Annual Report 2023

It’s a
people’s
business

Annual report 2023

Roularta Media Group

All around the world, the media is undergoing a profound transformation. It’s no different for the Belgian listed company Roularta. With new business models, the shift to digital, but also a greater focus than ever on the reader, work on processes and synergies and evolving partnerships with advertisers.

Download pdf

The vision of the chairman

Rik De Nolf

Executive Chairman of Roularta Media Group

2023 marked a new acceleration in Roularta Media Group’s digital transformation. The various brands already had wide online coverage, but now they have opted resolutely for digital subscriptions. Rik De Nolf, Chair of the Board of Directors of Roularta Media Group, explains the role that the app Mijn Magazines (My Magazines) plays in this.

download podcast

Rik De Nolf, Executive Chairman of Roularta Media Group

“Digital subscriptions are a real opportunity”

Attracting digital subscribers is gradually becoming ‘easier’ than gaining print subscriptions. This is partly because readers are increasingly prepared to pay for a digital subscription, but also because the group has developed a unique reading package with all its brands.

This ensures that Roularta can both attract hybrid subscribers more effectively and convince new – i.e. younger – people who are 100% digital to sign up

A significant proportion of Roularta’s success is due to the Mijn Magazines app, in which subscribers can do more than just read the content of their favourite magazine: they also have access to all the other media brands in the Roularta portfolio. And that means that the digital market is also helping to strengthen traditional subscriptions...

download podcast

“We want to offer our readers a total experience: print, online, as well as video and podcasts.”

Preface by the CEO

Xavier Bouckaert

CEO Roularta Media Group

Despite the tougher economic climate, Roularta Media Group opted resolutely for investment in 2023. Market leadership is one of the ambitions behind that choice, whether in the Belgian or Dutch magazine sector or in the world of printing. The CEO, Xavier Bouckaert, explains what this is all about.

download podcast

Xavier Bouckaert, CEO Roularta Media Group

“Market leadership helps us spread the investments”

This is a strategic choice that Roularta has been committed to since it sold its participation in Medialaan in 2017. After all, that move offered the opportunity to go all-out for market leadership in the group’s core domains: magazine brands and magazine printing.

In 2023, the strategy was stepped up a gear: by acquiring a large number of media brands in the Netherlands, the group has become the market leader in mindfulness content. In fact, it is now the largest magazine publisher in the Netherlands in terms of the number of brands, which has also been the case in Belgium for quite some time.

The printing works in Roeselare made a similar move in 2023. It has now grown into the largest magazine printer in the Benelux region.

download podcast

“Market leadership in the world of printing is the result of our constant investments over the past 10 years.”

Interviews: People make the difference

People make
the difference
FOR OUR
READERS

“By bringing together all Roularta’s contacts – in both Belgium and the Netherlands – we have arrived at 7.3 million unique profiles.”

(Leonie Bakker)

download podcast

A CONVERSATION WITH: EVA VAN DRIESSCHE, Editor-in-Chief Flair • TAMARA DECA, Head of Commerce & Events • LEONIE BAKKER, Marketing Automation Programme Manager

“Magazines are
increasingly digital first”

For Roularta Media Group, readers come first more than ever before. In 2023, this was mainly expressed as a stronger connection with our readers online, thanks to new technology, digital-first journalism and the growth of digital subscriptions. Flair is a digital pioneer among the women’s magazines.

That means it is no coincidence that Eva Van Driessche, Editor-in-Chief of Flair, Flair.be and De Zondag Magazine, is the one talking to the Head of Commerce & Events Tamara Deca and Marketing Automation Programme Manager Leonie Bakker in this podcast episode.

They discuss the 7.3 million unique profiles that can now be found in a single software package, through which marketeers, editorial teams and e-commerce representatives can communicate in the readers’ language.

