Independent News & Media PLC Results 2001 Interim

Independent News & Media PLC Results 2001 Interim

Independent News & Media PLC Results 2001 Interim 5th September, 2001 GLOBALISATION DELIVERS CONTINUED GROWTH Global Portfolio of Leading Brands Market Leaders Strong Cost Management Prudent New Media Strategy & Execution GLOBAL VISION LOCAL CONTENT Independent News & Media PLC 2001 HIGHLIGHTS Group Advertising Revenue Group Circulation Revenue Operating Costs tightly controlled Operating Margins 60m Irish production facility fully operational Successful integration of Belfast Telegraph Group Independent News & Media PLC HEADLINE NUMBERS 2001 2000 Euro'm Euro'm Change % (as restated)

Group Turnover 656.0 629.4 4.2% Operating Profit * 109.3 96.3 13.5% Profit Before Tax 57.6 69.6 - 17.2% Net Profit 29.1 34.0 - 14.4% Earnings per Share (EPS) ** 7.68 7.53 2.0% Dividend per Share (DPS) 2.75

2.50 10.0% Weighted Shares Outstanding (m) 516.7 514.4 0.4% Operating Margins 16.7% 15.3% 8.9% * Continuing activities before exceptionals ** Before exceptional items and amortisation Independent News & Media PLC 2001 SUMMARY BALANCE SHEET 30 June 30 June 2001 2000 Euro'm Euro'm (as restated) Fixed Assets * 2,653

2,106 118 49 (1,563) (967) 1,208 1,188 Interest Cover (EBITDA/ Interest) 3.1x 4.5x Net Debt to EBITDA 5.8x 4.0x Other Net Assets/ (Liabilities) Net Debt Total Shareholders' Funds * Including the revalued elements of mastheads Independent News & Media PLC 2001 SUMMARY OPERATING CASH FLOWS 2001 2000 Change Euro'm Euro'm

% (as restated) Operating Profits Share of Associates & JVs Depreciation & Amortisation EBITDA Working Capital Movements Operating Cash Flow Operating Cash Flow Conversion 101.8 96.3 5.7% 6.0 (0.4) 27.2 24.1 12.9% 135.0 120.0 12.5% (6.4) (10.6) - 39.6%

128.6 109.4 17.6% 95% 91% 4.5% - Independent News & Media PLC H1 GROUP TURNOVER BY MARKET: 656.0m South Africa 13% United Kingdom 19% Ireland 26% New Zealand 20% Australia 22% Independent News & Media PLC H1 GROUP PROFIT BY MARKET: 109.3m United Kingdom 10%

South Africa 8% New Zealand 22% Ireland 35% Australia 25% Independent News & Media PLC EARNINGS PER SHARE: 10 YEAR PERFORMANCE Earnings per Share () (Fully diluted before exceptionals & goodwill amortisation) 8.00 7.53 7.68 6.54 6.50 6.29 5.16 5.00 10 Year C.A.G.R. Turnover Operating Profit *

Pre-Tax Profit Earnings Per Share Dividends Per Share + 24% + 26% + 23% + 17% + 15% 4.45 3.88 3.50 3.31 2.94 2.40 2.00 '92 '93 '94 '95 '96 '97 '98 '99 '00 '01 * Excluding exceptional items Independent News & Media PLC NEW ZEALAND DIVISION 'm (constant FX) COMPANY PROFILE No. 1 NEWSPAPER publisher Turnover No. 1 REGIONAL publisher No. 1 RADIO operator No. 1 COMMERCIAL PRINTER Turnover by Activity: 18% 17%

2000 Change 138.7 140.0 - 0.9% EBITDA 37.1 34.0 9.1% Operating Profit 27.4 25.4 7.9% Operating Margin No. 1 SECURITY PRINTER 2001 19.8% 18.1% 2001 PERFORMANCE & OUTLOOK 1% 64% Marginal revenue decline compared to strong H1 2000 Compensated by strong cost management H1 2001 Operating Profits + 7.9%

Publishing Radio Print New Media Full year of Shared Services benefits Revenues strengthening into H2 2001 Independent News & Media PLC AUSTRALIAN DIVISION 'm (constant FX) COMPANY PROFILE No. 1 REGIONAL publisher Turnover 2001 2000 Change 154.9 159.5 - 2.9% EBITDA 38.7 40.6 - 4.7% No. 1 Australasian RADIO operator Operating Profit 30.8

32.0 - 3.8% JV in Pan TVs World Movies Operating Margin No. 1 OUTDOOR operator 19.9% 20.1% Growing Asian OUTDOOR business 2001 PERFORMANCE & OUTLOOK Turnover by Activity: 20% 1% 43% Tough advertising market in 1st half Continued tight cost control Operating Profits down compared to a very strong H1 2000; Net Profit up 36% Publishing Radio Outdoor New Media Full year of Shared Services benefits Asian expansion on-track Independent News & Media PLC SOUTH AFRICAN DIVISION 'm (constant FX) COMPANY PROFILE No. 1 METROPOLITAN/ NATIONAL publisher (14 out of 25 titles)

