Television New Zealand Ltd
Television New Zealand Ltd (TVNZ) is New Zealand's leading television and digital media company. TVNZ has two commercial free-to-air channels, TV ONE and TV2, and two free-to-air digital non-commercial channels, Channel U and TVNZ 7, which are broadcast through the Freeview platform. TVNZ also has two pay channels, TV Heartland and Kidzone24, on the SKY platform.
TVNZ has a 33% shareholding in Hybrid Television Services (ANZ) Pty Ltd, which owns the Australasian rights for TiVo, a media device offering digital viewing services.
TVNZ’s editorial independence is enshrined in the Television New Zealand Act 2003, and freedom from political influence is a fundamental principle.
Key Documents
| 11 Jan 2012 | Annual Report 2010/11 (TVNZ website) |
|---|---|
| 11 Jan 2012 | Statement of Corporate Intent 2011: tvnz-si-11.pdf (265 KB) |
| 20 Nov 2010 | Annual Report 2009/10: tvnz-ar-09-10.pdf (3113 KB) |
| 20 Nov 2010 | Half Yearly Report 2009: tvnz-hy-09.pdf (331 KB) |
| 20 Nov 2010 | Statement of Corporate Intent 2010: tvnz-sci-10.pdf (281 KB) |
KPI
Key Financial Performance Indicators - TVNZ
For the Year Ended 30 June 2011 |
SOI Target |
Actual 2011 |
|---|---|---|
| Return on Average Equity (Reported Earnings) (%) [1] | 1.3 | 6.6 |
| Return on Average Equity (Normalised Earnings) (%) [1] [2] | 12.3 | 6.6 |
| EBITDRA/Core Television Revenue (%) [3] | 17.5 | 12.5 |
| Net Interest-bearing Debt/Net Interest-bearing Debt plus Equity (%) | Less than 40 | 6.1 |
| Total Equity/Total Assets (%) | More than 40 | 67.5 |
| EBITDA/Interest Expense (times) | More than 4 | 19.6 |
- The calculation of Return on Average Equity will exclude the fair value changes on derivative financial instruments from the calculation of net profit after tax
- Normalised earnings exclude net tax effect of programme amortisation revision, financial instruments/foreign currency gains/(losses) and income tax changes
- EBITDRA - earnings before interest, tax, depreciation, amortisation, reorganisation costs, programme amortisation revision and financial instruments/foreign currency gains/(losses)
Financials
2007 |
2008 |
2009 |
2010 |
2011 |
|
|---|---|---|---|---|---|
| Total Shareholder Return (%) | 4.2 | 0.0 | (44.8) | 59.8 | 7.0 |
| Dividend yield (%) | 4.2 | 0.0 | 3.9 | 0.6 | 1.6 |
| Dividend payout (%) | 73.5 | 0.0 | 73.8 | 6.9 | 16.4 |
| Adjusted ROE (%) | (2.3) | 6.5 | 1.6 | (14.3) | 2.3 |
| ROCE (%) | (1.2) | 10.0 | 3.1 | (5.6) | 13.4 |
| Operating margin (%) | 3.5 | 10.7 | 6.0 | 1.0 | 14.2 |
| Net gearing (%) | 12.6 | 10.9 | 15.5 | 18.4 | 3.4 |
| Interest cover | 3.13 | 11.19 | 10.64 | 1.22 | 19.49 |
| Current ratio | 2.24 | 1.51 | 1.15 | 1.67 | 1.72 |
| Dividend growth (5 year) | (23.9) | ||||
| Revenue growth (5 year) | 0.3 |