The unique connection between magazine brands and readers is not based entirely on content: it can also be nurtured by offering events and products that appeal to the readers. Online offerings are playing an increasingly prominent role here, with successful results. For example, the Roularta magazines sold an impressive 150,000 books in 2023. At Flair, campaigns such as the Flair Caravan and wedding collection in partnership with LolaLiza caught the eye.

download podcast

People make
the difference
FOR OUR
ADVERTISERS

“Increasingly often, we start with digital and then provide a print extension.”

(Mireille De Braekeleer)

download podcast

A CONVERSATION WITH: MIREILLE DE BRAEKELEER, National Sales Director • ELIEN HAEMERS, Director Mid and South West Flanders • OLIVIA DEVUYST, Marketing & E-commerce Manager e5

“There’s excitement brewing in new concepts and partnerships”

The advertising market is in constant motion. Roularta Media Group has succeeded in offering the right responses by committing to unique concepts, often multimedia ones. These include Renovatiezondag (Renovation Sunday), new products such as Mijn Stad TV (My City TV) and close partnerships such as the one with fashion chain e5.

It goes without saying that the advertising market is struggling in the current economic situation. Roularta has made a virtue of necessity, showing its most creative side. The common feature of its many initiatives is the close partnerships it engages in with advertisers. The partnership with e5 is a great example.

This relationship has lasted for years; besides advertisements, it also includes a licencing deal for the Libelle collection at e5, printed material and even a twice-yearly brainstorm.

So there is plenty for Mireille De Braekeleer, National Sales Director at Roularta Advertising and Elien Haemers, Director of Roularta Local Media in Mid and South West Flanders, to discuss with Olivia Devuyst, Marketing & E-commerce Manager at e5..

download podcast

People make
the difference
FOR OUR
INNOVATION

“It’s good that we’re experimenting with AI. But the intention is for the entire company to use certain tools in the long run. For us to move towards structural innovation.”

(Bart Kerckx)

download podcast

A CONVERSATION WITH: ELISA HULSTAERT, Knack journalist • PHILIPPE DE BRABANTER, Program Executive • BART KERCKX, Head of PMO • STEFAAN DE WITTE, Production Manager Premedia

“New technologies keep the company fit for the future”

AI, a new editorial system, a unified registration system, an app that brings together all the magazine content, marketing automation... you name it. Once again, 2023 was a year full of innovation. Some projects were launched while others were stepped up a gear.

Journalist Elisa Hulstaert from Knack magazine, Head of PMO Bart Kerckx, Production Manager Stefaan De Witte and Programme Executive Philippe De Brabanter: these four experts in new technologies put their heads together to discuss new developments in their fields.

These developments are of great importance for a media group, of course. The media are digitising rapidly, and the expectations of media users are evolving with them. A separate aspect is the efficiency that new technologies often offer.

This led to a conversation in which the participants revealed the benefits of this change process. In particular, they explored the change in mindset that this process requires in greater depth, along with the unique working method that the teams have developed.

download podcast

People make
the difference
FOR THE
FUTURE

“Acquisitions are an important part of the strategy we have decided upon for the Netherlands. Fortunately, there is a lot happening on the Dutch magazine market.”

(Erwin van Luit)

download podcast

A CONVERSATION WITH: ERWIN VAN LUIT, CEO RMN • BART DECLERCQ, Sales Director Printing • CHRISTELLE EL HAJJ ASSAF, Revenue Manager

“It’s print and digital, Belgian and Dutch”

2023 was a year of preparation for the future. It began with a strategy that was clear but also included many facets. That strategy formed the basis of our conversation with Erwin van Luit, CEO of Roularta Media Netherlands, Bart Declercq, Export Sales Director at Roularta Printing, and Revenue Manager Christelle El Hajj Assaf.

Alternative revenue models, far-reaching digitisation, the Netherlands as a second home market and an ambitious printing works. These are the first concrete achievements of the strategy that Roularta Media Group decided on in 2023.

