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Annual Report 2011 Diversity scale Growth Annual Report 2011 sgh Seven Group Holdings Annual Report 2011 | I Media, Industrial Services and Investments Contents Seven Group Holdings Limited Directors’ Declaration 120 From the Executive Chairman 2 Independent Auditor’s Report 121 Year in Review 4 Company Information 123 Industrial Services 10 Investor Information 124 Seven West Media 14 Shareholder Information 125 Board of Directors 18 Corporate Directory 127 Corporate Governance 20 Directors’ Report 27 Auditor’s Independence Declaration 46 Financial Statements 47 Notes to the Financial Statements 53 II | Seven Group Holdings Limited (ABN 46 142 003 469) seven Group Holdings focuses on media, industrial equipment and investments and is an operating group with diversity, scale and strong prospects for growth with market-leading businesses. Annual Report 2011 | 1 From the Executive Chairman seven Group Holdings has delivered a strong performance in its first full twelve months of operation. our operating businesses have exceeded our previous forecasts and continue to grow. 2 | Seven Group Holdings Limited (ABN 46 142 003 469) uring the course of the year, We were encouraged by the strong Jim Walker, CEO of WesTrac Group, and Dour shareholdings in Seven financial performance of Seven West Media his team have been effective in taking full Media Group and West Australian in reporting its first year’s profitability. An advantage of the opportunities to service Newspapers formed a foundation for EBITDA of $617.5 million was an excellent our customers’ needs in Australia and the merger of those two companies. achievement. China. David Leckie who was appointed As a result of that merger we are the CEO of Seven West Media has led Apart from a strong financial performance largest shareholder in Seven West an exceptional team to achieving great the business of Seven Network confirmed Media Group with a 29.6 per cent results from the media division and its position as the number 1 television interest. created strong foundations for the growth network in ratings and revenue, and West of Seven West Media. It was pleasing to see Seven West Media Australian Newspapers’ performance perform to its stated expectations even continues to deliver world class returns. The Board particularly congratulates in the face of challenging conditions. We have every confidence that Seven West Peter Gammell on his first year as CEO Media will continue to perform better than of Seven Group Holdings – not just for the WesTrac, our wholly owned Caterpillar its peers going forward. operating success to date but also for his distribution subsidiary, has participated strategic positioning of the group for the We also hold investments in the as a service provider in Australia’s future. resurgent mining industry. We have following companies: been able to increase our market share As a result of what has been achieved • National Hire Limited. National in Caterpillar equipment in both New to date and the foundations laid for Hire continues to deliver a strong South Wales and Western Australia. the future we are looking forward with performance and its investment confidence to a successful year across all in Coates Hire has continued We are confident we will continue our activities. to grow and expand our sales and service to improve. to support the increasing demand from The Board is focused on ensuring we • Consolidated Media Holdings. Our our mining customers. In order to ensure continue to drive greater returns for all investment in this company gives our capacity to meet our customers’ shareholders and customers. your company an exposure to the pay needs we have embarked upon a major television industry in Australia. On behalf of the directors, the expansion of our facilities in New South management and the people of Seven Wales and Western Australia. • Agricultural Bank of China. We are Group Holdings, I thank all shareholders a foundation cornerstone investor Our new facility at Tomago, just north for their continuing support and in the Agricultural Bank of China and of Newcastle, is expected to be completed commitment to your company. very excited to see the Bank continue by July 2012. On completion it will be one to thrive and grow since its listing. Our of the largest Caterpillar dealer distribution relationship has been most helpful centres in Australia. We have recently in the continuing success of WesTrac completed a new major branch facility at China. Tamworth and these developments will ensure our growing capacities for New • vividwireless. This company holds South Wales. the national spectrum for 4G and has rolled out a complete service in Perth Kerry Stokes AC In September we commenced construction with partial services in Sydney and Chairman of a major new parts and distribution Melbourne. We have seen very strong warehouse in Western Australia. This is