INDEPENDENT NEWS & MEDIA PLC

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1 INDEPENDENT NEWS & MEDIA PLC 2014 INTERIM RESULTS 28 August INM PLC inmplc.com Page 1

2 INTERIM RESULTS Key Highlights (Continuing Group*) Net Profit ** doubled from 6.9 million to 14.0 million; 2013 Financial Restructuring results in Net Debt to EBITDA of 2.4 times (Net Debt: 94.7 million) and a net interest charge of 3.0 million, which is a reduction of 15.7 million; and Digital advertising revenue growth of 30%, with significant ongoing digital investment * The Continuing Group excludes the results of the Education businesses, which were sold in June 2014 and the South African business, which was sold in August 2013 ** pre-exceptionals 2014 INM PLC inmplc.com Page 2

3 INTERIM RESULTS Financial/Operating Highlights Operating Profit, pre-exceptionals, of 15.9 million, in line with 2013; Total Revenue of million, marginally down on the prior year: Digital advertising revenue growth of 30% to 3.9 million; Year-on-year newspaper advertising trend line continues to improve, with strong revenues from Recruitment (ROI), Property and Inserts; Notwithstanding the investment in Digital, Operating Costs, pre-exceptionals, reduced by 3.3 million (down 2.3%); Substantial digital audience and revenue growth: independent.ie is the No.1 news website in Ireland (source: June 2014 comscore); Significant increase in independent.ie traffic in July, unique visits have doubled year-on-year to 9.2 million, while page impressions were up 23% year-on-year to 70 million; Traffic on sundayworld.com has more than quadrupled since last year, with over 1 million unique visits and over 5 million page impressions in July; BelfastTelegraph.co.uk, Northern Ireland s leading commercial news website increased its unique visits year-on-year by 45% to 3.4 million in July; and Purchase of RecruitNI, strengthens the Group s position as the No.1 jobs portal in Northern Ireland INM PLC inmplc.com Page 3

4 INTERIM RESULTS Financial/Operating Highlights contd. Profit enhancement initiatives: Continued strong delivery on cost reduction programme; Editorial work-flow and write-to-fit initiative nearing completion; and Integration of Sunday World and The Herald editorial operation has commenced INM PLC inmplc.com Page 4

5 INTERIM RESULTS OVERVIEW contd. HY Financial Summary for Continuing Group * Euro millions D D% Revenue (3.3) (2.0%) Operating Costs (141.9) (145.2) % EBIT** % Operating Margin (%) 10.1% 9.9% +20 bps Basic & Diluted EPS (cent) (pre-exceptionals) 1.1c 0.2c 0.9c 450.0% Basic & Diluted EPS (cent) (0.1c) (1.7c) 1.6c 94.1% Net Debt % Revenue of 157.8m, marginally down on prior year Notwithstanding the significant planned digital investment, Operating Costs reduced by 3.3m EBIT** of 15.9m in line with last year Operating Margin of 10.1% Net Debt reduced to 94.7m 2.4x EBITDA * In 2014, excludes the Education businesses, which were sold in June In 2013, excludes the Education businesses and Independent News & Media South Africa, which was sold in ** pre Exceptionals 2014 INM PLC inmplc.com Page 5

6 HY 2014 REVENUE BY CATEGORY Euro millions D% Print Advertising % Digital Advertising % Total Advertising % Circulation % E-commerce % Other * % Total Revenue % Total advertising broadly in line with last year (down only 0.3%), as strong digital revenue replaced the decline in Print advertising Strong YoY Digital increase, as the integrated advertising sales team successfully developed and sold innovative solutions Print advertising revenue experienced a modest YoY decrease, with strong growth in Property, Recruitment (ROI) and Inserts Circulation revenue declined by 2.4%, due to circulation volume declines Satisfactory performance from GrabOne (E-commerce), the Group s daily deals website, following a strategic re-focussing on higher value deals Other revenue declined by 2.9%, which is mainly due to reduced 3 rd party newspaper sales in Newspread * Other represents Distribution & Contract Print 2014 INM PLC inmplc.com Page 6

