INDEPENDENT NEWS & MEDIA PLC 2012 INTERIM RESULTS. 31 August INM PLC inmplc.com Page 1
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1 INDEPENDENT NEWS & MEDIA PLC 2012 INTERIM RESULTS 31 August INM PLC inmplc.com Page 1
2 INTERIM RESULTS FOR 2012 OVERVIEW EBIT of 25.4m, down 9.1m versus H1 2011, reflecting tough trading conditions in both of our key markets Further cost reduction, whilst retaining market leadership New Board appointments deliver appropriate balance of skills/experience Ongoing constructive re-financing discussions well ahead of May 2014 maturity Strategic review of South Africa progressing unsolicited offers received 2012 INM PLC inmplc.com Page 2
3 INTERIM RESULTS FOR SUMMARY H Financial Summary Euro millions D% D% cfx Revenue (4.4%) (2.6%) Operating Costs (246.8) (250.1) 1.3% (0.2%) EBIT* (26.4%) (23.2%) Operating Margin (%) 9.3% 12.1% (280 bps) Net Profit After Tax* (41.4%) Earnings per share (cents)* 2.1c 3.7c (43.2%) Net Debt % * Before exceptional items INSERT DIGITAL IMAGE 2012 INM PLC inmplc.com Page 3
4 H REVENUE BY CATEGORY H Revenue by Category Euro millions D% D% cfx Advertising/ Digital (6.9%) (4.1%) Circulation (3.3%) (1.9%) Other * (2.1%) (1.2%) TOTAL REVENUE (4.4%) (2.6%) * Other represents Distribution, Contract Print and Education Split of Revenues H Other 31% Circulation 30% Advertising / Digital 39% Total Revenues impacted by: o Continued advertising decline in Ireland, with South Africa marginally ahead of last year o o o Reduced circulation volumes largely offset by some selective cover price increases in H Reduced Wholesale Revenues from lower 3 rd party circulation sales Reduced Print Revenues from closure of Cape Town print facilities and lower 3 rd party print orders 2012 INM PLC inmplc.com Page 4
5 H ADVERTISING REVENUE ADVERTISING REVENUE By Region m D% D% cfx Island of Ireland 47.3 (8.1%) (9.2%) South Africa 59.2 (5.9%) 0.1% H1 GROUP ADVERTISING REVENUES (cfx) YoY CHANGE 25.0% 20.0% Total GROUP (6.9%) (4.1%) Group advertising revenue down 4.1% in cfx In Island of Ireland, Display revenues were impacted by reduced spend in the retail, travel and finance categories In South Africa, classified (particularly recruitment, property and legal notices) and National/brand advertising volumes remained under pressure 15.0% 10.0% 5.0% 0.0% -5.0% -10.0% -15.0% -20.0% -25.0% Easter/ May Public Holidays Weeks (1 to 26) Digital revenue growth in excess of 15% 2012 INM PLC inmplc.com Page 5
6 H CIRCULATION REVENUE/ AUDIENCE CIRCULATION REVENUE By Region m D% D% cfx Island of Ireland 56.8 (2.4%) (2.9%) South Africa 23.6 (5.4%) 0.6% Total GROUP 80.4 (3.3%) (1.9%) AUDIENCE ANALYSIS Market Share Dublin Belfast S. Africa Advertising* >50% >45% >36% Circulation** >48% >45% >33% Readership*** >55% >43% >25% * Company Estimate ** ABC (2012) *** JNRS (2012)/ NI TGI (2012)/ AMPS (2011) Market shares maintained or increased across most metrics 2012 INM PLC inmplc.com Page 6
7 PRODUCT INNOVATION/ENHANCEMENTS ISLAND OF IRELAND Successful launch of FIT magazine Day & Night relaunched in gloss Sunday Independent Living relaunched in compact format SOUTH AFRICA Launch of Star Africa Compact Cape Argus Launch of glossy Play Magazine Daily Voice relaunch ipad apps for Gauteng titles 2012 INM PLC inmplc.com Page 7
