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JP4801 Cover ART12.Qxp Johnston Press plc Annual Report and Accounts 2008 A multi-platform community media company serving local communities by meeting their needs for local news, information and advertising services through 300 newspaper publications and 319 local websites reaching an audience of over 15 million per week. Revenue (£’m) Digital Revenues (£’m) Operating Profit* (£’m) before non-recurring items 5 year comparison 5 year comparison 5 year comparison 600 18 240 19.8 500 15 200 607.5 602.2 15.1 400 531.9 12 160 520.2 519.3 186.8 178.1 180.2 300 9 120 178.2 11.3 200 6 8.3 80 128.4 100 3 6.3 40 0 0 0 04 05 06 07 08 04 05 06 07 08 04 05 06 07 08 Costs* (£’m) Operating Profit Margin*(%) Underlying EPS (p) before non-recurring items before non-recurring items note 14 5 year comparison 5 year comparison 5 year comparison 450 36 30 375 30 25 34.6 34.4 28.44 429.4 27.74 415.4 26.93 403.5 300 24 31.0 20 29.3 25.08 341.1 339.9 225 18 24.1 15 150 12 10 13.41 75 6 5 0 0 0 04 05 06 07 08 04 05 06 07 08 04 05 06 07 08 * see pages 15 and 51 overview governance financial statements 01 Introduction 20 Corporate Social Responsibility 51 Group Income Statement 02 Chairman’s Statement 28 Group Management Board 52 Group Statement of Recognised Income and Expense 05 Chief Executive Officer 29 Divisional Managing Directors 53 Group Reconciliation of Shareholders’ Equity 06 Overview 30 Board of Directors 54 Group Balance Sheet 32 Corporate Governance 55 Group Cash Flow Statement business review 37 Directors’ Remuneration Report 56 Notes to the Consolidated Financial Statements 07 Business Review 46 Directors’ Report 89 Company Statement of Directors’ Responsibilities 11 Operational Review 49 Directors’ Responsibility Statement 90 Company Balance Sheet 14 Performance Review 50 Independent Auditors’ Report 91 Notes to the Company Financial Statements 98 Group Five Year Summary 99 Notice of Meeting ibc Advisers Key Financials Operational Summary • Total revenue down £75.6 million or 12.4% • Rate of advertising decline increased during the year • Digital revenues up £4.7 million or 31.1%* • Strong cost management with total costs • Operating margin (pre non-recurring) down adjusted for price changes down £32.3 million from 29.3% in 2007 to 24.1% in 2008* year-on-year • Net debt to EBITDA ratio 3.1 times˚ • Continuing growth of online audience with • £417.5 million net impairment charge against unique users +49% and page impressions +168% intangibles • Investment in digital activities to enhance • Net cash inflow of £51 million pre Rights Issue local service proceeds and movement in borrowings • Investment in IT to increase future efficiency • No final dividend proposed • Contract print revenues up 2.6% overview 01 Johnston Press plc Annual Report and Accounts 2008 ReportAnnual and plc Press Johnston Print titles Daily - 18 { Weekly - 164 12.5 million+ readers Weekly free - 118 300 319 newspaper local publications websites Printing from 10 regional print centres Extending audience reach + Plus a wide variety of complementary publications to layer the market, 233.5 million page impressions per month give consumer choice and increase advertising reach. 12.2 million unique users per month+ • Lifestyle magazines The Group remains committed to a strategy of optimising local coverage • Community newsletters and advertising reach through a range of media in local communities. • Commuter newspapers • Niche publications * See page 15 + The web statistics throughout these accounts are based on Webtrends 6. From ° See pages 10 and 73 2009 the Group plans to report on Webtrends 8 which is more widely accepted across the industry.This will reduce these numbers although they will be quoted going forward on a like-for-like basis. Chairman’s Statement The past year has been a particularly challenging one for the regional press. Local publishing companies experienced a very significant and rapid decline in advertising revenues. This was driven by the credit crisis and the consequent overview economic downturn. It is manifest by the major decline in the volume of advertising in respect of property and recruitment in particular but also by significant declines across all other categories.The Board recognises and regrets that 2008 has been an especially painful year for our shareholders who have suffered a substantial loss in value. 