7 HY 2014 REVENUE PRINT ADVERTISING Euro millions D% Print Advertising % Island of Ireland YoY weekly Publishing Advertising variance to wk 34 H2 Print advertising decreased by a modest 2.7% or 1m to 35.9m with strong growth in Property, Recruitment (ROI) and Inserts Performance during the period has been variable Wk 1 to 20 down 2.4% Wk 21 to 26 down 4.9% Wk 27 to 34 down 4.8% The YoY decline continues to reduce, with the Group experiencing the smallest YoY half-year decline (2.7%) since 2007 Week Numbers 2014 INM PLC inmplc.com Page 7

8 HY 2014 REVENUE DIGITAL ADVERTISING Euro millions D% Digital Advertising % Island of Ireland YoY weekly Digital Advertising variance to wk 34 H2 Performance during the period has been strong, with significant YoY growth continuing into Q3 to date Wk 1 to 20 up 25.8% Wk 21 to 26 up 37.9% Wk 27 to 34 up 36.5% The Group continues to invest in Digital online products to provide the platform to continue to drive revenues through a range of advertising formats. This has driven strong growth in digital display advertising in the first half of the year. Week Numbers 2014 INM PLC inmplc.com Page 8

9 HY 2014 REVENUE E-COMMERCE Euro millions D% E-commerce Revenue % GrabOne continues to be the No.1 Irish-owned daily deals site, with over 1.8 million site visits in July and with an average of 35,000 vouchers being sold per month in the first six months of 2014 Galway Belfast Dublin Greater focus on the GrabOne regional strategy has strengthened its presence outside of Dublin and the Group expects to capitalise on this for the remainder of 2014 Kerry Limerick/ Shannon Cork South East Subscribers to GrabOne have grown by 7% for the first half of the year with GrabOne social audience growing by 10% 2014 INM PLC inmplc.com Page 9

10 HY 2014 REVENUE CIRCULATION, C. PRINT & W/SALE Euro millions D% Circulation Revenue % Contract Print & Wholesaling % Circulation revenue down 2.4% year-on-year, with the benefit of some cover price increases partially offsetting volume declines Newspread, the largest newspaper wholesaler distributor on the island of Ireland, extended contracts with two principle Irish magazine publishers. It also secured a contract to supply a large supermarket group with own-brand and licensed stationery for the lucrative back to school market The decline in Contract Print & Wholesaling revenue is mainly due to lower newspaper and magazine circulations resulting in lower Distribution revenue and the loss of a UK magazine printing contract 2014 INM PLC inmplc.com Page 10

11 CIRCULATION VOLUMES Circulation Market Share ** Volumes* Absolute Share Mov't Readership*** ^ Irish Independent 112, % DOWN 691,000 The Herald 51, % DOWN 262,000 Sunday Independent 220, % UP 992,000 Sunday World 198, % UP 749,000 Belfast Telegraph 48, % UP 166,000 Sunday Life 44, % UP 199,000 Irish Independent continues to dominate the quality daily market, with an ABC of 112,383 maintaining its No. 1 position in the daily quality market Sunday Independent, which recorded an ABC 1 of 220,565, increased its market share and remains by far the biggest selling quality Sunday newspaper, while also providing the largest regular audience on the island of Ireland across any advertising platform The Herald recorded an ABC 1 of 51,600 in the popular daily market and is the No.1 read national daily title in Dublin Sunday World, which recorded an ABC 1 of 198,260, increased its market share in the popular Sunday market and continues to be the largest selling tabloid on the island of Ireland In Northern Ireland, the Belfast Telegraph recorded an ABC 1 of 48,014, increasing market share in the Northern Ireland daily market, while Sunday Life recorded an ABC 1 of 44,155 both newspapers recently won Newspaper of the Year awards in their respective markets * ABC Jan to June 2014; ** Based on circulation volumes and of their respective market; *** JNRS 2013/14; ^NI TGI INM PLC inmplc.com Page 11

