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Full Year Statutory Accounts

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Full Year Statutory Accounts Appendix 4E (Rule 4.3A) For the year ended 30 June 2021 Results for Announcement to the Market 2020 2021 Restated Key Financial Information $’000 $’000 Continuing operations Revenue from ordinary activities Up by 8% 2,342,178 2,172,060 Revenue from ordinary activities, excluding specific items Up by 8% 2,332,984 2,156,785 Net profit/(loss) from ordinary activities after tax n/m 183,961 (507,751) Net profit after tax, excluding specific items Up by 76% 277,530 157,694 Discontinued operations Profit/(loss) from ordinary activities after tax — (66,189) Total income attributable to: Net profit/(loss) from ordinary activities after tax — owners of the parent n/m 169,364 (589,198) Net profit from ordinary activities after tax — non-controlling interest Down by 4% 14,597 15,258 n/m = not meaningful Refer to the attached Financial Report, Results Announcement and Investor Presentation for management commentary on the results. Dividends A fully franked dividend of 5.5 cents per share has been announced payable on 20th October 2021. Amount per Franked amount share per share Dividends cents cents Dividend per share (paid 20th October 2020) 2.0 2.0 Interim 2021 dividend per share (paid 20th April 2021) 5.0 5.0 A fully franked dividend amounting to $34,107,865 of 2.0 cents per share was paid on 20 October 2020. An interim fully franked dividend amounting to $85,269,663 of 5.0 cents per share was paid on 20 April 2021. Dividend and AGM Dates Ex-dividend date: 9 September 2021 Record date: 10 September 2021 Payment date: 20 October 2021 Annual General Meeting date: 11 November 2021 Net Tangible Assets per Share 2020 2021 Restated Reported cents cents Net tangible asset (deficit)/backing per ordinary share 1 (38.3) (40.9) Net asset backing per ordinary share 114.9 108.4 1. If the right of use assets are included, then the net tangible asset deficit backing per share is (18.0) cents (FY20: (27.6) cents). Supplementary information Additional Appendix 4E disclosure requirements can be found in the Directors’ Report and the 30 June 2021 Financial Report. Nine Financial Report 2021 i This page has been left blank intentionally. ii Nine Financial Report 2021 Financial Report for the year ended 30 June 2021 Nine Entertainment Co. Holdings Limited ABN 60 122 203 892 Financial Report for the year ended 30 June 2021 Contents Directors’ Report 2 Auditor’s Independence Declaration 8 Remuneration Report 9 Operating and Financial Review 33 Consolidated Statement of Profit or Loss and Other Comprehensive Income 40 Consolidated Statement of Financial Position 41 Consolidated Statement of Changes in Equity 42 Consolidated Statement of Cash Flows 43 Notes to the Consolidated Financial Statements 44 Directors’ Declaration 102 Independent Auditor’s Report 103 Corporate Directory 109 The financial report is provided to the Australian Securities Exchange (ASX) under ASX Listing Rule 4.2A.3. Financial Highlights $2,332m $565m Revenue EBITDA increase of 8% increase of 43% $416m $278m EBIT NPAT increase of 67% increase of 76% 15.3 cents 0.4x EPS Net Leverage1 increase of 83% improvement of 60% Before specific items (Note 2.4). 1. Net debt, excluding lease liabilities. Nine Financial Report 2021 1 Directors’ Report The Directors present the financial report for the year ended 30 June 2021. The financial report includes the results of Nine Entertainment Co. Holdings Limited (the “Company”) and the entities that it controlled during the period (the “Group”). Directors The Directors of the Company at any time during the year or up to the date of this report were as follows: Name Title Date Appointed Date Resigned Peter Costello Independent Non-Executive Chairman 6 February 2013 Nick Falloon Independent Non-Executive Deputy Chairman 7 December 2018 Hugh Marks Chief Executive Officer 6 February 2013 31 March 2021 Mike Sneesby Chief Executive Officer 1 April 2021 Patrick Allaway Independent Non-Executive Director 7 December 2018 1 April 2021 Andrew Lancaster Non-Executive Director 1 April 2021 Samantha Lewis Independent Non-Executive Director 20 March 2017 Mickie Rosen Independent Non-Executive Director 7 December 2018 Catherine West Independent Non-Executive Director 9 May 2016 Peter Costello (Independent Non-Executive Chairman) Mr Costello was appointed to the Board in February 2013 as an independent, Non-Executive Director and in March 2016 became Chairman of the Board. He is also a member of the Audit & Risk Management Committee. Mr Costello is currently Chairman of the Board of Guardians of Australia’s Future Fund and serves on a number of domestic and international advisory boards. He commenced his career as a solicitor and then a barrister. Mr Costello was a member of the Australian House of Representatives from 1990 to 2009 and was Treasurer of the Commonwealth of Australia from March 1996 to December 2007. From 2009, Mr Costello has worked as a corporate