NZME Full Year Results to 31 December 2020

Results announcement
(for Equity Security issuer/Equity and Debt Security issuer)




Results for announcement to the market
Name of issuer NZME Limited
Reporting Period 12 months to 31 December 2020
Previous Reporting Period 12 months to 31 December 2019
Currency NZD
Amount (NZ$000s) Percentage change
Revenue from continuing
operations
$335,200 (10%)
Total Revenue $335,200 (10%)
Net profit/(loss) from
continuing operations
$14,200 109%
Total net profit/(loss) $14,200 109%
Interim/Final Dividend
Amount per Quoted Equity
Security
None
Imputed amount per Quoted
Equity Security
Not applicable
Record Date Not applicable
Dividend Payment Date Not applicable
Current period Prior comparable period
Net tangible assets per
Quoted Equity Security
$(0.09) $(0.17)
A brief explanation of any of
the figures above necessary
to enable the figures to be
understood
Refer to attached 2020 Annual Report and the 2020 Full Year
Results Presentation for full commentary on the results.
Authority for this announcement
Name of person

authorised
to make this announcement
Michael Boggs, CEO
Contact person for this
announcement
David Mackrell, Chief Financial Officer
Contact phone number 021 311 911
Contact email address david.mackrell@nzme.co.nz
Date of release through MAP

24/02/2021

Audited financial statements accompany this announcement.

---

1

NZX/ASX RELEASE

24 February 2021
NZME LIMITED 2020 FULL YEAR FINANCIAL RESULTS

Focus on strategic priorities delivers solid performance as NZME builds
on Covid-19 recovery

NZME Limited (New Zealand Media and Entertainment - NZME) has today announced its
financial results for the full year ended 31 December 2020, reporting Statutory Net Profit After
Tax (“NPAT”) of $14.2 million and 3% growth in Operating Earnings Before Interest Tax
Depreciation and Amortisation (“Operating EBITDA”)
1
to $67.3 million.
“Our team at NZME continued to focus on delivering for the 3.3 million Kiwis who engage with
our platforms
2
. Our commercial partners have also shown extraordinary resilience and
together, we have delivered a result we can all be very proud of. This is especially so given the
immense and ongoing challenges we have faced since early last year,” said NZME CEO Michael
Boggs.
In its full year 2020 announcement NZME reports Operating revenue
1
of $331.2 million, down
11% on the same period in 2019 “reflecting the significant impacts of Covid-19 on advertising”.
“The initial shock of Covid-19 on NZME saw advertising revenues across our business fall by
close to 50%. But Kiwi business owners understand the value of staying engaged with their
audiences and as New Zealand moved through the crisis phase of the pandemic, advertising
spend steadily returned. It’s very pleasing that we ended 2020 with advertising revenue in
some areas approaching levels similar to 2019,” said Boggs.
2020 Full Year Results at a glance:
 2020 Full Year Statutory NPAT of $14.2 million, compared to a Statutory Net Loss
After Tax of $165.2 million in 2019, impacted by $175.0 million impairment of
intangible assets.
 NZME reports 3% growth in 2020 Full Year Operating EBITDA
1
to $67.3 million.
 2020 Full Year Operating NPAT
1
of $22.0 million and Operating Earnings per Share
(“EPS”)
1
of 11.1 cents, an increase of 2.3 cents per share compared to 2019.
 NZME deemed an Essential Service during New Zealand’s Covid-19 lockdown; keeping
Kiwis in the know.
 Accessed $8.6 million (net) in Government Covid-19 Wage Subsidy to retain roles that
supported NZME to meet its obligations as an Essential Service.
 Significant audience maintained at 3.3 million
2
, representing 83% of the New Zealand
population and nearly 2.6 million digital users per month
2
.
 More than 102,000 NZ Herald Premium digital subscribers, including more than
53,000 paid digital-only subscribers generating revenue of $6.6 million in 2020.

1
Operating results presented include the impact of NZ IFRS 16, however exclude exceptional items to allow for a like-
for-like comparison between 2019 and 2020 full years. Please refer to pages 35-36 of the 2020 Full Year Results
Presentation for a detailed reconciliation. Operating and statutory results includes a $8.6 million (net) of Covid-19
government wage subsidy received in H1 2020.
2
Nielsen CMI Fused Q4 19 – Q3 20, November, People 15+.

2

 OneRoof held the #1 position in residential for-sale real estate listings in Auckland for
most of 2020, with more than 89% of listings in New Zealand
3
at 31 December 2020
and contributed $4.3 million of digital classifieds revenue in the year.
 Growth in revenue market share achieved across all key channels in 2020; to 40.4%
in radio advertising
4
, 47.1% in print advertising
5
and 24.3% in digital display
6
.
 Total reader revenue growth of 2% year-on-year as decline in retail outlet sales offset
by growth in print and digital subscriber revenues.
 Radio revenue in growth year-on-year prior to the impact of Covid-19 and returned to
2019 levels during Q4 2020.
 Cost initiatives and reduced volumes resulted in a significant decrease in Operating
expenses
1
of 14% year-on-year.
 Net Debt reduced by $40.9 million to $33.8 million and leverage ratio reduced to 0.6
times Operating EBITDA
1
.
Commenting on NZME’s navigation of the Covid-19 challenges to deliver earnings growth
during 2020, Chairman Barbara Chapman, credited NZME’s people and its leadership.
“Our people stayed steadfastly committed to our purpose of keeping Kiwis in the know. NZME’s
journalism and entertainment excelled across all of our print, digital and radio platforms. Our
teams of entertainers did what they do best, keeping Kiwis connected and their spirits up.
“The NZME executive swiftly led initiatives ensuring NZME continued to deliver on our
responsibilities as an Essential Service while prioritising the health and safety of our people.
“The reshaping of our business in 2020 means NZME remains in a good position as the on-
going impacts of Covid-19 are felt into 2021 and possibly beyond. As we have stated previously,
the government wage subsidy supported the production of quality journalism and
broadcasting during an extremely difficult period and helped NZME retain roles that are now
supporting the delivery of our strategy,” said Chapman.
NZME has reported further momentum in its key strategic priorities with year-on-year growth
in radio revenue market share
4
and digital listening via its iHeartRadio platform
7
.
The NZ Herald Premium news subscription service grew to 102,000 subscribers while real
estate platform OneRoof continues to grow, now boasting more than 89% of New Zealand’s
residential for-sale real estate listings
3
.
During 2020 NZME maintained its focus on effective capital management and this resulted in a
significant reduction in net debt to $33.8 million at 31 December 2020 down from $74.7 million
as at 31 December 2019.

3
OneRoof’s listings as a percentage of residential for-sale real estate listings on trademe.co.nz.
4
PwC Radio advertising market benchmark report, 12 months to 31 December 2020 vs 12 months to 31 December
2019. Note: report excludes independent broadcasters and contra revenue.
5
PwC NPA quarterly performance comp. report, December 2020, 12 months to 31 December 2020 vs 12 months to 31
December 2019.
6
IAB digital advertising revenue – General Display, IAB NZ Digital advertising revenue report, Q3 2020. Q4 report not
yet available.
7
AdsWhizz and StreamGuys, December 2020.

3

“This prudent focus on maintaining NZME’s target of a net debt to Operating EBITDA (pre NZ
IFRS 16) ratio
8
of 0.5 to 1.0 times and an ongoing focus on costs means NZME is well placed
to continue its recovery from Covid-19,” said Chapman.
Despite dealing with the impacts of Covid-19, several transformational initiatives aimed at
accelerating NZME’s momentum in key strategic priorities were completed.
A new audio strategy was designed and implemented ensuring NZME’s radio networks and
hosts are aligned to deliver audience growth. Further, digital specialist James Butcher was
appointed Head of Digital Audio to lead NZME’s iHeartRadio and podcasting strategy.
Ongoing investment in audience engagement capabilities in NZME’s flagship news website
nzherald.co.nz continued, including the re-launch of the NZ Herald app with enhanced
personalisation, offline reading options, in-app subscriptions and story commenting was
introduced.
Media executive Paul Maher was appointed to OneRoof, providing the platform with dedicated
executive leadership. International Kiwi tech entrepreneur Guy Horrocks was appointed to the
NZME Board as an Independent Director bringing a background in successfully growing digital
businesses, strong capability in the commercialisation of data and a focussed entrepreneurial
mindset to NZME.
“Even with all that Covid-19 throws at us - sitting still simply isn’t an option. Media is a
perpetually fast moving and hyper competitive environment. Continually fine tuning what we
do and how we do it is vital to ensure NZME continues to grow audiences, continues to exceed
the deep audience engagement levels our commercial partners seek and to ensure we grow
shareholder value,” said Boggs.
Today NZME has also provided the following outlook for 2021:
 NZME remains alert to the ongoing impacts of Covid-19 and the future economic
environment and changing market dynamics.
 While business confidence has improved significantly, advertisers remain
cautious regarding their placement of advertising, with more bookings being made ‘in
the month’ than previously experienced.
 On the basis of continued improvement in economic conditions, Covid-19
recovery, improved revenue trends and permanent cost reductions NZME would
expect profit growth in 2021.
 Given the significant reduction in debt, and based on this outlook and NZME’s
capital requirements, the Board expects to be able to return to payment of dividends
in the second half of 2021.
 NZME looks forward to providing you with further updates on our strategic priorities at
our Annual Shareholders’ Meeting in Q2 2021.
Please note the full set of results materials can be found at
https://www.nzx.com/companies/NZM/announcements
ENDS

Authorised by the Board of NZME Limited.

8
Operating results used in these calculations exclude the impact of NZ IFRS 16 and exclude exceptional items. Please
refer to pages 35-36 of the 2020 Full Year Results Presentation for a detailed reconciliation. Operating and statutory
results include $8.6 million (net) of Covid-19 government wage subsidy received in H1 2020.

4


For investor queries:
David Mackrell
Chief Financial Officer
T: +64 21 311 911
Email: david.mackrell@nzme.co.nz

For media queries:
Cliff Joiner
GM Communications
T: +64 21 270 9995
Email: cliff.joiner@nzme.co.nz

About NZME
NZME is a leading New Zealand media and entertainment business that reaches 3.3 million
Kiwis
9
. Whether reading, listening, or watching, our audience gets the content they want -
where and when they want it. NZME offers advertisers a unique opportunity to access its
growing audience via a fully integrated multi-platform presence. NZME is listed on the NZX
Main Board (code NZM) with a foreign exempt listing on the ASX (code NZM).

www.nzme.co.nz


9
Nielsen CMI Fused Q4 19 – Q3 20 (population 15+ years)

---

EVERYONE’S HERE
24 February 2021

2
AGENDA
Results Summary
3
Covid-19 Recovery
4
Market Dynamics
5
Divisional Performance and Strategy
8
2020 Full Year Financial Results
23
Outlook
29
Q&A
30
Supplementary Information
32

3
$331.2m
Operating Revenue
1
2019 $371.7m11%
1.Operating results presented include the impact of NZ IFRS 16, however exclude exceptional
items to allow for a like for like comparison between 2019 and 2020 financial years. Please refer
to pages 35-36 of this results presentation for a detailed reconciliation. Operating and statutory
results include $8.6 million (net) of Covid-19 government wage subsidy received in H1 2020.
2.OneRoof’s listings as a percentage of residential for-sale real estate listings on trademe.co.nz at
31 December 2020.
•Earnings growth achieved through delivery of strategic priorities
and swift action in response to Covid-19:
•Year-on-year growth in radio advertising revenue market share
1
and iHeartRadio listening.
•Growth of NZ Herald Premium with 102,000 subscribers
–more than 53,000 paid digital-only subscribers. Combined
print and digital circulation revenues grewyear-on-year.
•OneRoof continues to grow; with more than 89%
of New Zealand’s residential for-sale real estate listings
2
.
•14% reduction in Operating cost base
1
, expected permanent
reduction of $20.0 million per annum.
•Operating EBITDA
1
$67.3 million, up 3%.
•Operating result
1
includes wage subsidy of $8.6 million (net)
as other revenue.
•Statutory Net Profit After Tax $14.2 million, up 45% when adjusted
for $175.0 million impairment of intangible assets.
•Net debt reduced by $40.9 million to $33.8 million.
RESULTS
SUMMARY
For the full year ending 31 December 2020
$67.3m
Operating EBITDA
1
2019 $65.7m 3%
$22.0m
Operating NPAT
1
2019 $17.3m27%
$14.2m
Statutory NPAT
2019 ($165.2m)109%
11.1cps
Operating EPS
1
2019 8.8cps26%
$33.8m
Net Debt
Reduced by $40.9m

