North Media

Interim / Quarterly Report • Aug 6, 2008

Interim Report 2008 - Søndagsavisen a-s

Expectations unchanged for a profit before tax of DKK 20-40 million for 2008. Negative trend in advertisement markets. Continued focus on the preparation of a Media-Online strategy and financial optimisation.

DKKm	H1-08	H1-07	Indeks	2007
Revenue	805.8	865.4	93	1698.8
Operating profit (EBIT)	16.7	51.8	32	44.6
Profit before tax (EBT)	11.2	48.0	23	29.5

• Consolidated revenue in H1-08 amounted to DKK 805.8 million (H1-07: DKK 865.4 million), representing a fall of 7% on the same period in the previous year.
• Consolidated profit before tax was DKK 11.2 million in H1-08 (H1-07: DKK 48.0 million), down DKK 36.8 million on H1-07. The fall in profit was mainly attributable to the Danish activities, while the Swedish activities performed very satisfactorily.
• In Denmark, both the newspaper and distribution activities and the Internet activities delivered negative results, driven by declining advertisement prices, falling advertisement markets and loss of market share.
• The revenue in Denmark was especially affected by the decline in the market for recruitment ads and by lost market shares in the distribution business.
• Also for 2009 extraordinary price increases are expected to be introduced within the distribution business, partly to compensate for the erosion of the price level following several years' price war, partly for the increasing distribution salaries.
• Restructuring of the Media-Online activities was completed, and further managerial and specialist competencies were added. A Media-Online strategy is expected to be presented in the course of H2-08.
• Gratistidningar i Sverige AB (GISAB) continues to increase its market share, thereby generating strongly improved results.
• Efforts to sell MatchWork World Wide A/S were discontinued as it was not possible to obtain an acceptable price. Efforts to sell Gratistidningar i Sverige AB continue.
• As stated in Announcement no. 11-08 dated 28 June 2008, Søndagsavisen a-s has entered into an agreement on the sale of Norsk Avisdrift AS. The agreement is subject to the approval of the Norwegian Competition Authority and the Norwegian Media Authority. Completion will take place immediately after the agreement has been approved by the authorities. As a consequence of these efforts, Norsk Avisdrift AS is classified as a discontinued operation.

Prospects for the year 2008

• Expectations for 2008 are unchanged. Consolidated revenue is expected to be DKK 1,600-1,650 million and profit before tax DKK 20-40 million. The profit impact from the completion of the sale of Norsk Avisdrift AS will be positive by approximately DKK 20 million, which is included in the above expectations.
• A sale of GISAB will have a substantial positive impact on the profit for 2008. This is not included in the above expectations.

For additional information, please contact Mads Dahl Andersen, CEO, tel.: +45 39 57 75 00.

CONSOLIDATED HIGHLIGHTS AND FINANCIAL RATIOS (DKKm)

	H1-08	H1-07	2007
Income statement:	unaudited	unaudited	audited
Revenue	805.8	865.4	1,698.8
Gross profit	233.4	255.9	450.1
EBITDA	56.6	90.5	124.1
Depreciation and amortisation	39.9	38.7	79.5
Impairment	0.0	0.0	28.5
EBIT	16.7	51.8	44.6
Share of profit in associates	-1.0	0.1	-7.5
Financials, net	-4.5	-3.9	-7.6
EBT	11.2	48.0	29.5
Net profit, continued operations	3.2	38.9	23.3
Net profit, discontinued operations	0.0	-1.2	0.8
Net profit	3.2	37.7	24.1
Balance sheet:
Total assets	975.8	970.2	979.8
Share capital	111.4	111.4	111.4
Shareholders' equity incl. minorities	484.3	493.2	490.1
Net interest-bearing debt (1)	186.1	156.6	207.8
Net working capital (NWC) (1)	-46.2	-46.8	-21.9
Invested capital	670.4	649.8	697.9
Investments in property, plant and equipment	20.5	59.1	104.0
Free cash flow	46.6	20.4	-24.8
Other information:
Average number of employees	1,236	1,234	1,242
Treasury shares, in thousand	1,818	1,518	1,518
Ratios:
Gross margin (%)	29.0	29.6	26.5
Operating margin (EBIT) (%)	2.1	6.0	2.6
Equity ratio (%)	49.6	50.8	50.0
Return on equity (ROE) (%) *) (1)	1.3	15.1	4.8
Return on capital employed (ROIC) (%) *) (1)	5.0	16.2	6.9
Interest cover (1)	2.9	10.0	4.2
Financial gearing (1)	0.4	0.3	0.4
Net interest-bearing debt as a ratio of EBITDA *) (1)	1.6	0.9	1.7
Cash conversion (%)	279.0	39.4	-55.6
Earnings per share (EPS)	0.2	1.5	0.7

