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Annual Report and Accounts 2016 Accounts and Report Annual Annual Report and Accounts 2016 COMMERCIALLY FOCUSED CREATIVELY LED STV Group plc Annual Report and Accounts 2016 01 2016 financial highlights Financial Statements 72 STV Group plc Strategic Report consolidated financial 02 The STV Family statements – independent 04 Chairman’s statement auditors’ report 06 Chief Executive’s review 78 Consolidated income – Group statement – 2016 a year of achievements 78 Consolidated statement – Consumer of comprehensive income – Showcase of content 79 Consolidated and parent – Productions company balance sheets – STV External Lottery Manager 80 Consolidated and parent 24 Corporate responsibility company statement of 29 STV Children’s Appeal 2016 changes in equity 32 Performance review 81 Consolidated and parent 34 Principal risks and company statement uncertainties of cash flows 36 Risk management 82 Notes to the financial statements Governance 111 Five year summary 39 Introduction to governance 40 Board of Directors Additional Information 42 Corporate governance report 112 Shareholder information 55 Remuneration report 114 Notice of Annual General 68 Directors’ report Meeting STV IS SCOTLAND’S LEADING DIGITAL MEDIA BRAND, PROVIDING CONSUMERS WITH QUALITY CONTENT ON AIR, ONLINE AND ON DEMAND 01 2016 financial highlights 120.4 120.4 20.3 112.1 116.5 19.5 19.7 18.0 2013 2014 2015 2016 2013 2014 2015 2016 Turnover Operating profit (£ millions) (£ millions)* +3% –3% 38.7 39.9 39.7 15.0 34.4 10.0 8.0 2.0 2013* 2014* 2015* 2016* 2013 2014 2015 2016 EPS Dividends per share (pence) (pence) –1% +50% * Pre-exceptionals and IAS 19 STV Annual Report and Accounts 2016 02 Strategic Report Governance Financial Statements Additional Information ThePage STV heading Family A SHOWCASE OF CHOICE AND CONTENT The STV Family of consumer services demonstrates our commitment to ensure STV’s content can be accessed free of charge anywhere, anytime – on air, on demand and online ON AIR STV audience share continues to track above ITV network 03 ON DEMAND STV Player offers high quality consumer experience providing catch up and watch live ONLINE Building audiences by integrating STV content with social media channels stv.tv STV Annual Report and Accounts 2016 04 Strategic Report Governance Financial Statements Additional Information Chairman’s statement 2016 has been another successful year for STV as we have continued to build a profitable, consumer focused business; creating and delivering great content to audiences and consumers and increasing returns to shareholders. Baroness Margaret Ford Chairman Stability and resilience to de-risk the business we are in the position of having financial flexibility to A year characterised by unpredicted events and pursue growth ambitions and deliver value to shareholders. uncertainty in the macro-economic outlook has been contrasted with stability and continuity across the The operational performance of the business is highly business. The resilience of our business model has been transparent to all our stakeholders through the scorecard further enhanced as key strategic agreements have been of our growth KPIs. During 2016, we announced new implemented. These have de-risked the business and growth targets to the end of 2018. These are stretching created increased financial certainty, securing our and ambitious and build on the growth and achievements position to enable continued pursuit of our growth delivered to date. strategy. The normalised cost base and the trading agreements underpinning the core business are providing Consumer business the resilience to respond positively to changes in the The profitability of the core channels business has been macro-economic environment. maintained, despite some weakening of the airtime revenue market during 2016. Our growth strategy has two drivers: firstly, from the base of a strong core business; the diversification of our earnings The consumer business has continued to deliver an base through the growth of a portfolio of highly profitable enhanced portfolio of consumer services, ‘the STV Family’. digital consumer services. Secondly, to continue to build This product set offers consumers multiple, complimentary, a multi-genre content production business of scale. free to consume, STV branded services, on air; online; and on demand. Following a comprehensive market review process, in late 2016 we announced that we will enter into a renewed In early 2016, a new digital news platform was launched. long-term (8 year term) arrangement with ITV plc to The iterative process of product enhancement and cover our future agency representation of airtime and improvement to ensure our services exceed the rapidly sponsorship sales in the national market. This will deliver evolving and increasing expectations of consumers will transparency, clarity and a future proofed trading continue in 2017. arrangement designed to support our multi-product commercial offering. The STV Player has had another successful year achieving a record number of streams delivered in the final quarter Another significant agreement settled in late 2016 is of the year. the pension deficit funding plan. This triennial valuation settlement, covering the Company’s two defined benefits A successful digital growth strategy, delivering strong pension schemes, has been agreed within the Company’s margin performance is supporting our strategic aim to expected cash commitments and provides certainty and rebalance the business. 2016 was the seventh year of long term visibility on cashflow. consecutive growth in digital activities, now an established core activity. We continue to make targeted investment Continued delivery of sustainable growth in digital growth initiatives, particularly to support the The business has continued to be cash generative during data and insights strategy. 2016. Combined with a culture of strict cost control and fiscal discipline, a low level of net debt has been The unrivalled reach we hold across a range of platforms maintained. With a significantly de-risked core business, will be extended in Q2 of 2017 with the launch of a new 05 and innovative network, STV2. This development will board in December and holds considerable experience consolidate our strong market position and enhance our across financial, commercial and manufacturing unique ability to deliver mass audiences across platforms. businesses as a Company Director and chair. In June, Genevieve Shore resigned from the board after four The launch of a new channel is an important landmark years’ service and I would like to thank her for her for the Company. This will create new opportunities to valuable contribution over this term. grow our share of the Scottish advertising market whilst extending our appeal to a wider range of consumers. This A significant board change will take place in 2017 when new network will build on the success of our existing City TV Senior Independent Director, David Shearer, will step services and will be delivered through a unique partnership down following the AGM in April. Over the ten year with academic partners. This is successfully providing period that David has served on the board, he has made skills and development opportunities to strengthen our an outstanding contribution as Senior Independent future talent pipeline. Director and Chairman of the Audit Committee. His wise counsel has been invaluable and his contribution to the STV Productions turnaround of the Company immense. We wish him A strong rise in deliveries and new commissions continuing continued success in the future. to be secured resulted in a return to revenue growth for STV Productions in 2016. Reflecting the trading performance Delivering social investment and growth projections of the business, a £2.8m write The strength of the connections held with our consumers down of the remaining goodwill balance has been made. is evident through the extent to which they have embraced and supported the STV Children’s Appeal. As It was a welcome development during 2016 to begin to a leading Scottish based company, we believe we have a realise opportunities from the development partnership responsibility to put something back into the communities venture established with GroupM Entertainment. We will we serve. In 2016, the Appeal raised over £2.5m, taking continue to seek to maximise opportunities from this the total raised since launch in 2011 to nearly £14m. relationship in the year ahead. With our partner, The Hunter Foundation, we have Through our continued investment in development, the invested all monies raised directly into projects across talented and highly creative team are well positioned Scotland, creating opportunities and improving prospects to build on this progress during 2017. for children across the country. STV External Lottery Manager (STV ELM) Growth momentum and new opportunities A significant development of 2016 was the launch of Looking ahead, the Company has a clear strategy for The Scottish Children’s Lottery. This has been supported by growth and delivery of value to our shareholders. 2017 a new operating division of the Group, STV External Lottery will be a significant year for STV. We will mark our sixtieth Manager (STV ELM). Further details are set out in the Report. anniversary and celebrate the iconic place we have at the heart of Scottish society whilst continuing to drive forward Shareholder returns with ambition. Our ability to innovate and develop new Since the introduction of a progressive dividend policy and consumer connections will be demonstrated through the return
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