2011 half year results
TRANSCRIPT
8/6/2019 2011 Half Year Results
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Consolidated Media Holdings Limited ABN 52 009 071 167
2011 HalF-YeaR FinanCialRepoRt and appendix 4d
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appendix 4dHalF-YeaR ended 31 deCeMbeR 2010 (Previous corresPonding Period: Half-year ended 31 december 2009)
Results FoR announCeMent to tHe MaRket
$’000
Revee frm g eras w 17.9% 4,741
prf frm g eras afer ax arbable members 21.6% 45,313
ne rf fr he er arbable members w 86.9% 45,313
dv am r cry Fr mr cry
ierm ve 10.5 cents 0 cents
prevs rresg er 10.5 es 10.5 es
Rer ae fr eermg elemes he ve 5m, Fray 1 Arl 2011
dve ayme ae Fray 15 Arl 2011
Fr a exlaa f ay f he fgres rere abve, refer he mmeary he cslae Mea Hlgs Lme(he Company) resls ae he amayg mea release.
ths frma shl be rea j wh he aal faal rer f he cmay as a 30 Je 2010.
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diReCtoRs’ RepoRt
Rvw r f r the slae e rf afer ax (NPAT) f he em eyfr he half-year ee 31 deember 2010 was $45,313,000(2009: $346,199,000).
A revew f he eras f he cmay s rve age 4.
ar’ ic dcr
A saeme f eeee has bee rve by r ars,Ers & Yg, a fllws hs drers’ Rer age 5.
R f m r h r
the ams ae hs drers’ Rer a hehalf-year faal rers have bee re he eares$1,000 (where rg s alable) er he avalable he cmay er ASic class orer 98/0100. the cmays a ey whh hs class orer ales.
Sge arae wh a resl f he rers:
J.H. Alexander G.J. Dixon Exeve charma n-Exeve drer
Syey, 18h ay f Febrary 2011
Yr rers sbm her rer fr he half-year ee31 deember 2010.
drcr
the rers f he cmay ffe rg he half-year,a l he ae f hs drers’ Rer, are le he able belw. the rers were ffe fr he ereer less herwse e.
Jh Hery Alexaer Exeve charma
James dglas paker 1 dey charma
chrsher dary crrga n-Exeve drer
Rwea dazger n-Exeve drer
Geffrey James dx n-Exeve drer
peer Jsha thmas Gammell n-Exeve drer
Ashk Jab 1 n-Exeve drer
Gy Jalla 1 n-Exeve drer
chrsher Jh Makay n-Exeve drer
Rya Kerry Skes n-Exeve drer
1. Mhael Ry Jhs s a alerae rer Mr paker, Mr Jab a Mr Jalla.
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ReVieW oF opeRations
the cmay’s oerag npAt resl f $45.3 mll reflesa 4 er e rease he revs rresg er(pcp) resl f $43.7 mll. the mrve oerag npAt reslles he mrve eqy ae rbs frm hecmay’s assaes, ree exere rrae ss,ree eres revee a a me ax exese.
As e abve, he rb frm he cmay’s eqyae assaes fr he half-year mrve by $3.6 mll $45.4 mll (1H10: $41.8 mll).
the rere npAt resl f $45.3 mll s w 87 er e
he (1H10: $346.2 mll). the rere npAt resl 1H10 les he rfs a eqy rb frm he salef r SEEK sharehlg Ags 2009, a a marmeharge he sale f he park Sree ivesme prery.
inVestMents in assoCiates
() Foxtel
the cmay has rere a $19.2 mll s-ax eqyae rf s 25 er e vesme FoXtELfr he half, 13 er e he (1H10: $17.0 mll).
the cmay reeve al ash srbs a avaes f $30 mll frm FoXtEL 1H11 (1H10: $25 mll). A aal$10 mll srb was reeve Febrary 2011 a wll bereflee r 2011 fll-year resls.