The above key figures and ratios have been calculated in accordance with the Danish Society of Financial Analysts "Recommendations & Financial Ratios 2005". The key figures marked with *) are stated on a yearly basis.

The consolidated highlights are shown for continued operations if nothing else is stated.

Note 1: The key figures also include discontinued operations.

Revenue and Operating profit by country and by business area

			Revenue		Operating profit
DKKm	H1-08	H1-07	Index	2007	H1-08	H1-07	Diff.	2007
By country
Denmark	639.0	719.7	89	1,404.1	-9.5	35.6	-45.1	7.8
Sweden	154.4	131.3	118	269.1	25.6	11.7	13.9	30.9
Other countries	31.9	34.4	93	64.5	1.1	3.5	-2.4	6.5
Total	825.3	885.4	93	1,737.7	17.2	50.8	-33.6	45.2
Discontinued operations	19.5	20.0	98	38.9	0.5	-1.0	1.5	0.6
Continued operations	805.8	865.4	93	1,698.8	16.7	51.8	-35.1	44.6
By business area
Newspaper publication and
distribution	772.8	839.3	92	1,646.7	22.4	44.6	-22.2	47.2
Internet	52.5	46.1	114	91.0	-5.2	6.2	-11.4	-2.0
Total	825.3	885.4	93	1,737.7	17.2	50.8	-33.6	45.2
Discontinued operations	19.5	20.0	98	38.9	0.5	-1.0	1.5	0.6
Continued operations	805.8	865.4	93	1,698.8	16.7	51.8	-35.1	44.6

Note: Discontinued operations are included in segment Other countries and Newspaper publication and distribution.

Denmark – Increasingly negative trend in the newspaper and distribution market. Implementation of cost cutting measures and price increases.

In H1-08, consolidated revenue in Denmark amounted to DKK 639.0 million, down DKK 80.7 million, or 11%, on the same period in the previous year.

As stated in Announcement no. 18-07, dated 17 October 2007, a general price increase was implemented for 2008 within distribution activities. The price increase and further intensified competition caused a loss of market share, which resulted in a negative revenue performance compared with the previous year.

The lower revenue also reflects the decline experienced by Søndagsavisen, especially in recent months, in revenue from retail, motor and housing ads, and, particularly, from job ads.

In the first half of 2008, the consolidated operating result in Denmark was a loss of DKK 9.5 million, which was in line with expectations and DKK 45.1 million lower than in H1-07. The lower result is mainly due to the loss of market share in the distribution business, combined with higher salary expenses for distributors and rising transport and packing expenses. In the second half of 2007, cost cutting measures were implemented. These efforts continued in the first half of 2008 and contributed to curbing the negative impact on profits. In the coming months, focus will be placed on optimising operations.

Another significant contributory cause of the negative profit performance is the newspaper Helsingør Dagblad's loss of printing jobs and increased pressure on prices. In addition, results were adversely affected by new competitors in the mid-week newspaper market.

As stated in Announcement no. 08-08, dated 13 May 2008, Christian Lanng Nielsen has resigned as director of Søndagsavisen a-s and as member of the Management Board with responsibility for the Group's total distribution activities. This responsibility has been taken over by CEO Mads Dahl Andersen until a new director has been appointed.

The Media-Online activities have been restructured and further managerial and specialist competencies have been added. A Media-Online strategy is expected to be presented in the course of H2-08.

Sweden – Another period of significantly higher revenue and profit

Gratistidningar i Sverige AB is the main activity in Sweden, with MatchWork Sverige representing a minor part.

