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APN
annual report
2011
the Board is committed to
ensuring the Company is able
to maximise profits from our
existing operations and generate
new and exciting revenue
opportunities in the digital arena.
Brett has a clear mandate
and vision to better position
APn for growth, and this
year’s Annual report should
give all shareholders a good
understanding of how far the
Company has transformed
over the past 12 months.
restoring APn’s share price and
building long term shareholder
value continue to be imperative
for both the Board and the
management team.
fiNANCiAL resuLTs
revenue was $1,072 million,
eBIt before exceptional items
was $171 million and nPAt
before exceptional items was
$78 million. taking into account
the non-cash impairment charge
(which chiefly relates to the value
of our new Zealand mastheads)
of $159 million announced
in August 2011 and other
exceptional items, APn reported
a statutory loss of $45 million.
Diversification in our markets and
media assets has been important
to our overall result, with a strong
performance in Outdoor and
solid growth in radio mitigating
some of the shortfalls in
publishing in local markets.
A final dividend of 5 cents a share,
together with the interim dividend
of 3.5 cents per share, brings the
total dividend per share for 2011
to 8.5 cents.
BoArD reNeWAL
the Board of APn continued
its program of renewal in 2011.
In December, APn announced
the appointment of melinda
Conrad to our Board of Directors,
following the appointment of
John Harvey in January 2011.
melinda’s expertise in retail,
particularly her experience in
innovation, implementation of
strategy and risk identification,
will be a valuable contribution
to the direction of the Company.
melinda’s appointment
commenced on 1 January 2012
and we are delighted to welcome
her to the team.
In February 2012, Pierce Cody
resigned from the Board. Pierce
served on the Board for more
than eight years and I would like
to thank him for his contribution
over that period.
2012
With the current turmoil in the
eurozone still impacting global
sentiment, we are expecting
local businesses and consumers
to remain fairly cautious
during 2012. Consistent with last
year, APn will be working hard
to optimise the performance of
our businesses while continuing
to evolve our approach, products
and business models.
the debates regarding
the regulatory framework
governing media companies
will also progress in 2012. the
Convergence review and
Independent media Inquiry are
generating robust debate in
Australia. Similarly, proposals
for change are being discussed
in relation to the new Zealand
law Commission’s Issues Paper,
The News Media meets ‘New
Media’.
these reviews, and the
responses from the Australian
and new Zealand governments,
have the potential to result in
major changes in the legislative
framework and opportunities
for media companies. APn will
continue to participate in these
important policy debates and
ensure that APn’s brands remain
at the vanguard of any change.
On behalf of the Board, I would
like to thank Brett and all of
our colleagues at APn for their
commitment and achievements
over the last 12 months. I also
wish to thank my fellow
Directors, who have served with
great dedication. Finally, I want to
thank you, our shareholders, for
your ongoing support and belief
in APn. I look forward to further
updating you on our prospects
at the Annual general meeting
on 2 may 2012.
Building value
Restoring APN’s share price and
building long term shareholder
value continue to be imperative
for both the Board and the
management team.