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APN
annual report
2011
remuneration report
APN News & Media Limited and Controlled Entities
D: Remuneration outcomes for Senior Executives in 2011
Overview of the link between remuneration and 2011 performance
APN’s performance-linked remuneration framework, as outlined in Section B ensures there is alignment between the generation of
shareholder wealth and remuneration of key management personnel.
The performance of the Group in 2011 was not uniform across the divisions, and as a consequence, overall Group financial targets were not met
and were insufficient to meet most STI performance targets. The Outdoor division did experience strong growth and significantly exceeded its
budgeted targets. As a result, Outdoor Chief Executive Richard Herring received an STI payment. Warren Bright and Matt Crockett achieved
certain individual key performance indicators as agreed with the Chief Executive Officer and received an STI award.
Summary of five year performance
2011
2010
2009
2008
2007
Net profit after tax (NPAT)
(i)
$78.2m
$103.1m $94.2m $143.1m $169.4m
Annual change in NPAT
(24.2%)
9.5%
(34.2%)
(15.5%)
7.6%
Dividends per share
8.5c
12.0c
4.0c
22.5c
31.5c
Diluted EPS
(i) (ii)
12.6c
17.2c
17.0c
28.3c
32.9c
Annual change in diluted EPS
(26.4%)
1.2%
(39.9%)
(14.0%)
10.4%
Share price at 31 December
$0.71
$1.94
$2.32
$2.48
$5.27
(i) Pre exceptional items and discontinued operations
(ii) Adjusted for bonus element of 2009 rights issue
Short-term incentives
The following table outlines, for 2011, the proportion of the STI payable under the STI plan as determined by the Remuneration Committee.
STI payable
%
STI forfeited
%
Brett Chenoweth
0
100
Peter Myers
0
100
Matt Crockett
11
89
Martin Simons
0
100
Warren Bright
10
90
Richard Herring
68
32
Warren Lee
0
100
Rob Lourey
0
100
Long-term incentives
Mr Chenoweth was awarded 750,000 performance rights in 2011 in accordance with his contractual arrangements. No other performance
rights were issued to Senior Executives during 2011.
No awards issued under existing long-term incentive plans vested to Senior Executives during 2011.