NHST Media Group - Quarterly Report 1st quarter 2018

Summary

• Revenues in the first quarter were down 3%, but adjusted for Easter effects and discontinued operations in Nautisk, the revenue trend was stable.
• Subscription revenue continued to grow for both the publications with 1 % and Mynewsdesk with 3 %. That translates into MNOK 1 and MNOK 2 respectively. The growth rate was lower than in previous quarters.
• Advertising revenue was lower for both Global Publication with 13 % and Norwegian Publications with 8 %. The decline was MNOK 2,5 og MNOK 3,5 respectively.
• Revenues in Nautisk Forlag was comparable to the same period last year adjusted for discontinued operations. EBITDA in the Q1 2018 was a loss of MNOK 1, compared to losses of MNOK 7 and MNOK 8 in the third and fourth quarter last year.
• EBITDA before one-time effects was MNOK 4 for the Group, which was a decline of MNOK 9 compared to the same period last year. The decline was most significant in Norwegian Publications with MNOK 8 caused by lower advertising revenues.The EBITDA loss of MNOK 4 in the first quarter includes a one-off effect of MNOK 8.
• The operating loss in the first quarter was MNOK 16.
• The Group CEO Gunnar Bjørkavåg resigned ultimo January 2018. The process of finding a new CEO is under way. The Group has expensed MNOK 8 in total charges related to the change of CEO in Q1.