In Sweden, revenue grew by 18% from DKK 131.3 million in H1-07 to DKK 154.4 million in H1- 08. In Swedish kronor and exclusive of the effect of the abolition of the advertising tax, the growth rate was 14%. The 'Mitt I' newspapers were thus exceptionally successful in enhancing their market share in a flat advertisement market.

Operating profit from the Swedish activities was DKK 25.6 million in the first half of 2008, a substantial improvement compared with DKK 11.7 million in the first half of 2007. The improved profit was driven by higher revenue, an improved profit margin and the abolition of the advertising tax for Swedish companies with activities within newspaper publication.

Efforts to sell Gratistidningar i Sverige AB continue as planned. As previously stated, it is in the interest of the company's continued operations to obtain clarification of the possibilities of making a sale as soon as possible.

It remains the Group's clear intention and expectation to sell GISAB, but if the Group is unable to obtain a price that reflects its estimate of the Company's market value, GISAB will not be sold but be continued and further developed within the Group.

Other countries – MatchWork UK lower revenue. Norsk Avisdrift AS classified as a discontinued operation.

In MatchWork UK, revenue declined. Less in local currency due to the slowdown in the UK market for recruitment ads and more in Danish kroner due to the weakening of the British pound. In MatchWork Sweden and Germany, the trend was positive and revenue doubled in H1-08 compared with the same period last year. However, the positive trend in Sweden and Germany could not compensate for the negative trend in the UK.

Efforts to sell MatchWork World Wide A/S have been discontinued, as it was not possible to get a price that reflects the Group's estimate of the Company's market value.

As stated in Announcement no. 11-08, dated 28 June 2008, Søndagsavisen a-s has entered into an agreement on the sale of Norsk Avisdrift AS. The agreement is subject to the approval of the Norwegian Competition Authority and the Norwegian Media Authority and the profit from the sale of Norsk Avisdrift AS is therefore not included in the Interim Report. Completion will take place immediately after the agreement has been approved by the authorities. As a consequence of these efforts, Norsk Avisdrift AS is classified as a discontinued operation.

Internet – Further development of the online activities

The revenue from the Internet activities was DKK 52.5 million in the first half of 2008, up 14% on the same period last year. The rise is mainly the result of the acquisition of MinReklame ApS on 1 November 2007. MinReklame ApS is the leading business in digital advertising for retail chains in Denmark.

BoligPortal.dk, Denmark's largest portal for housing rentals, is still developing very positively, contributing positively to the overall growth of the Internet activities.

MatchWork World Wide A/S's total revenue in Danish kroner was slightly lower in the first half of 2008 compared with the same period last year. Disregarding the weakening of the British pound, the growth rate in local currencies was satisfactory.

FORUM shows growth, though less than expected.

OFiR's revenue performance was affected by the general slowdown in the market for recruitment ads, and OFiR Job lost market share. Further development of OFiR is a significant focus area in the development of the Media-Online strategy.

The operating result of the Internet activities in H1-08 was a loss of DKK 5.2 million. This represents a significant decline from the corresponding period last year when an operating profit of DKK 6.2 million was recorded.

The profit performance mainly reflects the increased efforts to develop OFiR further and the implementation of the business development process in the online area. In addition, efforts to sell Match-Work, which have now been discontinued, involved non-recurring costs in H1-08.

Special risks and uncertainties in the second half of 2008

The newspaper and distribution market is still regarded as extremely competitive. Furthermore, in the second quarter of 2008, in particular, a negative trend was seen in the market for recruitment ads. A further slowdown in the market could have a negative impact on the Group's earnings in Denmark.

Within distribution activities in Denmark, distribution salaries, in particular, are expected to continue to go up in the second half of 2008. Distribution quality, customer satisfaction and costs are central focus areas in the second half of 2008. For 2009, extraordinary price increases are expected to be introduced within the distribution business, partly to compensate for the erosion of the price level following several years' price war, partly for the increasing distribution salaries.

Sweden is expected to deliver revenue and profit growth in 2008 compared with 2007 as 'Mitt I' is expected to continue to increase its market share.

Prospects for the year 2008

Expectations for the Group's revenue and profit before tax are unchanged compared with Announcement no. 11-08, dated 28 June 2008.