Although these achievements are very diverse, they are also strongly interlinked. Data-based decisions are now the starting point for new developments in both Belgium and the Netherlands, whereas the acquisitions in the Netherlands have taught the group a lot about new revenue models. These include ideas such as a TV extension of a magazine, online coaching and new e-commerce models.

These same acquisitions also resulted in a growth in activities for our printing works in Roeselare. The printing works has also attracted the attention of English customers thanks to new investments. Together, these factors ensure that the group is looking to the future with the greatest of confidence.

download podcast

Value creation

How Roularta Media Group creates value^*

*Part of the statement on non-financial information

Results 2023

Roularta in figures

INCOME STATEMENT
IN MILLIONS OF EUROS

Sales	323,5
EBITDA ⁽¹⁾	21,6
EBIT ⁽²⁾	3,2
NET RESULT	2,4
NET RESULT ATTRIBUTABLE TO EQUITY HOLDERS	2,4

BALANCE SHEET - 31/12/23
IN MILLIONS OF EUROS

Non-current assets	223,3
Current assets	140,2
BALANCE SHEET TOTAL	363,5

Equity - Group’s share	217,0
Liabilities	146,7
Liquidity ⁽³⁾	1,1
Solvency ⁽⁴⁾	59,6%
NET CASH POSITION ⁽⁵⁾	56,8
Gearing ⁽⁶⁾	-26,2%

SALES
IN THOUSANDS OF EUROS

323,5 M€

Sales decreased by 5.7% or 19.6 M€.

SALES DISTRIBUTION

EBITDA
IN THOUSANDS OF EUROS

21,6 M€

EBITDA decreased
by 28,2%.

KEY FIGURES PER SHARE

€ 1.83

EBITDA per
share

CAPEX

16,1 M€

EVOLUTION IN SUBSCRIPTIONS

-0,6% or
-0,7 M€

(*) Restated for new definition EBITDA - see annual report 2022 note 1.

Mediafin in figures

SALES

83,6 M€

CAPEX

3,8 M€

EVOLUTION IN SUBSCRIPTIONS

+12,4% of
+4,4 M€

EBITDA

16,6 M€

The contribution of Mediafin to the EBITDA of Roularta Media Group amounts to 3.0 M€ for 2023. Compliant with the IFRS regulations, this contains 50% of Mediafin’s net result (50% is 4.0 M€) minus the annual depreciation of brands including De Tijd and L’Echo (50% of the total adjustments is 1.0 M€).

(1) EBITDA = EBIT + depreciations, amortisations and impairments.
(2) EBIT = operating result (including the share in the result of associates and joint ventures).
(3) Liquidity = current assets / current liabilities.
(4) Solvency = equity (Group’s share + minority interests) / balance sheet total.
(5) Net financial cash/(debt) = current cash and cash equivalents - financial debt.
(6) Gearing = - net financial cash/(debt) / equity (Group’s share + minority interests).

More information concerning the consolidated figures of Roularta Media Group on: www.roularta.be/en/roularta-stock-market

Roularta Brands

News & Business

Lifestyle & Women

B2B

Local media

Tijdschrift voor Rechtspersoon en Vennootschap

Sustainability ambitions

Sustainable and responsible enterprise

Roularta Media Group has been committed to sustainable and eco-efficient enterprise for more than two decades. This sustainable, eco-efficient way of doing business is also embedded in the mission, vision and values of the company under the motto One team, one family, one planet.

The intention of sustainable and socially responsible enterprise is to find a harmonious balance between three main principles: People, Planet and Profit. You can also find out how our sustainable and socially responsible enterprise is converted into non-financial performance indicators in our value creation model, in which Roularta Media Group makes it clear at a glance how it creates values for its stakeholders with its activities. Our customers and stakeholders in general attach increasing importance to transparency about the origin of our products and services, and to the extent to which a company makes eco-efficient and sustainable use of raw materials and energy.