Frher frma he cmay’s vesme FoXtELs rve he amayg mea release.
() prmr M gr (pMg)
the cmay has rere a $26.2 mll s-ax eqyae rf s 50 er e vesme pMG fr he half, 6 er e he (1H10: $24.8 mll).
the cmay reeve al ash srbs a avaesf $20 mll frm pMG 1H11 (1H10: $10 mll).
Frher frma he cmay’s vesme pMGs rve he amayg mea release.
CasH FloW
ne erag ash flw fr he er was $51.6 mll, 45 er e he (1H10: $35.6 mll). the rease he rr er refles he rease srbs reeveby he cmay frm s assaes.
drg he half-year, he cmay has rere $162.9 mll sharehlers, beg $127.7 mll a rsa he cmay’sshare by-bak rgram a $35.2 mll he frm f ves 15 ober 2010.
A 31 deember 2010, he cmay ha ash f $76.0 mll,w frm $205.2 mll a 30 Je 2010.
diVidend
the rers have elare a frake erm vef 10.5 es er rary share (he Interim Dividend). the iermdve wll be a Fray 15 Arl 2010 hse sharehlers he cmay’s regser a 5m, Fray 1 Arl 2010.
there s freg me (CFI) me he iermdve a sharehler ve las are era.
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4
Auditor’s Independence Declaration to the Directors of Consolidated
Media Holdings Limited
In relation to our review of the financial report of Consolidated Media Holdings Limited for the half-year
ended 31 December 2010, to the best of my knowledge and belief, there have been no contraventions of
the auditor independence requirements of the Corporations Act 2001 or any applicable code of
professional conduct.
Ernst & Young
Douglas Bain
Partner
Sydney
18 February 2011
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C
31 dcmr2010
31 dcmr2009
n $’000 $’000
Continuing operations
Revees 3 4,741 5,773
Exeses 3 (3,592) (10,254)
Share f e rfs f assaes a j vere 13 45,394 41,759
Profit from continuing operations before tax and finance costs 46,543 37,278
Fae ss 3 (7) (4)
Profit from continuing operations before income tax 46,536 37,274
ime ax (exese)/beef (1,223) –
Profit from continuing operations after income tax 45,313 37,274
Discontinued operations
Profit from discontinued operations after income tax – 308,925
Net profit for the period 45,313 346,199
Other comprehensive income
Mveme assaes’ reserve (5,832) (3,834)
Other comprehensive income for the period, net of tax (5,832) (3,834)
Total comprehensive income for the period 39,481 342,365
Earnings per share (EPS)
Bas EpS 9() 7.82 cents 52.30 es
dle EpS 9() 7.82 cents 52.30 esBas EpS frm g eras 9() 7.82 cents 5.63 es
dle EpS frm g eras 9() 7.82 cents 5.63 es
Dividends per share
crre year erm ve rse 6 10.5 cents 10.5 es
prr year fal ve a 6 6.0 cents 6.0 es
stateMent oF CoMpReHensiVe inCoMeFoR tHe HalF-YeaR ended 31 deCeMbeR 2010
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C
31 dcmr2010
31 dcmr2009
n $’000 $’000
Cash flows from operating activities
Rees frm smers (lsve f gs a serves ax) 745 2,811
paymes slers a emlyees (lsve f gs a serves ax) (3,797) (7,304)
dsrbs a avaes reeve frm assaes 50,000 35,000
ieres reeve 4,669 5,093
Fag ss lg eres a s f fae a (7) (4)
ime ax a (26) –
Net cash inflows from operating activities 51,584 35,596
Cash flows from investing activities