4
•NZME’s advertising revenue was down 15% in 2020 however,
it returned to growth at the end of the year, with financial results
assisted by the significant actions taken to mitigate the impacts
of Covid-19 on revenues, including:
-Prioritisingthe implementation of appropriate measures
to protect the health and safety of our people;
-Temporarily suspending products including a number
of newspaper inserted magazines and community
newspapers;
-Implementing wide-scale workforce restructuring,
resulting in reduction of more than 200 positions,
representing 15% of the workforce; and
-Applying for government assistance available:
-Received 12-week government wage subsidy
($8.6 million net).
-Received radio transmission cost relief for 6 months.
-2%
-3%
-9%
-47%
-39%
-23%
-16%
-15%
-16%
-6%
4%
2%
-50%
-40%
-30%
-20%
-10%
0%
10%
NZME Total Advertising Revenue Growth YoY
SWIFT ACTIONS IN
RESPONSE TO
COVID-19

5

6
•Agency advertising market up 2.1% in Q1, prior to demand being affected by Covid-19,
then falling 12.3% in the full twelve months to December 2020
1
, with pressure across
all channels. In the platforms where NZME operates the agency trends were as follows:
•Radio agency advertising up 7.7% in Q1, then down 8.2% for the full year-on-year;
•Newspaper agency advertising up 7.4% in Q1, then down 21.3% for the full year-on-
year; and
•Digital agency advertising down 2.1% in Q1, then down 4.1% for the full year-on-year.
•The ANZ Business Confidence Index
2
for New Zealand had its first
positive reading in December 2020 since August 2017. This
improvement is estimated to have been driven by the imminent
prospect of travel bubbles, encouraging vaccine news, and continued
support from both monetary and fiscal sides.
1.Standard Media Index (SMI) NZ Data Release, December 2020
2.Net Index (% expecting improvement minus % expecting deterioration).
Note: December 2020 report released on 18 December 2020.
(44.3)
(52.3)
(53.5)
(42.4)
(26.4)
(13.2)
(19.4)
(63.5)
(66.6)
(41.8)
(34.4)
(31.8)
(41.8)
(28.5)
(15.7)
(6.9)
9.4
-80
-70
-60
-50
-40
-30
-20
-10
0
10
20
Net Index (% expecting improvement
minus % expecting deterioration)
AGENCY YoY
ADVERTISING
MARKET
NEW ZEALAND
BUSINESS
CONFIDENCE
Year
-
on
-
year monthly agency
revenue growth %
1
3.5
4.8
15.0
(2.4)
(0.9)
(1.5)
2.0
2.4
1.1
(37.9)
(37.8)
(34.5)
(21.1)
(18.1)
(22.3)
(2.4)
6.0
10.4
-50%
-40%
-30%
-20%
-10%
0%
10%
20%
Rugby World Cup

7
NZME continues to outperform the market
in all four pillars.
Radio advertising (YoY growth)
NZME radio advertising revenue(14.1%)
Market movement –Radio revenue
3
(16.0%)
NZME radio revenue market share
3
40.4%
Print advertising (YoY growth)
NZME print advertising revenue(26.4%)
Market movement –Print revenue
2
(26.6%)
NZME print revenue market share
2
47.1%
Digital display advertising (YoY growth)
NZME digital display advertising revenue(0.8%)
Market movement –General Display revenue
4
(6.6%)
NZME general display market share
4
24.3%
Print circulation (YoY growth)
NZME print circulation revenue(4.7%)
NZME movement –print readership
1
9.2%
Market movement –print readership
1
2.8%
NZME print readership market share
1
54.1%
1.Nielsen CMI Fused Q4 19 –Q3 20, People 15+.We are unable to provide a market comparable for circulation growth at this time dueto ABC suspending all audits until March 2021 due to Covid-19.
2.PwC NPA quarterly performance comparison report, December 2020, 12 months to 31 December 2020 vs 12 months to 31 December 2019. Note: includes real estate print products.
3.PwC Radio advertising market benchmark report, 12 months to 31 December 2020 vs 12 months to 31 December 2019. Note: report excludes independent broadcasters and contra revenue.
4.IAB digital advertising revenue –General Display, IAB NZ Digital advertising revenue report, Q3 2020. Q4 report not yet available.
2020 Total Segment Revenue $317.3m
NZME PERFORMANCE COMPARED
TO THE MARKET.
Total Radio
$94.9m 30%
Digital
Advertising and
Classifieds
$60.0m 18%
OneRoof Digital
$4.3m 1%
OneRoof Print
$13.4m 4%
Print Advertising
$75.5m 23%
Print Circulation
$72.7m 22%
Digital
Subscriptions
$6.6m 2%
Print Other
$7.6m 2%

8

9
89% of residential for-sale
listings nationwide
4
#1 25-54 year-old
breakfast show in NZ
2*
#1 Daily newspaper in NZ
1
NZ’s #1 radio station and
favouritebreakfast talk show
2
NZ’s #1 digital news
provider
3
Now over 102,000 digital
subscribers
1
Nielsen CMI Q4 19 –Q3 20 AP15+
2
GfK Radio Audience Measurement, Commercial Radio Stations, Total NZ 4/2020, M-S 12mn-12mn & M-F 6am-9am, Commercial Market Share%, AP10+
2*
AP25-54, Cumulative Audience
3
Nielsen Online Ratings Dec2020 AP15+ (excludes APP)
4
OneRoof’s listings as a percentage of residential for-sale real estate listings on trademe.co.nz.
NZME –AN AUDIENCE AND CUSTOMER
CENTRIC MULTI-CHANNEL MEDIA BUSINESS
32 print publications
9 audio brands
17 websites
19 real estate publications

10
Total
Print
Radio
Digital
Total Revenue
Operating Expenses:
People and contributors
Print and distribution
Agency commission and marketing
Property
Content
IT and communications
Other
Total Operating Expenses
Operating EBITDA
1
AudioPublishingOneRoofOtherTotal
Reader
Advertising
Other
Total Revenue
Operating Expenses:
People and contributors
Print and distribution
Agency commission and marketing
Other
Total Operating Expenses
Operating EBITDA
1
OLD
NEW
1.
Operating results include the impact of NZ IFRS 16, however exclude exceptional items to allow for a like for like comparisonbetween 2019 and 2020 financial years. Please refer to pages 35-36 of this
results presentation for a detailed reconciliation. Operating and statutory results include $8.6 million (net) of Covid-19 government wage subsidy received in H1 2020.
NEW DIVISIONAL REPORTING FRAMEWORK

11
1,500
1,600
1,700
1,800
1,900
2,000
2,100
S1/2019S2/2019S3/2019S4/2019S1/2020S3/2020S4/2020
5
6
7
8
9
10
11
12
13
14
15
S1/ 2018S2/ 2018S3/ 2018S4/ 2018S1/ 2019S2/ 2019S3/ 2019S4/ 2019S1/ 2020S3/ 2020S4/ 2020
5
10
15
20
25
30
S1/ 2018S2/ 2018S3/ 2018S4/ 2018S1/ 2019S2/ 2019S3/ 2019S4/ 2019S1/ 2020S3/ 2020S4/ 2020
-
1.0
2.0
3.0
4.0
5.0
6.0
Q1 2018Q2 2018Q3 2018Q4 2018Q1 2019Q2 2019Q3 2019Q4 2019Q1 2020Q2 2020Q3 2020Q4 2020
Market Share (%)
1.GfK Radio Audience Measurement, Commercial Stations, NZME and Partners, Cumulative Audience, Total NZ, S1 2019 -S4 2020. AP10+.
2.GfK Radio Audience Measurement, Commercial Talk Stations, NZME, Market Share, Major Markets, S1 2018 -S4 2020, AP10+. Note: Radio Sport closed prior to S3 2020.
3.GfK Radio Audience Measurement, Commercial Music Stations, NZME, Market Share, Major Markets, S1 2018 -S4 2020, People 25-54 y/o. Note: Gold included from S3 2020.
4.AdsWhizz and StreamGuys, December 2020.
Weekly Listeners (000’s)
NZME Radio weekly listeners
–Total including partners
1
Market Share (%)
NZME Talk Radio –
Major Markets All 10+ Share
2
NZME Music Radio –
Major Markets 25-54 Share
3
iHeartRadio Average Monthly
Total Listening Hours (million)
4
Listening hours (millions)
AUDIO LISTENERS
AND MARKET SHARE
11
Closure
of Radio
Sport

12
$ million20202019% change
Radio advertising 91.6108.5(16%)
Digital audio advertising 2.41.745%
Other 5.61.8213%
Audio revenue99.6111.9(11%)
People & Contributors(50.0)(54.0)(7%)
Agency Commission & Marketing(14.9)(19.3)(23%)
Content(5.8)(7.0)(17%)
Other(9.1)(12.0)(24%)
Audio expenses(79.8)(92.4)(14%)
Audio EBITDA
1
(incl. NZ IFRS 16)19.819.52%
NZ IFRS 16 Adjustment(5.7)(6.9)(18%)
Audio EBITDA
1
(pre NZ IFRS16)14.212.612%
EBITDA
1
Margin (pre NZ IFRS16)14%11%3 ppt
1.EBITDA is a non-GAAP measure which excludes exceptional items (redundancy costs, one-off projects and other exceptional items).
2.PwC Radio advertising market benchmark report, 12 months to 31 December 2020 vs 12 months to 31 December 2019. Note: report excludes independent broadcasters and contra revenue.
3.iHeartMedia, Adobe Analytics, December 2020.
•Radio revenue commenced the year in growth prior to the
impact of Covid-19.
•Radio revenue market share grew year-on-year to 40.4%
in 2020, up from 39.5% for the comparable period
2
.
•iHeartRadio revenue grew 45% in 2020 to $2.4 million,
supported by significant growth in users and engagement
in music and podcasts
3
.
•Other revenue includes a government wage subsidy of
$3.7 million received in H1 2020.
•Initiatives implemented in March 2020 to mitigate the
impact of Covid-19 included the closure of Radio Sport.
•EBITDA
1
growth (incl. NZ IFRS 16) of 2% achieved as
cost initiatives, including workforce restructuring, resulted
in a 14% reduction in Audio expenses, outweighing
revenue decline of 11%.
AUDIO
For the full year ending 31 December 2020
12

13
Metric
2020
Achievement
2023 Target2021 Initiatives
NZME Share of total
audience
35.6%
1
> 1% share
point growth
per annum
•Grow 10+ audience market share, focused on key 25-54 y/o demographic
•Be the station of choice in each format
•Continue to identify, attract and retain the best talent
•Extend national reach through iHeartRadio, strategic frequency acquisitions and
investing in local content
•Maximise the distribution of content across multiple platforms
Radio Revenue Share40.4%
2
> 1% share
point growth
per annum
•Closing the gap in the 25-54 demographic will drive incremental revenue
•Realise regional opportunities to increase revenue share in line with major markets
•Enhance sales capability with the best sales talent
•Further leverage integrated selling through training and development
Digital audio revenue
as a % of total audio
revenue
2.4%5%
•Position NZME as the leading local podcaster through continued growth in audience and
engagement
•Accelerate iHeartRadio utilisation including cross-promotion across all NZME’s platforms
•Lead the industry in digital audio monetisation, supported by the appointment of a Head
of Digital Audio
EBITDA
3
Margin Target
(pre NZ IFRS 16)
14%15 –17%
1.GfK Radio Audience Measurement, Commercial Stations, NZME excl. Partners, Market Share %, S4 2020, AP10+.
2.PwC Radio advertising market benchmark report, 12 months to 31 December 2020 vs 12 months to 31 December 2019.
3.EBITDA is a non-GAAP measure and is presented as excluding the impact of NZ IFRS 16, however excluding exceptional items (redundancy costs, one-off projects and other exceptional items).
AUDIO STRATEGY: NEW ZEALAND’S
LEADING AUDIO COMPANY
13
Create New Zealand’s
best local audio content
Grow broadcast and
digital reach
Grow market revenue
share and digital revenue