the take-up of these services particularly first stage in a multiple stage extension in Perth. of our facilities in that state. Success in difficult times requires effective The company currently has 680 and strong management and we are apprentices and with the completion fortunate to have quality executives who of the new facilities we expect to be able have been responsible for these results. to substantially increase our apprentice training programme for qualified technicians that we will need for the future growth of our company. Annual Report 2011 | 3 sgh Media, Industrial Services and Investments 4 | Seven Group Holdings Limited (ABN 46 142 003 469) sGH reports a profit before taxation of $32.4 million and a net profit after taxation of $79.9 million with profit attributable to shareholders of sGH of $70.4 million. Annual Report 2011 | 5 Year in Review Seven Group Holdings Limited (SGH) rofit before taxation (excluding While meaningful corresponding reports earnings before interest, tax and Psignificant items) is $298.0 million comparisons on earnings are difficult due depreciation and amortisation (EBITDA) of and net profit after taxation (excluding to changes in the company’s structure significant items) is $248.3 million. resulting from the one-off effects of both $420.8 million on total revenue and other the SGH merger and the recent Seven West The result was underpinned by total income of $3,371.2 million for the 2010-2011 Media transaction, SGH reports a profit trading revenue of $3,162.8 million, being before taxation of $32.4 million and a net financial year. Earnings before interest and 31 per cent higher than the pro-forma profit after taxation of $79.9 million with taxation (EBIT) are $353.0 million for the 2010 result. The result was driven by SGH’s profit attributable to shareholders of SGH financial year. strongly performing core businesses: of $70.4 million. WesTrac and National Hire. Excluding National Hire, SGH delivered The result reflects SGH’s merger of Seven annual revenue and other income Media Group into West Australian of $3,212.7 million, up 10 per cent on the Newspapers earlier this year, and the pro forma 2011 number contained in the impairment of investments, including merger scheme documentation for the Seven West Media and Consolidated Media formation of SGH. SGH recorded EBITDA Holdings, to reflect share prices of both of $387.2 million, up 24 per cent, EBIT companies at 30 June 2011. Significant of $321.4 million, up 35 per cent, and net items total a $168.4 million loss net of tax. profit after taxation excluding significant Seven West Media was formed following items of $221.7 million, up 18 per cent West Australian Newspapers Holdings on the forecast 2011 merger scheme shareholder approval for that company documentation respectively. to acquire Seven Media Group from Review of opeRAtions SGH and Kohlberg Kravis Roberts & Co and create Seven West Media. SGH has MediA investMents a 29.6 per cent shareholding in Seven seven west Media West Media, now one of the largest SGH’s share of Seven Media Group and media companies listed on the Australian West Australian Newspapers results are Securities Exchange. included up to 11 April 2011 with results 6 | Seven Group Holdings Limited (ABN 46 142 003 469) incorporated into Seven West Media after ResULts foR tHe yeAR ended which owns and operates Fox Sports, Fox that date at the new ownership level. 30 JUne 2011 Sports News, Speed, Fuel TV and the How To Channel as well as 25 per cent of pay Seven West Media has reported a group television company Foxtel. Consolidated profit after taxation of $115.1 million and Media Holdings has reported NPAT a pro forma EBITDA of $617.5 million – of $101.7 million. delivering at the upper end of market guidance for EBITDA issued in May 2011. $298.0m indUstRiAL seRviCes EBITDA is up 12 per cent and EBIT is up profit before tax (excluding significant items) westrac 14 per cent on a 4 per cent increase WesTrac has out-performed on all key in revenues on the pro forma pcp provided measurements outlined in the merger in the documentation for West Australian scheme documents for the formation Newspapers Holdings’ acquisition of Seven of SGH. Media Group. $248.3m WesTrac (excluding National Hire) delivered Seven West Media’s television business, profit after tax (excluding significant items) an EBITDA of $278.6 million and EBIT the Seven Network, delivered 23 per cent of $233.4 million on revenue and other growth in EBITDA, magazine publishing income of $2,989.5 million across the business, Pacific Magazines, delivered 0.9 financial year. The strong performance saw per cent growth in EBITDA in a challenging revenues up 31 per cent, EBITDA up 48 per market and the company’s online business, cent and EBIT up 52 per cent on the pro Yahoo!7, delivered 14.4 per cent growth $3,162.8m total trading revenue forma 2010 result.
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