8 DIGITAL H Digital Revenue Euro millions D% Island of Ireland % South Africa % Total GROUP % Total YoY audience and traffic growth: Unique Users +23% Page Impressions +9% 20% of browser traffic to independent.ie from mobile devices Leading classified portals continue to perform well in very competitive environment independent.ie ranked as Ireland s No. 1 read online news publishing site* Redesign of all Island of Ireland news portals and move to HTML 5 platform Developing Island of Ireland metering strategy likely implementation H IOL South Africa has successfully launched ipad apps for the Gauteng titles * comscore Media Metrix Newspaper Category report, July INM PLC inmplc.com Page 8
9 DIGITAL GRABONE & CARS IRELAND Successfully launched GrabOne.ie in May 2011 now in 7 regions GrabOne.ie has sold almost 400k coupons to date Successful launch of GrabOne Escapes in Q CarsIreland.ie performing ahead of expectations shareholding to increase to 50% in H Galway September 2011 Kerry 2012 Limerick 2012 Cork June 2011 Belfast August 2011 Dublin May 2011 South East INM PLC inmplc.com Page 9
10 H COST MANAGEMENT H LFL* OPERATING COST BY CATEGORY (in order of magnitude) (Positive = Increase) 'm % Salaries % Wholesaling (0.2) -0.4% Newsprint & Ink % Other (1.3) -4.8% Distribution (0.1) -0.3% Production (2.1) -11.2% Editorial % Marketing (0.5) -5.0% Depreciation % Common Costs (1.2) -25.0% LFL Cost Decrease (1.2) -0.5% H LFL* OPERATING COSTS BY REGION (Positive = Increase) 'm % Island of Ireland (4.5) -2.7% South Africa % Common Costs (1.2) -25.0% LFL Cost Decrease (1.2) -0.5% Salaries up due to inflationary cost pushes in South Africa. Continued pay freeze in place in Ireland and management salary reductions A total of 90 redundancies made across the Group (closure of day print shift in Belfast, redundancies in Sunday World and South Africa) Newsprint & Ink up due to South Africa inflationary pressures, somewhat offset by reduced paginations/outputs Costs in South Africa increased by 5.4% in cfx due to inflation, which more than offset cost reductions in all areas of the business Common costs reduced by 1.2m (down 25%) due to initiatives implemented during H1 2012, which include: Closure of Head Office in Citywest & London Office COO role not back-filled, HO redundancies and pay cuts * Like-for-like ( LFL ) expresses costs on a constant currency basis, excluding the impact of new businesses/disposals (GrabOne, International House Dublin and Your Local) 2012 INM PLC inmplc.com Page 10
11 H INCOME STATEMENT H Income Statement Six months ended 30 June 2012 Six months ended 30 June 2011 Before Before Exceptional Exceptional Exceptional Exceptional Euro millions Items Items Total Items Items Total Revenue Operating Profit 25.4 (54.6) (29.2) 34.5 (10.2) 24.3 Share of results of associates & joint ventures 5.2 (108.0) (102.8) 6.0 (29.9) (23.9) Net Finance Charges (16.7) (1.2) (17.9) (16.8) - (16.8) Profit/ (Loss) Before Tax 13.9 (163.8) (149.9) 23.7 (40.1) (16.4) Taxation (Charge)/Credit (2.5) 0.1 (2.4) (3.7) 2.4 (1.3) Profit/ (Loss) from Continuing Operations 11.4 (163.7) (152.3) 20.0 (37.7) (17.7) Non-controlling interests Attributable to Equity holders of the parent 11.4 (163.7) (152.3) 20.2 (37.7) (17.5) Basic & Diluted EPS (cent) 2.1c (27.7c) 3.7c (3.2c) Revenue of 272.2m, down 4.4% (down 2.6% in cfx) Operating profit of 25.4m, down 26.4% (down 23.2% in cfx) Net finance charges broadly in line with last year. Exceptional finance charge of 1.2m relates to a bank amendment fee Exceptional charge primarily relates to a non-cash impairment on assets in APN (NZ), Irish Print division and Belfast Publishing 2012 INM PLC inmplc.com Page 11
