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TVNZ Announces Annual Result

TVNZ has announced its fiscal year 2001 annual results recording increased revenues, principally as a result of the company's international operations.

The company recorded a net surplus after taxation of $30 million for the year and has declared dividends for the year totaling $21 million.

TVNZ Chief Executive, Rick Ellis, says Group revenue increased by $7.7 million to $481.1 million, an increase of 1.6% on the same period last year. The company's operating surplus was $45.6 million.

The increase in transmission related revenues, particularly from TVNZ Australia and TVNZ Satellite Services has offset increased costs and a decline in advertising revenue, which at $284.7 million for the year, was a decrease of $11.1 million (3.7%) on the previous year.

Mr Ellis commented that while TVNZ's share of television advertising revenues improved slightly during the year it is clear that the television industry faces a significant challenge to reverse the trend over the past nine years which has seen television's share of advertising revenue decrease by 6.3%.

"The increase in content costs are attributable to the rights for screening the 2000 Olympics, an increase in local content costs including news and current affairs, and the impact of a weaker New Zealand dollar on the cost of overseas programme purchases.

"In addition to the strong performance of the television business in an increasingly competitive and fragmented market, the company's web portal nzoom.com, has established itself as one of the most visited and comprehensive local content Internet sites in New Zealand with close to 10 million page views a month being recorded.

"Media companies worldwide have experienced similar contraction of revenues, increases in content costs and investment in Internet related activities. In this context TVNZ's results compare very favourably with other television companies, both in New Zealand and internationally," said Mr Ellis.

TVNZ Chairman, Dr Ross Armstrong, said the first year of the millennium had been momentous for TVNZ.

"During the year the Government announced details of the pending TVNZ Charter and the company's transition from a State Owned Enterprise to a Crown Owned Company which will enable TVNZ to focus on its new public broadcasting role.

"The precise nature of the new Crown Owned Company is not yet know, although the Government has signaled that the television business will be required to concentrate on its Charter obligations while the transmission businesses will continue to maintain a strong commercial focus.

"The Board hopes the Charter will liberate untapped creative talents and programme ideas in a way not previously emphasised under the State Owned Enterprise model.

"Against this background of change, TVNZ has performed creditably during the past year in an increasingly competitive and complex broadcasting environment," said Dr Armstrong.

A copy of the annual report can be downloaded from the TVNZ website at: www.tvnz.co.nz/links/publications.html

Ends


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