2005 Full Year Results 22 nd March

Transcription

1 2005 Full Year Results 22 nd March

2 INM S WORLD OVER 175 NEWSPAPER AND MAGAZINE TITLES OVER 70 ONLINE SITES 128 RADIO STATIONS OVER 75,000 OUTDOOR PANELS 1.

3 WHAT THE PAPERS SAY MARKET CONFUSION 2.

4 PESSIMISTIC VIEW Newspapers are a mature product and in secular decline INM S STRATEGIC RESPONSE Focus on GROWING NEWSPAPER markets Focus on PRODUCT INNOVATION drives future growth Judicious investment in CAPEX for the future creating new opportunities in colour, pagination and product flexibility Worldwide economic growth rates are pedestrian Focus on specific GROWTH MARKETS with underdeveloped newspaper potential PRICE AND COST LEADERSHIP strategy allows INM to perform ahead of economic growth rates 3.

5 PESSIMISTIC VIEW INM S STRATEGIC RESPONSE Classified advertising has migrated to online INM is PLATFORM INDIFFERENT NOT EXPOSED to the major classified markets of the US and UK Unique ability to offer advertisers a POTENT MIX of print and online, with already STRONG ONLINE CLASSIFIED Broadband signals the end of newspapers Broadband sponsoring more AV MULTI- MEDIA with focus on TV, radio and cinema, rather than newspapers Already have STRONG ONLINE PRESENCE in news, extending strong newspaper brand loyalty to online 4.

6 WHY WE RE DIFFERENT Advertising Revenues % Circulation Revenues + 6.4% Online Revenues % Operating Margin 19.34% Adjusted EPS % DPS % 5.

7 GROUP HIGHLIGHTS Record performance Financial targets achieved 3 rd consecutive year of double-digit EPS growth Record operating margins All markets ahead Year-on-Year Strong revenue growth (with growth across all regions) Firm cost control - despite newsprint cost pushes Successful sale of stake in itouch plc Strategic purchase of 26% stake in JPL (India) 6.

8 THE GLOBAL MULTI-MEDIA GROUP ONE GROUP ONE VISION ONE BRAND 7.

9 ONE GROUP ONE VISION ONE BRAND Delivery on Objectives Price Leadership Low Cost Operator Innovative/ Multi-Media Growth Markets Language Agnostic Geographic Diversity Portfolio/ Platform Diversity Track Record 8.

10 DELIVERY ON OBJECTIVES STRATEGIC Think Markets not platforms India Successful acquisition & IPO itouch Sale & reinvestment of proceeds in growth markets & online classified pillars OPERATIONAL Price Leadership Superior revenue growth Being the L.C.O. Belfast/ Dublin efficiencies Contract print Re-defining the competitive landscape FINANCIAL Re-financing More efficient financing more flexibility Taxation Low effective tax rate compared to peer group Innovation A Journey not a destination Marketing Successfully converging print with online INNOVATIVE 9.

11 GROWTH MARKETS INM operates in some of the world s fastest growing markets Global OECD growth is forecast at 2.9% for 2006; INM exceeds that 9.0% 8.0% 7.0% 6.0% 5.0% 4.0% 3.0% 2.0% 1.0% 0.0% Australia Austria Belgium Brazil Canada China Denmark Finland France Germany India Ireland Italy Japan Korea Netherlands New Zealand Norway Portugal Russia South Africa Spain Sweden Switzerland UK USA Eurozone Forecast 2006 GDP Growth (%) Source: Economist Intelligence Unit 2006/ OECD Economic Outlook 10.

12 LANGUAGE AGNOSTIC Only 5% of the world s population speak English as their first language INM strategically targeting non-english language segments Dainik Jagran Polski Herald Isolezwe Daily Voice Vukani India Ireland South Africa South Africa South Africa Hindi Polish Zulu Afrikaans Xhosa 11.

13 GEOGRAPHIC DIVERSITY GROSS REVENUES SPLIT BY MARKET 14% 25% 13% 48% Ireland South Africa United Kingdom Australasia 13% 28% 5% 54% GEOGRAPHIC SPLIT Revenues Operating Profit millions % % Ireland % % United Kingdom % % South Africa % % Australasia % % Less: Common Costs (15.0) (14.3) (4.9%) Group Total 1, , % % MARGINS BY MARKET %-age Ireland 22.6% 21.0% United Kingdom 7.2% 6.7% South Africa 18.8% 15.6% Australasia 23.0% 23.6% Group Total - after common costs 19.3% 18.7% OPERATING PROFIT BY MARKET 12.

