Company announcement no 09-17
1 December 2017
Today, North Media A/S’ subsidiary, Ofir A/S, was given judgement by an arbitration court entitling Ofir A/S to a compensation of DKK 9 million from the company Emply ApS. When Emply ApS pays the compensation, DKK 1.5 million will be deducted, which amount Ofir had withheld until the case had been decided. As a result, the net amount payable by Emply ApS to Ofir is DKK 7.5 million.
Ofir was exclusive distributor of the e-recruiting system Emply Hire from 2013 to 2016. The system is owned by Emply ApS, of which Ofir holds 16%. Emply ApS terminated the agreement to expire at the end of 2016, and the arbitration court has now ruled Emply ApS’ termination of the distribution agreement unwarranted. Based on this, the arbitration court has decided that Ofir may claim compensation.
North Media will now engage in dialogue with Emply ApS about compliance with the arbitration award. Until payment is received, the arbitration award does not cause North Media to revise the earnings expectations for 2017.
As previously announced, North Media expects EBIT before special items for 2017 to range between a negative DKK 20 million and DKK 0 million.
For further details, please contact Kåre Wigh, Group Executive Director & CFO, at +45 25 65 21 45.
Yours faithfully
North Media A/S
Kåre Wigh
Group Executive Director & CFO
This Company announcement has been prepared in Danish and English.
The Danish text shall be the governing text for all purposes, and in case of any discrepancy the Danish wording shall be applicable.