FY2011 Financial Results 12 October 2011
Group FY2011 financial highlights FY2011 FY2010 Change S$’000 S$’000 % 1,250,972 1,381,071 (9.4) Operating Revenue 409,038 539,103 (24.1) Operating Profit # 50,351 39,255 28.3 Investment Income Net Profit attributable to 388,575 497,874 (22.0) shareholders # This represents the recurring earnings of the media and property businesses. Results for the comparative period FY2010 included profits from the Group’s Sky@eleven development which was completed in May 2010. 2
FY2011 financial highlights FY2011 FY2010 Change Operating Revenue S$’000 S$’000 % Newspaper and Magazine 1,013,285 974,125 4.0 Property 167,884 356,095 (52.9) Rental & Services 167,884 134,451 24.9 Property Development (Sky@eleven) - 221,644 NM Others 69,803 50,851 37.3 1,250,972 1,381,071 (9.4) NM: Not meaningful Newspaper and Magazine Print advertisement revenue rose by S$41.6m (5.7%), driven by strong Display advertisement sales Property Robust growth in rental income of S$33.4m (24.9%) from Paragon and Clementi Mall Others Higher revenue from the exhibitions business for newly acquired and other shows, and from online and other media businesses 3
FY2011 financial highlights FY2011 FY2010 Change Profit/(Loss) before taxation S$’000 S$’000 % Newspaper and Magazine 365,603 364,678 0.3 Treasury and Investment 41,614 29,819 39.6 Property 75,566 235,109 (67.9) Rental & Services 75,566 80,893 (6.6) Property Development (Sky@eleven) - 154,216 NM Others (26,101) (39,714) (34.3) 456,682 589,892 (22.6) NM: Not meaningful Underpinned by higher advertisement revenues, robust growth in rental income and continued progress in the exhibitions and online businesses 4
Group FY2011 highlights Operating Revenue Composition Print Advertisement Revenue Composition (S$1.3b) (S$774.7m) 8.1% 9.2% 13.4% 30.6% 16.6% 61.9% 60.2% Advertisements - Print Display Circulation Classified * Rental & Services Magazines & Others Others * Classified includes Recruitment and Notices 5
Ad revenue performance supported by strong growth in Property and Transport Display ads Newspaper Ad Revenue Y-O-Y Growth (%) 25.0% 20.0% 17.4% 15.0% 11.8% 10.0% 8.3% 10.0% 7.8% 5.5% 5.1% 4.5% 5.0% 1.7% 1.0% 0.0% -1.0% -2.4% -3.1% -3.5% -5.0% -7.9% -10.0% 1QFY11 2QFY11 3QFY11 4QFY11 FY11 Display Classified* Total * Classified includes Recruitment and Notices 6
Circulation levels maintained through our focus on quality journalism and efforts on subscription drives 400 Daily Average Newspaper Circulation 350 300 Thousands 250 200 150 100 50 0 THE THE THE THE NEW LIANHE LIANHE SHIN MIN BERITA TAMIL STRAITS SUNDAY BUSINESS PAPER / THE ZAOBAO WANBAO DAILY NEWS HARIAN / MURASU / TIMES TIMES TIMES NEW PAPER BERITA TAMIL SUNDAY MINGGU MURASU SUNDAY FY2011 FY2010 7
Group FY2011 highlights Cost Composition (S$860.8m) 6.7% 18.5% 40.5% 3.6% 13.6% 11.8% 8.9% Staff Cost Newsprint Depreciation Other Production Cost Other Overheads Others 8
Staff costs rose 2.3% Change Staff Cost FY2011 FY2010 % Total Staff Cost (S$'000) 348,461 340,464 2.3 Average Headcount 4,078 3,965 2.8 Headcount as at end Aug ‘11 4,054 4,041 0.3 The increase was attributable to salary increments and increased headcount, partially offset by lower variable bonus provision Staff costs for FY2010 included government jobs credit 9
Higher newsprint prices led to 13.1% increase in newsprint costs year-on-year Average Newsprint Charge-Out Price & Monthly Consumption 700 12,000 680 666 651 650 11,000 607 10,631 600 10,289 10,241 550 10,000 9,408 500 9,000 450 400 8,000 1QFY11 2QFY11 3QFY11 4QFY11 LHS - Prices (US$) RHS - Ave Mthly Consumption (MT) Prices are expected to increase moderately as a result of cost pressures and a tighter regional market 10
Operating margin sustained above 30% Recurring Earnings # and Operating Margin ^ 600 45.0% 40.0% 500 35.0% 400 30.0% 25.0% 300 20.0% 200 15.0% 10.0% 100 5.0% 0 0.0% FY2007* FY2008 FY2009 FY2010 FY2011 Profit before investment income (S$'m) Sky@eleven profits (S$'m) Operating Margin^ * Restated for retrospective accounting adjustments (FRS 40). # This represents the recurring earnings of the media and property businesses. ^ Computed based on recurring earnings excluding Sky@eleven. 11
Property Paragon was valued at S$2.3b Clementi Mall was valued at in Aug 2011 S$590m in Aug 2011 Recorded year-on-year increase 100% leased with strong daily of S$15.0m (11.4%) from higher foot traffic rental rates Maiden rental income of S$18.4m from partial operations this year Both properties are expected to provide a steady recurrent income stream for the Group 12
Group investible fund Group Investible Fund (S$1.3b) Investment income rose S$11.1m (28.3%) to S$50.4m 22.4% 32.6% The Group will remain conservative in its asset allocation 24.7% Performance of the portfolio will be 20.3% subject to volatility in the global financial markets Equities Bonds Investment Funds Cash and deposits (As at Aug 31, 2011) 13
iPad and iPhone apps The Straits Times (ST) and The Business Times Weekend (BT Weekend) edition extended their presence on digital platforms through the launch of iPad apps in Aug and Oct 2011 respectively ST’s comprehensive news coverage and video content from ST RazorTV can be accessed through the iPad and enhanced iPhone app via subscription The launch of the BT Weekend app comes ahead of a universal app on iPad and iPhone for the weekday edition of BT expected in the coming months 14
Extending our exhibitions footprint COMEX, Singapore’s largest IT consumer exhibition, marked its biggest show ever in Sep 2011 822,000 visitors visited the event that covered five floors in the Suntec convention centre during the four- day show 835 exhibitors rang up some $70.5 million in sales - the most in its 17-year history COMEX China - Singapore’s biggest IT and consumer technology exhibition will be making its debut in Beijing, in 2012 Leveraging on the potential of the Chinese market and Exhibits Inc’s capabilities in organising computer fairs such as COMEX and the IT Show Bringing Singapore’s IT flavour to China’s consumer technology market, creating more opportunities for cross-border development, new innovations and creations for the Pacific Asia IT industry 15
Declared dividend per share of 24 cents 7 cents interim, 17 cents final 28 27 27 27 26 26 25 25 24 24 23 22 21 20 FY2007 FY2008 FY2009 FY2010 FY2011 Net dividend per share (cents) 16
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