READY FOR NEW GROWTH

At the end of 2024, Berlingske Media was sold to Amedia from Norway. As a result, the group’s Danish operations are shown as ceased activities in the accompanying income statement from January 2023 onwards. DPG Media closed the 2024 financial year with a turnover of €1.73 billion, 2.5% higher than last year. 

Readership revenue grew by 1.4% to €815 million. For the news media, turnover grew by 3.4%, whereas it dropped by 4% for the magazines. 

Advertising revenue came in at €566 million, a 2.7% growth. Until the end of the summer, this revenue growth was on course to be even higher, but the market slowed down in the fourth quarter. Radio and digital revenues drove growth and TV revenues were stable, while print revenues declined. Over 85% of the total was accounted for by digital and audiovisual advertisements. 

Affiliate and classifieds revenue grew by 4%, mostly thanks to significant growth at Independer and Automotive MediaVentions. Turnover came in at €145 million last year. 

However, the group’s turnover growth was offset by strong cost growth. Wage costs rose by 5.7% for the group, but distribution costs also rose sharply in both countries. After commissioning the new Mediavaert building, rental expenses fell but depreciation increased. 

Ultimately, EBITDA came in at €348 million last year. This means that a 20.1% margin on sales and a decrease of 1% compared to the previous year were achieved. The €348 million breaks down into 62% for the Netherlands (€215 million) and 38% for Belgium (€133 million). The result from participating interests was negative €12.6 million, due in particular to a value deprecation of the interest in RTL Belgium. 

Less financial results (€14 million) and corporation taxes (€62 million), the result from continued activities came to €185 million, 3.6% below the result achieved in 2023. A significant capital gain was realised on the sale of Berlingske Media, bringing the result from ceased activities to €90 million this year. 

The total net result for the financial year therefore came to €275 million (compared to €199 million in 2023). Of this result, €2.5 million is attributable to third parties, and €272.7 million to the group. Group equity therefore grew to €1.114 million, or 52% of total assets. 

Net operating free cash flow after tax was €312 million, a 90% conversion of EBITDA. The investment cash flow is €32 million positive. While CapEx investments amounted to €71.5 million, including €23 million for the new Mediavaert building, this was more than compensated for by proceeds from the sale of Berlingske Media. 

The combination of operating free cash flow and positive investment cash flow facilitated substantial debt reduction. At the end of 2023, net financial debt amounted to €288 million, 0.8 times EBITDA. As of the end of 2024, the group’s balance sheet is virtually debt-free. DPG Media is ready for new growth.

Including the proposed acquisition of RTL Nederland, net financial debt is still expected to remain below twice EBITDA by the end of 2025.