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Full Year Results 2001

Independent News & Media PLC. Full Year Results 2001. 17th April 2002. GLOBALISATION DELIVERING GROWTH. Global Portfolio of Leading Brands Market Leaders Strong Cost Management Highly CASH generative business. GLOBAL VISION LOCAL CONTENT. 2001 HIGHLIGHTS.

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Full Year Results 2001

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  1. Independent News & Media PLC Full Year Results 2001 17th April 2002

  2. GLOBALISATION DELIVERING GROWTH • Global Portfolio of Leading Brands • Market Leaders • Strong Cost Management • Highly CASH generative business GLOBAL VISION LOCAL CONTENT

  3. 2001 HIGHLIGHTS • Circulation Revenue UP + 7.2% • Newspaper Advertising Revenue only down (1.6%) But UP in constant currency by + 4.5% • Operating Costs downdespite Newsprint Price increase • Operating Margins maintained at 2000 levels • Successful €105m share placement • Successful restructuring of Australasian assets

  4. RESTRUCTURING OF AUSTRALASIAN ASSETS • Sale of Wilson & Horton to APN News & Media • Total cash gain on sale of €53.7m, with €32.5m recognised in P&L (39.5% deferred as inter-group) • Cash received by Group of €455m less re-investment in APN of €241m; net inflow €214m • Increased shareholding in APN to 44.55% • EPS enhancing for both Independent & APN • Opens new opportunities in Australasia

  5. PEER GROUP COMPARISON – 2001

  6. PEER GROUP EXCEPTIONAL CHARGES – 2001

  7. 2001 HEADLINE NUMBERS

  8. 2001 SUMMARY BALANCE SHEET

  9. 2001 SUMMARY CASH FLOWS

  10. GROUP TURNOVER BY MARKET: €1,341.4m

  11. GROUP PROFIT BY MARKET: €229.6m * * Excluding exceptional items

  12. EARNINGS PER SHARE: 10 YEAR PERFORMANCE Earnings per Share (€) (Fully diluted before exceptionals & goodwill amortisation) • 10 Year C.A.G.R. • Turnover + 21% • Operating Profit * + 27% • Pre-Tax Profit + 21% • Earnings Per Share * + 12% • Dividends Per Share + 14% * Excluding exceptional items

  13. NEW ZEALAND DIVISION COMPANY PROFILE • No. 1 NEWSPAPER publisher • No. 1 REGIONAL publisher • No. 1 RADIO operator • No. 1 COMMERCIAL PRINTER • No. 1 SECURITY PRINTER • No. 1 News Website • Turnover by Activity 2001 PERFORMANCE & OUTLOOK • Revenue up, driven by cover price and advertising rate increases • Continuing strong cost management • Strong performance from Radio • Expansion of security printing to Australia • Acquired by APN in Dec. 2001 & achieved targets in APN Explanatory Memorandum • Revenues strengthening into 2002

  14. AUSTRALIAN DIVISION COMPANY PROFILE • No. 1 REGIONAL publisher • No. 1 OUTDOOR operator • No. 1 Australasian RADIO operator • JV in Pan TV’s World Movies • Growing Asian OUTDOOR business • Turnover by Activity 2001 PERFORMANCE & OUTLOOK • Tough advertising market in 2001 • Continuing tight cost control • Achieved 2001 targets set out in APN Explanatory Memorandum • Key tender & license wins for Outdoor & Radio • Expansion into fast-growing Asian market on-track

  15. SOUTH AFRICAN DIVISION COMPANY PROFILE • No. 1 METROPOLITAN/ NATIONAL publisher (14 out of 25 titles) • No. 1 OUTDOOR operator (55% share) through acquisition ofJV with Clear Channel • No. 1 NewsCurrent Affairs Website • Turnover by Activity 2001 PERFORMANCE & OUTLOOK • Revenue growth from both circulation & advertising • Circulations: 10 out of 14 titles UP – all competitors significantly down • Strong cost management • Outdoor Acquisition - EPS enhancing • Realisation of Pension Fund surplus

  16. UNITED KINGDOM DIVISION COMPANY PROFILE • Leading NATIONAL titles in G.B. • No. 1 PUBLISHER in Northern Ireland • No. 2 London REGIONAL publisher • No. 1 RECRUITMENT mag. Publisher • No. 1 EDUCATIONAL mag. Publisher • Turnover by Activity 2001 PERFORMANCE & OUTLOOK • Core circulations UP • Aggressive cover pricing • Attractive advertising readership profiles • Strong cost control – headcount down 8.5% • Newsprint price reductions achieved for 2002

  17. IRISH DIVISION COMPANY PROFILE • No. 1 NATIONAL publisher • No. 1 REGIONAL publisher • No. 1 COMMERCIAL PRINTER • No. 1 WHOLESALER/ DISTRIBUTOR • Turnover by Activity 2001 PERFORMANCE & OUTLOOK • Successful commissioning of CITYWEST • Strong ADVERTISING growth & significant gains in MARKET SHARE • Strong CIRCULATION growth • - Irish Independent achieves 19 year high • - The Star achieves all-time high • Strong cost management & Newsprint price reduction

  18. NEW MEDIA • PRUDENT New Media strategy and execution • Extension of CORE brands • Pro-active cost • management – Headcount • down 43% from high point • during 2001 • Significant REDUCTION • in losses, as forecasted • Minimal investment exposure - €11.5m, excl. iTouch & Chorus

  19. Excellent 2001 – 260% revenue growth on 2000 Six consecutive quarters of good growth Controlling costs Cash outflow, excluding acquisitions, only Stg£7.7m Key acquisitions during 2001 Growth continuing into 2002 Well positioned for mobile future with:- Fully funded business model – Stg£36.1m in hand Powerful international relationships Carrying value supported by current market value iTOUCH PLC

  20. GEOGRAPHICALLY diversified - with tight focus on core competencies Unique BRAND leadership positions - dominant in 4 out of 5 markets Major capital expenditure programme now COMPLETED HIGHLY cash generative business Significantly REDUCED exposure to New Media Clear strategy for operating margin ENHANCEMENTS SUMMARY

  21. OUTLOOK • CORE businesses performing well • CIRCULATION revenues trending UP • ADVERTISING showing signs of vitality • Continued focus on COSTS – ‘run rate’ down • Interest costs DOWN • GLOBAL diversity underpinning growth • Cautiously optimistic for IMPROVEMENT on 2001

  22. Independent News & Media PLC Full Year Results 2001 17th April 2002 GLOBAL VISION LOCAL CONTENT

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