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2019 Full Annual Report

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2019 Full Annual Report KEEPING KIWIS IN THE KNOW. ANNUAL REPORT NZME LIMITED For the year ended 31 December 2019 2 NEW ZEALAND MEDIA AND ENTERTAINMENT We have the channels, brands, talent and audience to fulfil our commitment to Kiwis and to lead the future of news and journalism in New Zealand. We empower, enrich and enliven our audiences and connect them to the people, events, and decisions that matter. ANNUAL REPORT 2019 3 CONTENTS. 04 Operational Highlights 07 2019 Financial Results Summary 08 Chair’s Report 10 Chief Executive Officer’s Report 12 Keeping Kiwis in the Know 14 Financial Results and Channel Commentary 18 Our Sustainability Commitment 26 The NZME Board 28 The NZME Executive Team 30 Corporate Governance 44 Consolidated Financial Statements 96 Independent Auditors Report 101 Directory This annual report is dated 24 February 2020 and is signed on behalf of the Board of Directors by: Peter Cullinane Carol Campbell Chair Director 4 NEW ZEALAND MEDIA AND ENTERTAINMENT OPERATIONAL HIGHLIGHTS. ANNUAL REPORT 2019 5 PRINT 35 1.3 million 46.9%3 print publications across weekly readers2 Print advertising revenue market New Zealand1 share for 12 months to Dec 2019 (up from 44.8% for 12 months to Dec 2018) 1.7 million 465,000 NZ Herald weekly brand average issue readership2 audience2 RADIO 9 NewstalkZB 35.9%6 radio brands serving all key Number one commercial radio Radio audience market share demographics network and ZB’s Mike Hosking (up from 34.9% in Dec 2018) Breakfast Show the most popular breakfast show5 2.0 million ZM Breakfast 39.5%7 weekly listeners4 #1 breakfast show for all Radio Revenue market share for New Zealanders Under 405 12mths to Dec 2019 (up from 39.0% for 12mths to Dec 2018) Growth to 944k registered users (up 14%) and 3.9 million average iHeart Radio monthly listening hours (up 18%), growing revenue 40%8 DIGITAL 2.3 million 46,000 1.8 million Digital users per month across subscribers access NZ Herald Monthly unique audience our digital platforms9 Premium including 21,000 paid on nzherald.co.nz9 digital subscribers OneRoof DRIVEN GrabOne 241,000 monthly unique Over 40,000 for sale vehicle 352,000 monthly unique audience9, 75% of residential for listings, 127,000 monthly unique audience9 sale listings in New Zealand and audience9 95% of residential for sale listings in Auckland10 1 Print publications include 7 Metro and Regional newspapers, 20 Community newspapers and 8 Newspaper Inserted Magazines. 2 Nielsen CMI Fused Q4 18 - Q3 19, People 15+. 3 PwC NPA quarterly performance comparison report, December 2019. 4 GfK Radio Audience Measurement, Commercial Stations, NZME and Partners, Cumulative Audience, S4 2019. 5 GfK Radio Audience Measurement, Commercial Stations, Total NZ, S4 2019, Share (%). 6 GfK Radio Audience Measurement, Commercial Stations, NZME and Partners in major markets, S4 2019, Monday-Sunday 12mn-12mn, station share %, AP 18-54. 7 PwC Radio advertising market benchmark report, December 2019. 8 AdsWizz and StreamGuys, December 2019. 9 Nielsen Online Ratings, December 2019. 10 OneRoof listings as a percentage of residential for sale listings on TradeMe. 6 NEW ZEALAND MEDIA AND ENTERTAINMENT ANNUAL REPORT 2019 7 2019 FINANCIAL RESULTS SUMMARY. $371.7m $50.6m $19.7m Operating Revenue1 Operating EBITDA1 Operating NPAT1 2018 $388.9m 4% 2018 $54.7m 7% 2018 $18.9 m 4% 10.0cps ($165.2m) Operating Earnings per Share1 Statutory Net Loss After Tax 2018 9.6cps 4% 2018 Stat. NPAT $11.6m Radio Cost Net Debt Growth 2% Savings 4% Down $23.6m Strong radio revenue Focus on cost savings Net debt reduction to growth of 5% in the reduces operating $74.7 million and leverage second half of the year, expenses by 4% ratio reduced to 1.5 times up 2% year on year Operating EBITDA 1 Operating results are presented excluding the impact of NZ IFRS 16 and exceptional items to allow for a like for like comparison between 2018 and 2019 financial years. Please refer to slide 33 and 34 of the 2019 Full Year results presentation for a detailed reconciliation. 8 NEW ZEALAND MEDIA AND ENTERTAINMENT CHAIR’S REPORT. In 2019 we communicated our overriding purpose of keeping Kiwis in the know, highlighting for me the significant role New Zealand Media and Entertainment (NZME) plays in keeping New Zealanders connected to local, national and global events. I’m pleased that NZME continues to deliver I’m proud that NZME has always based its business decisions on a on its core purpose of keeping Kiwis in strong set of values focused on supporting our communities, our the know; continues to deliver excellent results for its advertising partners; and has people and our environment. NZME’s Sustainability Commitment improved its balance sheet as we strive to featured in this report, helps us share that story. maintain a vibrant business that delivers sustainable growth for shareholders. The framework that supports the news value and are willing to pay for high quality In 2019 we have reported a statutory Net teams in bringing these stories to all local and international journalism through Loss After Tax of $165.2 million. 