14
1,000
1,200
1,400
1,600
1,800
2,000
2,200
2,400
2,600
2,800
3,000
Jan-19Apr-19
Jul-19
Oct-19
Jan-20Apr-20
Jul-20
Oct-20
NZME Total Monthly Digital Users
2
NZME Totalnzherald.co.nz
200
250
300
350
400
450
500
550
600
650
Q2 17 - Q1 18Q3 17 - Q2 18Q4 17 - Q3 18Q1 18 - Q4 18Q2 18 - Q1 19Q3 18 - Q2 19Q4 18 - Q3 19Q1 19 - Q4 19Q2 19 - Q1 20Q3 19 - Q2 20Q4 19 - Q3 20
NZ HeraldHerald on Sunday
500
700
900
1,100
1,300
1,500
1,700
1,900
2,100
Q2 17 - Q1 18Q3 17 - Q2 18Q4 17 - Q3 18Q1 18 - Q4 18Q2 18 - Q1 19Q3 18 - Q2 19Q4 18 - Q3 19Q1 19 - Q4 19Q2 19 - Q1 20Q3 19 - Q2 20Q4 19 - Q3 20
Daily Brand AudienceWeekly Brand Audience
Brand Audience (000’s)
1.Nielsen CMI Q2 17 –Q3 20, November, AP 15+, average issue readership trend.
2.Nielsen CMI Q2 17 –Q3 20, November, AP 15+.
Readership (000’s)
NZ Herald (Mon-Sat) and Herald on
Sunday Average Issue Readership
1
NZ Herald Daily and Weekly
Brand Audience
2
14
PUBLISHING BRAND AUDIENCE
Audience (000’s)

15
Subscriptions Mix
# of subscribers
15
PUBLISHING SUBSCRIBERS
1.Subscriber volume drives revenue and represents the count of individual paid papers delivered including the NZ Herald,
Herald on Sunday and Regionals. Subscriber yield includes promotional volumes.
1.00
1.10
1.20
1.30
1.40
1.50
1.60
1.70
1.80
0.0
2.0
4.0
6.0
8.0
10.0
12.0
14.0
Q1 18Q2 18Q3 18Q4 18Q1 19Q2 19Q3 19Q4 19Q1 20Q2 20Q3 20Q4 20
Subscriber VolumeYield
Print Subscriber Volume and Yield
1
Yield ($)
Subscriber Volume (millions)
$-
$50
$100
$150
$200
$250
-
10,000
20,000
30,000
40,000
50,000
60,000
Q2 19Q3 19Q4 19Q1 20Q2 20Q3 20Q4 20
Annual Yield per Subscriber
# of subscribers
Digital Only Subscriptions Volume & Yield
Digital Subs VolumeDigital Subs Yield
-
20,000
40,000
60,000
80,000
100,000
120,000
140,000
160,000
180,000
Apr-19
Jun-19
Aug-19
Oct-19
Dec-19
Feb-20Apr-20
Jun-20
Aug-20
Oct-20
Dec-20
Print OnlyPrint EntitledDigital Only

16
$ million20202019% change
Print subscriptions55.855.31%
Digital subscriptions6.61.7297%
Retail outlet sales16.921.0(20%)
Total reader revenue79.378.02%
Print advertising62.184.9 (27%)
Digital advertising44.643.62%
Total advertising revenue106.7128.6(17%)
Other15.518.2(15%)
Publishing revenue201.5224.8(10%)
People & Contributors(75.9)(82.9)(8%)
Print & Distribution(40.2)(50.9)(21%)
Agency Commission & Marketing(16.8)(20.2)(17%)
Content(7.0)(8.1)(13%)
Other(14.2)(15.1)(6%)
Publishing expenses(154.0)(177.2)(13%)
Publishing EBITDA
1
(incl. NZ IFRS 16)47.547.60%
NZ IFRS 16 Adjustment7.87.27%
Publishing EBITDA
1
(pre NZ IFRS 16)39.740.4(2%)
EBITDA
1
Margin (pre NZ IFRS 16)20%18%2 ppt
•Growth in total reader revenue of 2% with significant growth
in digital subscriptions and 1% growth in print subscriptions
offsetting the 20% decline in retail outlet sales.
•Subscriber revenue growth achieved through 3% yield
growth offsetting a 2% decline in volume.
•Print advertising revenue down 27% year-on-year, largely
due to the impacts of Covid-19 on advertising revenues,
including the temporary suspension of newspaper inserted
magazines and community newspapers.
•Digital advertising revenue growth of 2% supported by
audience growth
2
and a gain in digital display market
share
3
.
•Other publishing revenue includes $4.2 million of
government wage subsidy received in H1 2020 and has
also been impacted by reduced third-party printing volumes;
however, this has been substantially offset by a reduction in
print expenses.
•EBITDA
1
(incl. NZ IFRS 16) maintained year-on-year as
cost initiatives, including work force restructuring, resulted
in a 13% reduction in Publishing expenses and a 2ppt
increase in EBITDA
1
margin to 20%.
PUBLISHING
For the full year ending 31 December 2020
16
1.EBITDA is a non-GAAP measure which excludes exceptional items (redundancy costs, one-off projects and other exceptional items).
2.Nielsen CMI Q4 19 –Q3 20, November, AP 15+.
3.IAB digital advertising revenue –General Display, IAB NZ Digital advertising revenue report, Q3 2020. Q4 report not yet available.

17
Metric
2020
Achievement
2023 Target2021 Initiatives
Subscription Volume
Target
169,000
subscribers
More than 210,000
subscribers by year-
end
•Continue to actively sell print subscriptions and improve retention with NZ
Herald Premium upgrade, continue to optimise yield
•Grow our local and national audience and engagement by building our
community connection and providing enhanced reader personalisation
•Building business, political and investigative journalism
•New partnerships that offer diverse content and storytelling
•Enabling our people to tell stories mobile-first, enhancing video storytelling
•Continue acquiring subscribers by leveraging quality journalism and customer
propensity to pay, ongoing focus on engagement and yield management
•Utilisebest-in-class funnel conversion techniques
•New product/content vertical
Subscription Volume
Mix
32% / 68%Digital Only > Print
% Households
Subscribing
9%
1
> 12% by year-end
Advertising Revenue
Mix
42% Digital> 45% Digital
•Increased use of authenticated audience and customer data across the
NZME network
•Continue to evolve advertising technology and tools to monetise opportunities
•Create new advertiser opportunities across NZME’s brand-safe environment
EBITDA
1
Margin Target
(pre NZ IFRS 16)
20%19 -20%
1.Stats.govt.nz Dwelling and household estimates: December 2020 quarter.
2.EBITDA is a non-GAAP measure and is presented as excluding the impact of NZ IFRS 16, however excluding exceptional items (redundancy costs, one-off projects and other exceptional items).
17
PUBLISHING STRATEGY:
NEW ZEALAND’S HERALD
The #1 News brand for all
New Zealanders
Subscriber first
Be a safe, scalable destination
for advertisers

18
0.0%
2.0%
4.0%
6.0%
8.0%
10.0%
12.0%
14.0%
Q1 19Q2 19Q3 19Q4 19Q1 20Q2 20Q3 20Q4 20
OneRoof Average Digital Listings
Upgrade %
0%
20%
40%
60%
80%
100%
120%
Jul-19
Sep-19
Nov-19
Jan-20
Mar-20
May-20
Jul-20
Sep-20
Nov-20
% National% Auckland
Dec
-
20
OneRoof Auckland and national residential
for-sale listings as a % of Trademe
1
1.OneRoof’s listings as a percentage of residential for-sale real estate listings on trademe.co.nz.
2.Nielsen Online Ratings, December2020.
Audience (000’s)
ONEROOF AUDIENCE & LISTINGS
18
Upgrade %
% Listings
0
100
200
300
400
500
600
Jan-19
Mar-19
May-19
Jul-19
Sep-19
Nov-19
Jan-20
Mar-20
May-20
Jul-20
Sep-20
Nov-20
OneRoof Monthly Unique Online
Audience
2
Dec
-
20

19
National
lockdown
Auckland
lockdown
-32%
-7%
-26%
-41%
-11%
-4%
11%
-14%
-23%
1%
31%
-100%
-80%
-60%
-40%
-20%
0%
20%
40%
JanFebMarAprMayJunJulAugSepOctNovDec
OneRoof Print Monthly Revenue Growth YoY
$ million20202019% change
Print13.417.3(23%)
Digital4.32.853%
Other0.90.2390%
OneRoof revenue18.6 20.3(8%)
People & Contributors(6.3)(7.5)(17%)
Print & Distribution(6.3)(6.7)(6%)
Agency Commission & Marketing(1.8)(2.6)(32%)
Content(1.2)(0.9)30%
Other(0.9)(1.5)(40%)
OneRoof expenses(16.5)(19.3)(14%)
OneRoof EBITDA
1
(incl. NZ IFRS 16)2.11.0104%
NZ IFRS 16 Adjustment(0.5)(0.5)-
OneRoof EBITDA
1
(pre NZ IFRS 16)1.60.5224%
EBITDA
1
Margin (pre NZ IFRS 16)8%2%6 ppt
Total Real Estate revenue across all
NZME brands
34.940.5(14%)
•OneRoof print revenue significantly impacted by Covid-19 in
some months, however returned to growth in Q4 (see below).
•Digital classifieds revenue of $4.3 million in 2020, of which 74%
relates to listings.
•Other revenue includes $0.7 million of government wage subsidy
received in H1 2020.
•Launch of seven new OneRoof Local publications during the year,
now 19 real estate publications in total.
•EBITDA
1
(incl. NZ IFRS 16) of $2.1 million achieved as cost
initiatives, including workforce restructuring, resulted in a 14%
reduction in OneRoof expenses, outweighing revenue decline of
8%, and leading to a 6ppt increase in EBITDA
1
margin to 8%.
ONEROOF
For the full year ending 31 December 2020
19
1.EBITDA is a non-GAAP measure which excludes exceptional items (redundancy costs, one-off projects
and other exceptional items).

