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Camilla & Jakob (NRJ Copenhagen morning show) looking not so happy...

In a concern of good management and after having invested in Denmark in order to develop an economically viable activity, NRJ decided to close there.

The Group points out that Denmark was its smaller activity in the Nordic countries, where it was in a waiting position, with only 2 frequencies in Copenhagen.

Following a new regulation put in place by Danish government in 2003 where the price during the bidding process for two national licences reached exorbitant levels, NRJ Group has estimated it impossible to get any return on investment in such conditions in this region. Automatically limited by its local coverage, NRJ Group decided to close its activity in Denmark, to avoid a worst scenario as it faces in Sweden with expensive licence fees.

This closing will be acted before summer 2004. This period gives us the opportunity to study proposals of eventual take over or franchise solutions of the NRJ brand.

The Group will account an exceptional provision close to 1,5ME on its consolidated first-half results. This decision will avoid further operating losses of about 1,2ME per year.