adviser in the fields of mergers, acquisitions and foreign investment. He has a Bachelor of Arts and a Bachelor of Laws (Hons) and a Doctorate of Laws (Honoris Causa) from Monash University. In 2011, Mr Costello was appointed a Companion of the Order of Australia. Nick Falloon (Independent Non-Executive Deputy Chairman) Mr Falloon was appointed to the Board in 7 December 2018 as an independent, Non-Executive Director. Prior to the merger of Nine and Fairfax, Mr Falloon was chairman of the Fairfax Board before taking up the role of deputy chairman of Nine in December 2018. He is also chairman of Domain Holdings Australia (since November 2017). Mr Falloon has had 30 years’ experience in the media industry, 19 years working for the Packer-owned media interests from 1982 until 2001. Mr Falloon served as CEO of Publishing and Broadcasting Limited (PBL) from 1998 to 2001 and before that as Chief Executive Officer of PBL Enterprises and Group Financial Director of PBL. PBL provided a strong background in the television, pay TV, magazine, radio and digital industries. From 2002, Mr Falloon spent nine years as Executive Chairman and CEO of Ten Network Holdings. He holds a Bachelor of Management Studies (BMS) from Waikato University in New Zealand. Mike Sneesby (Director and Chief Executive Officer) Mr Sneesby was appointed as a Director and Chief Executive Officer of Nine with effect from 1 April 2021. He was the CEO of Stan Entertainment since its inception in 2013, until his appointment as CEO of Nine. He is also a director of Domain Holdings Australia Ltd (since 21 April 2021). Mr Sneesby is an experienced media executive with a depth of local and international experience. He was formerly the CEO of the Microsoft/Nine e-commerce joint venture, Cudo, up until its sale in 2013. Prior to that, Mr Sneesby set up the invision IPTV service in Dubai as Vice President of IPTV for the Saudi Telecom/Astra Malaysia joint venture, lntigral. Before joining lntigral, he headed Corporate Strategy and Business Development at ninemsn where he established a portfolio of high growth digital media businesses including the start-up of MSN New Zealand and management of the EPG and listings business HWW. Prior to ninemsn, Mr Sneesby led a company-wide program for Optus rolling out and launching their national ADSL broadband network. Mr Sneesby spent his earlier career in leadership and consulting positions gaining broad experience in digital media, technology and telecommunications in Australia, Asia and the USA. He holds an Honours Degree in Electrical Engineering from the University of Wollongong and a Masters of Business Administration from the Macquarie Graduate School of Management. 2 Nine Financial Report 2021 Andrew Lancaster (Non-Executive Director) Mr Lancaster joined the Board on 1 April 2021 as a Non-Executive Director. Mr Lancaster is CEO of the WIN Corporation and Birketu Pty Ltd, Nine Entertainment Co’s largest individual shareholder (so is not an independent director). After more than 27 years working in the media sector, Mr Lancaster has extensive experience in both metropolitan, and regional television and radio. He has a broad knowledge of strategic, structural, operational, financial and resource management as well as a proven history of driving strong revenue growth across all areas of these businesses. Mr Lancaster is currently a Director of Free TV Australia, Broadcast Transmission Services and NRL team St George Illawarra Dragons. Mr Lancaster holds a Master of Commerce Human Resource Management and a Bachelor of Economics and Management, both from the University of Wollongong. Samantha Lewis (Independent Non-Executive Director) Ms Lewis joined the Board in March 2017 as an independent, Non-Executive Director and is Chair of the Audit & Risk Management Committee and a member of the People & Remuneration Committee. Ms Lewis is a chartered accountant with extensive experience in accounting, finance, auditing, risk management, corporate governance, capital markets and due diligence. Ms Lewis has been a non-executive director since 2014, and in addition to Nine Entertainment, serves on the Boards of ASX-listed Orora Ltd (since March 2014) and Aurizon Holdings Ltd (since February 2015) and is also the Chair of the Audit and Risk Committee of the Australian Prudential Regulatory Authority. Prior to becoming a non-executive director, Ms Lewis spent 20 years at Deloitte including 14 years as a Partner. In that role, she led the audit of a number of major Australian listed companies, in the retail/FMCG and industrial sectors. During her time at Deloitte, Ms Lewis also provided accounting advice and transactional advisory services, including due diligence, IPOs and debt/equity raising. Ms Lewis holds a Bachelor of Arts, Economics from the University of Liverpool. Mickie Rosen (Independent Non-Executive Director) Ms Rosen served on the Fairfax Board from March 2017, before moving on to the new board when Nine and Fairfax merged in December 2018.
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