20
Metric
2020
Achievement
2023 Target2021 Initiatives
Residential Listings89%
1
100% of listings
•New leadership structure with dedicated Head of OneRoof, focused singularly on
delivery of OneRoof growth strategy
•Leverage NZME sales capability to drive national growth strategy
•Continue to build listings coverage through solid Agent relationships
•Become an essential listings marketplace for all participants
•Utilise the strength of NZME audience and expand OneRoof Local magazines as a geo-
targeted complement to digital vendor listings
Audience
#2 at 460k,
average gap
to #1 of 188k
2
Reduce gap to #1
•Contextual and content marketing products that drive engaged audience
•Listing, Profile and Agent Lead-generation tools based on OneRoof audience data
•Sustained brand presence across all key regions leveraging NZME network, local print
publications and mainstream media
Listings Upgrade %10%
50% of residential
listings
•Provide a suite of products that provide scale and relevancy to deliver results for
vendors and advertisers
Revenue 24% / 76%Digital > Print
•Expand the portfolio to further verticals and services
•Diversify overall OneRoof real estate revenue
EBITDA
3
Margin Target
(pre NZ IFRS 16)
9%15 -25%
1.OneRoof’s listings as a percentage of residential for-sale real estate listings on trademe.co.nz.
2.Nielsen Online Ratings, December 2020
3.EBITDA is a non-GAAP measure and is presented as excluding the impact of NZ IFRS 16, however excluding exceptional items (redundancy costs, one-off projects and other exceptional items).
20
ONEROOF STRATEGY: YOUR COMPLETE
PROPERTY DESTINATION
Strengthen core residential
listings business
Be indispensable to agentsExpand the portfolio

21
For the half year
ended 30 June 2020
$ million20202019% change
Revenue9.09.8(8%)
People & Contributors(3.6)(5.0)(28%)
Agency Commission & Marketing(0.9)(0.8)18%
Content(0.3)(0.1)152%
Other(1.3)(1.0)24%
Total expenses(6.1)(7.0)(12%)
EBITDA
1
(incl. NZ IFRS 16)2.92.84%
NZ IFRS 16 Adjustment(0.3)(0.3)1%
EBITDA
1
(pre NZ IFRS 16)2.62.54%
EBITDA
1
Margin (pre NZ IFRS 16)29%26%3 ppt
•GrabOne, now classified as a held-for-sale asset,
achieved EBITDA
1
growth of 4% in 2020 as significant
cost reductions outweighed the revenue impact relating to
Covid-19.
•Covid-19 has seen an acceleration in ‘Store’ e-Commerce
revenues, up 40% year-on-year, with gross Store sales
totalling $12 million, up from $9 million in FY19.
GRABONE
For the full year ending 31 December 2020
1.EBITDA is a non-GAAP measure which excludes exceptional items (redundancy costs, one-off projects
and other exceptional items).
-
0.5
1.0
1.5
2.0
2.5
3.0
Q1 19Q2 19Q3 19Q4 19Q1 20Q2 20Q3 20Q4 20
GrabOne Revenue by Type
ExperiencesEscapesStoreAdvertising Revenue

22
For the half year
ended 30 June 2020
$ million20202019% change
Revenue2.44.9(30%)
People & Contributors(3.4)(4.4)(22%)
Agency Commission & Marketing(0.3)(0.7)(55%)
Content(0.5)(0.6)(12%)
Other(3.2)(4.6)(31%)
Total expenses(7.4)(10.2)(28%)
EBITDA
1
(incl. NZ IFRS 16)(5.0)(5.3)(6%)
NZ IFRS 16 Adjustment(0.1)(0.1)(52%)
EBITDA
1
(pre NZ IFRS16)(5.0)(5.4)(7%)
•Other revenue, which includes Driven and Events,
reduced $2.5 million primarily due to the
cancellation of events due to Covid-19. This
revenue decline was partially offset by an increase
in Driven revenue year-on-year.
•Other expenses include corporate overheads.
CORPORATE
& OTHER
For the full year ending 31 December 2020
1.EBITDA is a non-GAAP measure which excludes exceptional items (redundancy costs, one-off projects
and other exceptional items).

23

24
•Operating EBITDA
1
grew 3% in 2020.
•Segment revenue decreased 13% to $317.3
million reflecting the significant impacts of Covid-
19 on advertising revenue.
•Other revenue includes an $8.6 million (net)
government wage subsidy received in H1 2020.
•Cost initiatives accelerated and implemented in
response to Covid-19 pandemic resulted in a
decrease in Operating expenses
1
of 14%.
•Net interest expense reduced in line with the
reduction in Net debt.
•Operating NPAT
1
increased $4.7 million to $22.0
million, and Operating earnings per share
increased to 11.1 cents per share.
$ million
20202019% change
Segment revenue317.3363.7(13%)
Other revenue13.88.073%
Operating Revenue
1
331.2371.7(11%)
Operating expenses
1
(263.8)(306.0)(14%)
Operating EBITDA
1
67.365.73%
Depreciation and amortisation on owned
assets
(17.7)(18.9)(6%)
Depreciation on leased assets(12.5)(12.8)(2%)
Net interest expense on loans(3.2)(4.6)(31%)
Interest expense on leases(5.0)(4.8)4%
Operating NPBT
1
28.924.618%
Taxation expense(6.9)(7.3)(5%)
Operating NPAT
1
22.017.327%
Operating Earnings per Share
1
11.18.826%
Operating EBITDA excl. NZ IFRS 16
53.050.65%
1.Operating results presented include the impact of NZ IFRS 16, however exclude exceptional items to allow for a like for like
comparison between 2019 and 2020 financial years.Please refer to pages 35-36 of this results presentation for a detailed
reconciliation. Operating and statutory results include $8.6 million (net) of Covid-19 government wage subsidy received in H1 2020.
For the full year ended 31 December 2020
OPERATING
RESULTS

25
$ million
20202019% change
People and contributors139.2153.8(10%)
Print and distribution46.5 57.6(19%)
Agency commission and marketing34.743.6(21%)
Content14.916.8(11%)
Other expenses:
Property 5.66.6(15%)
IT and communications11.911.72%
Other11.015.8(30%)
Total other expenses28.634.1(16%)
Total operating expenses 263.8306.0(14%)
Exceptional items:
Redundancies8.36.0
One off projects and other exceptional items0.52.9
Impairment of intangible assets-175.0
Impairment of financial assets-0.9
Compensation for franking credits(0.8)-
Total exceptional items8.0184.9
•People and contributors and content expenses
reduced 10% and 11% respectively, reflecting
cost saving initiatives in response to Covid-19.
•Printing and distribution expense reduced 19%
due to a significant reduction in print and delivery
volumes, mostly relating to the temporary
suspension of some print products due to Covid-
19, and reduced third-party print volumes.
•Agency commission and marketing expense
reduced 21% in line with revenue decline.
•Other expenses reduced 30% primarily due to
cancellation of events and savings in travel,
entertainment and professional fees.
•The annualised permanent reduction in cost base
is expected to be $20.0 million per annum.
•Exceptional items in 2020 largely relate to
redundancies due to workforce restructuring.
Note: Net exceptional items of $6.6 million on slide 34 includes other revenue relating to
transmission and property lease cost relief.
For the full year ended 31 December 2020
EXPENSES

26
$ million31 December 202031 December 2019
Trade, other receivables and inventory45.454.4
Trade and other payables(43.8)(51.5)
Current tax (payable)/receivable(1.6)(0.3)
Net assets held for sale (WC)
(7.1)-
Net working capital excluding cash
(7.2)2.7
Plant property & equipment, intangibles and
other non-current assets
193.5209.5
Right of use assets (NZ IFRS 16)85.475.5
Lease liabilities (NZ IFRS 16)(107.5)(95.9)
Net interest-bearing liabilities(33.8)(74.7)
Deferred tax(0.3)(0.6)
Net assets held for sale (FA/IA)1.9-
Net Assets132.1116.5
As at 31 December 2020
BALANCE
SHEET
•Decrease in trade, other receivables and
inventory primarily due to an improvement in
collections.
•Decrease in trade and other payables largely
due to GrabOne now being classified as net
assets held for sale.
•Increase in right of use assets and lease
liabilities due to the extension of leases
relating to transmission sites.
•Net debt reduced by $40.9 million in 12
months to $33.8 million as at 31 December
2020.

27
$ million2020
2019
Operating EBITDA
1
67.365.7
NZ IFRS 16 interest paid on leases(4.8)(4.8)
Interest received0.10.1
Interest paid on bank facilities(3.1)(4.7)
Working capital movement10.14.6
Exceptional items(8.0)(8.8)
Tax paid(2.7)(4.5)
Non-cash items in EBITDA(2.0)(0.6)
Cash flow from operations
56.9 47.1
Capital expenditure(6.3)(11.8)
Proceeds from sale of plant, property and
equipment
-0.1
NZ IFRS 16 lease liability principal repayment(9.5)(11.5)
Cash movement in Net Debt
41.123.8
Non-cash borrowing costs
(0.2)(0.2)
Movement in Net Debt
40.923.6
For the year ended 31 December 2020
CASH
FLOWS
•Operating
1
cash flows increased $9.9 million
in the year to $56.9 million, substantially due
to increased earnings and lower working
capital.
•Capital expenditure was $6.3 million in 2020,
compared to $11.8 million in 2019 with
expenditure contained in response to Covid-
19.
•Ongoing capital expenditure is expected to be
approximately $10 million -$12 million per
annum.
•Lease liability principal repayments reduced to
$9.5 million due to transmission cost relief
received from the government and rent
concessions.
1.Operating results presented include the impact of NZ IFRS 16, however exclude exceptional items to allow for a like for like
comparison between 2019 and 2020 financial years.Please refer to pages 35-36 of this results presentation for a detailed
reconciliation. Operating and statutory results include $8.6 million (net) of Covid-19 government wage subsidy received in H1 2020.

28
31 December 202031 December 2019
12-months Operating EBITDA (pre NZ IFRS
16)
1
53.050.6
Interest Expense2.94.4
Net interest cover (Operating EBITDA (pre
NZ IFRS 16)
1
/ Interest Expense)
18.111.5
Net Debt ($ million)33.874.7
Leverage Ratio (Net debt / 12-month
Operating EBITDA (pre NZ IFRS 16)
1
)
0.61.5
Dividend Policy
NZME intends to pay dividends of 30-50% of Free
Cash Flow subject to being within its target
leverage ratio and having regard to NZME's capital
requirements, operating performance and financial
position.
Target Leverage Ratio of 0.5 to 1.0 times rolling 12
month EBITDA
1
(pre NZ IFRS 16).
Full dividend policy is available at
www.nzme.co.nz/investor-relations/dividends/
1.4
1.4
1.8
1.5
0.6
-
0.2
0.4
0.6
0.8
1.0
1.2
1.4
1.6
1.8
2.0
-
20.0
40.0
60.0
80.0
100.0
120.0
FY16FY17FY18FY19FY20
Leverage Ratio
(Net Debt / 12 month Operating
EBITDA
1
)
Net Debt ($m)
Net Debt (LHS)Leverage Ratio (RHS)
1.Operating results presented and used in these calculations exclude the impact of NZ IFRS 16 and exclude exceptional
items.Please refer to pages 35-36 of this results presentation for a detailed reconciliation. Operating and statutory results
include $8.6 million (net) of Covid-19 government wage subsidy received in H1 2020.
For the year ended 31 December 2020
CAPITAL
MANAGEMENT
•Capital management plan is to reduce debt
while maintaining investment in growth
opportunities across the business.
•Net debt reduced by $40.9 million in
12 months to $33.8 million as at
31 December 2020.
•Leverage ratio (Net Debt to 12-month Operating
EBITDA pre NZ IFRS 16
1
) decreased to 0.6
times as at 31 December 2020.
•New bank facilities limit dividend payments until
after 30 June 2021.
•Leverage ratio now at lower end of target range.

29
We continue to remain alert to the ongoing impacts of Covid-19 and the future
economic environment and changing market dynamics.
While business confidence has improved significantly, advertisers remain cautious
regarding their placement of advertising, with more bookings being made ‘in the
month’ than previously experienced.
On the basis of continued improvement in economic conditions, Covid-19 recovery,
improved revenue trends and permanent cost reductions we would expect profit
growth in 2021.
Given the significant reduction in debt, and based on this outlook and NZME’s capital
requirements, the Board expects to be able to return to payment of dividends in the
second half of 2021.
We look forward to providing you with further updates on our strategic priorities at our
Annual Shareholders’ Meeting in Q2 2021.