Focus on quality content for the reader
Roularta Media Group is well-known in the media landscape for its high-quality content. Roularta intends to continue playing the quality card, offering its readers (including online readers and podcast listeners etc.) quality content in an ongoing commitment to reinforcing its ‘brainprint’. In addition to the weekly or monthly efforts across all our brands to solidify the ‘brainprint’, we highlight here a number of notable editorial initiatives by our brands over the course of 2023.

Don’t Mow May

For the third year in a row, Roularta and Knack/ Le Vif, in collaboration with HOGENT, KU Leuven, Uliège (faculty Gembloux Agro-Bio Tech), Adalia 2.0, Mijn Tuinlab, Bond Beter Leefmilieu, Velt and Het Ministerie voor Natuur, are calling on everyone not to mow their lawns during the month of May.

In 2023, the Don’t Mow May campaign was also organised for the first time in the Netherlands by the opinion magazine EW in cooperation with the Foundation Steenbreek.

With actions such as Don’t Mow May, Roularta Media Group, through its strong media brands, aims in the first place to sensitise citizens about the impact they themselves can have with their own garden, however big or small it is on our biodiversity. In addition, Don’t Mow May is an approachable citizen science project. By repeating the campaign every year, we get more focus on what is growing in our readers’ gardens and on the impact of less or no mowing on our bees and other insects. Repeating the campaign annually makes the data accumulate and increases the awareness effect.

maaimeiniet.be

Trends Impact Awards

In 2023, the Trends/Trends-Tendances brand presented, in collaboration with PwC Belgium and Antwerp Management School, the second edition of the Trends Impact Awards.

This prestigious event awards companies that have committed to sustainable management of their operations, on top of traditional objectives such as climate neutrality and energy efficiency. With the Trends Impact Awards, Trends and its partners not only want to highlight companies that contribute to a more sustainable society, but also play a leading role in the energy transition. More than two hundred companies applied for the Trends Impact Awards. The companies EnergyVision (installation of solar panels) and Turbulent (resilient and cost-efficient hydroelectric turbines) each received a Trends Global Impact Award for their pioneering role in sustainability.

trendsimpactawards.be

Eerste Hulp Bij Twijfel

Roularta Media Group remains committed, together with others, to the fight against ‘fake news’ and to correct information sharing, in the light of quality, sustainable information for our readers and surfers, etc.

The project ‘Eerste Hulp Bij Twijfel’ (‘First Aid in Case of Doubt’), a project that fights against disinformation, is financially supported from the Flemish government. ’Eerste Hulp Bij Twijfel’ is a collaboration between the journalists and factcheckers of Knack and VRTNWS, the factcheck platform deCheckers, technology player Textgain and the UA, VUB and KUL universities.

What can one believe nowadays? It is becoming increasingly difficult to distinguish fact from fiction. Countering the spread of disinformation is one of the major challenges of the years to come.

The editors of Knack have been committed to factchecking since 2012. Knack’s ‘Factcheck’ column has been expanded both in print and digitally to become a journalistic reference point. Knack is also part of the International Fact-Checking Network (IFCN), the international authority in factchecking.

The project ‘First Aid in Case of Doubt’ aims to make people more resilient and resistant to disinformation. ‘First Aid in Case of Doubt’ wants to tackle disinformation proactively, even before it is widely disseminated. The approach should work as a vaccine against incorrect messages.

knack.be/factcheck

SDGs within Roularta

Roularta Media Group is helping today to build a better world for tomorrow

FOUR SPECIFIC SUSTAINABILITY AMBITIONS

Good communication about our company’s efforts and achievements in the field of sustainable and socially responsible enterprise is essential in a competitive market.

In every project and every investment, Roularta bears the sustainability factor in mind and attempts to reduce the ecological footprint of our organisation and our products as far as possible whilst increasing its brainprint.

Convinced that it can genuinely contribute to building the future, Roularta Media Group has drawn inspiration from the United Nations’ 17 SDGs for its own sustainability ambitions. As a media company, it understands its unique position within the sustainability narrative. Roularta Media Group’s footprint is less heavy than its brainprint. The brainprint is the potential impact on others’ behaviour. Roularta Media Group reaches millions of readers, internet users and viewers with its various media. This enables it to inform them about all aspects of sustainability and thus make them aware of all 17 SDGs.