14 2005 REVIEW Operations Review South Africa Profits of 41.8m (up 34.8%) Advertising growth 15.5%; Circulation growth 10.8% classified portal successfully repositioned 2 nd Year Glamour ABC > 100,000 Successful launch of new red-top daily, Daily Voice Continued expansion of Zulu-language daily, Isolezwe All titles continue to show ABC growth 13.

15 2005 REVIEW Operations Review Australasia Profits of 179.1m (up 7.1%) Advertising growth 12.3%; Circulation growth 10.7% Successful merger of all NZ classified sites under new portal Classic Hits achieves # 1 rating in Adelaide, Sydney & Melbourne APN Outdoor - major contract renewals/ wins Herald on Sunday - Auckland s best read Sunday Zoned Aucklander increases penetration/ share 14.

16 2005 REVIEW Operations Review United Kingdom Profits of 15.1m (up 11.0%) Advertising growth 1.5%; Circulation growth 2.8% portal repositioned, with joining all-ireland portal New 15-year print contract secured from News International - worth c. 100m over term of contract, commencing in upgraded Belfast print operations National s advertising +11.4%, bucks UK market; The Independent readership +29.8% and Independent on Sunday +21.6% (NRS, 6-months to Dec. 2005) Successful compact launches of Independent on Sunday and Belfast Telegraph 15.

17 2005 REVIEW Operations Review Ireland Profits of 90.6m (up 10.2%) Advertising growth 9.4%; Circulation growth 3.7% Successful merger of Island of Ireland classified sites under new portal Successful launch of Dublin s new free daily, Herald AM - beating DMGT s Metro, and weekly Polish sub-edition of the Evening Herald launched Terenure (Sunday World) Print facility closed & site sold for > 18m Enterprise unit formed for British Isles operations 16.

18 2005 REVIEW Operations Review India Dainik Jagran has India s largest circulation (2.4m daily copy sale) and world s largest readership (21.2m) Advertising growth 16.8%; Circulation growth 25.7% (Year to 31-Mar-05:) India is the fastest growing newspaper market in the world with fast-rising consumerism National literacy rate of 65.3% - lower in Dainik Jagran areas (53%) but growing rapidly - demonstrating clear potential Circulation footprint in 10 major states within Hindi Belt printed from 25 printing centres an area which accounts for 58% of India s population 17.

19 2005 REVIEW Operations Review India INM acquired 26.0% stake (max. allowable under FDI) for 28.5m, valuing company at Rs 5.8 billion in July 2005 January 2006 IPO raises > Rs 3.2 billion, valuing company at > Rs 16.1 billion * IPO proceeds to be used for expansion of publishing footprint, additional printing centres, online expansion, further investment in events and exhibitions and new investment in under-developed outdoor advertising market IPO dilutes INM s stake to 20.2% % *, but doubles the value of INM s investment * dependent on full exercise of Green Shoe option 18.

20 PORTFOLIO/ PLATFORM DIVERSITY REVENUE BY CLASS OF BUSINESS 9% 9% 15% 67% Publishing & Online Distribution/ Contract Print Radio Outdoor Total Publishing (incl. Print/ Dist) 2% 15% DIVISIONAL SPLIT Revenues Operating Profit millions % % Publishing & Online 1, % Contract Print/ Distribution % % Radio % % Outdoor Advertising * % % Less: Common Costs (15.0) (14.3) (4.9%) Group Total 1, , % % MARGINS BY DIVISIONAL MARKET %-age Publishing & Online 20.5% 19.8% Radio 32.9% 31.0% Outdoor Advertising * 3.9% 4.4% 83% OPERATING PROFIT BY CLASS OF BUSINESS Group Total - after common costs 19.3% 18.7% * excludes JVs, CCI (South Africa) and Adshel (Australia) 19.

21 2005 REVIEW Operations Review Publishing & Online PUBLISHING & ONLINE Revenues & Profits millions % Advertising % Circulation % Distribution/ Contract Print (3.0%) Total Publishing Revenues 1, , % Total Publishing Operating Profits % Operating Margin 20.5% 19.8% REVENUE GROWTH BY MARKET Advertising Circulation %-age Ireland 9.4% 3.7% United Kingdom 1.5% 2.8% South Africa 15.5% 10.8% Australasia 12.3% 10.7% Total - Publishing Division 10.3% 6.4% Rate 6.4% 4.6% Volume 3.9% 1.8% 20.