30

31

32

33
OUR SUSTAINABILITY COMMITMENT
33

34
For the full year
ended 31 December 2020
$m
Audio
PublishingOneRoofGrabOneOther2020 Total2019 Total% Change
Reader Revenue:
-Print -72.7---72.7 76.3(5%)
-Digital-6.6 ---6.6 1.7297%
Reader Revenue-79.3 ---79.3 78.02%
Advertising Revenue:
-Radio91.6----91.6108.5(16%)
-Print-62.1 13.4 --84.9 115.4(26%)
-Digital2.4 44.6 4.3 -0.5 51.8 48.57%
Advertising Revenue94.0 106.7 17.6 -0.5 218.9 259.2(16%)
Other Revenue5.6 15.50.9 9.0 1.9 32.9 34.5(5%)
Total Revenue99.6 201.5 18.6 9.0 2.4 331.2 371.7(11%)
People and Contributors(50.0)(75.9)(6.3)(3.6)(3.4)(139.2)(153.8)(10%)
Print & Distribution-(40.2)(6.3)--(46.5)(57.6)(19%)
Agency Commission & Marketing(14.9)(16.8)(1.8)(0.9)(0.3)(34.7)(43.6)(21%)
Content(5.8)(7.0)(1.2)(0.3)(0.5)(14.9)(16.8)(11%)
Other(9.1)(14.2)(0.9)(1.3)(3.2)(28.6)(34.1)(16%)
Total Costs(79.8)(154.0)(16.5)(6.1)(7.4)(263.8)(306.0)(14%)
Operating EBITDA
1
19.8 47.5 2.1 2.9 (5.0)67.3 65.73%
NZ IFRS 16 Adjustments(5.7)(7.8)(0.5)(0.3)(0.1)(14.3)(15.1)(5%)
EBITDA (pre NZ IFRS 16)
2
14.2 39.7 1.6 2.6 (5.0)53.0 50.65%
EBITDA (pre NZ IFRS 16)
2
Margin %14%20%8%29%-16%14%2ppt
Cost pools that relate to
multiple divisions have
been allocated based on
revenue, geography and
headcount.
Other Revenue includes
$8.6 million (net) of
Government wage subsidy.
1.Operating results presented include the impact of NZ IFRS 16, however exclude exceptional items to allow for a like for like comparison between 2019 and 2020 financial years. Please refer to
pages 35-36 of this results presentation for a detailed reconciliation. Operating and statutory results include $8.6 million (net) of Covid-19 government wage subsidy received in H1 2020.
2.EBITDA is a non-GAAP measure equivalent to Operating EBITDA but excluding the impact of NZ IFRS 16.
2020 DIVISIONAL PERFORMANCE

35
12 MONTHS ENDED 31 DECEMBER 2020
$ million
Operating Results
excl. NZ IFRS 16
NZ IFRS 16
Adjustments
Operating Results
incl. NZ IFRS 16
Exceptional and
Other Items
Per Financial
Statements
Segment revenue
317.3
-
317.3-317.3
Other revenue
13.8
-
13.84.0*17.9
Total revenue
331.2
-
331.24.0335.2
Expenses
(278.1)
14.3
(263.8)(10.4)(274.3)
EBITDA
53.0
14.3
67.3(6.4)60.9
Depreciation and amortisation
(17.7)
(12.5)
(30.2)-(33.4)
EBIT
35.3
1.8
37.1(6.4)30.7
Share of loss of JV’s
-
-
-(0.4)(0.4)
Impairment of software
-
-
-(3.1)(3.1)
Net interest expense
(3.2)
(5.0)
(8.2)(0.1)(8.3)
Net profit/(loss) before tax
32.2
(3.2)
28.9(10.1)18.9
Tax
(6.9)
-
(6.9)2.3(4.6)
Net profit/(loss) after tax
25.2
(3.2)
22.0(7.8)14.2
*$1.8 million of this revenue relates to the accounting treatment of rent concessions received as a direct result of Covid-19 which,
under an NZ IFRS 16 practical expedient provision, has been classified as other revenue.
RECONCILIATION OF OPERATING
RESULTS TO FINANCIAL STATEMENTS
For the 12 months ending 31 December 2020

36
12 MONTHS ENDED 31 DECEMBER 2019
$ million
Operating Results
excl. NZ IFRS 16
NZ IFRS 16
Adjustments
Operating Results
incl. NZ IFRS 16
Exceptional and
Other Items
Per Financial
Statements
Segment revenue
363.7
-
363.7
-
363.7
Other revenue
8.0
-
8.0
0.7
8.7
Total revenue
371.7
-
371.7
0.7
372.4
Expenses
(321.0)
15.1
(306.0)
(9.9)
(315.8)
EBITDA
50.6
15.1
65.7
(9.1)
56.6
Depreciation and amortisation
(18.9)
(12.8)
(31.7)
-
(31.7)
Impairment of intangible assets
-
-
-
(175.0)
(175.0)
EBIT
31.8
2.2
34.0
(184.0)
(150.1)
Net interest expense
(4.6)
(4.8)
(9.4)
(0.1)
(9.5)
Net profit/(loss) before tax
27.2
(2.6)
24.6
(184.1)
(159.6)
Tax
(7.5)
0.2
(7.3)
1.7
(5.6)
Net profit/(loss) after tax
19.7
(2.3)
17.3
182.4
(165.2)
For the 12 months ending 31 December 2019
RECONCILIATION OF OPERATING
RESULTS TO FINANCIAL STATEMENTS

37
The information in this presentation is of a general nature and does not constitute
financial product advice, investment advice, legal, financial, tax or any other
recommendation or advice. This presentation constitutes summary information only,
and you should not rely on it in isolation from the full detail set out in NZME’s
Consolidated Financial Statements for the full year ended 31 December 2020.
This presentation may contain projections or forward-looking statements regarding a
variety of items. Such projections or forward-looking statements are based on current
expectations, estimates and assumptions and are subject to a number of risks and
uncertainties. There is no assurance that results contemplated in any projections or
forward-looking statements in this presentation will be realised. Actual results may
differ materially from those projected in this presentation. No person is under any
obligation to update this presentation at any time after its release to you or to provide
you with further information about NZME Limited.
The Group adopted NZ IFRS 16 Leases on 1 January 2019. Operating results as
stated throughout this presentation refer to results including the adjustments for the
adoption of NZ IFRS 16 and prior to exceptional items. Please refer to pages 35-36 of
this presentation for a detailed reconciliation to these results excluding NZ IFRS 16
adjustments and to the statutory results.
While reasonable care has been taken in compiling this presentation, none of NZME
Limited nor its subsidiaries, directors, employees, agents or advisers (to the maximum
extent permitted by law) give any warranty or representation (express or implied) as to
the accuracy, completeness or reliability of the information contained in it nor take any
responsibility for it. The information in this presentation has not been, and will not be,
independently verified or audited.

---

KEEPING KIWIS
IN THE KNOW
NZME LIMITED ANNUAL REPORT
For the year ended 31 December 2020

2 NEW ZEALAND MEDIA AND ENTERTAINMENT

This annual report is dated 23 February 2021 and is signed
on behalf of the Board of Directors by:
Carol Campbell
Director
Barbara Chapman
Chairman
4 Operational Highlights
6 2020 Financial Results Summary
8 Chairman’s Report
10 Chief Executive Officer’s Report
12 Financial Results and Divisional Commentary
16 Our Sustainability Commitment
28 The Board
30 The Executive Team
32 Corporate Governance
43 Statutory Disclosures
48 Consolidated Financial Statements
99 Independent Auditor’s Report
107 Directory
CONTENTS.
ANNUAL REPORT 2020 3

OPERATIONAL
HIGHLIGHTS
4 NEW ZEALAND MEDIA AND ENTERTAINMENT

9
Audio brands
2.0 million
weekly listeners
1
NewstalkZB
#1 commercial radio network
and ZB’s Mike Hosking
Breakfast Show the most
popular Breakfast show
1
ZM Breakfast
#1 breakfast show for 25 to 54
year old New Zealanders
2
35.8%
radio audience market
share
2
40.4%
radio revenue market share
for 12 months to Dec 2020
3
iHeartRadio
Growth to 1.1 million registered users (up 12%) and 5.2 million average
monthly listening hours (up 35%), growing revenue 45%
AUDIO
32
print publications across
New Zealand
4
1.9 million
NZ Herald weekly brand
audience
5
17
websites extending digital
reach
1.8 million
monthly unique audience
on nzherald.co.nz
7
1.4 million
weekly readers
5
585,000
average issue readership
5
2.6 million
digital users per month across
NZME titles
5
102,000
subscribers access NZ Herald
Premium including 53,000
paid digital subscribers
5 4 .1 %
print readership market share
5
4 7.1 %
print advertising revenue
market share for 12 months
to Dec 2020
6
24.3%
digital display advertising
revenue market share for
nine months to Sept 2020
8
PUBLISHING
19
real estate publications, including
seven OneRoof Local magazines
460,000
monthly unique audience on
oneroof.co.nz
7
89.0%
of nationwide residential
for-sale real estate listings
9
#1
residential for-sale real estate
listings site in Auckland for the
majority of 2020
9
53%
growth in digital classifieds
revenue on oneroof.co.nz to
$4.3 million for the 12 months
to Dec 20 (compared to the
12 months to Dec 19)
ONEROOF
1
GfK, RAM, Commercial Radio Stations, Total NZ S4 2020, Cummulative Audience (%), AP10+. Rounded up from 1.985 million.
2
GfK, RAM, Commercial
Radio Stations, Total NZ S4 2020, Market Share (%), NZME including partners, 25 - 54.
3
PwC Radio advertising market benchmark report, 12 months to
31 December 2020 vs 12 months to 31 December 2019. Note: report excludes independent broadcasters.
4
Print publications include 7 Metro and Regional
newspapers, 17 Community newspapers and 8 Newspaper Inserted Magazine.
5
Nielsen CMI Fused Q3 19 – Q2 20, November 2020, AP15+.
6
PwC NPA
quarterly performance comparison report, December 2020.
7
Nielsen Online Ratings, December 2020.
8
IAB digital advertising revenue – General Display,
IAB NZ Digital advertising revenue report, Q3 2020.
9
OneRoof’s listings as a percentage of residential for-sale real estate listings on trademe.co.nz.
ANNUAL REPORT 2020 5

2020
FINANCIAL
RESULTS
SUMMARY
Operating EBITDA
1
$67.3m
3%2019 $65.7m
Operating NPAT
1
$22.0m
27%2019 $17.3 m
Operating EPS
1
11.1cps
26%2019 8.8cps
Operating Revenue
1
$331.2m
2019 $371.7m
11%
1
Operating results presented include the impact of NZ IFRS 16, however exclude exceptional items to allow for a like for like comparison between
2019 and 2020 financial years.
2
Operating results presented and used in these calculations exclude the impact of NZ IFRS 16 and exclude
exceptional items. Please refer to pages 35-36 of the NZME 2020 Full Year Results Presentation for a detailed reconciliation. Operating and
statutory results include $8.6 million (net) of Covid-19 government wage subsidy received in H1 2020.
Statutory NPAT
1
$14.2m
109%2019 ($165.2)m
Net debt reduction
to $33.8 million and
leverage ratio reduced
to 0.6 times EBITDA
2

(excluding NZ IFRS 16).
Net Debt
Down
$40.9m
Ongoing focus on cost
management and swift
actions taken to mitigate
the impacts of Covid-19
on the business.
Cost
Savings
14%
Significant growth in
digital subscriptions
revenue offsetting the
decline in print reader
revenue year-on-year.
Reader Revenue
Growth
2%
6 NEW ZEALAND MEDIA AND ENTERTAINMENT

