CanWest's Australian Operations Report 2007 Year End Results
25 10월 2007 - 10:34AM
PR Newswire (US)
Ten finishes the year strongly with 20% EBITDA increase in Q4
WINNIPEG, Oct. 24 /PRNewswire-FirstCall/ -- CanWest Global
Communications Corp. announced today that Ten Network Holdings
Limited (Ten), which owns and operates the Company's Australian
television and out-of-home advertising operations, reported its
year end results for fiscal 2007, which ended on August 31, 2007.
For the fourth quarter, Ten reported a 20% consolidated EBITDA
increase. CanWest owns approximately 56% of Ten. For the fiscal
year, Ten reported, for the first time, that its consolidated
revenue topped one billion dollars at A$1,004.4 million, 12.5% more
than the A$893.1 million reported the previous fiscal year.
Consolidated EBITDA for the year was basically flat at A$248.3
million compared to A$252.0 million the previous year. The dip in
consolidated EBITDA was primarily due to start-up losses incurred
at Ten's out-of-home advertising subsidiary, Eye Group, which
developed significant new operations in the United States and the
United Kingdom during the fiscal year. Ten's Executive Chairman,
Nick Falloon, pointed to the continued high operating margins in
Ten's core television business as a point of pride. "Despite the
increases in costs associated with our new Australian Football
League agreement and significant start-up investments in digital
media, Ten Television Network continues to differentiate itself
from its competitors by focusing on its target 18-49 year-old
audience, its operational efficiencies, and returns to
shareholders." For the seventh straight year, Network Ten
television was the clear leader among Australia's 16-39 year old
viewers, while its commercial audience share in 18-49 was
consistent with its winning performance a year ago. The network
continued to develop and launch successful domestic programming
including The Biggest Loser, Thank God You're Here, Bondi Rescue,
Australian Idol, Big Brother and 9AM With David & Kim. Ten is
adding to that successful slate in F2008 with Australian versions
of So You Think You Can Dance and Are You Smarter than A Fifth
Grader? In December 2007, Ten will introduce a free-to-air High
Definition (HD) television channel, offering more choice in the
highest possible broadcast quality for free in the major
metropolitan centres of mainland Australia. Network Ten television
was the first Australian television network to broadcast in
Standard Definition Digital and is the only network transmitting
the globally-recognized pinnacle HD broadcast standard. Network
Ten's chief executive officer, Grant Blackley, said "Ten-HD will
excite and entertain audiences across Australia as never before. We
are no longer bound by a single linear TV channel. Ten-HD is a
natural next step in our goal to make our content as widely
available as possible to consumers." Results for Eye Group, Ten's
growing out-of-home advertising operation, reflect the tremendous
growth undertaken during the fiscal year. From a standing start
approximately a year ago, Eye's Shop division is now a leading mall
media operator in the United States, with a presence in
approximately 250 shopping malls across that country, reaching a
potential of 160 million shoppers a month. In addition, Eye's Fly
division is steadily gaining traction at some of the world's
leading airports, adding Terminal 3 at Singapore's Changi
International Airport to its portfolio, as well as Belfast
International and Cardiff airports to its UK operations. While
revenues at Eye Group grew by 34.5% this year, to A$173.1 million
from A$128.5 million the previous year, its EBITDA dropped to
A$12.2 million from A$24.0 million the previous year. As stated in
earlier news releases during the fiscal year, Eye Group incurred
start-up losses of approximately A$15 million for the year in
respect of its new operations. CanWest also announced that Ten had
restructured its board of directors. The change follows the
assumption of a majority controlling stake in the Ten Holdings by
CanWest, and results from, among other things, a decision to
combine the boards of directors of Ten and its subsidiary, The Ten
Group Pty Limited. Six board members resigned following a meeting
of the board of directors. Five members, Nick Falloon (chairman),
Jack Cowin, Paul Gleeson, John Studdy and Peter Viner will remain
on the board and will be joined by Leonard Asper (deputy chairman)
and Tom Strike, both from CanWest. These results are recorded 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. Forward Looking Statements This news
release contains certain comments or forward-looking statements
about the objectives, strategies, financial conditions, and 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, 2006 dated November
29, 2006 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/). 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. About CanWest Global Communications Corp. CanWest Global
Communications Corp. (http://www.canwestglobal.com/), (TSX: CGS and
CGS.A) 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, Turkey, Singapore, Indonesia, the United
Kingdom and the United States. DATASOURCE: CanWest Global
Communications Corp. CONTACT: Dervla Kelly, Director, Corporate
Communications, CanWest Global Communications Corp., (416) 442-3807
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