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TVNZ Announces Annual Result

TVNZ released its fiscal year 2003 Annual Report today, detailing record advertising revenues that contributed significantly towards a pleasing Group result.

The Company recorded a net surplus after taxation of $29.1 million, an increase of $9.7 million on the prior year, and with paid or declared dividends totaling $7.8 million.

TVNZ Chairman, Craig Boyce, said that the record level of advertising revenue and the passing of the TVNZ Act had been two landmark events for the organization. Group revenue increased by $14.8 million compared to the same period last year with an operating surplus before tax of $43.7 million, up $15.6 million (55%) on the prior year.

Net surplus after taxation for the television business was $17.9 million, a year on year increase of $12.8 million. Advertising revenue of $305 million exceeded the Company's previous record high in the year 2000 by $9 million.

The Transmission side of the business reported a steady result with transmission related revenues for the year of $114.9 million, in line with the previous year, with a net surplus after taxation of $11.2 million.

During the year, BCL continued its transition phase from a purely traditional analogue broadcast role to a much broader role as a wireless communications service provider as it launched its broadband wireless access strategy while TVNZ (Australia) Pty Ltd continued its strong fiscal performance.

The passing of the TVNZ Act and the implementation of the TVNZ Charter for the television side of the business heralded a new, exciting and challenging era for New Zealand public broadcasting. TVNZ Chief Executive Officer, Ian Fraser, said that TVNZ is well placed to meet its dual remit of maintaining commercial performance while delivering on its Charter objectives.

"Our commercial performance has exceeded expectations throughout the year on the back of record advertising performance and during this period we also took delivery of the long-anticipated TVNZ Charter. The juxtaposition of these events was timely. It reinforced our commitment for TVNZ to meet the needs and expectations of New Zealanders who are proud of what we are doing and keen to support us."

Mr Boyce added: "There are a number of challenges ahead for TVNZ including taking a leadership role in the future of digital television and public service broadcasting in New Zealand. I am confident that we have the people and the expertise to lead us into this exciting new era."

A copy of the Annual Report can be downloaded from the Publications section of the TVNZ website at:

http://www.tvnz.co.nz.


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