ANNUAL REPORT 2020 7

CHAIRMAN’S
REPORT
2020 will leave an indelible mark on the
history of our company, on New Zealand
and indeed the world.
On February 28, as Covid-19 arrived on
New Zealand’s shores, we faced into a
period of uncertainty the likes of which
we have never before experienced.
In the face of this incredible disruption
we can all be very proud of how NZME’s
people and its leadership responded to
the challenges of the Covid-19 pandemic.
NZME’s response was swift, focussed and
delivered with purpose. From the outset,
and consistently throughout, we took a
people first perspective, ensuring NZME
staff were kept safe and well informed.
Simultaneously our business continuity
plan was deployed ensuring we continued
to operate as an Essential Service during
the lockdown periods. This kept our
audiences informed and engaged with
news and information they could trust
and have confidence in. This also ensured
our commercial partners and advertisers
continued to reach their customers through
NZME’s platforms, which have been
experiencing some of the highest audience
engagement levels in years.
As New Zealand went into Covid-19
lockdown, the brakes were applied to the
New Zealand economy and the impact on
businesses advertising was significant.
NZME’s leadership responded with a set
of initiatives aimed at making sure the
business was protected from the worst
of the revenue impacts of Covid-19.
Reducing costs across the business and
continuing our focus on debt reduction
were both aimed at providing certainty
for shareholders and our people.
As we have stated previously, the
government wage subsidy supported
the production of quality journalism and
broadcasting during an extremely difficult
period and helped NZME retain roles that
are now supporting the delivery of our
purpose of keeping Kiwis in the know.
The adversity caused by Covid-19 revealed
in NZME a resilient, robust, resolute
and empathetic character. It revealed
a leadership team confident to make
difficult but necessary decisions, and a
team with the capability to execute swiftly.
This response has meant NZME has
returned an Operating Earnings before
Interest, Tax, Depreciation and Amortisation
(“EBITDA”)
1
growth of 3% in 2020 to
$67.3 million, despite an overall decrease in
revenue of 13% for the year.
During 2020, NZME maintained its focus on
effective capital management. This resulted
in a significant reduction in net debt to
$33.8 million at 31 December 2020, down
from $74.7 million as at 31 December 2019.
Whilst 2020 will primarily be remembered
for Covid-19, a number of transformational
initiatives aimed at accelerating NZME’s
momentum in key strategic priorities were
delivered on. These included a new audio
strategy focused on audience and revenue
growth, and ongoing investment in the
audience engagement and subscriber
growth across NZME’s flagship news
website, nzherald.co.nz. OneRoof achieved
growth in listings, audience
2
and revenue.
In November 2020 NZME introduced
investors and analysts to refreshed guiding
principles and strategic priorities that the
Board will employ to maximise value creation
for our customers and shareholders.
Kia ora and welcome to the New Zealand Media and Entertainment
Annual Report for the year ended 31 December 2020.
1
Operating results presented include the impact of NZ IFRS 16, however exclude exceptional items to allow for a like for like comparison between 2019 and
2020 financial years. Please refer to pages 35-36 of the NZME 2020 Full Year Results Presentation for a detailed reconciliation. Operating and statutory
results include $8.6 million of Covid-19 government wage subsidy received in H1 2020.
2
Nielsen Online Ratings, December 2020.
THE ADVERSITY CAUSED BY COVID-19
REVEALED IN NZME A RESILIENT, ROBUST,
RESOLUTE AND EMPATHETIC CHARACTER.
8 NEW ZEALAND MEDIA AND ENTERTAINMENT

These principles are a relentless focus on
always putting our Customers First; we
will be dedicated to a premium Win with
Quality approach; we will drive Digital
Acceleration delivering world class digital
experiences for our customers; we will
continually seek out new opportunities to
deliver Audience Expansion; and we will
strive for Top Performance, measured
against industry and sector competitors
and against the performance of the publicly
listed company environment.
With these guiding principles in mind,
we also reset our focus on NZME’s key
strategic priorities, evolving each against
a set of measurable targets to be achieved
by 2023. By 2023 NZME will be home to
New Zealand’s leading audio company;
the New Zealand Herald will be
New Zealand’s Herald and OneRoof will
be your complete property destination.
2020 has been a year of extraordinary
challenge and change. NZME has
responded with resilience and initiative.
I am confident our business will continue
to respond successfully as the ongoing
impacts of the of the Covid-19 pandemic
will be felt throughout 2021 and beyond.
Based on current performance and NZME’s
improved capital position, the Board
expects to be able to return to payment
of dividends in the second half of 2021.
Your board wishes to thank shareholders
for your support across the year especially
during those months when Covid-19 first
hit New Zealand, and for the confidence
you have shown in the initiatives delivered
during 2020.
We are pleased to welcome New Zealand
tech entrepreneur Guy Horrocks to the
board of NZME in 2021. Guy brings a
background in successfully growing
digital businesses, strong capability in the
commercialisation of data, and a focussed
entrepreneurial mindset to our Board.
Barbara Chapman
Chairman
Dividend Policy
NZME intends to pay dividends of 30-50%of Free Cash Flow subject to being within
its target leverage ratio and having regard to NZME’s capital requirements, operating
performance and financial position. NZME’s Target Leverage Ratio is 0.5 to 1.0 times
rolling 12 month EBITDA
1
(pre NZ IFRS 16). Full dividend policy is available at:
www.nzme.co.nz/investor-relations/dividends/
ANNUAL REPORT 2020 9

The systems and processes to support
the health, safety and wellbeing of our
people were put to the test. NZME was
challenged to operate as an Essential
Service in unprecedented nationwide and
Auckland lockdowns and, facing incredible
uncertainty, the advertising community
was forced to dramatically reduce their
advertising with all media companies.
As I reflect on 2020, I’m incredibly proud of
the response from our people, our leaders
and our commercial partners which was,
and continues to be, outstanding.
As a result of that response, NZME
continues to make a solid recovery from
the impacts of Covid-19. This recovery
reflects the strong position NZME was in
prior to Covid-19, the swift response across
the company and our people’s complete
focus on looking after our audiences and
our partners.
Our people stayed steadfastly committed
to our purpose of keeping Kiwis in the
know. NZME’s journalism excelled across
all of our digital, print and radio news
platforms. Our entertainers did what they
do best, keeping Kiwis connected and their
spirits up.
New Zealanders rewarded our dedicated
teams with extraordinary audience
engagement levels
1
. Our commercial
partners have steadily grown their
investment in advertising as their businesses
have recovered from the initial shock and
uncertainty that Covid-19 created.
2020 Financial Results
The substantive impact of Covid-19 on
NZME’s advertising revenue began in
April with revenue down nearly 50% on
April 2019. In subsequent months revenue
continued to be significantly impacted
before eventually returning to growth by
the end of the year.
The overall impact for the year was an
11% reduction in Operating revenue
2
to
$331.2 million, when compared to 2019.
NZME also accessed $8.6 million (net)
in wage support from the first tranche
of the Government Covid-19 Wage
Subsidy Scheme.
The Covid-19 impacts on advertising
revenue were off-set by a swift business-
wide response that included the
suspension and cessation of some
operations, workforce restructuring and
temporary reductions in directors’ fees.
These measures and an ongoing focus on
costs resulted in a 14%, or $42.2 million
year-on-year reduction in NZME’s 2020
Operating expenses
2
. Approximately
$20.0 million of those savings are
expected to be permanent.
NZME’s Operating EBITDA
2
was $67.3
million, an increase of 3% against 2019.
Operating Net Profit after Tax (“NPAT”)
2

was $22.0 million and Operating Earnings
per Share (“EPS”)
2
was 11.1 cents in 2020,
an increase of 2.3 cents per share due to
higher Operating EBITDA
2
and comparably
lower interest expense on loans in line with
the reduction in net debt.
Statutory NPAT was $14.2 million,
compared to a $165.2 million net loss in
2019 due to a $175.0 million impairment
of intangible assets. Excluding the impact
of this impairment, Statutory NPAT was
up 45% in 2020.
Capital expenditure was lower in 2020 at
$6.3 million, a decrease from $11.8 million
in 2019 as expenditure was contained
in response to Covid-19. Ongoing
capital expenditure is expected to be
approximately $10 million to $12 million
per annum.
NZME’s Key Strategic Priorities
NZME made excellent progress against its
three key strategic priorities across 2020.
Radio revenue was in growth prior to
the impact of Covid-19 and NZME’s radio
revenue market share grew year-on-year to
40.4%
3
. Revenue from NZME’s digital audio
platform - iHeartRadio grew 45% in 2020,
supported by significant growth in users
and engagement in music and podcasts
4
.
Growth in NZ Herald Premium subscriptions
continues and now exceeds 102,000
subscriptions including more than 53,000
paid digital-only subscribers. NZ Herald
readership and brand audience showed
significant growth across 2020
5
.
CHIEF EXECUTIVE
OFFICER’S REPORT
1
Nielsen CMI Fused Q3 19 – Q2 20, November 2020, AP15+.
2
Operating results presented include the impact of NZ IFRS 16, however exclude exceptional
items to allow for a like for like comparison between 2019 and 2020 financial years. Please refer to pages 35-36 of the NZME 2020 Full Year Results
Presentation for a detailed reconciliation. Operating and statutory results include $8.6 million (net) of Covid-19 government wage subsidy received in
H1 2020.
3
PwC Radio advertising market benchmark report, 12 months to 31 December 2020 vs 12 months to 31 December 2019.
4
iHeartMedia, Adobe
Analytics, December 2020.
5
Nielsen CMI Q4 19 – Q3 20, November, AP 15+.
6
OneRoof’s listings as a percentage of residential for-sale real estate listings
on trademe.co.nz.
Like virtually every enterprise, community and individual, 2020
presented New Zealand Media and Entertainment an extraordinary
set of challenges created by the Covid-19 pandemic.
10 NEW ZEALAND MEDIA AND ENTERTAINMENT

The NZ Herald was recognised at the 2020
Voyager Media awards taking the ‘Triple
Crown’ of, ‘Newspaper of the Year’, ‘Website
of the Year’ and ‘Best News Website or App’.
For the second year running, NZME was also
awarded the top Asia/Pacific prize, at the
annual INMA media awards, of ‘Best Global
Media Brand in Asia Pacific’.
NZME’s real estate platform OneRoof
continues to grow, now with more than
89% of New Zealand’s residential for-sale
real estate listings
6
. OneRoof’s print revenue,
significantly impacted by Covid-19 in the
national and Auckland lockdowns, returned
to growth in Q4. In 2021 we have welcomed
Paul Maher, appointed to give dedicated
leadership to OneRoof.
In November 2020, we reset our commitment
to our key strategic priorities with a focus
on a set of measurable achievements to be
delivered by 2023:
· New Zealand’s leading audio company
· New Zealand’s Herald
· OneRoof, your complete property
destination.
We also introduced a new divisional
reporting framework that more accurately
reflects and aligns with these refreshed
strategic priorities.
The Annual Report will now report on our
progress in the following new divisions:
Audio (broadcast and digital radio),
Publishing (containing print and digital
reader, advertising, and other revenue)
and OneRoof (NZME’s print and digital real
estate products).
Our measurable targets within each division
include a focus on accelerating NZME’s
digital transformation. With this concerted
effort we expect even greater momentum
in digital advertising, digital subscriptions,
digital classifieds and digital audio products.
Conclusion
To have ended 2020 with a positive result
against the backdrop of the significant
impacts of the Covid-19 pandemic is very
pleasing. These results have been made
possible by the dedication of our people
and by the support of our suppliers, business
partners, advertisers and the government.
I thanked you all in our half year report and
I do so again now.
I thank again the millions of New Zealanders
who choose to access NZME’s news
publications and websites for news they
can trust and thank you to those Kiwis who
listen to our radio networks right around
New Zealand.
At NZME we’re privileged to have the
ongoing support and active interest of our
shareholder community and the opportunity
to connect across 2020 has been invaluable.
This most tumultuous of years has
highlighted the value of a truly engaged
and readily available Board of Directors.
On behalf of myself and the NZME Executive
I would like to thank the NZME Board for your
ongoing guidance, counsel and support.
Michael Boggs
Chief Executive Officer
NEW ZEALAND’S
LEADING AUDIO
COMPANY
Create New Zealand’s
best local audio content
Grow broadcast and
digital reach
Grow market revenue
share and digital revenue
The #1 News brand for all
New Zealanders
Subscriber first
Be a safe, scalable
destination for advertisers
NEW ZEALAND’S
HERALD
Strengthen core
residential listings
business
Be indispensable to agents
Expand the portfolio
YOUR COMPLETE
PROPERTY
DESTINATION
ANNUAL REPORT 2020 11