prhase f rery, la a eqme (313) –
prhase f vesme SEEKAsa 14 (17,564) –
ne rees frm sale f ivesme prery – 49,136
ne rees frm sale f vesmes – 436,119
Net cash inflows/(outflows) from investing activities (17,877) 485,255
Cash flows related to financing activities
Share by-bak 9 (127,713) (210,936)
dves a 6 (35,205) (40,265)
payme f lease lables (13) (32)
Net cash outflows from financing activities (162,931) (251,233)
Net increase/(decrease) in cash and cash equivalents held (129,224) 269,618
cash a ash eqvales a begg f year 205,238 37,451
Cash and cash equivalents at end of financial period 5 76,014 307,069
CasH FloW stateMentFoR tHe HalF-YeaR ended 31 deCeMbeR 2010
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stateMent oF CHanges in equitYFoR tHe HalF-YeaR ended 31 deCeMbeR 2010
C
shr C ac’Rrv
shr by-bc Rrv
Rer
t
$’000 $’000 $’000 $’000 $’000
At 1 July 2010 55,082 (6,226) (289,111) 684,089 443,834
Profit for the period – – – 45,313 45,313
Other comprehensive income – (5,832) – – (5,832)
Total comprehensive income for the period – (5,832) – 45,313 39,481
Transactions with owners in their capacity as owners
Share buy-back – – (116,753) – (116,753)
Dividend paid – – – (35,205) (35,205)
At 31 December 2010 55,082 (12,058) (405,864) 694,197 331,357
A 1 Jly 2009 55,082 3,834 – 397,491 456,407
prf fr he er – – – 346,199 346,199
oher mrehesve me – (3,834) – – (3,834)
tal mrehesve me fr he er – (3,834) – 346,199 342,365
trasas wh wers her aay as wers
Share by-bak – – (210,936) – (210,936)
dve a – – – (40,265) (40,265)
A 31 deember 2009 55,082 – (210,936) 703,425 547,571
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1. CoRpoRate inFoRMation
the faal rer f he cmay fr he half-year ee31 deember 2010 was ahrse fr sse arae wha resl f he rers 18 Febrary 2011. the cmays a may rrae Asrala a lme by shares, whhare blly rae he Asrala Sk Exhage (ASX: cMJ).
2. suMMaRY oF signiFiCant aCCounting poliCies
the half-year faal rer es le all es f he yermally le wh he aal faal rer a herefrea be exee rve as fll a ersag f hefaal erfrmae, faal s a fag a vesgaves f he slae ey as he aal faal rer.
the half-year faal rer shl be rea j whhe aal faal rer f he cmay as a 30 Je 2010.i s als remmee he half-year faal rer be seregeher wh ay bl aemes mae by he cmaya s rlle ees rg he half-year ee 31 deember2010 arae wh s s slsre blgasarsg er he ASX lsg rles.
() b f rr
the half-year faal rer s a geeral-rse faal rer,whh has bee reare arae wh he reqremesf he Corporations Act 2001 (ch), AASB 134 “ierm FaalRerg”, alable Ag Saars a her maaryrfessal rerg reqremes.
the half-year faal rer has bee reare a hsrals bass, exe fr her faal asses ha have beemeasre a far vale a vesmes assaes aefr sg he eqy meh.
the half-year faal rer s resee Asrala llars.
Fr he rse f rearg he half-year faal rer,he half-year has bee reae as a sree rerg er.
() Ch cc c
the ag les ae he reara f he half-yearrer are sse wh hse ale a slse he 2010aal faal rer.
the Asrala Ag Saars a ierreas ha havereely bee sse r amee b are ye effeve have bee ae by he cmay fr he half-year rerg eree 31 deember 2010.