Roularta Media Group links specific goals or targets to be achieved to these four SDGs.

Group share and key figures

The Roularta Media Group share

CAPITAL AND SHARES

The capital of NV Roularta Media Group amounts to EUR 80,000,000.00. It is represented by 13,141,123 shares paid up in full, without par value, representing each an equal part of the capital.

All shares representing the capital have the same social rights.

In accordance with article 7:53 of the Companies and Associations Code and article 34 of the articles of association of Roularta Media Group shares paid in full and that are registered for at least two years without interruption in the name of the same shareholder in the register of named shares have double voting rights.

PURCHASE OF OWN SHARES

In the course of the 2023 financial year, no treasury shares were purchased based on the statutory authorisation of the board of directors.

As at 31 December 2023, the company has 1,356,619 treasury shares in portfolio, representing 10.32% of the capital.

SHAREHOLDING STRUCTURE

The shareholding structure is as follows:

	Number of shares	%
Koinon NV ⁽¹⁾	9.352.977	71,17%
S.A. West Investment Holding ⁽¹⁾	522.136	3,97%
Capfi Delen Asset Management NV	394.201	3,00%
Own shares ⁽²⁾	1.356.619	10,32%
Individual and institutional investors	1.515.190	11,53%

9,878,188 of the total number of outstanding shares are nominative.

(1) Koinon NV and S.A. West Investment Holding, in their capacity as persons acting in concert who have concluded an agreement concerning the possession, the acquisition and transfer of shares, have made a definitive notification
(2) Situation on 31/12/2023.

TAKEOVER BID LAW

In the context of the Law of 1 April 2007 concerning public takeover bids, Koinon NV, as the direct holder of more than 30% of the Roularta Media Group shares, updated its registration with the FSMA on 30 August 2018 pursuant to article 74 § 6 of the above-mentioned law.

STOCK MARKET TREND

Roularta Media Group’s shares are listed on Euronext Brussels under the section Media - Publishing, ISIN Code BE0003741551 and Mnemo ROU.

The Roularta share is included in the BEL Small Cap Index (BE0389857146).

VOLUMES AND CLOSING PRICES IN 2023

Month	Average closing price	Volumes	in EUR millions
Jan 23	17,76	20.243	0,36
Feb 23	17,99	14.979	0,27
Mar 23	17,38	28.856	0,50
Apr 23	17,80	11.472	0,20
May 23	17,45	21.187	0,37
Jun 23	16,74	15.018	0,25
Jul 23	16,09	15.878	0,25
Aug 23	14,93	67.316	0,97
Sep 23	12,64	13.477	0,17
Oct 23	11,93	41.948	0,50
Nov 23	12,66	26.780	0,34
Dec 23	12,77	18.996	0,24
		296.150	4,42

The share reached its highest closing price of the past year on 8 February 2023 at EUR 18.50. The lowest price of EUR 11.70 was recorded on 12 October 2023. The largest daily trading volume was 25,649 shares, recorded on 18 August 2023.

LIQUIDITY OF THE SHARE

Roularta Media Group has a proactive investor relations policy, aimed at increasing the visibility of the share and in this way supporting its liquidity.

DIVIDEND POLICY

The general assembly pursues – as advised by the executive board – a policy which tries to pay out a dividend, whilst keeping a close watch on preserving the healthy balance between a distribution of dividends and the investment possibilities.

On the recommendation of the board of directors, it will be proposed to the next general meeting to pay a gross dividend of 1 euro per share. This is in the form of an optional dividend.