12 DIGITAL KEY ACTIONS Continued investment in digital delivering market leading online products that increase user engagement, and provide the platform to continue to drive revenues through a range of advertising formats Enhancement of the independent.ie platform with a redesign that includes new sections dedicated to: News; Business; Sport; Entertainment; Life; and Style Mobile is a key area of focus with independent.ie content being accessed from more devices successfully launched new mobile adaptive product in May % of audience now accessing our content via mobile, significant year on year growth of 200% In Belfast, successful launch of best in class ipad app for Belfast Telegraph, as well as upgrades to its classified iphone apps and platforms 2014 INM PLC inmplc.com Page 12

13 DIGITAL KEY ACTIONS contd. Successful launch of Sunday World Exclusive, a subscription service on sundayworld.com offering access to digital archives, exclusive content and your weekly newspaper delivered to your mobile or tablet every Sunday morning through a new hybrid native app The Group s editorial structure has moved to a fully integrated Digital-First content hub. All content operations have been rolled into a centralised content hub to serve all audiences across the day and across our multiple platforms (print, browser and mobile) 2014 INM PLC inmplc.com Page 13

14 DIGITAL AUDIENCE independent.ie is the No.1 news website in Ireland (source: June 2014 comscore) Significant increase in independent.ie traffic visits have doubled year-on-year to 9.2 million in July, while page impressions in July were up 23% year-on-year to 70 million Traffic on sundayworld.com has more than quadrupled since last year, with over 1 million unique visits and over 5 million page impressions in July 2014 INM PLC inmplc.com Page 14

15 DIGITAL AUDIENCE BelfastTelegraph.co.uk, Northern Ireland s leading commercial news website increased its unique visits yearon-year by 45% to 3.4 million in July Purchase of RecruitNI, strengthening the Group s position as the No.1 jobs portal in Northern Ireland 2014 INM PLC inmplc.com Page 15

16 DIGITAL VERTICALS nijobfinder.co.uk, recorded a strong performance during the period with page impressions in July up 5% and unique visits up 16% on the prior year. The purchase of RecruitNI, further strengthens the Group s position as the No.1 jobs portal in Northern Ireland Northern Ireland s No.1 property website, propertynews.com with page impressions and unique visits up 8% and 10% YoY respectively in July nicarfinder.co.uk increased its online traffic page impressions and unique visits increased by 56% and 55% respectively in July The Groups investment in ClickandGo.com, a leading Irish travel site with a strategic alliance with Aer Lingus, offering holidays in Europe and the US, is performing ahead of expectations CarsIreland.ie performed well in the period, delivering growth in both audience and number of registered car dealers the No.2 in the ROI market 2014 INM PLC inmplc.com Page 16

17 PROFIT ENHANCEMENT INITIATIVES Continued strong delivery on cost reduction on the back of Phase One of Restructuring Programme improved profitability by 26m Editorial work-flow and write to fit initiative nearing completion Integration of Sunday World and The Herald editorial operation has commenced Continued focus on cost efficiencies 2014 INM PLC inmplc.com Page 17

18 APN NEWS & MEDIA - AUSTRALASIA HY APN News & Media Limited INM Share Euro millions NPAT (pre-exceptionals) Exceptionals (0.1) (0.8) Net Profit After Tax (post Exceptionals) Revenues from continuing operations of A$405.9m, up 3% on H EBITDA from continuing operations (before exceptionals) of A$70.7m, up 1% on H The Group s stake in APN is valued at 103m (as at 27 August 2014), with a carrying value of 75m as at 30 June INM PLC inmplc.com Page 18