22 SEIZING THE ONLINE OPPORTUNITY Operations Review Online 1. GROW OUR EXISTING ONLINE PROPERTIES 2. DEVELOP NEW BUSINESSES Online strategy tailormade for OUR markets Impressive growth via organic development and selective acquisitions Specialist management and sales teams In-depth knowledge of OUR markets - WE THINK MARKETS NOT PLATFORMS GROUP ONLINE REVENUES millions +23%

23 SEIZING THE ONLINE OPPORTUNITY Operations Review Online ONLINE STRATEGIC DEVELOPMENT CLASSIFIED EDITORIAL SERVICES EDITORIAL Aim to be # 1 newspaper/ community website (and profitable) in served markets (already # 1 in India, Ireland, South Africa and NZ) Enhancing the monetisation of existing traffic, via subscriptions Local/ community focused Improve features and functionality to drive page views further 22.

24 SEIZING THE ONLINE OPPORTUNITY Operations Review Online CLASSIFIED Strategy to be # 1 overall classified website in served markets - already # 1 in South Africa and New Zealand), with strong focus on JOBS HOMES CARS already Ireland s # 2 recruitment site (in first 7 months) Fully integrated market approach Jobs Homes Cars Auctions Travel Friends Services 23.

25 SEIZING THE ONLINE OPPORTUNITY Operations Review Online SERVICES Organic development, brand extensions and selective acquisitions and investments have broadened INM online services into Auctions, Dating, e- Learning, e-shopping, Gaming, Financial Services, Mapping, Travel etc INM now owns 20% of Cashcade Ltd, a leading UK online gaming company Products include bingo, branded games, casino, instant win, poker, virtual horse racing, etc.) via brand The largest selection of games of any provider in the UK, and UK s largest online Bingo operator Over 400,000 registered users Operating since 2001, Cashcade is profitable with gross wagering in excess of 150 million p.a. 24.

26 2005 REVIEW RADIO Operations Review Radio RADIO Revenues & Profits millions % Total Radio Revenues % Total Radio Operating Profit % Operating Margin 32.9% 31.0% Largest radio operator in Australasia, with 128 radio stations and total audience 10+ in excess of 5 million Consistently strong ratings drive growth in agency advertising - share up 56% since June 2002 Strong ratings growth - best year ever Number 1 FM station in Sydney, Melbourne & Adelaide 26% Metropolitan radio share 55% 10+ Auckland audience share Market share increase producing revenue gains No. 1 operator in NZ with total 47% audience share 25.

27 2005 REVIEW Operations Review Outdoor OUTDOOR Revenues & Contribution millions % Total Outdoor Revenues % Outdoor Contribution 100%-owned units % Share of JVs & Associates % Total Outdoor Contribution % Strong second half Australasian Operating Profit up 22% Unprofitable contracts expired with 8 major contract wins for APN Outdoor on substantially better terms to yield enhanced profitability Outdoor audience measurement system developed in conjunction with outdoor industry SA division enjoys strong Operating Profit Growth of 23.0% 26.

28 SUMMARY INCOME STATEMENT Revenue 1,611.5m + 7.5% Operating Profits * 311.6m % Operating Margin 19.34% + 68 bps Profit Before Tax 272.5m % Profit After Tax 229.2m % Net Profit after minorities 151.8m % * Before Exceptional Items 27.

29 SHAREHOLDER RETURNS FY SHAREHOLDER STATS Change cent cent % Basic EPS % ADJUSTED EPS * TREND Adjusted EPS * % DPS Adjusted EPS** Trend % Average diluted shares (millions) % cent Adjusted EPS excludes impact of once-off exceptionals and highlights the strong underlying performance of the operations DPS increase reflects strong core operational performance and significant profit realised from the disposal of our investment in itouch plc cent Return on Shareholder s Investment since 1973 is a compound 19.5% Under Irish GAAP Under IFRS * Diluted EPS before exceptional items 28.