Financial Results and Divisional
Commentary
Statutory NPAT for 2020 was $14.2 million,
compared to a loss of $165.2 million for
2019, with 2019 impacted by a $175.0 million
impairment of intangible assets. Please refer
to note 3.1 of the consolidated financial
statements for further details.
Total Operating revenue
1
was $331.2 million
in 2020, down 11% compared to 2019,
reflecting advertising market revenue
pressures related to Covid-19. 2020
Operating revenue
1
includes $8.6 million
(net) of wage subsidy, classified as other
income, received due to the severe impact
of Covid-19 on second quarter revenue.
Continued focus on cost management and
swift action taken to mitigate the impacts
of Covid-19 on the business resulted in
Operating expenses
1
reducing by 14%
compared to the previous corresponding
period. For 2020 there was around $30.0
million of activity related and temporary
cost reductions as a result of the response
to Covid-19, together with permanent
savings which are expected to result in a
$20.0 million annualised reduction in the
cost base. The majority of the permanent
reductions are from lower people costs
with the temporary savings largely as a
result of lower print and distribution costs.
As a result, Operating EBITDA
1
grew 3%
to $67.3 million for the year.
Depreciation and amortisation on owned
assets was $1.0 million lower for the year
as the overall asset base reduced and
some assets became fully amortised.
Exceptional items in 2020 totalled
$8.0 million, largely attributable to
$8.3 million of redundancies due to
workforce restructuring, partially offset
by one-off income. Exceptional items in
2019 were $9.9 million.
Operating NPAT
1
for 2020 was $22.0 million
up 27% on the previous corresponding
period and equating to Operating EPS
1
of
11.1 cents per share compared to 8.8 cents
for 2019.
Impact of NZ IFRS 16
NZ IFRS 16 was adopted on 1 January 2019,
requiring that most leases be recognised
as a lease liability on the Balance Sheet
with a corresponding “right of use” asset.
In the income statement the operating
lease cost is reclassified as depreciation
and interest. The net negative impact on
NPAT of this change was $3.2 million in
2020. Operating EBITDA
1
prior to the to
the impact of NZ IFRS 16 was $53.0 million
for 2020 which was 5% higher than the
$50.6 million result in 2019.
Balance Sheet and Cash Flows
Net debt was $33.8 million at 31 December
2020, a significant reduction from
$74.7 million as at 31 December 2019.
Net debt has reduced by 65% over the
last two years. As a result, the company’s
leverage ratio is now 0.6 times which is at
the lower end of its target range of 0.5 to
1.0 times Net debt to Operating EBITDA
2
.
Operating cash flow
1
was $10.0 million
higher in the year substantially due to
higher earnings and lower working capital.
Capital expenditure was $6.3 million in
2020, $5.5 million lower than the previous
year as expenditure was contained given
the uncertain impacts of Covid-19. Capital
expenditure is expected to return to
more normal levels of $10.0 million
- $12.0 million in the coming year.
Balances relating to the e-Commerce site
GrabOne have been reclassified as “held
for sale” as divestment opportunities are
being explored.
Divisional Performance
NZME operates as an audience and
customer centric, integrated multi-
channel media business with market
leading news, sport, entertainment and
classifieds platforms. The key divisions
of the business that align to our 2023
strategic priorities are: Audio (broadcast
and digital audio), Publishing (print and
digital news and journalism) and OneRoof
(our real estate products division including
the OneRoof website). To understand the
performance of each division a framework
has been developed to allocate the various
cost pools on an appropriate basis.
FINANCIAL
RESULTS &
DIVISIONAL
COMMENTARY
1
Operating results presented include the impact of NZ IFRS 16, however exclude exceptional items to allow for a like for like comparison between 2019 and
2020 financial years. Please refer to pages 35-36 of the NZME 2020 Full Year Results Presentation for a detailed reconciliation. Operating and statutory
results include $8.6 million (net) of Covid-19 government wage subsidy received in H1 2020.
2
Operating results presented and used in these calculations
exclude the impact of NZ IFRS 16 and exclude exceptional items.
12 NEW ZEALAND MEDIA AND ENTERTAINMENT

The audio division includes the company’s
radio brands and digital audio platform
iHeartRadio. Audio revenue was $99.6
million in 2020, down 11% compared to
2019. Audio revenue commenced the year
in growth prior to the impact of Covid-19,
with monthly revenues returning to 2019
levels by the end of the year.
Audio advertising revenue declined 14.1%
in the year, slightly better than the radio
advertising market decline
4
. This success
resulted in a 0.9% gain in radio revenue
market share to 40.4% for 2020
4
. We
are pleased with this achievement and
progress towards our strategic priority
of becoming New Zealand’s leading
audio company.

Radio audience market share in the key
25 to 54 year-old demographic was
35.8% at the end of 2020
5
. During the
year we completed a number of brand
optimisation initiatives, talent and
content changes made to drive audience
growth and market share. These are now
beginning to be reflected in our results.
Audience gaps within the existing portfolio
were identified and a comprehensive
research project undertaken. The music
format for each station was then refined
to broaden audience appeal. As a result,
we launched two new stations – Gold
(greatest hits) and Gold AM (sport, rural
and greatest hits). NZME radio is now
more powerful than ever with a portfolio
of complementary brands that cover all
core demographics.
We have also been working hard this
year to maximise the potential of our
iHeartRadio digital audio product and are
pleased to report 45% growth in revenue
in the year, contributing $2.4 million in
2020. This growth has been supported
by a 12% increase in registered users to
1.1 million
6
and a significant 35% increase
in average monthly listening hours to
5.2 million
7
, with iHeartRadio benefitting
from the brand and content optimisation
initiatives previously mentioned.
AUDIO
4
PwC Radio advertising market benchmark report, 12 months to 31 December 2020 vs 12 months to 31 December 2019. Note: report excludes independent
broadcasters.
5
GfK, RAM, Commercial Radio Stations, Total NZ S4 2020, Market Share (%), NZME including partners, 25 - 54.
6
iHeartMedia, Adobe
Analytics, December 2020.
7
AdsWhizz and StreamGuys, December 2020.
ANNUAL REPORT 2020 13

The publishing division includes the
company’s print and digital news and
journalism products. Publishing revenue
was $201.5 million in 2020, down 10%
compared to 2019, reflecting the impact
of Covid-19 on advertising and retail
outlet revenues.
We are pleased to report growth in total
reader revenue of 2% to $79.3 million in
2020, with significant growth in digital
subscriptions offsetting the decline in retail
outlet sales. Total print circulation revenue
declined 5% to $72.7 million in 2020,
largely driven by a 20% reduction in retail
outlet sales revenue as many retail outlets
were forced to close during level
4 lockdown.
Our strategic priority of becoming ‘New
Zealand’s Herald’, and a subscriber-first
publisher, assisted us in achieving print
subscriber revenue growth of 1% in the
year, helping to offset these pressures
on retail outlet sales. Subscriber revenue
growth was achieved through effective
yield management delivering 3% growth in
yield, offsetting a 2% decline in volume.
Digital subscriptions revenue grew
$4.9 million to $6.6 million in the year.
NZ Herald Premium finished the year with
102,000 subscribers, up 56,000 compared
to the prior year-end. This subscriber base
includes 53,000 paid digital subscribers,
up 33,000 since 31 December 2019.
Print advertising revenue declined 27% to
$62.1 million in 2020. However, NZME grew
print advertising revenue market share to
4 7.1 %
8
. Initiatives implemented in March
2020 to mitigate the impact of Covid-19
included the temporary suspension of
some newspaper inserted magazines and
community newspapers.
Readership continues to be strong with
16% year-on-year growth in NZ Herald
brand audience to 1.9 million
9
, and
1.4 million weekly readers of NZME
print publications.
Despite the Covid-19 headwinds during
the year, digital advertising revenue grew
2% to $44.6 million, supported by our
focus on being a brand-safe and scalable
destination for advertisers. We are pleased
to report we outperformed the digital
display market revenue rate of decline of
6.6%, gaining 1.4% market share to 24.3%
for the nine months to September 2020
10
.
Monthly digital users grew 11% to
2.6 million and the unique audience of
nzherald.co.nz also increased 8% to
1.9 million
11
. Our continued focus on being
the number one news brand for all New
Zealanders delivered strong results in 2020.
Other publishing revenue of $15.5 million
decreased 15% in 2020 due to reduced
external print revenue which was impacted
by a reduction in third-party printing volumes.
However, this has been substantially offset by
a reduction in print expenses.
PUBLISHING
8
PwC NPA quarterly performance comparison report, December 2020, 12 months to 31 December 2020 vs 12 months to 31 December 2019.
9
Nielsen CMI
Q4 19 – Q3 20, November, AP 15+.
10
IAB digital advertising revenue – General Display, IAB NZ Digital advertising revenue report, Q3 2020. Q4 report not yet
available.
11
Nielsen CMI Q2 17 – Q3 20, November, AP 15+.
14 NEW ZEALAND MEDIA AND ENTERTAINMENT

The OneRoof division includes the OneRoof property
website and all of the real estate dedicated print
publications. OneRoof revenue declined 8% in 2020 to
$18.6 million, driven by a 23% decline in print revenue
to $13.4 million. OneRoof print revenue was significantly
impacted by the Covid-19 lockdowns in the first half of the
year before returning to growth in the fourth quarter.
OneRoof held the position as the number one residential
for-sale real estate listings site in Auckland for the majority
of 2020, with more than 89% of nationwide listings at
31 December 2020, up from 82% at the end of 2019
12
.
OneRoof digital classifieds revenue grew 53% to
$4.3 million for the year, of which 74% relates to listings.
This growth has been supported by a 91% year-on-year
increase in OneRoof’s digital audience to 460,000
13
.
OneRoof Local launched seven new regional real estate
publications during the year, and now has real estate
products in 19 local markets.
ONEROOF
12
OneRoof’s listings as a percentage of residential for-sale real estate listings on trademe.co.nz.
13
Nielsen Online Ratings, December 2020.
ANNUAL REPORT 2020 15

OUR
SUSTAINABILITY
COMMITMENT
Keeping Kiwis in the know requires a commitment to
sustainable practices and the well-being of our people,
community and environment.
16 NEW ZEALAND MEDIA AND ENTERTAINMENT

No one could have anticipated the impact
of the Covid-19 pandemic on the nation, our
economy, our business and our people – nor
the flow on effect across our sustainability
commitment. Covid-19 in many respects
accelerated our sustainability initiatives,
from ways of working through to reductions
in travel and our fleet. In other respects, it
simply brought initiatives to a complete halt
(as we were unable to access our buildings
for example).
Measurement of NZME’s key sustainability
initiatives commenced in 2020 and
the following is a progress report to
date. We are at the early stages of our
sustainability plan and look forward to
the development of these initiatives to
ensure we have meaningful, sustainable
practices for the well-being of our
people, the wider community and the
environment.

The tables on the following pages
include details of progress and baseline
measurements. We will continue to report
year-on-year progress against these. We
note that due to the impact of Covid-19
in 2020, progress may be affected when
compared in future progress reports.
OUR COMMUNITIES
We connect and empower
our communities.
Sharing our
platforms
Connecting
communities
Responsible
reporting
Promoting a
healthy, diverse
and safe workplace
Championing
the craft
Best practice
Recycling
Responsibility
OUR PEOPLE
We provide a workplace
that fosters innovation,
engagement and inclusion.
OUR ENVIRONMENT
We take our responsibility
to the environment
seriously.
Equipping our
people
We are committed to protecting the craft of journalism and
broadcasting to keep Kiwis in the know.
NZME’s sustainability programme is aligned to the guidelines set out in the UN Sustainable Development Goals
– an international blueprint to achieve a better and more sustainable future for everyone.
ANNUAL REPORT 2020 17

With the arrival of Covid-19, NZME (as an
essential service) had a critical role to keep
Kiwis informed and connected. More than
ever, in 2020 NZME used the extensive
range of publications, radio networks and
digital platforms to connect and support
communities right across New Zealand.
For example, NZME launched the GoNZ!
initiative to support Kiwi businesses to stay
connected with their customers.
When Kiwis were asked to stay at home,
we had an even greater responsibility to
keep our communities connected across
our platforms - sharing experiences,
stories, advice and often providing
reassuring companionship at times when
many felt isolated.
NZME recognises the responsibility that
comes with acting as a voice of record
for New Zealand and, in addition to
the activity driven out of Covid-19, we
continued to use our reach to address
key topics and conversations important
to New Zealanders as well as partner
with a number of organisations to
champion charitable causes and facilitate
conversations that matter.
OUR
COMMUNITIES
We connect and empower our communities.
Case Study: The Hits’ on-air team
staffed Plunket phones to kick
off the annual Pledge for Plunket
appeal. Plunket is part of the lives
of almost 90% of Kiwi babies as
well as their whānau (family).
Pictured L to R: Hosts Anika Moa,
Mike Puru and Stacey Morrison,
The Hits Drive Show.
Case Study: GoNZ! was a
call to action for people
and businesses to support
local businesses in their
community as they kick-
start their operations and,
in some cases, even fight
for survival during the
Covid-19 crisis.
Case Study:
Misconceptions – a ten-
part web series about
miscarriage aimed to
bust myths, provide
information and let
grieving parents know
they are not alone.
18 NEW ZEALAND MEDIA AND ENTERTAINMENT

