CanWest's Australian operations report 2006 results
18 10월 2006 - 1:31PM
PR Newswire (US)
WINNIPEG, Oct. 17 /PRNewswire-FirstCall/ -- CanWest Global
Communications Corp. announced today that The Ten Group Pty Limited
(TEN), which owns CanWest's Australian television and out-of-home
advertising operations, reported consolidated revenues of A$893
million for its fiscal year ended August 31, 2006, a decline of
6.6% from A$956 million recorded for the previous fiscal year.
TEN's consolidated EBITDA of A$253 million was down 26% compared to
A$342 million in fiscal 2005. The decline in revenues and EBITDA
from TEN's all-time records set in fiscal 2005 was the result of a
down-turn in the Australian broadcast television advertising
market. CanWest holds a 56.4% economic interest in TEN. TEN's
television operations recorded an 8.9% decline in revenues to A$765
million for the year with EBITDA of $229 million, 27.5% below the
EBITDA of A$316 million recorded for the previous fiscal year.
However, ratings and audience share remained strong with TEN
heading towards its sixth annual win in its target under 40
demographic, while also winning the number one position in the
wider 18-49 demographic. Eye Corp., TEN's wholly-owned out-of-home
advertising subsidiary, generated a 10% increase in revenue to
A$129 million. EBITDA of A$24 million for fiscal 2006 was 8.5%
below the $26 million recorded for the previous year, primarily due
to expenses associated with Eye's successful international
expansion in fiscal 2006. Eye won new advertising concessions at
Singapore's Changi International Airport, the three airports of the
Manchester Airports Group in the UK, and at over 200 shopping malls
in 42 states across the United States. For the quarter ended August
31, 2006, TEN reported a decline of 5% in consolidated revenues to
A$221 million from A$232 million for the fourth quarter last year.
Consolidated EBITDA for the fourth quarter was down by 28% to A$52
million compared to A$73 million for the fourth quarter of fiscal
2005. TEN's Executive Chairman, Nick Falloon, said "We knew 2006
would be a challenging year. To have achieved industry-best
margins, improved commercial share and higher absolute audience
numbers in every major demographic, despite the market down-turn is
an outstanding achievement. TEN's strategy to invest in its key
programming franchises, Big Brother, Australian Idol and AFL
Football, as well as hit international shows and original
Australian series, while maintaining disciplined focus on
efficiency and spending will ensure that we are well positioned for
the market's recovery. " Echoing Mr. Falloon's remarks, Tom Strike,
President of CanWest MediaWorks International, said "It was
inevitable that the Australian advertising market would take a
respite from the exceptional advances made over the past several
years. We are encouraged by indications that the market is
beginning to firm and that TEN is gaining revenue market share at
the expense of its competitors, commensurate with its superior
ratings performance. We are also particularly impressed with the
success of Eye Corp. in extending Eye's international footprint in
2006 into Europe and North America." CanWest received a total of
A$102.7 million in distributions from its Australian operations in
fiscal 2006. These financial results have been determined in
accordance with Australian Equivalents to International Financial
Reporting Standards and will be subject to foreign currency
translation and adjustment to Canadian GAAP upon consolidation with
CanWest's other operations. This news release contains certain
comments or forward-looking statements about the objectives,
strategies, financial conditions, results of operations and
businesses of CanWest. Statements that are not historical facts are
forward-looking and are subject to important risks, uncertainties
and assumptions. These statements are based on our current
expectations about our business and the markets in which we
operate, and upon various estimates and assumptions. The results or
events predicted in these forward-looking statements may differ
materially from actual results or events if known or unknown risks,
trends or uncertainties affect our business, or if our estimates or
assumptions turn out to be inaccurate. As a result, there is no
assurance that the circumstances described in any forward-looking
statement will materialize. Significant and reasonably foreseeable
factors that could cause our results to differ materially from our
current expectations are discussed in the section entitled "Risk
Factors" contained in our Annual Information Form for the year
ended August 31, 2005 dated November 28, 2005 filed by CanWest
Global Communications Corp. with the Canadian securities
commissions (available on SEDAR at http://www.sedar.com/) and with
the U.S. Securities and Exchange Commission under Form 40-F
(available on EDGAR at http://www.sec.gov/), as updated in our most
recent Management's Discussion and Analysis for the three months
and nine months ended May 31, 2006, dated July 6, 2006. We disclaim
any intention or obligation to update any forward-looking statement
even if new information becomes available, as a result of future
events or for any other reason. The Ten Group pty Limited (
http://www.tencorporate.com.au/ ) is owned in part by Ten Network
Holdings Limited, which is listed on the Australian Stock Exchange
(ASX:TEN). CanWest Global Communications Corp., (CanWest) (NYSE:
CWG; TSX: CGS and CGS.A, http://www.canwestglobal.com/). CanWest,
an international media company, is Canada's largest media company.
CanWest is Canada's largest publisher of daily newspapers, and also
owns, operates and/or holds substantial interests in conventional
television, out-of-home advertising, specialty cable channels, Web
sites and radio stations and networks in Canada, New Zealand,
Australia, Singapore, Indonesia, Malaysia, Turkey, the United
States and the United Kingdom. DATASOURCE: CanWest Global
Communications Corp. CONTACT: Geoffrey Elliot, Vice President,
Corporate Affairs, Tel: (204) 956-2025, Fax: (204) 947-9841, Email:
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