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AGM Addresses 2011 17 November 2011 Company Announcements Office Australian Stock Exchange Limited Level 6 20 Bridge Street SYDNEY NSW 2000 By electronic lodgement Total pages : 10 (including covering letter) ANNUAL GENERAL MEETING ADDRESSES Please find attached the addresses given by the Chairman and Executives at the 2011 Annual General Meeting. Yours faithfully For and on behalf of Seven West Media Limited Peter Bryant Company Secretary KERRY STOKES AC - CHAIRMAN It is only a few months since you as shareholders in West Australian Newspapers approved the West’s acquisition of Seven Media Group to create Seven West Media. This has transformed your company which today is Australia’s biggest multiple-platform media company. Even in these tough economic conditions, we continue to produce strong cash- flows and our businesses continue to flourish. Of course, like most of our shareholders, I am disappointed with our current share price. It does not reflect the performance of our market-leading businesses. Our share price has been sold down since the merger of The West and Seven Media Group. This largely reflects global uncertainty, market turmoil and the turbulence in advertising demand. A short while ago we announced that we had successfully completed the refinancing of the company’s debt. We have now put in place longer-term funding, that ensures the security of your company. As agreed when the merger was submitted, your company’s two largest shareholders – Seven Group Holdings and Kohlberg Kravis Roberts & Co, did take up their full entitlements in Seven West Media’s dividend re-investment plan. In addition Seven Group Holdings recently acquired on-market a further 11.5 million shares in Seven West Media. This commitment to the dividend re-investment plan and the acquisition of more shares confirms our belief and confidence in the strong long-term value in Seven West Media. It is a company with the scope and scale to build and invest in its first-rate businesses. Our new agreement with the Australian Football League underlines our commitment to invest in our business and to drive home our leadership. This agreement will see Seven as the only broadcast television platform for the Australian Football League with coverage across Seven and our digital platform over the ensuing five years. Seven is still further increasing its audiences in this, its fifth year of market dominance across Australia. The West’s delivery in circulations, readership and profitability confirms that it is the best-performing newspaper business in Australia. Pacific Magazines leads the market in the categories in which it publishes its magazines and Yahoo!7 continues its strong momentum, delivering good margins and driving Seven West Media’s presence in new and emerging technology platforms. Despite the challenging market conditions, Seven West Media delivered 4 per cent growth in revenue, 12 per cent growth in EBITDA and 14 per cent growth in EBIT in 2010-2011 on a pro-forma basis compared to the previous financial year. This performance underlines the health of Seven West Media’s businesses. Based on the Group’s internal management accounts and on the performance of the Group’s Operating Subsidiaries and Investments so far this financial year, we currently expect the underlying Group EBIT will be in excess of $300 million for the half year ended 31 December 2011. Given the shortness in the advertising bookings at this time, we believe it is too early to be providing guidance in respect of the second half of the financial year but note again the expected increase in investment in programming in the second half due to the new AFL contract. We have the best-performing media businesses in the country and we have superb management. Your board is rightfully proud of the efforts of management in continuing to deliver the best results for any media company in this current market environment. Shortly, David Leckie and Chris Wharton will take you through the company’s performance and the outlook for the coming twelve months. The company’s focus is to continue to build on the successful integration of The West, Seven, Pacific Magazines and Yahoo!7 and strengthen its leadership in broadcast television, print media and online. Our focus remains on staying Number One in our various media forms, on achieving a high revenue share and on ensuring that our profit is passed on to our shareholders through dividends and hopefully through market recognition of a higher share price. In closing, I, your board and management take great pride in this new company. It remains a company that has been part of the fabric of Western Australia for nearly 180 years and today is a company with a significant market presence in all major media platforms across Australia. Because of this diversity and strength we have a future and our future is sound. It is also a company that is undeniably well-placed to drive home its leadership and take advantage of an improving consumer economy. I would now like to invite David Leckie, the Chief Executive Officer & Managing Director of Seven West Media Limited to the lectern. DAVID LECKIE - CHIEF EXECUTIVE OFFICER & MANAGING DIRECTOR Thank you, Kerry. I am pleased to speak to you, our shareholders. As our Chairman has highlighted, this has been an extraordinary twelve months for your company. The formation of Seven West Media brings together some of Australia’s best- performing media businesses. And we’ve seen our media businesses deliver over the past twelve months. And they have delivered in the toughest of economic conditions for all media companies, given the significant softening in advertising demand. Our businesses are performing well. Much has been done in the few months since the approval of shareholders on a transaction that led to the formation of Seven West Media. More will be done as we create and develop ‘one company’ which delivers market leadership across its array of media platforms. One of the keys to our success is leadership. We have great management teams driving our performance across each of our major media businesses. Each of these businesses are market-leading. And over the coming twelve months we intend to drive home that leadership. Our television business is focused on leadership. Seven is number 1 for total viewers and in all key audience demographics in the current television season. This is the best-ever result in the network’s history. 7TWO is the most-watched digital channel for total viewers and 7mate is number 1 in its men 16-54 target audience. Our suite of channels delivers more viewers than anyone else. We are also building audiences in all key demographics with more people watching us this year than last year. Seven is up 11.7% in total viewers, up 15.0% in 16-39s, up 11.2% in 18-49s and up 10.8% in 25-54s on 2010. Beyond primetime, we are also number 1 in breakfast television, morning television, nightly news and public affairs and overall across the entire broadcast day. This success see Seven continue to lead the market in television advertising revenue share. Our success over the past five television seasons has been built on a clear and defined strategy: the creation of content that you can only see on Seven. It is a considered commitment to programming that has delivered Packed to the Rafters, The X Factor, Dancing with the Stars, My Kitchen Rules, Australia’s Got Talent. And despite the current economic climate that is impacting advertising revenue, your company will continue to invest in Australian programming that will define its success over the coming decade. Seven’s new agreement with the Australian Football League for broadcast television rights for the 2012-16 seasons underscores this commitment to secure key programming content to drive the network’s leadership in broadcast television in an increasingly competitive landscape. Beyond strengthening primetime and securing our leadership, the Australian Football League delivers more than pure ratings. It has a ‘halo’ effect across our network – greatly enhancing not only our overall ratings, but also delivering a platform for marketing and promotion for programmes across our network. The response from advertisers to our plans for 2012 has been outstanding, exceeding our expectations at this point as we market our network’s programming for the new television season. Our television business the best operating margins compared to its peers and our objective is to continue to deliver the best margins including the company’s increasing commitment to Australian programming. Our magazine publishing business, Pacific Magazines, has delivered a positive performance in a competitive and challenging market over the past twelve months. It has delivered improvements in margins and secured the largest circulation share increase of any Australian magazine publishing company. Pacific Magazines is the only major publishing company to increase advertising share and is acknowledged as Australia’s most powerful portfolio of magazines – with market leadership in the categories in which it publishes. Seven West Media’s online and new media presence through Yahoo!7, a joint venture with Yahoo! Inc continues its strong momentum, delivering strong margins and diversifying into the fast growing social commerce category. A signpost to our future is Yahoo!7’s PLUS7 catch-up TV offering streams almost three million full episodes of Seven’s most popular programmes every month. One of our great successes may be surprising for many of those who seem to want to ‘write off’ newspapers. The West Australian is an important part of the lives of all West Australians. It also has market-leading margins, managed its operations and costs effectively, and increased its total readership by 1.3 per cent over the past twelve months, consolidating its circulation in a challenging market for newspapers.
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