Acquisition of No. 1 OUTDOOR operator through new JV with Clear Channel pending No. 1 News & Current Affairs Website Turnover by Activity: 14% 1% 2001 2000 Change Turnover 96.5 92.3 4.6% EBITDA 12.7 11.8 7.6% Operating Profit 10.7 9.5 12.6% Operating Margin 11.1% 10.3% 2001 PERFORMANCE & OUTLOOK

Revenue growth in 1st half 85% Strong cost management H1 2001 Operating Profits +12.6% Pending acquisition of Corpcom - EPS enhancing Publishing Print New Media Circulations: 10 out of 14 titles UP all competitors significantly down Independent News & Media PLC UNITED KINGDOM DIVISION COMPANY PROFILE Leading NATIONAL titles in G.B. & Northern Ireland No. 1 PUBLISHER in Northern Ireland No. 2 London REGIONAL publisher No. 1 London RECRUITMENT magazine publisher No. 1 EDUCATIONAL COURSES magazine publisher Turnover by6% Activity: 1% 11% 8% 'm (constant FX) Turnover 2001

2000 Change 129.7 84.2 54.0% EBITDA 14.8 1.0 - Operating Profit 10.9 0.0 - Operating Margin 8.4% 0.0% 2001 PERFORMANCE & OUTLOOK Core circulations & readership UP - The Independent readership up 28.4% 74% - Belfast Telegraph readership up 8.9% Aggressive cover pricing implemented Strong cost management Nationals

Magazines New Media London Regionals Print Newsprint price reductions achieved in Q2 Independent News & Media PLC IRISH DIVISION COMPANY PROFILE 2001 'm No. 1 NATIONAL publisher Turnover No. 1 REGIONAL publisher No. 1 WHOLESALER/ DISTRIBUTOR 172.6 153.4 12.5% EBITDA 45.1 36.5 23.6% Operating Profit 39.6 33.0

20.0% Operating Margin Turnover by Activity: 21% 2% 2000 Change 22.9% 21.5% 2001 PERFORMANCE & OUTLOOK 77% Successful commissioning of CITYWEST Strong ADVERTISING growth & significant gains in MARKET SHARE Strong CIRCULATION growth Publishing New Media Wholesaling - Irish Independent achieves 18 year high The Star achieves all-time high Strong cost management Independent News & Media PLC NEW MEDIA Prudent New Media strategy and execution Extension of core brands Pro-active cost management - Headcount down 43% Significant reduction in Operating Losses, as

forecasted NEW MEDIA STATS 'm 2001 Turnover 4.3 Operating Losses (3.3) Group Web Stats: No. of Web Sites Page Impressions / month Headcount 2000 4.8 (7.2) 45 83m 46 57m 162 284 Independent News & Media PLC iTOUCH PLC Excellent first half - 89% revenue growth on H2 2000 Controlling costs Q2 cash outflow only 1.8m, same as Q1 Growth continuing into 2nd half Well positioned for mobile future with:- Fully funded business model - Powerful international relationships - Strong cash position Stg44.2m in hand Independent News & Media PLC iTOUCH PLC - Global Spread Strategic alliances with local media

providers and mobile network operators Greece Media Partner: Network Operator: Netmed & M-Web (MIH) (Being negotiated) Ireland Media Partner: Independent News & Media PLC Network Operator: Eircell Israel Media Partner: Globes/Monitin Network Operator: Cellcom, Pelephone, MIRS United Kingdom Media Partner: Network Operator: Independent News & Media (UK) Limited Vodafone, BT Cellnet Indonesia Media Partner: M-Web & Astrada (MIH) Network Operator: Excelcomindo

Thailand Media Partner: Network Operator: UBC & M-Web (MIH) (Being negotiated) South Africa Media Partner: Network Operator: Independent News & Media Vodacom and MTN New Zealand Australia Media Partner: Network Operator: APN Vodafone, Optus, Telstra, Orange Media Partner: Network Operator: Wilson & Horton Vodafone Independent News & Media PLC SUMMARY GEOGRAPHICALLY diversified - with tight focus on core competencies Unique BRAND leadership positions - dominant in 4 out of 5 markets Advertising UP in contrast to competitors Circulations UP in contrast to competitors Major capital expenditure programme now COMPLETED

HIGHLY cash generative business Clear strategy for operating margin ENHANCEMENTS Independent News & Media PLC OUTLOOK CORE businesses performing well ADVERTISING & CIRCULATION revenues trending UP Continued focus on COSTS GLOBAL diversity underpinning growth Independent News & Media PLC Independent News & Media PLC Results 2001 Interim 5th September, 2001 GLOBAL VISION LOCAL CONTENT

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