2011 half year results

8/6/2019 2011 Half Year Results

http://slidepdf.com/reader/full/2011-half-year-results 1/20 01Consolidated Media Holdings liMited 2011 HALF-YEAR FinAnciAL REpoRt And AppEndiX 4d

Consolidated Media Holdings Limited ABN 52 009 071 167

2011 HalF-YeaR FinanCialRepoRt and appendix 4d


http://slidepdf.com/reader/full/2011-half-year-results 2/2002 Consolidated Media Holdings liMited 2011 HALF-YEAR FinAnciAL REpoRt And AppEndiX 4d

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.



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.



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.



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



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



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



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



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




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





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



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




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




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.




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



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.



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


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