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Annual Report to Shareholders

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Annual Report to Shareholders Annual Report 2020 NOVEMBER 2018 YOUNGRICHAUSTRALIA’S WEALTHIEST UNDER 40 Liftout inside Kayla Itsines FITNESS QUEEN Shebuilta$490millionfortunewithoutbreakingasweat. Plus So why aren’t there more women entrepreneurs? DESIGN SPECIAL By Julie-anne Sprague AUSTRALIA’SMOSTFINELYCRAFTEDHOUSE| ROBOTICPUPPIES&MOREFUTUREFUN Overview Impact of COVID-19 In FY20, Nine continued to focus on investing in its long-term growth assets and improving the operating performance of its traditional media portfolio, despite the difficult operating environment. The outbreak of COVID-19 The core growth assets of Stan, 9Now, Digital Publishing and Domain, now all scale businesses in Australia had a marked in their own right with strong market positions, contributed 32% of Group Revenue1 and 43% of impact on Nine’s FY20 results, EBITDA1 for the year. The traditional Free To Air business contributed around 35% of Group EBITDA, particularly in the 4th quarter. down from 50% in FY19 (pro forma4 basis)1. Together, these changes reflect the continuing evolution The effective shut-down of the of Nine’s business to the digital platform. country in mid-March had a significant impact across all of Result in brief Nine’s businesses. In FY20, on a continuing business basis, Nine reported Group EBITDA of $397 million, which, Nine quickly transitioned the on a like-basis (pre AASB16), was down 16% on FY19. Revenues across the Group fell by 7% to majority of its work-force to $2.2 billion, as the operating environment impacted on all advertising markets. Net Profit after ‘work at home’ with minimal Tax was $141 million, which equated to a decline of 19% on a like (pre-AASB16) basis. After a interruption. Notwithstanding, Specific Item (non-recurring) cost of $665 million, after tax, the bulk of which related to non-cash Nine’s crucial newsrooms accounting adjustments, a Statutory Loss of $509 million was reported. across the country remained open throughout, consistently Earnings per share was 8.3c and a fully franked dividend of 7c per share was declared across providing premium news the year. coverage for all Australians. Revenue2 split FY20 Strong growth in EBITDA3 contribution Nine, 9Now, Stan and our from digital video core publishing mastheads, all recorded marked growth in 300 12% audiences which has continued 250 into FY21. 8% 200 However, the broad advertising 150 -42% 51% market came under significant 100 -19% -19% pressure through the fourth +36% 25% 50 quarter, which negatively 0 impacted revenue across Nine 4% +49% Network, Radio and Publishing. -50 FY19 FY20 Broadcast 9Now Digital & Broadcast 9Now Digital & Domain Stan Corporate Associates Publishing In response, Nine was quick to Domain Stan Publishing focus on both short and long term cost initiatives across all of its businesses, as well as Year to June, $m, continuing business basis FY20 FY203 FY193 Variance expediting the $100 million, Revenue 4 3-year linear TV cost out that 2,170.6 2,171.6 2,341.7 -7% was announced with Nine’s Group EBITDA 396.7 354.6 423.84 -16% interim results in February. In 4 total, across the entire business NPAT, before Specific Items and Minorities 155.9 176.0 224.8 -22% in calendar 2020, Nine estimates NPAT, before Specific Items 140.8 160.4 198.34 -19% it will remove ~$225 million of cash costs aimed at minimising Statutory Net Profit after Tax, after Specific Items (508.8) 216.6 NM the impact of the COVID- Earnings per Share, before Specific Items – cents 8.3 9.4 11.64 -19% related advertising downturn. Dividend per Share – cents 7.0 7.0 10.0 -30% In addition, the Government waived payment of Nine's annual FTA spectrum charges Operating free cash flow for the year, pre Specific Items, was $373 million. Net Debt on a across calendar 2020 which wholly-owned basis at 30 June 2020 was $291 million, compared with $121 million 12 months resulted in a P&L saving of earlier. During the year, $170 million was paid in dividends to shareholders, $139 million was paid $1.3 million in FY20. as consideration for Macquarie Media, approximately $30 million was received from the sale of The JobKeeper allowance was non-core assets and $117 million was spent on capex, including $64 million on the new premises in received for Pedestrian Group, North Sydney. CarAdvice, Nine Events and Domain. In FY20, the benefit Reported, wholly owned basis 30 June 2020 30 June 2019 variance totalled $6.1 million, as an offset Net Debt, $m 291.2 120.7 +$170.5m to expenses. 0.9X 0.4X Further details of the impacts Net Leverage +0.5X and initiatives are included in the commentary for the 1 Reported basis, post AASB16. individual segments. 2 Reflects split based on economic share of revenue (Domain 59%). 3 Pre AASB16, accounting for leases. All % variances are calculated on a Pre-AASB16 (consistent) basis. 