Revenue is expected to total DKK 1,600-1,650 million in 2008. Profit before tax for 2008 is expected to be DKK 20-40 million. The Group's total operating investments for the full year are expected to remain at DKK 70 million.

The sale of Norsk Avisdrift AS is expected to be completed in the second half of 2008 following approval by the Norwegian authorities. The sale of Norsk Avisdrift AS will have a positive impact of approximately DKK 20 million on the profit for the second half of the year, which is included in the above expectations.

A sale of GISAB, if made, will have a very positive impact on the profit for 2008. A gain from the sale of GISAB is not included in the above profit expectations.

The preparation of the forward-oriented Media-Online strategy is expected to be completed in the second half of 2008.

The Interim Management Statement for the third quarter of 2008 is expected to be published on 5 November 2008.

COMMENTS ON THE FINANCIAL STATEMENTS

Income statement

Consolidated gross profit for the first half of 2008 totalled DKK 233.4 million, corresponding to a fall of DKK 22.5 million on the same period last year. In the same period, the gross margin fell from 29.6% in H1-07 to 29.0% in H1-08.

Sales and marketing expenses were DKK 102.2 million in the first half of 2008, up DKK 7.1 million, or 7%. Within the Danish newspaper and distribution activities, selling and marketing expenses went down, whereas they went up in Sweden and within Internet activities.

Administrative expenses amounted to DKK 116.5 million in H1- 08, which is an increase of DKK 5.3 million, or 5%. The increase is a result of the higher level of activity in Sweden, in particular, and in Internet activities.

The share of after-tax profits of associates fell from DKK 0.1 million in the first half of 2007 to DKK -1.0 million in the first half of 2008. The negative profit performance reflects increased competition in the mid-week newspaper market.

Tax on the profit for the period was DKK 8.0 million and is primarily related to the result of the Swedish activities. Foreign activities are not jointly taxed with the Danish activities. This, together with the negative result of the Danish activities, contributes to a high effective tax rate of 71%.

Equity and treasury shares

On 30 June 2008, the Group's equity amounted to DKK 484.3 million, which was DKK 5.8 million lower than on 31 December 2007. The reduction is mainly due to purchases of treasury shares.

In the first half of 2008, the Group purchased 300,000 treasury shares for a total amount of DKK 8.7 million corresponding to an average price of DKK 29.1 per share. On 30 June 2008, the total number of treasury shares held was 1,818,000.

Cash flows and interest-bearing debt

Total consolidated cash flows for the first half of 2008 amounted to DKK 20.2 million.

Cash flows from operating activities amounted to DKK 70.3 million in the first half of 2008, down DKK 12.7 million on the first half of 2007. The decline is due to payment of corporation tax in Sweden, while the lower result in H1-08 is compensated for by the improved operating capital.

In the first half of 2008, DKK 37.5 million was invested in intangible and tangible assets. The investments were mainly in software, related to the further development of OFiR and a change of production systems at the Group's Danish newspaper activities. In addition, investments were made in plant and machinery in connection with the conversion of Forbruger-Kontakt's two packing terminals.

In connection with the decision to grant share options to a group of executive employees, see Announcement no. 09-08, dated 19 June 2008, 300,000 treasury shares at nominal value were purchased for a total amount of DKK 8.7 million.

The Group's net interest-bearing debt was DKK 156.6 million at the end of the first half of 2007, increasing to DKK 207.8 million at the end of 2007. With the positive cash flows in the first half of 2008, the Group's net interest-bearing debt was reduced to DKK 186.1 million at 30 June 2008.

Net interest-bearing debt relative to EBITDA was 1.7 at the end of 2007, falling marginally to 1.6 at the end of June 2008. In the same period, the interest cover dropped from 4.2 at 31 December 2007 to 2.9 at 30 June 2008.

Related parties

In June 2008, the Group granted options to a group of executive employees to acquire 354,000 shares, including 100,000 to the Management. The programme is described in Announcement no. 09-08, dated 19 June 2008. Apart from the management's remuneration and the above share option programme, no transactions were made with the Management and the Board of Directors.