(c) u f m
i frmg wh geerally aee ag rles,he reara f faal saemes fr he cmay reqresmaageme make esmaes a assms ha affe herere ams f asses, lables, revees a exeses,a he slsre f ge asses a lables he faalsaemes a amayg es. Alhgh hese esmaes arebase maageme’s kwlege f rre eves a asha may be erake he fre, aal resls may lmaelyffer frm esmaes.
notes to tHe FinanCial stateMentsFoR tHe HalF-YeaR ended 31 deCeMbeR 2010
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3. ReVenue and expenses
prf befre me ax exese frm g eras les he fllwg revees a exeses whse slsre s releva exlag he erfrmae f he ey:
C
31 dcmr2010
31 dcmr2009
$’000 $’000
(i) Revenue
Revee frm serves 607 680
ieres reeve 4,134 5,093
4,741 5,773
(ii) Expenses
crrae a amsra 2,992 3,124
oher 600 7,130
3,592 10,254
Depreciation of non–current assets(le abve)
pla a eqme 50 20850 208
Amortisation of non–current assets(le abve)
pla a eqme er fae lease 16 20
16 20
tal erea a amrsa exese 66 228
(iii) Specific Items
cg eras
prery relae wre–ffs a marmes (le her exeses) – (6,400)
– (6,400)
dse eras
ne rf ssal f vesme (a) – 305,079
– 305,079
– 298,679
(a) i he rr year he rf frm se eras afer ax als le a eqy ae rf frm SEEK Lme f $2,494,000, a lss he ssal f he ivesme prery f $149,000 a a rf afer ax frm erag he ivesmeprery f $1,501,000.
(iv) Other income and expense disclosures
Fae ss exese:Fae leases 7 4
7 4
notes to tHe FinanCial stateMentsFoR tHe HalF-YeaR ended 31 deCeMbeR 2010
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4. opeRating segMents
oe erag segme, beg vesme ay elevs, was efe by he Gr base he eral rerg seby he Exeve charma a he Bar assessg erfrmae a eermg he alla f resres.
ifrma ab he erfrmae f he segme s geerally rere he Exeve charma weekly he fllwg frm.
C
31 dcmr2010
31 dcmr2009
$’000 $’000
Revee 607 680
Exeses (3,526) (3,630)
EBITDA (2,919) (2,950)
derea (66) (228)
EBIT (2,985) (3,178)
Equity Results
FoXtEL 19,191 16,961
premer Mea Gr 26,203 24,798
Total Equity Results 45,394 41,759
ne ieres 4,127 5,093
Profit before tax 46,536 43,674
tax Exese (1,223) –
Operating NPAT 45,313 43,674
SEEK – 307,573
prery (lg relae marme) – (5,048)
Statutory NPAT 45,313 346,199
notes to tHe FinanCial stateMentsFoR tHe HalF-YeaR ended 31 deCeMbeR 2010
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notes to tHe FinanCial stateMentsFoR tHe HalF-YeaR ended 31 deCeMbeR 2010
5. CasH and CasH equiValents
C
31 dcmr2010
31 dcmr2009
$’000 $’000
Fr he rse f he ash flw saeme, ash a ash eqvales are mrse f he fllwg:
cash ha a a bak 76,014 307,069
6. diVidends paid and pRoposed
C
31 dcmr2010
31 dcmr2009
$’000 $’000
Eqy ves rary shares:
(a) dves a rg he half-yearFal frake ve fr he faal year 30 Je 2010: 6 es er share a 15 ober 2010 (2009: 6 es er share frake)
35,205 40,265
(b) dves rse a regse as a lablyierm frake ve fr he half-year 31 deember 2010: 10.5 es er share exee be a 15 Arl 2011 (2009: 10.5 es er share flly frake base ax a a 30%)
58,993 65,174
n sharehler ve las are era, a here s freg sre me me (cFi) he abve ves.
7. inteRest beaRing liabilities
C
31 dcmr
2010
30 J
2010
$’000 $’000
Current
Lease lables 26 25
26 25
Non-current
Lease lables 192 206
192 206
tal eres bearg lables 218 231
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8. eVents aFteR tHe balanCe sHeet date
there are maers ha have arse se balae ae ha have sgfaly affee r may sgfaly affe he slae ey’sera fre years, resls f eras he fre r sae f affars he fre.
