22 March 2000 TVNZ MEDIA RELEASE
For immediate release
TVNZ ANNOUNCES INTERIM REPORT
TVNZ has today announced its half yearly result for the 6 month period ended 31 December 1999.
TVNZ Chief Executive, Rick Ellis, says the company’s result records significant advertising revenue growth, resulting
from consistent channel performance and the success of the highest level of special event programming in the company’s
history. The operating surplus representing 19.6% of revenue, was consistent with the same period last year, despite the
high production cost associated with the special events.
“Special event programmes produced by the company included the Netball World Cup, APEC Conference, Rugby World Cup, the
General Election, Louis Vuitton Challenger Series and the TVNZ 30 hour Millennium Special,” he said.
Other highlights include:
- Revenue growth of $17 million to a total of $250.4 million which represents growth of 7.3% over the same period last
year
- An operating surplus (earnings before non-recurring items and taxation) of $49.1m consistent with previous periods
1998 surplus of $50.3m
- Net profit after tax of $21.6m after allowing for non-recurring costs associated with the settlement of a claim
brought by a former presenter, and write-offs associated with the cancelled digital television joint venture
- The Directors have declared an interim dividend to the Shareholder of $15.1 million
“Following successive gains in audience share over the past several quarters, the company achieved a total free to air
television audience share of 76%, its highest share since 1995, which reflects the successful positioning and
development of the TV ONE and TV2 brands in the New Zealand market,” said Mr Ellis.
The company’s digital television plans were suspended in January 2000, the Shareholder advising that it will review the
future of digital television for TVNZ in line with specific government policy objectives.
BCL has commenced the implementation of a multi-million dollar high capacity digital microwave radio network in New
Zealand. This will provide exciting new opportunities in the broadband digital transmission area. In addition, TVNZ
Australia continues to expand its contracting activities in the Australian market.
“The strong interim result reflects the dedication of staff during the most intense and demanding event programme
production period in the company’s history,” said Mr Ellis.
Ends
Contact: Liam Jeory, Communications Manager
Phone: 09 9167565
Mob: 021 416400