As majority shareholders, Britt and Richard Bunck are subject to the duty of disclosure imposed on related parties. During the financial period, there were no transactions with Britt or Richard Bunck other than a directors' fee.

Trade with associates took the form only of ordinary sales transactions, representing a maximum amount of DKK 7 million for the period under review.

Accounting policies

The Interim Report is presented in accordance with IAS 34 Interim Financial Reporting as adopted by the EU and additional Danish disclosure requirements for the interim reports of listed companies.

The accounting policies are consistent with those of the Annual Report for 2007, to which reference is made. The Annual Report for 2007 contains the full description of the accounting policies.

STATEMENT BY THE BOARD OF DIRECTORS AND MANAGEMENT

The Board of Directors and Management have today considered and adopted the unaudited Interim Report of the Group Søndagsavisen a-s for the half year ended 30 June 2008.

The Interim Report is presented in accordance with IAS 34 Interim Financial Reporting as adopted by the EU and additional Danish disclosure requirements for the presentation of the Interim Reports of listed companies.

We consider the chosen accounting policies to be appropriate and the accounting estimates made to be reasonable. Therefore, in our opinion, the Interim Report gives a true and fair view of the assets, equity and liabilities and financial position of the Group at 30 June 2008, as well as of the results of the Group's activities and cash flows for the half year ended 30 June 2008.

We are also of the opinion that the management's review gives a true and fair view of the development of the Group's activities and financial circumstances, the profit for the period and the Group's financial position, as a whole as well as major risks and uncertainties facing the Group.

Søborg, 6 August 2008

Management:

Mads Dahl Møberg Andersen CEO

Kåre Stausø Wigh CFO

Hans Henrik Lund Director, Media-Online

Board of Directors:

Richard Bunck Peter Rasztar Steen Gede Chairman Vice Chairman

Björn Lindberg Ulrik Holsted-Sandgreen Pål Bruu

CONSOLIDATED INCOME STATEMENT

		H1-08	H1-07	2007
Note		DKKm	DKKm	DKKm
		unaudited	unaudited	audited
Revenue		805.8	865.4	1,698.8
Production costs		572.4	609.5	1,248.7
Gross profit		233.4	255.9	450.1
Sales and marketing expenses		102.2	95.1	189.8
Administrative expenses		116.5	111.2	221.3
Other operating income		2.0	2.2	5.6
Operating profit		16.7	51.8	44.6
Share of profit of associates		-1.0	0.1	-7.5
Net financials		-4.5	-3.9	-7.6
Profit before tax, continued operations		11.2	48.0	29.5
Tax, continued operations		8.0	9.1	6.2
Net profit, continued operations		3.2	38.9	23.3
Net profit, discontinued operations	1	0.0	-1.2	0.8
Net profit for the period		3.2	37.7	24.1
Attributable to:
Shareholders in Søndagsavisen a-s		4.1	31.2	15.1
Minority interests		-0.9	6.5	9.0
		3.2	37.7	24.1
Earnings per share, in DKK
Earnings per share (EPS) - total		0.2	1.5	0.7
Diluted earnings per share (EPS-D) - total		0.2	1.5	0.7
Earnings per share (EPS) - continued operations		0.2	1.5	0.7
Diluted earnings per share (EPS-D) - continued operations		0.2	1.5	0.7

CONSOLIDATED BALANCE SHEET

Assets

		H1-08	H1-07	2007
	Note	DKKm	DKKm	DKKm
		unaudited	unaudited	audited
Goodwill		67.0	48.1	67.2
Other intangible assets		43.1	20.2	44.7
Completed development projects, software		26.5	32.2	26.8
Development projects in progress		20.2	8.8	12.7
Intangible assets		156.8	109.3	151.4
Land and buildings		376.6	353.9	379.8
Plant and machinery		135.6	141.0	148.7
Operating equipment, fixtures and fittings		44.1	51.3	47.5
Property, plant and equipment in course of construction		15.4	41.5	7.4
Property, plant and equipment		571.7	587.7	583.4
Investments in associates		2.2	10.7	3.5
Other securities and investments		3.9	5.5	3.9
Other accrued assets, interest rate swap		2.4	0.2	0.0
Deferred tax assets		5.4	8.0	5.5
Other receivables		2.3	2.4	2.4
Other non-current assets		16.2	26.8	15.3
Total non-current assets		744.7	723.8	750.1
Inventory		3.1	2.3	3.2
Trade receivables		145.6	171.9	156.5
Receivables from associates		0.6	0.7	0.4
Receivables from parent company		8.2	0.0	5.4
Other receivables		8.5	11.9	21.9
Prepayments		18.2	19.8	17.1
Cash		35.9	39.8	25.2
Total current assets, continued operations		220.1	246.4	229.7
Assets, discontinued operations	1	11.0	-	-
Total current assets		231.1	246.4	229.7
Total assets		975.8	970.2	979.8