9. ContRibuted equitY and ReseRVes
C
31 dcmr2010 30 J2010
$’000 $’000
ISSUED SHARE CAPITAL
orary shares flly a 55,082 55,082
MOVEMENTS IN ISSUED SHARE CAPITAL No of shares $’000
At 30 June 2010 612,009,233 55,082
Share by-bak re 30 Je 2010 aelle s 30 Je 2010 (15,250,762) –
Share by-bak (a) (34,923,475) –
At 31 December 2010 561,834,996 55,082
(a) o-marke rhases f shares er he cmay’s ae share by-bak ($116,753,000) were rere he ShareBy-Bak Reserve.
(b) orary shares ele he hler arae ves a he rees wg- f he cmay rr he mber f shares hel.
C
31 dcmr2010
31 dcmr2009
$’000 $’000
() Weghe average mber f rary shares se he emar allag bas
a le eargs er share:
579,104,367 661,973,108
10. net tangible assets baCking
C
31 dcmr2010
30 J2010
$’000 $’000
ne agble asse bakg er rary sery $0.59 $0.73
notes to tHe FinanCial stateMentsFoR tHe HalF-YeaR ended 31 deCeMbeR 2010
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11. iMpaiRMent oF plant and equipMent
there has bee marme f la a eqme rg he er ee 31 deember 2010.
drg he er ee 31 deember 2009, a marme harge f $6,331,000 was regse rela era la aeqme a leasehl mrvemes ha were reae sbseqe he rery sale. these asses were lger exee geerae a sve rer, a as sh were wre w $l.
12. Contingent liabilities
i era rmsaes, he cmay has mme je aal fg f HK$149.8 mll (. A$18.8 mll)fr frher seres SEEKAsa Lme (SEEKAsia). Ay aal fg wll be rr wh he cmay’s eqy share SEEKAsa (12.1%), wll r afer 30 Je 2011 a wll be fr he rse f SEEKAsa aqrg aal eqy Jbs dB i.
there are her ge asses a lables a 31 deember 2010.
13. equitY aCCounted assoCiates and Joint VentuRe entities
owrh r Cr rf Crry v
31 dc2010
30 J2010
31 dc2009
31 dc2010
31 dc2009
31 dc2010
30 J2010
nm f y % % % $’000 $’000 $’000 $’000
Continuing operations
Sky cable py Lme (FoXtEL) 50.0 50.0 50.0 19,191 16,961 117,745 104,386
premer Mea Gr py Lme 50.0 50.0 50.0 26,203 24,798 190,165 169,543
45,394 41,759
Discontinued operations
SEEK Lme – – – – 2,494 – –
– 2,494
45,394 44,253 307,910 273,929
notes to tHe FinanCial stateMentsFoR tHe HalF-YeaR ended 31 deCeMbeR 2010
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14. otHeR FinanCial assets
C
31 dcmr2010
30 J2010
n $’000 $’000
n-rre
ivesme a far vale hrgh rf r lss (a) – –
Avalable-fr-sale vesme (b)25,959 –25,959 –
() ivm fr v hrh rf r
the cmay’s 0.07 er e vesme ne Eerame c Hlgs py Lme a he ne Eerame c Gr(frmerly pBL Mea) s esgae as a vesme a far vale hrgh rf r lss. A 31 deember 2010 he far vale wassere be $l (30 Je 2010: $l).
() av-fr- vm
i deember 2010, he cmay mme ves $25.959 mll SEEKAsa (rereseg a 12.1 er e eres).SEEKAsa he agree rhase a 60 er e sake Jbs dB i. the cmay’s vesme SEEKAsa was reae
as a Avalable-fr-sale vesme.
of he $25.959 mll, $17.564 mll was a deember 2010, wh he remag $8.395 mll a sbseqe 31 deember 2010 a le ayables a 31 deember 2010.