2019 Net New Zealanders is a passionate media NZ Herald Premium content on-line. We Profit was impacted by the impairment business with diversified portfolios; multiple now have over 21,000 paid premium digital of intangible assets of $175.0 million. This platforms; and strategies for sustainable subscribers, with an additional 25,000 print is an accounting charge only with no growth with an unrelenting focus on subscribers who access premium content change to cash flows and no impact on delivering for our audiences. via their print bundle packages. bank covenants. Our purpose has been underpinned Our focus on radio capability continues to 2019 Operating Net Profit After Tax by three strategic key priorities - prove itself with award winning stations, (“NPAT”)1 of $19.7 million and Operating EPS ourcommitment to lead the future of news increased radio audience market share and of 10.0 cents were up 4% compared to the and journalism in New Zealand, increasing increased radio revenue market share. It prior corresponding period. radio capability and performance, and was fantastic to see radio revenue return to creating New Zealand’s leading real estate growth with 5% growth in the second half In 2019 we championed the awareness of platform. These have delivered measurable of the year and 2% growth year on year – many issues which impact New Zealanders delivering on our key strategic priority of including; mental health, depression, and results for the business. increasing radio capability and performance. New Zealand’s meth crisis. Events such NZME targeted the first of these Our initiative to create New Zealand’s as the Christchurch mosque shootings, commitments firmly in 2019 with the leading real estate platform continues to the Grace Millane murder trial, the SkyCity launch of our digital subscription news gain momentum, with OneRoof increasing international convention centre fire and the service. To achieve sustainable growth our its market share of residential for sale Whakaari/White Island volcanic eruption business must be bold and be prepared listings in Auckland and New Zealand wide. punctuate how important well-resourced and to lead the market. It is pleasing to see independent newsrooms are to New Zealand the response from the tens of thousands Unique browsers to the OneRoof website and its communities. I am extremely proud of New Zealanders, who prove that Kiwis continue to increase as audiences value of the professionalism, camaraderie and endurance our journalists, broadcasters and 1 Operating results are presented excluding the impact of NZ IFRS 16 and exceptional items to allow for a producers demonstrated in conveying these like for like comparison between 2018 and 2019 financial years. Please refer to slide 33 and 34 of the 2019 significant events to New Zealand. Full Year results presentation for a detailed reconciliation ANNUAL REPORT 2019 9 specialist insights and reporting into the There have been reports during the year that fosters innovation, engagement real estate market. This value proposition about NZME’s potential opportunity to and inclusion, and taking a responsible is starting to result in significant revenue purchase Stuff. We firmly believe that NZME is approach to the environment. contribution. the most logical owner of Stuff. An acquisition I’m proud that NZME has always based its of Stuff is aligned with NZME’s strategic The focus on our three key priorities of business decisions on a strong set of values priorities and our commitment to protecting news and journalism, radio, and OneRoof, focused on supporting our communities, the craft of journalism. will continue to underpin our strategic our people and our environment. NZME’s approach to 2020. No agreement in relation to the transaction Sustainability Commitment featured has been reached, however we continue in this report, helps us share that story. 2019 was also a challenging year for to progress towards the required regulatory Importantly, it also sets out how we deliver New Zealand media, and it was a year that approvals. on those values and how we’ll measure signaled some potentially extraordinary the sustainability commitments that sit NZME has made excellent progress in our changes ahead in the New Zealand alongside our financial performance. media landscape. capital management targets during the year. Net Debt reduced to $74.7 million as Finally, on behalf of the Board, I would like The impact of global players’ pressure on the at 31 December 2019 with leverage ratio to thank our shareholders for their on- New Zealand advertising market continued to reduced to 1.5 times Operating EBITDA. We going support, our talented and dedicated impact the local media market.
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