North Media

Earnings Release • Mar 3, 2011

3 March 2011

Company announcement no 02-11

The Board of Directors of North Media A/S has today considered and approved the
Company's Annual Report for 2010. Based on recent years' optimisation of the
business platform, and particularly of the distribution activities, the Group
realised a marked pick-up in profit on ordinary operating activities of DKK
90.7 million in 2010 compared to 2009. This profit contributes to the
strengthening of the Group's cash flow as well as its solid financial
foundation.

The financial highlights are:

-- Following an 11% rise in revenue to DKK 1,138.7 million, North Media A/S
realises a profit on ordinary operation activities (EBIT before special
items) of DKK 110.2 million for 2010. This financial performance is in the
top half of the earnings expectations issued last and considerably better
than anticipated at the beginning of the year.
-- The main reasons for this earnings improvement are increased activities and
enhanced efficiency in the print operations which have boosted revenue in
2010 by 12% and profit on ordinary operating activities by DKK 99.2 million
to DKK 170.2 million.
-- Online activities generated a loss on ordinary operating activities of DKK
49.7 million in 2010, which is DKK 8.1 million down on 2009.
-- In 2010, the Group's cash flows from operating activities went up by DKK
106.7 million to DKK 147.7 million.
-- North Media A/S paid a total of DKK 128.5 million to its shareholders in
2010. The Group's cash at year-end 2010 amounts to DKK 99.4 million and the
Group has a share portfolio worth DKK 48.8 million. The Group's net cash
position is DKK 57.7 million. So despite considerable payments to its
shareholders, the Group has maintained its solid financial foundation.
-- North Media A/S expects its activities and earnings to increase further in
2011. Revenue is anticipated to be in the range of DKK 1,175 to 1,225
million, corresponding to a growth rate of 3 to 8%, and profit on ordinary
operating activities is expected to rise to a level between DKK 120 to 150
million, equivalent to an EBIT margin of approximately 11%.

”Combined, the companies of the North Media Group have improved their earnings
considerably in 2010 even though market conditions proved a challenge as we had
predicted. Above all, this is a result of the fact that we have succeeded in
increasing the market shares in the Distribution segment and that we are now,
much to our satisfaction, reaping the benefits of the considerable streamlining
measures we started in 2009. Søndagsavisen too has captured market shares in
the non-job advertisement market, and this to some degree compensates for the
effects caused by a negative development in the printed job advertisement
market. As for the Online segment, results were poorer than last year, as we
had expected, because as we are still very much dependent on the job market,"
says Lars Nymann Andersen, CEO of North Media A/S, and adds:

”We do not expect the market conditions for our activities to change much in
2011. This means that we will need to continue our business development efforts
to increase our competitiveness, develop products as well as ensure
effectiveness and cost control in all areas. Our primary focus will be on the
newspaper and online activities and on the entities' future earning capacity in
order to determine their potential.”

Please contact CEO Lars Nymann Andersen or CFO Kåre Wigh, at +45 39 57 70 00,
for further information.

Yours faithfully
North Media A/S

Lars Nymann Andersen
Chief Executive Officer

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