AVERAGE CLOSING PRICE - 2023

VOLUMES AND FIGURES IN EUR MILLIONS - 2023

GROSS DIVIDEND

Consolidated key figures

(*) H Restated for new definition EBITDA - see annual report 2022 note 1.
(1) EBITDA = EBIT + depreciations, amortisations and impairments.
(2) EBIT = operating result (including the share in the result of associates and joint ventures).
(3) Liquiditeit = current assets / current liabilities.
(4) Solvency = equity (Group’s share + minority interests) / balance sheet total.
(5) Net financial cash/(debt) = current cash and cash equivalents - financial debt.
(6) Gearing = - net financial cash/(debt) / equity (Group’s share + minority interests).

Highlights per share ⁽¹⁾

(*) Restated for new definition EBITDA - see annual report 2022 note 1.
(1) Based on the weighted average number of shares.
(2) Based on share price 31 December and net result attributable to equity holders of RMG.

Management and group structure

Executive
Management
Committee

XAVIER BOUCKAERT | CEO | Permanent Representative of NV Koinon
RIK DE NOLF | Chairman
KATRIEN DE NOLF | Director Human resources | Permanent Representative of NV Eridanus
STEVEN VANDENBOGAERDE | CFO | Permanent Representative of BV VMCo

Board of Directors RMG

RIK DE NOLF | Executive Chairman of the Board of Directors (2026)
XAVIER BOUCKAERT | VPermanent Representative of NV Koinon | Executive Director | Managing Director (2026)
LIEVE CLAEYS | Non-executive Director (2026)
CORALIE CLAEYS | VPermanent Representative of NV Verana | Non-executive Director (2024)
FRANCIS DE NOLF | Permanent Representative of NV Alauda | Non-executive Director (2027)
KOEN DEJONCKHEERE | Permanent Representative of NV Invest at Value | Independent Director (2026) | Member of the Audit Committee | Member of the Appointments and Remuneration Committee
PASCALE SIOEN | Permanent Representative of BV P. Company | Independent Director (2026)
RIK VANPETEGHEM | Independent Director (2026) | V Chairman of the Audit Committee | Member of the Appointments and Remuneration Committee
WILLIAM DE NOLF | Permanent Representative of NV Cella | Non-executive Director (2027)

XAVIER BOUCKAERT | CEO | Permanent Representative of NV Koinon
RIK DE NOLF | Chairman
KATRIEN DE NOLF | Director Human resources | Permanent Representative of NV Eridanus
STEVEN VANDENBOGAERDE | CFO | Permanent Representative of BV VMCo

RIK DE NOLF | Executive Chairman of the Board of Directors (2026)
XAVIER BOUCKAERT | VPermanent Representative of NV Koinon | Executive Director | Managing Director (2026)
LIEVE CLAEYS | Non-executive Director (2026)
CORALIE CLAEYS | VPermanent Representative of NV Verana | Non-executive Director (2024)
FRANCIS DE NOLF | Permanent Representative of NV Alauda | Non-executive Director (2027)
KOEN DEJONCKHEERE | Permanent Representative of NV Invest at Value | Independent Director (2026) | Member of the Audit Committee | Member of the Appointments and Remuneration Committee
PASCALE SIOEN | Permanent Representative of BV P. Company | Independent Director (2026)
RIK VANPETEGHEM | Independent Director (2026) | V Chairman of the Audit Committee | Member of the Appointments and Remuneration Committee
WILLIAM DE NOLF | Permanent Representative of NV Cella | Non-executive Director (2027)

Roularta Media Group Group structure 31/12/2023

Belgium

The Netherlands

Germany

France

(1) Permanent establishment/Zweigniederlassung registered in the commercial register of Augsburg, Germany, under number HRB 36615.
(2) Senior Publications Verwaltungs GmbH has ceased operations and is gone into liquidation with effect from 01/01/2022.
(3) Bayard Media Verwaltungs GmbH has no operations and was put into liquidation in the first quarter of 2022.

