • The Group expects average organic growth of about 3% in 2023-24, driven by 20% annual growth rates in the Digital Services businesses, and stable revenue in FK Distribution.
  • The consolidated EBIT margin is expected to be in the region of 20% for the period.
  • The Board of Directors’ ambition is to propose dividends of DKK 5 per share for each of the 2022, 2023 and 2024 financial years.

“FK Distribution will be facing major increases in distribution costs in 2022, like many other businesses, due to increasing delivery costs and higher prices of paper for wrappers. In addition, we’ve decided to spend more on strengthening our growth platform in Digital Services. It will impact on this year’s earnings, but it‘s the right move in our efforts to accelerate the strong momentum in BoligPortal and Ofir. Our consolidated earnings this year will not be at the level we’ve become used to but at an attractive level nonetheless,” said North Media’s Group Executive Director & CFO, Kåre Wigh.
For further information, please contact:
Kåre Wigh, Group Executive Director & CFO, tel. +45 25 65 21 45

Enclosed please find the official ESEF .zip-fil for reporting to the Finanstilsynet OAM (in Danish). At the same time we enclose an unofficial PDF of the Annual Report in English.

The members of the Executive Board will present the Annual Report 2021 (in Danish) on HC Andersen Capital’s platform at 10:00 on 10 February (to register, go to and in a conference call (in English) at 13:00 on 10 February (can be followed live on

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 is Denmark’s leading distributor of leaflets and local newspapers; it runs the digital platform ‘minetilbud’ and provides logistics services.  Digital Services:  Three businesses with the potential for double-digit growth, rising earnings and scalability: BoligPortal is Denmark’s leading home rentals platform, offering services to both landlords and tenants. Ofir is Denmark’s most comprehensive jobs universe. Bekey delivers digital access solutions for secured stairwells and private homes for the use of homecare services and companies delivering parcels, groceries, meal services, etc.

This document is an unofficial translation of the Danish original. In the event of any inconsistencies, the Danish version shall apply.




This information was distributed by GlobeNewswire