A 31 deember 2010 he vesme was vale a he ree rasa re f $25.959 mll.
notes to tHe FinanCial stateMentsFoR tHe HalF-YeaR ended 31 deCeMbeR 2010
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diReCtoRs’ deClaRationFoR tHe HalF-YeaR ended 31 deCeMbeR 2010
i he f he rers:
(a) he faal saemes a es f he slae ey are arae wh he Corporations Act 2001 (ch), a:
() gve a re a far vew f he slae ey’s faal s as a 31 deember 2010 a erfrmae fr he half-yearee 31 deember 2010;
a
() mly wh Ag Saar AASB 134 “ierm Faal Rerg” a he Corporations Regulations 2001; a
(b) here are reasable grs beleve ha he cmay wll be able ay s ebs as a whe hey beme e a ayable.
o behalf f he Bar:
J.H. Alexander G.J. Dixon Exeve charma n-Exeve drer
Syey, 18h ay f Febrary 2011
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16
To the members of Consolidated Media Holdings Limited
Report on the Half-Year Financial Report
We have reviewed the accompanying half-year financial report of Consolidated Media Holdings Limited,
which comprises the statement of financial position as at 31 December 2010, the statement of
comprehensive income, statement of changes in equity and statement of cash flows for the half-year
ended on that date, notes comprising a summary of significant accounting and other explanatory
information, and the directors’ declaration of the consolidated entity comprising the company and the
entities it controlled at the half-year end or from time to time during the half-year.
Directors’ Responsibility for the Half Year Financial Report
The directors of the company are responsible for the preparation of the half-year financial report that
gives a true and fair view in accordance with Australian Accounting Standards and the Corporations Act
2001 and for such internal controls as the directors determine are necessary to enable the preparation of
the period e.g. half-year financial report that is free from material misstatement, whether due to fraud or
error.
Auditor’s Responsibility
Our responsibility is to express a conclusion on the half-year financial report based on our review. We
conducted our review in accordance with Auditing Standard on Review Engagements ASRE 2410 Review
of Interim and Other Financial Reports Performed by the Independent Auditor of the Entity , in order to
state whether, on the basis of the procedures described, we have become aware of any matter that makes
us believe that the financial report is not in accordance with the Corporations Act 2001 including giving a
true and fair view of the consolidated entity’s financial position as at 31 December 2010 and its
performance for the half-year ended on that date; and complying with Accounting Standard AASB 134
Interim Financial Reporting and the Corporations Regulations 2001. As the auditor of Consolidated Media
Holdings Limited and the entities it controlled during the half-year, ASRE 2410 requires that we comply
with the ethical requirements relevant to the audit of the annual financial report.
A review of a half-year financial report consists of making enquiries, primarily of persons responsible for
financial and accounting matters, and applying analytical and other review procedures. A review is
substantially less in scope than an audit conducted in accordance with Australian Auditing Standards and
consequently does not enable us to obtain assurance that we would become aware of all significant
matters that might be identified in an audit. Accordingly, we do not express an audit opinion.
Independence
In conducting our review, we have complied with the independence requirements of the Corporations Act
2001. We have given to the directors of the company a written Auditor’s Independence Declaration, a
copy of which is included by reference in the Directors’ Report.
8/6/2019 2011 Half Year Results
http://slidepdf.com/reader/full/2011-half-year-results 19/20 19Consolidated Media Holdings liMited 2011 HALF-YEAR FinAnciAL REpoRt And AppEndiX 4d
17
Conclusion
Based on our review, which is not an audit, we have not become aware of any matter that makes us
believe that the half-year financial report of Consolidated Media Holdings Limited is not in accordance with
the Corporations Act 2001, including:
a) giving a true and fair view of the consolidated entity’s financial position as at 31 December 2010 and
of its performance for the half-year ended on that date; and
b) complying with Accounting Standard AASB 134 Interim Financial Reporting and the Corporations
Regulations 2001.
Ernst & Young
Douglas Bain
Partner
Sydney
18 February 2011