12 H EXCEPTIONAL ITEMS H EXCEPTIONAL ITEMS Euro millions Subs. Assoc. Total Impairment of Assets (45.0) (126.9) (171.9) Restructuring (7.2) - (7.2) Costs associated with financing arrangements (2.4) - (2.4) Disposal gain by APN Other - (0.1) (0.1) Sub-total (54.6) (108.0) (162.6) Exceptional finance costs (1.2) - (1.2) Net Taxation Credit Split as follows: Cash (10.7) Non-Cash (45.0) (55.7) (108.0) (163.7) (55.7) 45.0m of the total Subsidiary Exceptional Items of 55.7m are non-cash Exceptional Items Subsidiary impairment of assets of 45.0m, is mainly made up the following: a 34.5m non-cash impairment on property, plant and equipment in the Island of Ireland a 10.4m non-cash impairment on intangible assets in the Island of Ireland Restructuring charge of 7.2m relates to 90 redundancies in the Island of Ireland, South Africa and Head Office Associate s (APN s) impairment of assets of 126.9m relates to a 99.3m non-cash impairment on its NZ mastheads, a 3.7m non-cash deemed disposal loss and a 23.9m goodwill write off on the Group s investment in APN Associate s (APN s) disposal gain arose on the disposal of its 50% interest in APN Outdoor 2012 INM PLC inmplc.com Page 12
13 H SEGMENTAL REPORTING H Segment Result D Euro D cfx Euro millions ( ) % ( ) % H EBIT SPLIT Island of Ireland Revenues (4.4) (2.4%) (5.3) (2.9%) Operating Costs (161.2) (163.0) % % EBIT (2.6) (12.9%) (2.7) (13.3%) South Africa Revenues (8.0) (7.9%) (2.1) (2.1%) Operating Costs (82.0) (82.3) % (4.5) (5.4%) EBIT (7.7) (40.3%) (6.6) (34.5%) Sub-Total EBIT: (10.3) (26.2%) (9.3) (23.6%) S. Africa 39% Ireland 61% Less Common Costs (3.6) (4.8) % % GROUP EBIT (9.1) (26.4%) (8.1) (23.2%) Island of Ireland Operating costs down 1.8m, down 4.5m on a LFL* basis EBIT in South Africa fell by 6.6m in cfx - 2.1m of this was YoY revenue decline, while 4.5m was a YoY cost increase only 5.4% despite significant cost inflation. Euro trend distorted by impact of hedge in 2011 Common costs reduced by 25% * Like-for-like ( LFL ) expresses costs on a constant currency basis, excluding the impact of new businesses/disposals (GrabOne, International House Dublin and Your Local) 2012 INM PLC inmplc.com Page 13
14 APN NEWS & MEDIA - AUSTRALASIA H APN News & Media Limited INM Share Euro millions NPAT (pre-exceptionals) Exceptionals (80.3) (27.7) Net Loss After Tax (post Exceptionals) (75.9) (22.8) Cash Dividends Received by INM* * excludes Interim dividend of A$0.015, declared and payable 26/9/2012 (INM's portion: 2.4m) Results in line with market guidance Tough publishing trading conditions in Australia and NZ partially offset by strong Radio and Outdoor performance Exceptional charge mainly relates to a non-cash impairment charge on APN s NZ publishing assets Successful formation of new Outdoor joint venture with Quadrant Private - net proceeds received by APN of A$173m Net Debt reduced by A$168.5m to A$477.1m New Chairman, Peter Hunt, starts on 3 September INM PLC inmplc.com Page 14
15 H CASH FLOW H Cash Flow Euro millions Group EBIT Depreciation & Amortisation Dividends Received EBITDA (incl. Dividends) Working Capital & Provisions (3.7) (2.3) Capex (2.9) (2.9) Net Interest Paid (14.7) (15.0) Tax Paid (5.1) (7.3) Ongoing Free Cash Flow Cash Exceptionals (7.4) (3.5) Finance Exceptionals (1.2) - (Investments)/ Disposals (0.1) 3.1 FX/Other (0.5) (1.1) EBITDA (incl. Dividends received) of 39.1m Capex maintained at below Depreciation and no significant Capex required in the medium term Cash exceptionals mainly relates to Restructuring in the business which has resulted in 90 redundancies Priority continues to be Debt paydown, with all Free Cash Flow applied to Net Debt reduction Net Debt Decrease INM PLC inmplc.com Page 15
