2017 Preliminary Results

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1 2017 Preliminary Results

2 NOTE REGARDING FORWARD-LOOKING STATEMENTS Some statements in this announcement are forward-looking. They represent our expectations for our business and involve risks and uncertainties. We have based these forward-looking statements on our current expectations and projections about future events. We believe that our expectations and assumptions with respect to these forward-looking statements are reasonable. However, because they involve known and unknown risks, uncertainties and other factors, which are in some cases beyond our control, our actual results or performance, may differ materially from those expressed or implied by such forward-looking statements. These forward-looking statements speak only as of the date of this document and no obligation is undertaken, save as required by law or by the Listing Rules of the Irish Stock Exchange and/or the UK Listing Authority, to reflect new information, future events or otherwise. 2

3 INTRODUCTION ABOUT INM Market-leading media Group on the island of Ireland, with a strong newspaper and digital presence. Largest wholesale newspaper distributor on the island of Ireland. Managing gross assets of 204.8m and employing approx. 800 people. Cash balance of 91.5m at year-end. 3

4 FINANCIAL HIGHLIGHTS 1 Total revenues of 293.0m were down 9.4% on the prior year. This was primarily driven by a decline in total advertising revenues of 10.6%, and a decline in circulation revenues of 8.4% which also impacted distribution (Newspread) revenues which were down 9.5%. Within total advertising, publishing advertising revenues declined by 13.0% while digital revenues remained in line with prior year at 15.1m. Digital revenues have remained in line with prior year despite 2016 revenues including a 53 rd week. On a 52 week versus 52 week basis digital revenues have grown by 1.0% year on year. Profit before tax 2 of 28.5m was down 31.8% on the prior year. This reduction was primarily due to continued revenue challenges and increased libel and legal costs. The revenue challenges were somewhat mitigated by cost savings. The operating margin 2 increases from 9.4% to 11.9% excluding the impact of these increased libel and legal costs. Operating costs 2 have decreased by 6.2%, notwithstanding the increased libel and legal costs referred to above and in INM s Trading Statements in The Group recorded a total net exceptional charge of 12.1m in 2017, further details discussed later. Net assets increased by 13.8m to 76.1m. The cash balance has risen to 91.5m, up 6.7m year on year despite increased libel and legal payments and payments to the retirement benefit obligation schemes of 14.1m, a portion of which was one-off as part of the wind-up agreement. 1 Results to 31 December 2016 include an extra (53 rd ) week 2 Pre-exceptionals 4

5 FY 2017 INCOME STATEMENT Year Ended 31 December 2017 Year Ended 31 December 2016* Before Before Exceptional Exceptional Exceptional Exceptional Euro millions Items Items Total Items Items Total Revenue Operating (costs)/income (265.5) (12.0) (277.5) (283.2) 12.0 (271.2) Operating profit/(loss) 27.5 (12.0) Share of results of associates & joint ventures 0.9 (0.1) Finance income Finance expense (1.5) (1.5) Profit/(loss) before taxation 28.5 (12.1) Taxation charge (3.9) - (3.9) (1.6) (3.3) (4.9) Profit/(loss) for the year 24.6 (12.1) * Results to 31 December 2016 include an extra (53 rd ) week. Total revenues of 293.0m down 9.4% on the prior year. Digital revenues have remained in line with prior year at 15.1m. Operating costs, decreased by 17.7m (6.2%). Operating margin of 11.9% excluding the impact of increased libel and legal costs. Profit before tax of 28.5m decreased by 31.8%. Finance income decrease due to lower deposit interest rates. Taxation charge of 3.9m primarily relates to a deferred tax charge of 4.1m. Exceptional charge of 12.1m includes a 12.7m Belfast Telegraph masthead impairment. 5

6 EXCEPTIONALS Exceptional charge of 12.1m, comprised of: A non-cash charge of 12.7m relating to the impairment of the Belfast Telegraph masthead; A cash charge of 1.8m related to miscellaneous other items including restructuring costs (primarily redundancy costs in the Island of Ireland) and acquisition related expenses; A cash charge of 1.5m relating to a severance payment to the former CEO; A non-cash retirement benefits accounting adjustment of 2.9m; and A non-cash gain of 1.0m in relation to the release of an onerous dilapidations provision. 6

7 BALANCE SHEET 31-Dec 31-Dec Euro millions D Intangible Assets (14.6) Tangible Assets (1.5) Taxation (2.3) Cash and Cash Equivalents Retirement Benefit Obligations (77.5) (97.3) 19.8 Other Net Liabilities (20.3) (26.0) Intangible Assets decrease is driven by a masthead impairment in Belfast Telegraph of 12.7m. Taxation movement due to reduction in net deferred tax asset of 4.4m somewhat offset by an increase in corporation tax recoverable of 2.1m. Cash balance increase yoy. Movement in Retirement Benefit Obligations mainly driven by pension payments of 14.1m. Other Net Liabilities decrease primarily driven by movements in provisions/working capital. 7