02 Johnston Press plc Annual Report and Accounts 2008 ReportAnnual and plc Press Johnston Johnston Press has faced the same difficult market conditions as other publishers. In addition, we entered the year with a relatively high level of debt, incurred as a result of earlier acquisitions, primarily in 2005. Much of the past year has been about addressing these problems, a process which remains ongoing. Results Roger Parry During 2008 total revenues were £531.9 million, a reduction Chairman of 12.4% compared to 2007 (£607.5 million).This decline reflects the very challenging market conditions referred to above which resulted in overall advertising revenues, in print and digital, falling by £75.2 million or 17.1% from 2007 with a significantly worsening trend as the year progressed as summarised on page 14.The only areas of revenue growth were in our digital operations, up by 31.1% to £19.8 million (2007 £15.1 million) and contract printing which grew by 2.6% to £35.9 million (2007 £35.0 million), reflecting additional revenues from News International following completion of the new press installation in Portsmouth. At £128.4 million, operating profit before non-recurring items was 27.9% down with an operating margin of 24.1%. This was only 5.2% lower than 2007 as a result of substantial cost savings implemented during the course of the year and reflects the extent to which our business has responded to the challenges which it faces. “...areas of revenue growth were in our digital operations, up by 31.1% to £19.8 million (2007 £15.1 million) and contract printing which grew by 2.6% to £35.9 million (2007 £35.0 million), following completion of the new press installation in Portsmouth.” Underlying earnings per share, adjusted by the discount The principal cost saving initiatives have focused on using element of the Rights Issue were 13.41p compared to technology to streamline and rationalise our operations. 25.08p in 2007, a reduction of 46.5%. With our new press centres in Dinnington, in Yorkshire, and Portsmouth exceeding our expectations we have also been Net debt at 31 December 2008, as summarised in note 22, able to close several of our older printing operations.Whilst was £476.8 million, a reduction of £214.9 million from the the majority of our headcount savings have come from start of the year.This was achieved primarily as a result of a these areas, we have also reduced numbers to a lesser fund raising exercise in the first half, which netted proceeds extent in both advertising and editorial functions.Towards of £205 million after the deduction of fees, through a the end of 2008 we initiated a more radical restructuring combination of a subscription of shares by Usaha Tegas Sdn. of our editorial organisation by changing the approach to Bhd. and a 1 for 1 Rights Issue. In addition the Group content production. Similarly in advertising, we embarked on continues to generate cash with a net inflow from a rationalisation of our tele-sales functions to create a smaller operations during 2008 of £126.9 million. Net debt was number of regional call centres. Both initiatives will result in adversely affected by the deterioration in the value of significant additional savings during the course of 2009. sterling against the euro, especially towards the end of 2008. Had this weakening not occurred net debt would have been Comparing December 2008 with December 2007, the £41.0 million lower. Group’s full-time equivalent headcount has fallen from 7,538 to 6,408 and, as an illustration, operating costs for the month The loss for the year before taxation was £429.3 million, of of December 2008 were £29.4 million which were 16.9% which a profit of £98.8 million related to trading before non- lower than in December 2007.We anticipate further cost recurring items.The balance related to non-recurring costs savings during the course of 2009 with a number of plans to of £528.1 million.The majority related to the impairment of achieve this already in place as outlined above. overview goodwill and the value of publishing titles, together with an intangible adjustment explained later, collectively totalling Notwithstanding the pressures under which we are having £511.4 million.The balance related to a fundamental to operate, we continue to invest in our digital platforms. restructuring of a number of our businesses and operations The result has been revenue growth of 31.1% in 2008 to as part of a continuing exercise to align our costs more reach a total of £19.8 million (2007: £15.1 million). Similarly closely to the current economic environment.This included strong growth has been achieved in unique users up by 03 a non-cash item amounting to £7.0 million, being the 48.8% and page impressions which increased by 167.5%. Accounts 2008 ReportAnnual and plc Press Johnston accelerated depreciation on the press at Northampton We have ambitious plans for further developments in 2009. closed during the year. The result of these initiatives, coupled with continuing efforts to grow our total print audience through targeted niche “The Board of Johnston Press has been consistent product launches, has resulted in a significant expansion in total reach.
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