Offices

HEAD OFFICE ROULARTA MEDIA GROUP

Meiboomlaan 33, 8800 Roeselare

BRUSSELS MEDIA CENTRE

Editorial office and advertising department, Raketstraat 50, 1130 Brussel

MEDIAFIN (PUBLISHER DE TIJD/L’ECHO)

Tour & Taxis, Havenlaan 86C bus 309, 1000 Brussel

ROULARTA MEDIA NEDERLAND BV

Office Amsterdam: Spaklerweg 53, 1114 AE Amsterdam

Office Hoog-Keppel: Jonker Emilweg 9, 6997 CB Hoog‑Keppel

ROULARTA MEDIA DEUTSCHLAND

Böheimstraße 8, 86153 Augsburg

FINANCIAL CALENDAR

General Meeting 2023 | Tuesday 21 May 2024
Half year 2024 results | Wednesday 14 August 2024
Full year 2024 results | Friday 14 March 2025
General Meeting 2024 | Tuesday 20 May 2025

INVESTOR RELATIONS

Rik De Nolf
Phone | +32 51 26 61 11
Email | rik.de.nolf@roularta.be
Website | www.roularta.be

NV Roularta Media Group, Meiboomlaan 33, 8800 Roeselare
BTW BE 0434.278.896, Register of Companies Ghent, department Kortrijk

ACTIVE COUNTRIES

Belgium

The Netherlands

Germany

Corporate governance

Corporate governance declaration^*

INDICATION OF THE CORPORATE GOVERNANCE CODE

As a multimedia company, Roularta Media Group creates and distributes quality, independent and relevant content for the general public and for specific target groups. It links to this advanced marketing and advertising platforms for its partners. Roularta Media Group aims to create sustainable added value for its stakeholders and for all of society.

Roularta Media Group’s corporate governance policy is set out in the Corporate Governance Charter, which can be found on the company’s website.

The Corporate Governance Charter, which explains in an exhaustive and transparent manner how Roularta Media Group is governed and how accountability for this governance is presented, complements the corporate governance clauses in the Companies and Associations Code and the articles of association of Roularta Media Group NV.

The board believes that observing as closely as possible the principles set out in the Charter will ensure more efficient, more transparent governance and better risk management and control of the company. Roularta Media Group’s aim in so doing is to maximise value for its shareholders, its stakeholders and its institutional investors.

In accordance with article 3:6 § 2 of the Companies and Associations Code, Roularta Media Group applies the Corporate Governance Code 2020 for companies listed on the stock exchange as its reference code (see corporategovernancecommittee.be) However, Roularta Media Group NV deviates from the principles 4.3, 4.4, 7.6, 7.9, 7.12 and 9.1 set down in this reference code.

Principle 4.3: the audit committee and the appointments and remuneration committee should be composed of at least three board members.
Principle 4.4: the board should ensure that a chair is appointed for each committee.
Principle 7.6: the board of directors has decided not to allocate any shares to the non-executive directors as part of their remuneration.
Principle 7.9: neither has a minimum threshold of shares been set that must be held
Principle 7.12: the contracts with the CEO and other members of the executive management do not include any provisions that would enable the company to recover variable remuneration paid.
Principle 9.1: at least every three years, the board evaluates its own performance as well as its interaction with the executive management, as well as its size, composition and operation, and that of its committees. The evaluation is conducted through a formal procedure, externally facilitated or not, in accordance with a methodology approved by the board.

* Part of the annual report of the board of directors

Consolidated financial statements

The consolidated financial statements below show the figures for the financial years ended on 31 December 2023 and 31 December 2022. The accompanying notes are integral to these parts of the financial statements.

1. CONSOLIDATED INCOME STATEMENT

2. CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME

3. CONSOLIDATED BALANCE SHEET

4. CONSOLIDATED CASH FLOW STATEMENT

(a) ) Increases and decreases in current other receivables, deferred charges and accrued income, provisions, employee benefits, other payables, advances received and accrued charges and deferred income.

5. CONSOLIDATED STATEMENT OF CHANGES IN EQUITY

Annual report 2023