Press release regarding TMG’s Annual General Meeting (AGM)
During the AGM the Chairman of the Supervisory Board Michiel Boersma, bade farewell to Mr A.J. van Puijenbroek, who after a long period of membership and chairmanship of the Supervisory Board stepped down today as a member and Vice-chairman of the Board. Michiel Boersma expressed the Board’s gratitude for his tremendous contributions and commitment to TMG and its stakeholders.
2011 Reporting Year
As previously announced, the recurring EBITDA result in 2011 was € 62.5 million. The net result was furthermore to a significant degree impacted by impairments and restructuring costs. On balance this resulted in a loss of € 32.5 million in 2011.
- The Annual Accounts were adopted during the meeting and discharge was granted to the members of the Executive Board and the Supervisory Board.
- The proposed dividend to an amount of € 0.47 per depositary receipt for shares was approved by the shareholders. The dividend becomes payable on 4 May 2012.
- Mr A.R. van Puijenbroek was appointed as a member of the Supervisory Board for a period of four years.
- Deloitte Accountants B.V. was appointed as the Company’s auditor for the 2012 financial year.
2012 is primarily a transition year and as indicated before, the recurring EBITDA result in 2012 is expected to be 20% lower than the comparable € 62.5 million result realised in 2011. Because the effects of the measures taken will only be reflected in the results during the course of the year, the decrease in results for the initial quarters is expected to be higher than for the full year.
TMG announced that it is preparing claims for losses in relation to lost income due to the failure of several FM radio masts and lost income due to a prohibition of publishing a television programming guide - based on the protecting of writings - that has been in effect in the Netherlands for many years. A recent ruling of the European Court of Justice, has determined that the Dutch protection of writings is in conflict with the European Database Directive.