30 SUMMARY BALANCE SHEET FY SUMMARY BALANCE SHEET Change m m m Intangible Assets * 2,951 2, Other Net Assets/ Liabilities ** Retirement Benefit Obligations (115) (107) (8) Compound Financial Instruments *** (235) (142) (93) Net Debt (977) (981) 4 Total Net Assets 2,207 2, * includes internally generated mastheads and revaluations - independently valued at 31 December 2004 ** excludes deferred tax on intangibles ( 266.6m) *** includes reclassification of 115.1m from minority interests under IFRS in 2005 IFRS Balance Sheet excludes internally generated mastheads & post-acquisition revaluations. True value of Net Assets reflected in Alternative Balance Sheet above Deferred Tax liability on mastheads of 266.6m not expected to arise, and therefore excluded from Alternative Balance Sheet above Pension Fund deficit of 115.0m reflected on Balance Sheet Total Net Assets of 2.2 billion represents 2.93 per share 29.

31 CAPITAL STRUCTURE FY CAPITAL STRUCTURE Movement CAPITAL RATIO TRENDS m m m NET DEBT * Recourse (607) (677) 70 Non - Recourse (370) (304) (66) TOTAL NET DEBT (977) (981) FY CAPITAL RATIOS Total Net Debt */ EBITDA EBITDA / Interest * Net Debt * as a %-age of Net Assets ** 44.3% 46.1% * excluding APN Convertible Notes & NZ CEPS ** including revalued element of mastheads & excluding deferred tax on intangibles Under Irish GAAP Under IFRS Interest Cover Net Debt/ EBITDA 30.

32 SUMMARY CASH FLOW STATEMENT FY SUMMARY CASH FLOW STATEMENT Change m m m OPERATING CASH FLOW Interest (73.9) (80.6) 6.7 Taxation (36.8) (50.2) 13.4 Minority Interest Dividends (54.8) (47.6) (7.2) Equity Dividends (65.2) (51.2) (14.0) Sub-Total: Capital Expenditure (58.7) (57.0) (1.7) Net Disposals/ (Investments) 66.6 (9.4) 76.0 APN Share Buy-Back (83.6) 0.0 (83.6) FX Movements (26.2) (1.2) (25.0) Other 6.5 (2.7) 9.2 Reduction/ (Increase) in Net Debt (YoY) 4.0 (7.5) 11.5 Operating cash flow of 330.1m (+12.9% on last year) Adverse FX currency translation movement ( 26.2m) mainly on APN debt itouch disposal proceeds of 96.9m; Acquisition JPL (India) for 28.5m 31.

33 CAPEX FY2005 Capex of 58.7m includes new:- Full-colour Belfast press line (operational H2-2005) Full-colour Yandina facility in Queensland (operational end-2006) Capex Depreciation INM now operates 22 modern double-width presses (137 units) worldwide with 86% colour capabilities Ongoing development of heat-set, gloss and magazine capabilities to support NPD and further reduce costs Yandina, Queensland Australia Belfast Telegraph Northern Ireland 32.

34 ENHANCED SHAREHOLDER RETURNS Superior EPS Growth 18.0% CAGR since 1974 Medium-term EBIT margin of 20% 19.3% in 2005 On track Net Debt/ EBITDA target below 3.0X Financial benefits of restructuring Below 2.80X 2005 and Beyond Pro-active cost management Objective Set & Met Ahead of Plan 33.

35 OUTLOOK INM OUTPERFORMING Track record of performance & quality earnings All 5 markets exhibiting underlying growth with exposure to some of the world s fastest growing economies Advertising remains positive (despite tougher comps) and INM continues to outperform the broader market OUTLOOK BY INM MARKET AUSTRALASIA IRELAND SOUTH AFRICA UNITED KINGDOM Regional Strength Commodity Prices Portfolio diversification Outdoor: new contract wins Radio: good ratings/ new licences Broad-based economic growth Restructuring savings Island of Ireland SSIA inflows ( 06/ 07) Proactive product development Broad-based economic growth Commodity Prices Momentum building Restructuring savings Political stability Cover prices Advertising recovery? Belfast Restructuring Continuing growth for Nationals Proactive product development 34.

36 TRACK RECORD Organic EBIT growth of + 42% since 2001 highlights the strength, diversity and operating leverage of INM s assets millions Under Irish GAAP Under IFRS 35.

