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2011 AGM Presentation with Voting V2

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2011 AGM Presentation with Voting V2 MONDAY NOVEMBER 28, 2011 – 9:30AM Annual General Meeting The Power of Talk On Air Talent 1116 SEN & MTR 1377 The Power of Talk 2010-2011 Highlights Net result up 21% on the prior year to $0.83M. Strong operating cash flows of $1.35M, up significantly on prior year’s $0.25M. Continued growth in ratings and listening audience. SEN Revenue growth - up 5.8% on the prior year. Declared the Company’s inaugural interim / final dividends. Announced first acquisition (Inside Football) Sep 2011. The Power of Talk Operational Results The Power of Talk SEN – Strategic Overview SEN Sports Content Generation Distribution Platforms 1116 SEN Website Phone Applications Inside Football Digital Video Content The Power of Talk 1116 SEN Ratings Analysis Average People 10+ % Males 25-54 % 6 12 5 10 4 8 3 6 A verage % A verag e % 2 4 1 2 0 0 20091 20102 20113 2009 2010 2011 Year Year The Power of Talk SEN Trends – Share of Males Aged 25-54 MMM 16 14 GOLD 12 ABC 10 3AW 8 6 SEN 4 2006 2007 2008 2009 2010 2011 GOLD MMM 3AW ABC SEN Source: AC Nielsen, Rating Survey 5, All people 10+ MON-SUN 05.30AM TO 12MN The Power of Talk Revenue Analysis by Source / State 2011 2010 Direct - VIC Agency - VIC Agency - NSW Digit al Ot her Direct - VIC Agency - VIC Agency - NSW Other 7% 2% 8% 14% 26% 3% 26% Other income represents interest, ancillary program revenue, share of profits in associated interests and costs recoverable by Malbend from MTR JV Company. 63% 51% The Power of Talk 1116 SEN Revenue Share Analysis 7 6 5 Operational Results 4 3 2 SEN Revenue Share % Share Revenue SEN 1 0 2007 2008 2009 2010 2011 Year The Power of Talk Combined Revenue vs. Operating Costs Revenue Costs Profit/Loss 13.2 13.3 12.5 12.5 11.7 12 11.4 11.0 10.5 10.6 10 8.7 8.3 8 6 5.4 4 2 0.7 0.8 0.3 - 0.1 2006 2007 2008 2009 2010 2011 -2 2.7 -4 3.3 The Power of Talk Melbourne Talk Radio (MTR) JV completed construction of a new studio facility in August. Lodged an application with ACMA to boost the daytime signal strength. Anticipating ACMA approval early-mid 2012. Approvals are in place to undertake works on transmitter site (subject ACMA approval). Estimated project cost is $1.5m. 2010-11 result for MTR JV was a disappointing loss of $6.2m but under JV agreement, PNW not liable to account for losses. Both Pacific Star and MRN remain committed to MTR and are currently working on a revised business plan / budget . Primary objective is to have the station operating at or near break even by the end of the financial year. PNW continues to own AM / digital licence and key infrastructure for MTR. The Power of Talk Financial Results The Power of Talk 2010-2011 Results $M 2009 2010 2011 Change Revenue $11.7 $13.2 $13.3 - EBITDA $0.5 $0.8 $1.0 1 +26% Net Profit $0.3 $0.68 $0.83 +21% 1. Pre licence impairment Revenue growth softened from half year onwards with clients becoming more cautious. Leveraged improved profit result from a flat revenue base. Impaired value of MTR radio licence by $0.8M. The Power of Talk 4 Months to October 2011 Results $M 2009 2010 2011 Change Revenue $4.9 $4.7 $5.2 +11% EBITDA $0.5 $0.6 $0.8 +33% Net Profit $0.4 $0.5 $0.8 +60% Promising results for first 4 months, however the summer months cyclically generate lower revenues / profitability. Revenue and operating costs running in line with budget. Once completed we expect that Inside Football will contribute to full year result. Current results not significantly influenced by MTR JV. Will update results guidance with interim results in Feb 11. The Power of Talk Quarterly EBITDA Results 0.8 0.3 In $Millions 0.0 -0.2 0.1 0.4 Qtr 1 2008 0.3 Qtr 2 2008 -0.1 Qtr 3 2008 Qtr 4 2008 0.1 0.4 Qtr 1 2009 0.2 Qtr 2 2009 -0.1 Qtr 3 2009 0.1 Qtr 4 2009 0.5 0.2 Qtr 1 2010 0 Qtr 2 2010 0.8 Qtr 3 2010 0.2 0.4 Qtr 4 2010 Qtr 1 2011 Qtr 2 2011 -0.1 The Power of Talk Qtr 3 2011 Qtr 4 2011 To Oct 2011 Balance Sheet / Cash Flow Completed share capital consolidation in April. Brought $0.83M of historical tax losses to account as part of ongoing review of Company’s tax position. Receivables were $3.7M at year end but adequately provisioned for bad debt scenarios. Continue to generate strong cash flows, up $0.4M for the full year after dividends and capital expenditure. Special resolution before shareholders today is to approve that dividends can be paid out of sources other than profits, in accordance with the Corps Act. Intention is to continue share buy back with $0.3M of the Company’s shares bought back to date. The Power of Talk Future Outlook Secured a new 5 year broadcast deal with AFL to cover 6 live games per week. Currently on track to deliver a budgeted full year result of $1.2-1.4m approx, a 50% improvement on prior year. Contracts exchanged for acquisition of Inside Football and will remain alert to further “on strategy” acquisition opportunities. Will aim to maintain a dividend payout ratio of 60-70% of profits which currently represents a 4-5% un-franked yield. Radio advertising market unlikely to show much growth this year. MTR unlikely to generate returns over short term horizon. The Power of Talk AGM Resolutions Resolution 1-Non Binding “That the remuneration report for the financial year ended 30 June 2011 as disclosed in the Directors’ Report be received and approved.” For 4,338,060 Against 10 Abstain 16,582,599 Proxy’s Discretion 11,355,249 Total 32,275,918 The Power of Talk AGM Resolutions Resolution 2 “That, Mr Gary Pert, who retires from office in accordance with the Constitution, being eligible for re-election, is re- elected as a Director of the Company.” For 5,042,699 Against - Abstain - Proxy’s Discretion 27,233,219 Total 32,275,918 The Power of Talk AGM Resolutions Resolution 3 “That for the purposes of Section 136(2) of the Corporations Act and for all other purposes, the Constitution be amended in accordance with the proposed amendments set out in the Explanatory Statement to the Notice of Meeting.” For 5,042,699 Against - Abstain - Proxy’s Discretion 27,233,219 Total 32,275,918 The Power of Talk Close of Meeting The Power of Talk.
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