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ASX Release Iinet Generates Record Half Year Earnings with Growth Across Key Financial and Operating Metrics

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ASX Release Iinet Generates Record Half Year Earnings with Growth Across Key Financial and Operating Metrics ASX release iiNet generates record half year earnings with growth across key financial and operating metrics 21 February 2012 – iiNet Limited (ASX: IIN) today announced its results for the six months ended 31 December 2011 (H1 FY12), delivering on its growth strategy and capturing further broadband market share. Commenting on the results, iiNet’s Chief Executive Officer, Michael Malone, said that the Company continued to grow across all key financial metrics, had a strong balance sheet, and growing dividends. “The last six months have been a period of considerable expansion, with iiNet continuing to grow scale and cementing its position as the clear number two in DSL broadband. As a leader in telecommunications consolidation, we now have 860,000 individual subscribers across a record 1.7 million services. “We have laid the foundations for an exciting future. iiNet’s excellent financial performance over the past six months and attractive growth outlook clearly shows we are successfully executing the right strategy in light of the changing industry dynamics,” Mr Malone said. Key highlights included: WINNER Partnerships for Growth (iiNet & fetchtv) and Revenue up 11% to $365 million Communications Ambassador, EBITDA up 36% to $56.4 million ACOMMS Communications NPAT up 17% to $14.4 million Alliance & CommsDay Awards 2011 EPS up 19% to 9.6 cents per share Strong balance sheet, with comfortable gearing at 73% net debt to equity as at 31 December 2011 Acquisitions of TransACT and Internode taking iiNet’s broadband DSL market share to around 16 per cent Substantial scale post acquisitions – 860,000 broadband customers with 1.7 million National Large Business - iiNet services WA Large Business - iiNet WA Service Excellence in a Market leading low levels of churn with customer service-driven strategy continuing to Contact Centre – Westnet Customer Service Institute of deliver Australia (CSIA) Interim dividend up 20% to 6 cents per share fully franked. Having led consolidation amongst Internet Service Providers over the past two years, Mr Malone said the past six months were no exception. WINNER “The recent acquisitions of TransACT and Internode have been key in building further scale, Carrier of the Year Award, Highly commended - iiNet’s and taking iiNet’s broadband market share to around 16 per cent. These acquisitions further ‘work from home’ program, build out iiNet’s national footprint, providing market leading presences in South Australia, Australian Telecommunications Users Group (ATUG) ACT and regional Victoria. A full list of current awards can be seen at iiNet Awards Page 2 “In addition to having leading residential broadband market share in the ACT, TransACT provided a unique opportunity for iiNet to acquire significant network infrastructure assets in a key market. Through this acquisition, iiNet also further penetrated the lucrative SME, corporate and government sectors, which is a key strategic focus for iiNet. “The acquisition of Internode has brought together the two leading customer service focused brands in the Australian ISP industry. Internode was clearly an excellent fit with iiNet, as both companies are culturally aligned, provide market leading customer service, and have a strong commitment to innovation,” added Mr Malone. Whilst having been busy undertaking two attractive strategic acquisitions over the past six months, iiNet has also continued to: successfully integrate the AAPT Consumer Division provide market leading customer service levels maintain industry leading low levels of churn grow the Business Segment, which now generates pro forma annualised revenue of more than $100 million ensure the Company was National Broadband Network (NBN) ready to capture the opportunities that the NBN will provide. Commenting on iiNet’s attractive growth opportunities, Mr Malone said: “Our scale, as the clear number 2 DSL provider and third largest broadband provider in Australia, combined with an unrelenting focus on customer service and product innovation, provides iiNet with a unique platform to successfully grow in a dynamic and evolving industry landscape. “iiNet is NBN ready. We have the scale, network capabilities, hardware capabilities, attractive pricing, and a brand centered on service and product delivery, that will allow us to thrive in an NBN world. “Recent changes to the regulatory environment with the ACCC declaring new wholesale ADSL prices will provide a more level playing field in the transition to NBN. These changes will allow iiNet to be more competitive, grow market share in the regions, and will provide certainty and benefits for both iiNet and its customers. “iiNet also has a significant opportunity to cross sell new products and services to its existing customers as part of our strategy to be their trusted provider of digital services. Our goal is to increase the average number of products per customer from two to three by the end of the 2014 financial year. With 860,000 customers that use 1.7 million services, there is a substantial opportunity to further grow our business from its existing base. “With continued focus on successfully integrating the acquisitions we have undertaken, as well as pursuing organic growth initiatives, we are confident that we have the right strategy and growth platform in place, with the foundation laid for an exciting future,” added Mr Malone. - ENDS- Page 3 For further information please contact: Michael Malone David Buckingham Chief Executive Officer Chief Financial Officer & Company Secretary E: [email protected] E: [email protected] P: +61 8 9214 2207 P: +61 8 9213 1358 About iiNet iiNet is Australia’s second largest DSL Internet Service Provider and the leading challenger in the telecommunications market. We employ over 2,000 inquisitive staff across four countries and support 1.7 million broadband, telephony, mobile and Internet Protocol TV (IPTV) services nationwide. We’re a publicly listed company and we maintain our own super-fast broadband network. Our vision is to lead the market with products that harness the potential of the Internet and differentiate with award-winning customer service. For further information go to www.iinet.net.au .
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