37 OUTLOOK STATEMENT INM s globally balanced portfolio of operations in strongly growing markets, diverse multi-media platforms and market-leading brands, continue to distinguish the Group from its media peer group. When coupled with the Group s clear and compelling strategy for growth and its commitment to be the industry s low cost operator, the Board is confident of INM s ability to deliver another year of superior earnings growth for 2006, in line with current market expectations. 22 nd March 2006 Certain statements (verbal and written) in the operating assumptions for 2006 may be deemed forward looking statements. The forward-looking statements (verbal and written) contained in this presentation, including the operating assumptions, are subject to a number of risks and uncertainties that could adversely affect the Group s ability to obtain the results predicted in the operating assumptions including, without limitation, the following factors: (a) increased consolidation among the major retailers or other events which may adversely affect business operations of major customers and depress the level of local, national or classified advertising; (b) economic downturn in some or all of the Group s principal markets leading to decreased circulation or local or national advertising; (c) a decline in general newspaper readership patterns as a result of the competitive alternative media or other factors; (d) an increase in newsprint or syndication costs over the levels anticipated; (e) labour disputes which may cause revenue declines or increased labour costs; (f) acquisitions of new businesses or disposals of existing businesses; (g) rapid technological changes and frequent new product introductions prevalent in electronic publishing; (h) weakening exchange rates; (i) general economic, political and business conditions; and (j) an increase in interest rates etc

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39 2005 REVIEW 2 Year Share Performance Appendices End-Feb 2004 to End-Feb 2006 vs. FTSE 350 Media & UK newspapers vs. S&P 500 Media and US newspapers FTSE INWS DMGOa JPR TNI S&P INWS NWS TRB NYT GCI MNI WPO KRI

40 NEWSPAPER STATS BY MARKET Appendices IRELAND (main newspaper titles) Total Newspapers: 5 Nationals 1 Metropolitan 11 Regionals Number 1 Newspaper Publisher Nationals & Regionals Main Titles Circulation* Readership** Cover Price ( 06) Rank Sunday Independent 286,613 1,095, # 1 Sunday World 272, , # 1 Irish Independent 163, , # 1 Irish Daily Star 105, , # 1 Evening Herald 85, , # 1 Number 1 Free Daily (Dublin) Number 1 Wholesaler/ Distributor of Newspapers/ Magazines Number 1 News Website UNITED KINGDOM (main newspaper titles) Total Newspapers: 2 Nationals 4 Regionals Source: * 6-month average to Dec 2005, ABC (2005)/ ** JNRS (2005) Source: * 6-month average to Dec 2005, ABC (2005)/ ** 6-month average to Dec 2005, NRS (2005)/ 6-month average to Mar 2005 NI TGI 2005 Number 1 Newspaper Publisher Northern Ireland Main Titles Circulation* Readership** Cover Price ( 06) Rank Belfast Telegraph 96, ,000 Stg 0.55 # 1 Sunday Life 77, ,000 Stg 1.10 # 2 Leading Newspaper Publisher United Kingdom Main Titles Circulation* Readership** Cover Price ( 06) Rank The Independent 260, ,000 Stg 0.70 # 4 Independent on Sunday 211, ,000 Stg 1.60 # 4 Number 1 Contract Printer on Island of Ireland Number 1 News Website Northern Ireland 39.

41 NEWSPAPER STATS BY MARKET SOUTH AFRICA (Circulations above 50,000) Number 1 Newspaper Publisher Nationals & Metropolitans Main Titles Circulation* Readership** Cover Price ( 06) Rank The Star 166, ,000 R3.70 # 1 Saturday Star 137, ,000 R4.50 # 1 Cape Argus 73, ,000 R3.70 # 1 Weekend Argus 104, ,000 R7.50 # 1 Daily News 51, ,000 R3.40 # 1 Total Newspapers: 1 National 15 Metropolitans 14 Communities Sunday Tribune 110, ,000 R8.00 # 1 Isolezwe 86, ,000 R2.00 # 1 The Independent on Sat. 56, ,000 R4.50 # 1 Number 1 Wholesaler/ Distributor of Newspapers// Major Contract Print Operator Number 1 Community Publisher (Western Cape)// Number 1 News Website AUSTRALASIA (Circulations above 20,000) Total Newspapers: 2 Metropolitans 23 Regionals 100+ Communities Number 1 Newspaper Publisher New Zealand Main Titles Circulation* Readership** Cover Price ( 06) Rank New Zealand Herald 201, ,000 NZ $1.50 # 1 Herald on Sunday 91, ,000 NZ $2.00 # 2 Hawke s Bay Today 29,401 63,000 NZ $1.00 # 1 Bay of Plenty Times 23,919 60,000 ` NZ $1.00 # 1 Leading Regional Newspaper Publisher Australia Main Titles Circulation* Readership** Cover Price ( 06) Rank Sunshine Coast Daily 23,552 84,000 A $1.60 # 1 The Chronicle 24,658 65,000 A $1.50 # 1 Major Contract Printer // Number 1 Regional Website Appendices Source: * 6-month average to Dec 2005, ABC (2005)/ ** AAMPS (2005) Source: * 6/12-month average to Mar/ Sept/ Dec 2005, ABC (2005)/ ** 12-month average to Dec 2005, NRS (2005)/ Roy Morgan survey (Oct 2003 Sept 2005) 40.

