TVNZ Announces Annual Result

Thursday 14 September 2000
For immediate release

TVNZ ANNOUNCES ANNUAL RESULT

TVNZ has announced its fiscal year 2000 annual results recording increased revenues, and ratings on both channels currently at a four year high.

The company recorded a net surplus after taxation of $43.1 million for the year * a $7.4 million increase on the same period last year (excluding the one off gains made on the sale of CLEAR Communications and Sky Network Television shares in the prior year).

TVNZ has declared dividends for the year totaling $30.2 million.

TVNZ Chief Executive, Rick Ellis, says group revenue increased by $44.1 million to $473.4 - an increase of 10.3% on the same period last year,

Advertising revenue of $295.8 million was a 6% ($16.8 million) increase on last year.

"This represents the highest recorded annual advertising revenue for the company and reflects the outstanding ratings performance of both TV ONE and TV2."

TVNZ's operating surplus increased by $16.3 million (22.7%) on the same period last year. "This has been achieved notwithstanding significant costs incurred in bringing major sporting, political and cultural events to the public of New Zealand, including the Americas Cup, Rugby World Cup, World Netball Championships, APEC, the General Election, and the Millennium," says Rick Ellis.

"In addition to the excellent performance of the television business, the transmission and network services businesses locally and in Australia are performing exceptionally well," he says. "And the company's new web business, nzoom.com, has established itself as one of the most visited and comprehensive local content internet sites in New Zealand."

TVNZ Chairman, Ross Armstrong, says "This 2000 Annual Report represents one of the most demanding 12 month periods in TVNZ's history * it has certainly been one of the most challenging and exciting.

"The Board is confident that TVNZ, with its strengths of financial performance, audience share, programming lineup, and superb staff, is in an excellent position to both meet the expectations of its shareholders and take advantage of the myriad of opportunities opening up in the converging and evolving digital media world." ends

For further information contact: Liam Jeory, Public Affairs Manager Phone: 09 9167565 Mobile: 021 416400 The report is available on the TVNZ website: www.tvnz.co.nz

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