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Another Record Year for TVNZ

12 October 2004

Another Record Year for TVNZ

Television New Zealand's first full year of operation under the Television New Zealand Act 2003 and TVNZ Charter has been marked by programming and financial success.

Releasing the fiscal year 2004 Annual Report today, TVNZ Chairman Craig Boyce said the year has been one of intense activity.

"The company has turned in another outstanding performance. We have worked hard to refine our focus as New Zealand's public broadcaster and are exceeding the expectations of our most demanding audience - the viewing public who are also our shareholders."

TVNZ's Net Operating Surplus before non-recurring expenses, interest and tax, was $53.3 million, an increase of $3.3 million on the previous year.

"The increased surplus is particularly pleasing given it only includes six months contribution from the Transmission Business. This has now been successfully separated into a new SOE, Transmission Holdings Ltd," said Craig Boyce.

"The Television side of our business has performed outstandingly well, recording a 5.6 percent increase in revenue to $420.2 million and a 39 percent increase in operating surplus to $40.9 million. This was driven by another record year for advertising revenue, which increased by 10 percent, or $30.2 million, to a total of $335 million."

The Company Net Surplus for the year was $28.2 million and a final dividend of $37.6 million has been declared.

Mr Boyce said there is evidence of TVNZ's progress across the entire organisation.

"The most important feature of the year has been the maturing of our commitment to position TVNZ as the 'Home Place' for all New Zealanders. We have instituted significant change in many areas of the company to reshape TVNZ as a true public broadcaster."

"For example we have increased resources in News and Current Affairs and are breaking more stories and are seeing improving ratings in key areas as a result."

"Both TV One and TV 2 have screened many local programmes that have been critical and popular successes. Programmes such as the Rugby World Cup, the Insiders Guide to Happiness, NZ Idol, arts and music documentaries, Shortland Street, Marae, Flipside, Tangata Pasifika, Eating Media Lunch and PET Detectives allow New Zealanders to see themselves on screen."

"We're going to work even harder to bring New Zealand to the screen. Already more than 50 percent of programmes of TV One are New Zealand made, and we aspire to achieve 50 percent across the business, and we are working in a more focused way with the production industry in order to meet this target."

Other changes during the year included the separation of BCL and TVNZ Australia from the business and the winding down of TVNZ Satellite Services. One off expenses from the closure of TVNZ Satellite Services cost $8.6 million.


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