CONSOLIDATED BALANCE SHEET

Equity & Liabilities

		H1-08	H1-07	2007
	Note	DKKm	DKKm	DKKm
		unaudited	unaudited	audited
Share capital		111.4	111.4	111.4
Treasury shares		-62.9	-54.2	-54.2
Hedging reserves		2.4	0.1	0.0
Revaluation reserves		-3.6	-0.1	-2.2
Retained earnings		355.9	356.8	350.0
Proposed dividend		0.0	0.0	0.0
Shareholders' equity		403.2	414.0	405.0
Minority interest		81.1	79.2	85.1
Total equity		484.3	493.2	490.1
Provision for deferred tax		30.2	27.2	30.3
Financial institutions		87.5	89.1	88.9
Total non-current liabilities		117.7	116.3	119.2
Financial institutions		138.9	107.3	144.1
Trade payables		45.2	78.4	57.5
Income taxes		7.1	5.8	7.4
Other payables		149.9	156.7	141.5
Deferred income		26.7	12.5	20.0
Current liabilities, continued operations		367.8	360.7	370.5
Liabilities, discontinued operations	1	6.0	-	-
Total current liabilities		373.8	360.7	370.5
Total liabilities		491.5	477.0	489.7
Total equity and liabilities		975.8	970.2	979.8

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY Half year - unaudited

DKKm				Revalua-			Share
	Share	Treasury	Hedging	tion		Retained Proposed	holders'	Minority
H1-08	equity	shares	reserves	reserves	earnings		dividend total share	interests	Total
Equity at 1 January 2008	111.4	-54.2	0.0	-2.2	350.0	0.0	405.0	85.1	490.1
Changes in equity in 2008
Currency adjustments, foreign
companies	0.0	0.0	0.0	-1.4	0.0	0.0	-1.4	0.0	-1.4
Fair value adjustment of hedging
instruments	0.0	0.0	2.4	0.0	0.0	0.0	2.4	0.0	2.4
Adjustment for fair value allocated to
share of company owned before
acqusition of majority interests	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Net gains/-losses recognised directly
in equity	0.0	0.0	2.4	-1.4	0.0	0.0	1.0	0.0	1.0
Net profit for the period	0.0	0.0	0.0	0.0	4.1	0.0	4.1	-0.9	3.2
Total income	0.0	0.0	2.4	-1.4	4.1	0.0	5.1	-0.9	4.2
Addition of minority interests, net	0.0	0.0	0.0	0.0	0.0	0.0	0.0	-0.2	-0.2
Purchase of treasury shares	0.0	-8.7	0.0	0.0	0.0	0.0	-8.7	0.0	-8.7
Dividend distributed	0.0	0.0	0.0	0.0	0.0	0.0	0.0	-2.9	-2.9
Dividend treasury shares	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Share based payments	0.0	0.0	0.0	0.0	1.8	0.0	1.8	0.0	1.8
Total changes in equity in H1-08	0.0	-8.7	2.4	-1.4	5.9	0.0	-1.8	-4.0	-5.8
Equity at 30 June 2008	111.4	-62.9	2.4	-3.6	355.9	0.0	403.2	81.1	484.3