4 Pro Forma – Consolidates the results of the former Nine and Fairfax for the full 12 months, including the consolidation of Stan. Results include synergies realised since the transaction was completed. Interest costs associated with the transaction are also for the period from completion. NINE ANNUAL REPORT 2020 Where Australia Connects With Australia’s most trusted and loved brands spanning News, Sport, Lifestyle and Entertainment, we pride ourselves on creating the best content, accessed by consumers when and how they want, while celebrating our ability to give shared experiences to audiences. Overview IFC Directors’ Report 33 Operational Highlights 2 Auditor’s Independence Declaration 38 Chairman’s Address 4 Remuneration Report 39 Chief Executive Officer’s Address 6 Operating and Financial Review 60 Operational Review 8 Financial Statements 66 Corporate Responsibility 25 Directors’ Declaration 134 Nine Cares 28 Independent Auditor’s Report 135 Board of Directors 30 Shareholder Information 140 Financial Report 32 Corporate Directory IBC 1 Operational Highlights 2020 It has always been Nine’s role to provide Australians with the best possible, premium content BROADCAST Australia’s leading broadcast brands across television, broadcast Video on Demand, and radio #1 FTA RATINGS1 AND 6% REDUCTION #1 BVOD OVERHAUL REVENUE2 SHARE IN FTA COSTS AUDIENCE2 AND OF RADIO IN FY20 REVENUE3 SHARE BUSINESS POST ACQUISITION 1 12 months to June 2020, 25-54s, All People, prime time, main channel. OzTAM data 2 12 months to June 2020, OzTAM data 3 12 months to June 2020. ThinkTV data DIGITAL AND PUBLISHING One of Australia’s leading digital publishers 13.8m TOTAL DE- READER DIGITAL 8% REDUCTION DUPLICATED METRO REVENUE REVENUE IN METRO MEDIA AUDIENCE ACROSS ~59c IN EVERY CONTRIBUTES COSTS5 PRINT AND DIGITAL4 $ RECEIVED ~41% OF TOTAL REVENUE 4 EMMA data 12 months to March 2020 5 excluding Weatherzone, Events 2 NINE ANNUAL REPORT 2020 STAN Australia’s leading local SVOD business ~2.2m ACTIVE 54% GROWTH IN $50m EBITDA 60+ EXCLUSIVES SUBSCRIBERS (AS SUBSCRIPTION AND CASH RELEASED ACROSS AT END AUGUST) REVENUE IMPROVEMENT THE YEAR, FROM ON PRIOR YEAR MORE THAN 15 DIFFERENT DISTRIBUTORS DOMAIN (59%) One of Australia's leading property technology and services businesses 6% INCREASE IN INTRODUCTION 23% GROWTH 5% REDUCTION CONTROLLABLE OF NEW, (YEAR ON YEAR) IN LIKE-FOR-LIKE YIELD INNOVATIVE IN ORGANIC COSTS PRICING TRAFFIC TO STRUCTURE DOMAIN 3 Chairman’s address We are confident that Nine will continue to occupy its place at the forefront of the media landscape as we move post-2020 This was an extremely difficult year for Australian business. The Media companies began shedding staff and to shift more of our business to a digital global economy went closing publications. Other companies, but platform. At the same time, we have been into reverse and Australia not ours, qualified for significant JobKeeper improving the relative operating performance moved into recession for subsidies as their revenues fell 50%. The ASX of our traditional media segments. Across the first time in 30 years. 200 index fell by over a third from peak to almost all our operating platforms, we have The magnitude of the trough. gained audience and revenue share. And we have been able to bring forward years of domestic downturn was We will long remember the COVID-19 pandemic planned cost reduction. sharp and steep as much of 2020, its impact on our way of life, and the of the economy was downturn in the economy it caused. Underlying trends in the industry, which we anticipated and prepared for, continue closed by Government The severe downturn dramatically affected to gather pace. Increased audiences in in response to the advertising revenue. Whilst Nine has streaming and the migration to digital across pandemic. In the second growing subscription businesses in Stan and both our Broadcast and Publishing businesses, half of the financial Publishing, the majority of our revenue still stand us in good stead for the future. We are year, large parts of the comes from advertising through free-to-air confident that Nine will continue to occupy a television, digital video-on-demand, and Australian population place at the forefront of the Australian media publishing. In 2020, our ratings and audiences were in lockdown. landscape as we move post-2020. were up across all our platforms, but overall advertising dollars were down very The challenges of the recent period also significantly as companies cut their advertising crystallised the need to deal with some budgets in response to the downturn. long-term issues which were threatening our competitiveness. The first was sports rights. Given the circumstances, the outcome for the There has been a tendency in Australia to year with EBITDA pre-Specific Items and post think that the value of sports rights will always AASB16 of close to $400 million, was a very and invariably increase.
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