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APN
annual report
2011
chairman’s
report
2011 was one of the most
challenging years APN
has faced. Economic
uncertainty, weak retail
and advertising markets
and a strong Australian
dollar created a subdued
trading environment.
Compounding these
circumstances, the
floods in Queensland
and the earthquakes
in Christchurch created
enduring difficulties
for many of the local
communities that
we serve.
These conditions have had a
material impact on the earnings
of several of our businesses.
Trading for the second half of
2011 was significantly stronger
than for the first, although still
behind that of the prior year.
The silver lining from the tough
market is the relentless focus and
impatience of our Chief Executive
Officer, Brett Chenoweth,
and his team to optimise the
financial performances of all
of our businesses, both in terms
of exceeding cost reduction
targets to generate the highest
possible margins and reviewing
and evolving the way we do
business in the fast moving
media landscape.
Despite the difficult year, I would
like to emphasise the strength of
APN’s underlying businesses. We
continue to have valuable brands
that generate significant profits
and cash flows. Our publishing
businesses, in particular, have
robust market leading positions
that uniquely and profitably
serve their local communities.
GAVIN K O’REILLY
Chairman
20 March 2012