8 CASHFLOW 31-Dec 31-Dec Euro millions Operating profit before exceptional items Depreciation/amortisation Earnings Before Interest, Tax, Depreciation and Amortisation Share based payment charge Movement in provisions/working capital (5.0) (2.3) Retirement benefit obligations deficit repair/special contribution payments (14.1) (7.7) Defined benefit retirement benefit obligations charge recognised in the Group Income Statement Exceptional expenditure (3.9) (8.2) Income tax paid (2.0) (3.6) Cash generated by operating activities Cash flows from investing activities Dividends received from associates and joint ventures Purchases of property, plant and equipment (1.7) (2.3) Purchases of intangible assets (1.4) (3.4) Proceeds from sale of property, plant and equipment Proceeds from disposal of available-for-sale financial assets Purchases of/advances to associates and joint ventures - (0.3) Interest received Acquisition of subsidiary, net of cash acquired - (3.0) Cashflows from financing activities Interest Paid - - Profit before exceptional items down 12.7m to 27.5m. 5.0m movement in provisions/working capital relates primarily to trade payables decrease of 4.5m. Deficit repair payments of 14.1m due to 12.7m of special contributions and 1.4m of deficit repair payments in respect of defined benefit pension schemes. Exceptional expenditure relates to restructuring costs, a severance payment to the former CEO and acquisition related expenses. Dividend income in 2017 relates to The Star and Click & Go. FX loss of 0.8m relates to the weakening of sterling during Increase in cash and cash equivalents Foreign exchange losses (0.8) (2.6) Net increase in cash and cash equivalents

9 ABOUT OUR BUSINESS INM remains the undisputed news leader in Ireland we produce the highest quality content that inspires, entertains and informs all day every day with our print, digital and video offerings In 2017 we produced a Profit before Tax 1 of 28.5m - despite headwinds in traditional newspaper consumption and unfettered and unregulated challenges to our advertising model from global giants Facebook & Google We are working closely with EY since I became CEO late last year we are looking at multiple incremental initiatives to not only protect our traditional news business but also to even further increase our reach to our customers worldwide Our refreshed board met for the first time this week and fully backed these early stage initiatives developed by the management team and EY -we have a new independent and experienced media chairman and three additional Non Executive Directors who are all very supportive of these early stage incremental initiatives that we will be rolling out in 2018 We remain financially strong with no debt, cash available of 91.5m to invest in these new initiatives and our future pension commitments are fully identified We are the clear trusted source in Irish media and we are relentless in our pursuit of the truth 1 Pre-exceptionals 9

10 SUMMARY In 2017, INM generated revenues of 293.0m with a profit before tax 2 of 28.5m. Positive cash generation with a closing cash balance of 91.5m. Operating costs 2 have decreased 17.7m, down 6.2%, notwithstanding the increased libel and legal costs. Net assets of 76.1m. The Board and Management are developing a strategic plan with the assistance of EY which will provide a roadmap for the future. 2 Pre-exceptionals 10

11 Q & A 11

12 OPERATIONAL HIGHLIGHTS - PUBLISHING The Irish Independent, Sunday Independent, Sunday World and The Herald achieve sales on average of 1 million copies per week. The Irish Independent continues to lead the quality daily market with an ABC 3 of 90,107, maintaining its No.1 position. It has over 50% of the daily quality market in the Republic of Ireland and sells more copies per day on average than The Irish Times and Irish Examiner combined. The Sunday Independent, which recorded an ABC 3 of 178,322, has c.63% of the Sunday quality market and remains by far the biggest selling quality Sunday newspaper, while also providing the largest regular audience on the island of Ireland across any advertising platform. The Sunday World is the nation s largest selling tabloid newspaper with an ABC 3 of 133,946 (c.44% of the Sunday popular market). The paper s award-winning crime reporting team and the glossy magazine maintain the paper s leading market position in the highly competitive Sunday tabloid category. The Herald holds the position as the No.1 paper with Dubliners with an ABC 3 of 36,097. The newspaper benefits from local news and crime related news and has been redesigned with an improved sports and racing package. 3 ABC Jul to Dec

13 OPERATIONAL HIGHLIGHTS - PUBLISHING (continued) INM Regional newspapers are market leaders in every region where they publish (Kerry, Wexford, Sligo and Drogheda/Dundalk). Strong revenue performance in 2017 in both circulation and advertising has been driven by a hyper local news agenda. The Star is one of Ireland s most popular daily tabloid newspapers with an ABC 3 of 48,687 and 23% of the daily popular market. In Northern Ireland the Belfast Telegraph, with a recorded daily ABC 3 of 36,403, continues to hold a strong No.1 position within the local daily newspaper market and was the only newspaper to show year on year readership growth with 155,000 4 daily readers. Sunday Life with a recorded ABC 3 of 32,892 and a weekly readership of 150,000 4 outperformed all local competitor titles. With a combined weekly readership of almost one third of the NI population, INM titles hold a commanding position within the NI market. Newspread continued its successful diversification into adjacent categories with, for example, the acquisition of the trading business and certain assets of Hegadon Limited, trading as Supreme Stationery. 3 ABC Jul to Dec TGI NI

14 OPERATIONAL HIGHLIGHTS DIGITAL Audience on the Group's flagship news platform, independent.ie, grew by over 23% 5 year on year with an average of over 1 million unique users on the platform each day throughout the second half of the year. Our comprehensive real time coverage of major news events continues to be a significant competitive differentiator. For example, the live coverage of the recent Storm Emma resulted in a massive 55 million page impressions and 5.4 million users during the week of the snow and freezing temperatures. During 2017 we continued to identify and build out niche audience propositions. This included: - building on the successful launch of the FarmIreland.ie vertical; - launching TheVow.ie weddings vertical; - establishing a joint venture called Offscript, producing higher quality digital video content for clients including Vodafone, Ulster Bank, Failte Ireland and the British and Irish Trade Alliance; and - relaunching leading classified sites nijobfinder.co.uk and PropertyNews.com which have seen a dramatic rise in applications and lead generation across Recruitment and Property respectively with job applications through the mobile platform up over 40% year on year. CarsIreland.ie, which was fully acquired by the Group in 2016, grew its revenue by over 45% while also increasing its operating margin. It is now firmly established as one of the leading classified platforms in the Republic of Ireland. 5 Per Adobe Analytics 14

15 Thank You

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