19 HY 2014 INCOME STATEMENT Six months ended 30 June 2014 Six months ended 30 June 2013 * Before Before Exceptional Exceptional Exceptional Exceptional Euro millions Items Items Total Items Items Total Revenue decline offset by Operating Cost reduction Continuing Operations Revenue Operating Costs (141.9) (0.2) (142.1) (145.2) (6.1) (151.3) Operating Profit/(Loss) 15.9 (0.2) (6.1) 9.8 Share of results of associates & joint arrangements 3.0 (0.3) (1.0) 3.2 Loss on deemed disposal of associates - (16.7) (16.7) Net Finance Charges (3.0) 1.0 (2.0) (18.7) (3.2) (21.9) Profit/(Loss) Before Tax 15.9 (16.2) (0.3) 1.4 (10.3) (8.9) Taxation (Charge)/Credit (0.9) 0.2 (0.7) (0.6) - (0.6) Profit/(Loss) from Continuing Operations 15.0 (16.0) (1.0) 0.8 (10.3) (9.5) Discontinued Operations ** (1.0) (0.1) (1.1) 6.1 (8.2) (2.1) Profit/(Loss) for the period 14.0 (16.1) (2.1) 6.9 (18.5) (11.6) Continuing Group - Basic & Diluted EPS (cent) 1.1c (0.1c) 0.2c (1.7c) * Restated ** Education s results for the period classified as Discontinued Operations in INMSA s & Education s results for the period classified as Discontinued Operations in Deemed partial disposal accounting adjustment on APN investment due to nonparticipation in equity issue Significantly lower YoY interest charge due to 2013 Financial Restructuring Discontinued Operations in 2014 relates to Educational Businesses 2014 INM PLC inmplc.com Page 19

20 CASHFLOW FOR CONTINUING GROUP Euro millions Restated Restated Group EBIT Depreciation & Amortisation EBITDA Working Capital (3.4) (0.6) Retirement Benefit Obligations (2.2) (1.3) Provisions (6.1) (4.7) Cash Exceptionals (1.7) (3.3) Cash generated by operating activities Cashflows from investing activities Capex (2.9) (2.1) Dividends Received Interest Received Disposal of Education Businesses Advances to Associates and Joint Arrangements (0.3) (0.2) Cashflows from financing activities Interest Paid (3.1) (11.1) Proceeds from Borrowings Repayments of Borrowings (0.1) 0.0 Payments relating to Finance Lease Liabilities 0.0 (0.1) Funding from Discontinued Operations Net increase in cash and cash equivalents and bank overdrafts in the period Balance at the beginning of the year FX (0.1) (0.2) Cash and cash equivalents and bank overdrafts at the end of the period Group EBIT in line with prior year Provisions outflow/unwind primarily relates to payments on property leases and other onerous trading contractual arrangements Cash exceptionals primarily relate to redundancy payments Decrease in interest outflow due to 2013 Financial Restructuring 2014 INM PLC inmplc.com Page 20

21 BALANCE SHEET 30-Jun 31-Dec Euro millions D Intangible Assets Tangible Assets (0.1) Investment in Associates & Joint Arrangements (11.4) Net Deferred Tax Assets Assets/ Liabilities classified as held for sale (0.1) Other Net Assets/ Liabilities (32.3) (41.4) 9.1 Retirement Benefit Obligations (78.0) (60.6) (17.4) Net Debt (94.7) (95.3) 0.6 (15.4) 0.8 (16.2) Increase in Retirement Benefit Obligations primarily due to a reduced discount rate applied to the Republic of Ireland defined benefit pension schemes (3.1% at 30 June 2014 versus 4.0% at year-end 2013) Net Debt to EBITDA at 30 June 2014 is 2.4 times Decrease in carrying value of Associates and Joint Arrangements primarily due to a 14.9m deemed partial disposal accounting adjustment arising from the Group s nonparticipation in APN s equity issue Other Net Assets/Liabilities decrease primarily due to payments/unwind on a number of property leases and other onerous trading contractual arrangements 2014 INM PLC inmplc.com Page 21

22 2014 H2 AGENDA/CONCLUSION Solid set of H1 Results continued progress into H2 Continued investment progress against Group s Digital Strategy Continued cost restructuring in old business Arrival of new Group CEO Capitalise on return to growth in real Irish economy 2014 INM PLC inmplc.com Page 22

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