16 BALANCE SHEET H Balance Sheet 30-Jun 31-Dec Euro millions D Intangible Assets (7.8) Tangible Assets (35.0) Investment in Associates & JVs (106.3) Other Net Assets/ Liabilities (17.4) (22.7) 5.3 Retirement Benefit Obligations (187.8) (147.0) (40.8) Defined Benefit Pension - Deficit (163.0) (122.4) (40.6) SA Medical Aid Liability (24.8) (24.6) (0.2) Net Debt (423.3) (426.8) 3.5 (203.9) (22.8) (181.1) Intangible and Tangible Asset reductions mainly reflect non-cash impairments Reduction in Investment in Associates & JV s reflects INM booking its share of APN s noncash impairment Increase in Defined Benefit Pension deficit reflects lower bond yields 2012 INM PLC inmplc.com Page 16
17 BOARD APPOINTMENTS Four new directors join the Board post EGM on 27 August 2012 Leslie Buckley: Appointed Chairman Representative of major shareholder Extensive operational and restructuring experience Jerome Kennedy: Appointed Senior Independent Director Experienced Board Director and former managing partner of KPMG Ireland Len O Hagan: Extensive business and consulting experience and resident of Northern Ireland Triona Mullane: Technology and IT experience with successful corporate career in IT sector Varied and relevant range of skills around the Board table Board strongly supportive of management strategy Full Board & Committee details outlined in Appendix INM PLC inmplc.com Page 17
18 PENSIONS H Jun 31-Dec Euro millions D Defined Benefit Pension Deficit (163.0) (122.4) (40.6) Key Variables: Bond Yields Longevity Asset Returns Defined benefit schemes generally challenged in current markets Increased deficit primarily due to c.1% reduction in bond yields Examining all options to provide certainty to those contributing to schemes and to secure a reasonable pension expectation for all participants, within the timeline and parameters announced by the Irish Pensions Board 2012 INM PLC inmplc.com Page 18
19 2012 DELEVERAGING Management and Board focused on substantive deleveraging Strategic Review of South African business in progress Investec and Hawkpoint appointed joint advisors Two unsolicited bids already received Focus on ascertaining whether such a disposal is deliverable on attractive terms Market updates will be provided as required in the coming months Covenants reset to provide sufficient headroom Ongoing constructive discussions with our banks regarding refinancing well in advance of May 2014 maturity 2012 INM PLC inmplc.com Page 19
20 H AGENDA YTD GROUP ADVERTISING REVENUES (cfx) YoY CHANGE Ongoing Cost Reductions Deleveraging Re-financing discussions 25.0% 20.0% 15.0% 10.0% 5.0% Easter/ May Public Holidays H2 Pension Restructuring 0.0% -5.0% -10.0% -15.0% -20.0% -25.0% Weeks (1 to 34) 2012 INM PLC inmplc.com Page 20
21 THANK YOU 2012 INM PLC inmplc.com Page 21
22 APPENDIX 1 BOARD OF DIRECTORS FULL BOARD Mr Leslie Buckley (Chairman) Mr Vincent Crowley (Chief Executive) Mr Jerome Kennedy (Senior Independent Director) Mr Terry Buckley Mr Paul Connolly Ms Lucy Gaffney Mr Allan Marshall Ms Triona Mullane Mr Frank Murray Mr Len O Hagan AUDIT COMMITTEE Mr Jerome Kennedy (Chairman) Mr Terry Buckley Ms Triona Mullane Mr Len O Hagan REMUNERATION COMMITTEE Mr Len O Hagan (Chairman) Mr Paul Connolly Mr Allan Marshall Ms Triona Mullane NOMINATION AND CORPORATE GOVERNANCE COMMITTEE: Mr Frank Murray (Chairman) Mr Terry Buckley Mr Vincent Crowley Ms Lucy Gaffney Mr Jerome Kennedy 2012 INM PLC inmplc.com Page 22
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