42 INCOME STATEMENT Appendices FY INCOME STATEMENT Change m m % GROUP REVENUE 1, , % EBITDA % Operating Profit % Net Exceptional Items 30.5 (16.5) 284.8% Share of Results of Associates and Joint Ventures % Net Interest Costs (72.1) (79.1) 8.8% Cumulative Exchangeable Preference Shares Dividend (11.3) 0.0 n/a Profit Before Tax % Taxation (43.3) (29.2) -48.3% Profit After Tax % Minority Interests (77.4) (68.4) -13.2% Cumulative Exchangeable Preference Shares Dividend 0.0 (10.5) n/a NET PROFIT % 41.

43 BALANCE SHEET Appendices FY BALANCE SHEET Change m m m Non Current Assets Intangible Assets * 2,951 2, Other Other Net Assets/ Liabilities ** (45) (34) (11) Retirement Benefit Obligations (115) (107) (8) Compound Financial Instruments *** (235) (142) (93) Net Debt (977) (981) 4 Recourse (607) (677) 70 Non Recourse (370) (304) (66) Total Net Assets 2,207 2, Share Capital & Reserves 1,464 1, Minority Interests (67) Total Shareholders' Funds 2,207 2, * includes internally generated mastheads and revalued elements of mastheads - independently valued at 31 December 2004 ** excludes deferred tax on intangibles *** includes reclassification of 115.1m from minority interests under IFRS in

44 Experienced Management Appendices Sir Anthony is a former Chairman, President and Chief Executive Officer of HJ Heinz Company. He was also a member of the board of the New York Stock Exchange. He is also Chairman of Waterford Wedgwood plc and Chairman of Eircom Group plc. He is a 27% shareholder and has been a Director of Independent News & Media PLC since Sir Anthony O Reilly CEO Gavin O Reilly COO Gavin was appointed Chief Operating Officer of Independent News & Media PLC in 2001 and was previously Chief Executive of Independent News & Media (Ireland). He is also a Director of News & Media NZ Limited and APN News & Media Limited. He joined the Group in 1992 and the Board in He is President of the World Association of Newspapers [ WAN ] the worldwide industry body. Donal Buggy CFO Donal is a chartered accountant and was appointed to the Board of Independent News & Media PLC in 2002 as Chief Financial Officer. He was Group Financial Controller since he joined the Group in 1996 from PricewaterhouseCoopers. He is also a Director of News & Media NZ Limited and APN News & Media Limited. Vincent Crowley INM CEO Ireland Vincent was appointed Chief Executive of Independent News & Media (Ireland) in Previously he was Finance Director, and later Chief Executive, of APN News & Media Limited. A chartered accountant, he joined the Group in 1990 and became a Director in Ivan Fallon INM CEO UK Ivan was appointed Chief Executive of Independent News & Media (UK) Limited in Previously he was Chief Executive of Independent News & Media (South Africa) (Pty) Limited. He joined the Group in 1994 and the Board in Tony Howard INM CEO South Africa Tony was appointed Chief Executive of Independent News & Media (South Africa) (Pty) Limited in 2002, having previously been its Chief Operating Officer and Chief Financial Officer. Tony s involvement in the South African operations pre-dates Independent s investment (1994), having joined the Company in Brendan was appointed Chief Executive of APN News & Media Limited in Previously he was Chief Executive of Independent News & Media (UK) Limited. He joined the Group in 1985 and became a Director in Brendan Hopkins CEO APN News & Media Ltd 43.

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