DKKm				Revalua-			Share
	Share	Treasury	Hedging	tion		Retained Proposed	holders'	Minority
H1-07	equity	shares	reserves	reserves	earnings		dividend total share	interests	Total
Equity at 1 January 2007	111.4	-30.7	-1.7	0.3	323.8	22.3	425.4	80.0	505.4
Changes in equity in 2007
Currency adjustments, foreign
companies	0.0	0.0	0.0	-0.4	0.0	0.0	-0.4	0.0	-0.4
Fair value adjustment of hedging
instruments	0.0	0.0	1.8	0.0	0.0	0.0	1.8	0.0	1.8
Adjustment for fair value allocated to
share of company owned before
acqusition of majority interests	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Net gains/-losses recognised directly
in equity	0.0	0.0	1.8	-0.4	0.0	0.0	1.4	0.0	1.4
Net profit for the period	0.0	0.0	0.0	0.0	31.2	0.0	31.2	6.5	37.7
Total income	0.0	0.0	1.8	-0.4	31.2	0.0	32.6	6.5	39.1
Addition of minority interests, net	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.7	0.7
Purchase of treasury shares	0.0	-23.5	0.0	0.0	0.0	0.0	-23.5	0.0	-23.5
Dividend distributed	0.0	0.0	0.0	0.0	0.0	-22.3	-22.3	-8.0	-30.3
Dividend treasury shares	0.0	0.0	0.0	0.0	1.2	0.0	1.2	0.0	1.2
Share based payments	0.0	0.0	0.0	0.0	0.6	0.0	0.6	0.0	0.6
Total changes in equity in H1-07	0.0	-23.5	1.8	-0.4	33.0	-22.3	-11.4	-0.8	-12.2
Equity at 30 June 2007	111.4	-54.2	0.1	-0.1	356.8	0.0	414.0	79.2	493.2

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY Full year - audited

DKKm				Revalua-			Share
	Share	Treasury	Hedging	tion		Retained Proposed	holders'	Minority
2007	equity	shares	reserves	reserves	earnings		dividend total share	interests	Total
Equity at 1 January 2007	111.4	-30.7	-1.7	0.3	323.8	22.3	425.4	80.0	505.4
Changes in equity in 2007
Currency adjustments, foreign
companies	0.0	0.0	0.0	-2.5	0.0	0.0	-2.5	0.0	-2.5
Fair value adjustment of hedging
instruments	0.0	0.0	1.7	0.0	0.0	0.0	1.7	0.0	1.7
Adjustment for fair value allocated to
share of company owned before
acqusition of majority interests	0.0	0.0	0.0	0.0	7.5	0.0	7.5	0.0	7.5
Net gains/-losses recognised directly
in equity	0.0	0.0	1.7	-2.5	7.5	0.0	6.7	0.0	6.7
Net profit for the year	0.0	0.0	0.0	0.0	15.1	0.0	15.1	9.0	24.1
Total income	0.0	0.0	1.7	-2.5	22.6	0.0	21.8	9.0	30.8
Addition of minority interests, net	0.0	0.0	0.0	0.0	0.0	0.0	0.0	4.1	4.1
Purchase of treasury shares	0.0	-23.5	0.0	0.0	0.0	0.0	-23.5	0.0	-23.5
Dividend distributed	0.0	0.0	0.0	0.0	0.0	-22.3	-22.3	-8.0	-30.3
Dividend treasury shares	0.0	0.0	0.0	0.0	1.2	0.0	1.2	0.0	1.2
Share based payments	0.0	0.0	0.0	0.0	2.4	0.0	2.4	0.0	2.4
Total changes in equity in 2007	0.0	-23.5	1.7	-2.5	26.2	-22.3	-20.4	5.1	-15.3
Equity at 31 December 2007	111.4	-54.2	0.0	-2.2	350.0	0.0	405.0	85.1	490.1

