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For Personal Use Only Use Personal for CONTENTS 2012 ANNUAL REPORT For personal use only CONTENTS 2 CHAIRMAN’S ADDRess 4 CHIEF EXECUTIVE OFFICER’S REPORT 7 DIRECTORs’ REPORT 23 CORPORATE GOVERNANCE STATEMENT 28 FINANCIAL STATEMENTS CORPORATE INFORMATION ABN 97 000 764 867 This annual report covers both Prime Media Group Limited (“the Company”) as an individual entity and the consolidated entity comprising Prime Media Group Limited and its subsidiaries (“the Group”). The Group’s functional and presentation currency is AUD ($). NAME POSITION DATE APPOINTED DATE RESIGNED Directors Paul Joseph Ramsay AO Chairman 17 April 1985 – Michael Stanley Siddle Deputy Chairman 17 April 1985 – Peter John Evans FCA 27 March 1991 – Alexander Andrew Hamill 2 October 2003 – Ian Patrick Grier AM 6 June 2008 – Ian Richard Neal 6 June 2008 – Siobhan Louise McKenna 20 August 2009 29 March 2012 Ian Craig Audsley Chief Executive Officer 24 June 2010 – Company Secretaries Andrew Cooper 16 June 2005 30 September 2011 Emma McDonald 27 February 2012 – Lesley Kennedy 16 December 2010 5 June 2012 REGISTERED OFFICE BANK 363 Antill Street Australia and New Zealand Banking Group Limited (ANZ) Watson ACT 2602 8/20 Martin Place (02) 6242 3700 Sydney NSW 2000 SHARE REGISTER AUDITORS For personal use only Link Market Services Limited Ernst & Young Level 12 680 George Street 680 George Street Sydney NSW 2000 Sydney NSW 2000 Ph: 1300 554 474 Prime Media Group Limited shares are listed on the Australian Securities Exchange (Listing Code PRT). HIGHLIGHTS $273m $ 67.4m REVENUE* EBITDA $33.2m 6.6¢ CORE NET PROFIT AFTER TAX* FULL YEAR DIVIDEND/SHARE 22.1% 6.2% CHANGE IN CORE NET ADVERTISING REVENUE PROFIT AFTER TAX* 7 6. 2 1. 2 9 24 4 2. 2. 1. 23 .0 21 21 21 .2 .5 .4 20.3 20 19 18 18 08 09 10 11 12 08 09 10 11 12 For personal use only ADVERTISING REVENUE ADVERTISING REVENUE TELEVISION (Millions) RADIO (Millions) * from Continuing Operations before specific items. PRIME MEDIA GROUP ANNUAL Report 2012 1 For personal use only 2 CHAIRMAN’S ADDRESS On behalf of the Directors of PRIME Media Group I am pleased to present the Annual Report covering the 2012 financial year. PRIME delivered solid Core Net Profit After earnings. The Company booked a $5.3 million Tax growth of 22.1% off the back of a strong impairment charge for radio intangible television audience and advertising revenue assets due to continuing uncertainty in the growth attributable to the Seven Network regional Queensland advertising market. programming schedule. We remain confident of the radio business’ ability to improve its contribution with any The result positioned PRIME as the strengthening of the advertising market and growth leader in the traditional media the Queensland economy generally. sector (non‑online). Management has maintained its focus In calendar year 2011 PRIME7 won the on expenses in order to mitigate any cost television audience ratings in its three pressures, which included a restructure aggregated markets of northern New South of the executive team. I’d like to take this Wales, southern New South Wales and opportunity to acknowledge the tremendous Victoria (on a combined basis), taking it to contribution to PRIME by Mr Doug Edwards, number 1 ranking status for the first time since Mr Ross Howarth, Ms Maureen Jack and regional television markets were aggregated Mr Trevor Sutherland, all of whom left the in 1991. It is a tremendous achievement, Company as part of that restructure. demonstrative of management’s focus on improving the performance of the business. I’d like also to thank PRIME’s dedicated staff across the breadth of the country for their It was also a year of innovation at PRIME as it contribution to a tremendous result, and the introduced Australia’s first datacasting service. loyal advertisers whose continuing support Received in all of PRIME’s television markets of our businesses made it possible. across Australia, the datacasting service Core earnings per share has increased 21.2% broadcasts information programs 24/7. It is a to 9.1 cents. A final dividend per share of 3.3 unique offering, which also provides a new and cents is a 37.5% improvement on the prior year. growing revenue stream and management continues to look for similar opportunities to The 2012 financial year demonstrated PRIME’s provide additional revenue channels. ability to outperform and innovate. I’m very pleased with the results, which speak for For personal use only PRIME’s radio division struggled to match themselves. the previous year’s performance due to difficult market conditions. It nonetheless Paul Ramsay AO continues to be a good contributor to group CHAIRMAN PRIME MEDIA GROUP ANNUAL Report 2012 3 CHIEF EXECUTIVE OFFICER’S REPORT Strong earnings growth in FY 2012 contrasts sharply against the