Independent News & Media PLC – results for year ending 31 December 2012

inmIndependent News & Media PLC has announced the Group’s results for the 12 months ended 31 December 2012. A detailed presentation on these results is available on the Group’s website

The Group’s interim management statement in respect of the period from 1 January 2013 to 19 April 2013 is also published today.

Financial & Operating Highlights

  • Revenues of €539.7 million, down 3.3%
  • Operating Profit, pre-exceptionals, of €59.7 million, down 20.9% – delivering an operating margin of 11.1%
  • EBITDA, pre-exceptionals, of €80.7 million (including dividends received of €11.1 million) for FY 2012 – down 21%
  • Operating Costs were reduced by €2.5 million despite inflationary cost increases in South Africa in excess of 5.7%, the year-on-year impact of the acquisition of International House Dublin (‘IHD’) and the launch of GrabOne. Excluding IHD and GrabOne, costs reduced by €9.2 million
  • Continued progress in digital, with revenue growth of 21.4% mainly driven by the successful rollout and full year impact of GrabOne in the Island of Ireland
  • Net exceptional charges after tax totalled €273.7 million primarily driven by non-cash asset impairments in APN and Island of Ireland and costs relating to headcount reductions of over 200 in 2012

INM results 2012-1

Strategic Highlights

A restructuring agreement has been reached with its banking syndicate, to effect an amendment to its Master Facility Agreement, which will become effective following the sale of its South African business.

INM says –  this will put it on a secure financial footing with a sustainable debt level, on completion of all stages. On full completion, the new bank deal will give INM the flexibility to reposition itself to embrace opportunities in the digital arena and deliver further significant cost reductions, whilst continuing to invest in the Group’s core print titles.

INM recently announced the sale of its South Africa business for R2 billion (approx. €167m) before expenses – all net proceeds will be used to pay down bank debt.

More details (London Stock Exchange)

Ireland, Dublin

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