CONSOLIDATED CASH FLOW STATEMENT

	H1-08	H1-07	2007
Note	DKKm	DKKm	DKKm
	unaudited	unaudited	audited
Net profit, continued operations	3.2	38.9	23.3
Adjustments for non-cash operating items	53.4	51.5	124.4
Changes in working capital	26.7	-1.3	-35.9
Cash flow from operating activities before net financials	83.3	89.1	111.8
Interest received	1.8	1.7	2.5
Interest paid	-3.7	-4.8	-3.8
Cash flows from ordinary activities	81.4	86.0	110.5
Income tax paid	-11.1	-3.0	-4.4
Cash flows from operating activities	70.3	83.0	106.1
Additions of intangible assets and property, plant and equipm.	-37.5	-68.2	-128.6
Disposals of intangible assets and property, plant and equipm.	1.5	-0.5	2.2
Dividend from associates	1.3	3.6	4.3
Dividend to minorities	-2.9	-8.0	-8.0
Investment in other non-current assets	0.0	-0.6	1.1
Investment in subsidiaries	0.0	-8.9	-30.2
Investment in associates	-1.0	-3.8	-4.8
Cash flows from investing activities	-38.6	-86.4	-164.0
Changes in other provisions	0.0	0.0	0.0
Repayment and non-current liabilities	-3.8	-10.9	-10.9
Currency adjustments, etc.	0.8	1.4	-0.6
Investment in treasury shares	-8.7	-23.5	-23.5
Dividend, treasury shares	0.0	1.2	1.2
Dividend to shareholders	0.0	-22.3	-22.3
Cash flows from financing activities	-11.7	-54.1	-56.1
Net cash flows from continued operations	20.0	-57.5	-114.0
Net cash flows from discontinued operations 1	0.2	-2.1	1.6
Changes in cash and cash equivalents	20.2	-59.6	-112.4
Cash and cash equivalents at 1 January Cash and cash equivalents at 30 June	-115.9 -95.7	-3.5 -63.1	-3.5 -115.9

NOTE 1: INCOME STATEMENT – DISCONTINUED OPERATIONS (Norsk Avisdrift)

	H1-08	H1-07	2007
Income statement	DKKm unaudited	DKKm unaudited	DKKm audited
Revenue	19.5	20.0	38.9
Production costs	7.1	6.4	13.4
Gross profit	12.4	13.6	25.5
Sales and marketing expenses	7.5	8.6	15.2
Administrative expenses	4.4	6.1	9.7
Other operating income	0.0	0.1	0.0
Operating profit	0.5	-1.0	0.6
Net financials	0.1	0.0	0.2
Profit before tax	0.6	-1.0	0.8
Tax for the period	0.6	0.2	0.0
Net profit for the period	0.0	-1.2	0.8
Earnings per share, in DKK
Earnings per share (EPS) - discontinued operations	0.0	-0.1	0.0
Diluted earnings per share (EPS-D) - discontinued operations	0.0	-0.1	0.0

	H1-08	H1-07	2007 DKKm
Cash flow statement	DKKm	DKKm
	unaudited	unaudited	audited
Net cash flows from discontinued operations
Cash flows from operating activities	0.2	-1.1	2.6
Cash flows from investing activities	0.0	-1.1	-1.1
Cash flows from financing activities	0.0	0.1	0.1
Total	0.2	-2.1	1.6

NOTE 1 – CONTINUED: BALANCE SHEET – DISCONTINUED OPERATIONS
(Norsk Avisdrift)

	H1-08	H1-07	2007
Assets	DKKm	DKKm	DKKm
	unaudited	unaudited	audited
Goodwill	0.8	0.8	0.8
Completed delevopment projects, software	0.6	0.7	0.7
Intangible assets	1.4	1.5	1.5
Operating equipment, fixtures and fittings	0.6	1.1	0.8
Property, plant and equipment	0.6	1.1	0.8
Other receivables	0.1	0.1	0.1
Other non-current assets	0.1	0.1	0.1
Total non-current assets	2.1	2.7	2.4
Trade receivables	4.1	4.1	3.0
Other receivables	0.0	0.1	0.1
Prepayments	0.4	0.2	0.4
Cash	4.4	3.1	4.5
Total current assets	8.9	7.5	8.0
Total assets - discontinued operations	11.0	10.2	10.4

Liabilities	H1-08	H1-07	2007
	DKKm	DKKm	DKKm
	unaudited	unaudited	audited
Provision for deferred tax	0.0	0.0	0.0
Total non-current liabilities	0.0	0.0	0.0
Trade payables	1.4	3.2	1.5
Income taxes	0.6	0.2	0.0
Other payables	2.7	2.4	3.6
Deferred income	1.3	1.4	0.3
Total current liabilities	6.0	7.2	5.4
Total liabilities - discontinued operations	6.0	7.2	5.4