declines of most other traditional media companies. I’m very pleased to report that your company outperformed the advertising market and most of its industry peers in the 2012 financial year. Revenue from continuing operations increased in the financial year to $273.5 million, representing a $16.5 million or 6.4% increase on the prior year, and derived from an advertising market that declined 1.8%. EBITDA of $67.4 million is $6.4 million or 10.3% above the prior year and reflects an improvement in EBITDA margin of 24.6%, up from 23% in the prior year. This resulted in a core net profit after tax of $33.2 million, an increase of 22.1%. Non‑core items, including a $5.3 million write down of the Company’s radio intangible assets resulted in statutory net profit after tax of $27.7 million, up 1.9% on the prior period. The radio business impairment was a result of persisting weak consumer sentiment and softening advertiser confidence in regional Queensland. The advertising market in Queensland continued to be difficult as a result of the higher Australian dollar and its negative impact on tourism, cost of living increases in markets hosting the mining industry and the lingering effects of last year’s floods and tropical cyclone. More recently, the change in state government and a subsequent reduction in government advertising spend has further weakened confidence. However, PRIME’s television division shrugged off the effects of a declining advertising market to post revenue growth of $15.4 million or 6.6% on the prior period result. EBITDA of $72.9 million is a $6 million or 9.1% improvement. The solid performance of television is attributable to the continuing strength of the Seven Network’s programming schedule and the focus and attention of PRIME’s For personal use only management team to optimise its yield from the market. 4 Television’s share of national advertising revenue in a year on year EBITDA improvement of increased 2.8 share points to 42.4%* while total $723,000 or 82%. Clearly the white‑labelling network audience grew by 2 share points.^ of the former iPRIME site has delivered the desired outcome. A priority focus during the year was a review of television’s sales organisations. Led by In November 2011 the company successfully Group General Manager Sales & Marketing executed a new long term debt facility for Dave Walker and General Manager Network $200 million at a margin of approximately 180 Sales Tony Hogarth, television’s local sales basis points, based on current gearing levels. management structure was overhauled to The facility is repayable in full in 4 years. centralise the sales strategy and business PRIME’s net debt at 30 June 2012 of $117.1 development functions in order to overlay million represents a reduction of $18.6 million industry best practices across the entire sales or 13.7% on the net debt position at 30 June operation and improve the performance of 2011. The reduction in debt was due to our each respective local sales market. The review continued growth in profitability and strong also created an opportunity to reduce the operating cash flows. sales management overhead. The 2012 financial year was one of continued Radio advertising revenue declined by growth and improvement. It comes thanks $338,000 or 1.7% to $19.3 million, due to to a tremendously committed and dedicated market conditions and EBITDA declined management team and staff, with a desire $632,000 or 13.2% against the prior year’s to win at every level and to lead the way in result. Radio management held a tight rein regional media. I commend their efforts to you. on expenses with year on year growth of just $223,000 or 1.4% over the prior period. Management continues to look for more efficient ways to mitigate the difficulties being experienced in the regional Queensland advertising market. PRIME7.COM.AU delivered advertising For personal use only revenue growth 30% to $2.2 million while Ian Audsley expenses reduced by $250,000 or 10% on the CEO previous corresponding period. This resulted * Total Agency Revenue 3AGG market – KPMG ^ Source Regional TAM‑All People 06:00‑23:59HRS PRIME MEDIA GROUP ANNUAL Report 2012 5 GROUP EXECUTIVE EMMA MCDONALD SHANE WOOD GENERAL COUNSEL/COMPANY SECRETARY GROUP GENERAL MANAGER OPERATIONS Ms McDonald joined Prime Media Shane Wood is an experienced Group in September 2011. She has media executive with extensive senior been a solicitor for 20 years, and has management exposure to a variety worked in senior legal and business of media environments. Mr Wood affairs roles at Austereo, Granada has direct experience in free TV, Media/ITV Studios, Fairfax Media and subscription TV, radio, online, mobile XYZnetworks (a FOXTEL/Austar joint and out‑of‑home businesses through venture), and for a major law firm.
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