INITIATIVEPROGRESS
RESPONSIBLE REPORTING
AND BROADCASTING
Through best practice broadcasting and
journalism, we will provide a diverse and
balanced reporting platform, promoting
the law and holding the powerful to
account.
NZME strives to adhere to our Editorial Code of Ethics and the principles and
standards of the NZ Media Council and the Broadcasting Standards Authority (BSA).
RegulatorNumber of Upholds
BSAOne
Media CouncilFour
Where justified in the interests of freedom of expression, open justice and holding
the powerful to account, NZME invests in legal challenges to suppression, take
down orders, access to court files and other media law challenges. In 2020 NZME
participated in at least 24 legal challenges, some of which involved continued
investment in opposing or appealing to the High Court, Court of Appeal and the
Supreme Court.
CONNECTING COMMUNITIES
We are deeply involved in our communities
and as one of New Zealand’s largest media
platforms we will facilitate conversations
about the topics that matter to Kiwis.
We have maintained our commitment to the regions through the presence of
local journalists and broadcasters. We employ 526 journalists and broadcasters
nationwide including upweighted newsrooms in Christchurch and Wellington.
We participate in and support the Local Democracy Reporters - NZ On Air funded
journalists, hosting two (of eight) democracy reporters in our newsrooms in 2020.
We support an increase in the diversity of content and contributors across our platforms.
Initiatives included new partnerships in 2020 with Radio New Zealand (RNZ), The Spinoff
and Māori Television. NZME also carries RNZ and 12 iwi stations on iHeartRadio.
SHARING OUR PLATFORMS
We will use our wide reach across New
Zealand to provide a range of opinion and
ensure a diversity of voices.
We have utilised our platforms to fight for New Zealanders including the
disadvantaged, facilitating conversations that matter and holding the powerful to
account. Refer to example case studies page 18 and 20.
In 2020 we have championed and supported charitable causes, providing support to:
ADHD New Zealand
Auckland Rescue
Helicopter Trust
Cure Kids
KidsCan
Mary Potter Hospice
MusicHelps
Pet Refuge New Zealand
Plunket
Ronald McDonald House
Shine (Making Homes
Violence Free)
Solomon Group
(Northland)
Surf Lifesaving NZ
Starship Children’s
Hospital
Tauranga Community
Foodbank
Wellington Children’s
Hospital
NZME recognises the responsibility that comes
with acting as a voice of record for New Zealand
and we continued to use our reach to address
key topics and conversations important to
New Zealanders.
ANNUAL REPORT 2020 19

OUR COMMUNITIES
CONTINUED
Case Study: The NZ Herald profiled twelve charities
awarded $8,333 grants from Auckland Airport’s Twelve
Days of Christmas programme in 2020 – now in its
thirteenth year. One recipient included OKE Charity
who installed a new garden for students at Manurewa
South Primary. OKE fundraises the cost of around
$10,000 per garden and organised the working bee
to build it with a team of community volunteers
Case Study: The Northern
Advocate and The Hits Northland
used their platforms to canvas the
local community for assistance
to create 20 furnished portacom
homes for Northland’s homeless.
20 NEW ZEALAND MEDIA AND ENTERTAINMENT

We provide a workplace that fosters innovation, engagement
and inclusion.
NZME believes its primary responsibility to
its people is to provide an inclusive, safe
and healthy workplace and this was more
critical than ever with Covid-19. We are
proud of the quality and speed of delivery
to ensure our people were safe and able
to contribute and support government
initiatives as an essential service through
Covid-19 lockdowns regionally and
nationwide.
NZME strives to maintain its position as an
employer of choice in the media industry.
Our people, policies and practices provide
our people with opportunities for learning
and development, the ability to choose
how to manage a healthy work-life balance,
a focus on diversity and inclusion – and a
commitment to health, safety and wellness.
NZME continued to support a diverse
range of lifestyle choices (including
parenting and caring for others) through
enabling flexible working options for our
employees. During and post lockdowns
our people were equipped with resources
and skills needed to work from home.
NZME has recognised the need to focus
on improving ethnic and cultural diversity
both in our people and the content we
produce. Initiatives in 2020 included
improving the quality of ethnicity data we
hold so that meaningful objectives and
initiatives can be developed.
We have appointed a Head of Cultural
Partnerships in our newsroom to continue
to promote cultural (including content)
partnerships and support the newsroom to
improve cultural diversity and awareness.
We are also working on a number of
initiatives across NZME to improve
representation of Māori and Pasifika, in
particular through our intern programmes
and with the TupuToa organisation. NZME’s
Māori partnership workgroup is working to
raise our understanding of Māori culture
and awareness and adherence to the
principles of Te Tiriti o Waitangi through
initiatives including a review of corporate
governance documents, policies,
processes, and roll out of Te Reo and
cultural awareness training.
OUR
PEOPLE
ANNUAL REPORT 2020 21

OUR PEOPLE
CONTINUED
INITIATIVEPROGRESS
PROMOTING A HEALTHY, DIVERSE
AND SAFE WORKPLACE
We will embed a high performing health
and safety culture and will regularly report
on our performance. We will strive for a
collaborative and welcoming place to work
that celebrates diversity. We will adopt and
strengthen policies for the promotion of
gender equality.
We have continued to minimise health and safety incidents in 2020 and reduced
these by more than half. Please refer to page 41 for a full breakdown of incidents.
We have increased awareness and engagement with health and safety initiatives with
over 200 communications through multiple channels. This volume was primarily
driven by Covid-19.
The employee Diversity and Inclusion Committee celebrated and educated
employees about Chinese New Year, Rainbow Youth, International Women’s Day,
Te Wiki o te Reo Māori, the Moon Festival and Diwali. NZME has maintained the
Rainbow Tick certification mark (awarded to organisations that complete a diversity
and inclusion assessment process).
NZME aims to adopt policies and initiatives that have the effect of reducing the gender
pay gap across the business. In 2020 we conducted a review of the gender pay gap
in each area of the business and adopted actions to seek to address the gap and
to address any specific gender pay issues identified. We updated our Recruitment
and Selection policies and procedures to mandate equal gender representation
on interview panels and to enable improved recruitment screening through our
recruitment system.
We are striving for diversity at Board, Executive and Senior Leadership Team level.
We have begun by capturing our baseline reporting in 2020 by tracking gender and
ethnicity at these levels.
For gender, we have at Board level F60%:M40%, at Executive level F44%:M56%
and at the Senior Leadership level F43%:M57%. For ethnicity, we have at Board
and Executive levels all members identifying as European, at Senior Leadership
level we have 89.4% European, 6.4% Māori, 2.1% Indian and 2.1% identifying as Other.
We recognise that cultural and ethnic diversity needs to be improved and we have
adopted and are working on a number of initiatives to seek to address this.
NZME supports flexible working for diverse needs and/or shared responsibility in
the household. Policies and initiatives in 2020 to support this include equipping and
supporting people to work from home and flexibly during and post lockdown and
updating the Flexible Working Policy.
CHAMPIONING THE CRAFT
We will ensure we are mentoring the next
generation of journalists and broadcasters.
We will develop our people to maintain
and grow the craft.
A total of 104 hours of media law and regulation training was undertaken by
our journalists and broadcasters at NZME in 2020. In addition the Board of Directors
attended a Media Law training session to assist in their knowledge
and understanding of the legal issues encountered in journalism.
20 interns and cadets were employed at NZME in 2020.
NZME was voted in the Top 100 Graduate Employers in GradNewZealand’s 2020
Student Survey.
We showcased our talent through a schedule of campaigns. For example,
we ran a campaign to showcase the NZ Herald Business team in 2020.
Refer to page 26 for our Awards list celebrating the talent and commitment
of our people.
EQUIPPING OUR PEOPLE
We will commit to offering our staff relevant
and impactful training to create new
opportunities for growth and innovation.
Our people undertook a total of 8,763 hours of training in 2020 including the
Editorial Learning and Development programme, health and safety training, creative
and production training, people training (leadership, effective communication and
recruitment for example) digital and sales operation training.
In 2020 we were awarded an INMA (International News Media Association) Award for
“The People Programme”, our Editorial Learning and Development Programme.
22 NEW ZEALAND MEDIA AND ENTERTAINMENT

FULL TIME
70%
PART TIME
8%
CASUAL
17%
CONTRACTOR
5%
CONTRACT TYPE
56%44%43%
44%56%57%
FMN
SENIOR
LEADERSHIP TEAM
EXECUTIVESTAFF
GENDER / LEVEL
300
200
100
0
< 1 Y1 -2 Y3 - 5 Y6 - 10 Y11 - 20 Y21 - 30 Y31 Y +
LENGTH OF SERVICE
0%20%40%60%80%100%
ChineseEuropeanIndianMaori
Middle Eastern/Latin America/African
Other EthnicityPacific PeoplesUndeclared
Other Asian
ETHNICITY
55+
19%
<24
9%
2534
25%
3544
26%
4554
21%
AGE GROUP
The survey method has been modified in 2020
to capture more than one ethnicity per person.
ANNUAL REPORT 2020 23

OUR
ENVIRONMENT
We take our responsibility to the environment seriously.
Case Study: Covering Climate Now:
NZ Herald Science Reporter Jamie Morton,
asked a number of experts ‘what can we
do that we aren’t already doing?’
Case Study: The
Government’s Our
Atmosphere and Climate
2020 Report revealed
a rapidly transforming
New Zealand. NZ Herald
Science Reporter, Jamie
Morton looked at the
five most glaring facts.
NZME continues to review the actual and potential impact
its business practices have on the environment. NZME has
put in place policies and methods to enable it to measure
this impact. This has, and will continue to, enable NZME to
reduce environmental impacts through recycling, reduction
of greenhouse gas (‘GHG’) emissions and sustainable
procurement policies.
Some of our environmental initiatives were positively
impacted by Covid-19 lockdowns (for example, less travel)
and NZME will need to be vigilant to ensure these gains can
be maintained.
One of the focus areas for NZME in 2020 was recycling
(particularly of our batteries, ink and cartridges), internally
championing Recycling Week and Plastic Free July and the
evolution of our Responsible Sourcing Policy.

Kiwis’ concern over environmental issues continued to
increase in 2020 and as a media organisation we understood
our responsibility to demonstrate leadership in this space, to
share our platforms to raise community awareness and ask
the questions that mattered.
We intend to continue the progress we have made in 2021.
24 NEW ZEALAND MEDIA AND ENTERTAINMENT

Kiwis’ concern over environmental issues
continued to increase in 2020 and as a
media organisation we understood our
responsibility to demonstrate leadership
in this space.
INITIATIVEPROGRESS
RECYCLING
We will separate our internal waste streams
– including paper, food and green waste,
and recyclables – to optimise value and
reduce environmental impacts.
Recycling facilities and initiatives in place through major offices with training and
support offered.
The Ellerslie print plant has launched a Plastic Reduction Project across both its
production and distribution teams, to reduce plastic usage of 47t in 2020. This
is a phased project which is expected to lead to a decline in plastic used in the
production process in the future.
A Waste Committee chaired by the Ellerslie Plant’s General Manager has been
formed to reduce the 37t of general waste removed from the print plant in 2020.
This Committee is tasked with a number of actions to ensure an annual decline in
general waste from the plant.
BEST PRACTICE
We will maintain our print operation’s
Environmental Management System.
We will collaborate with our suppliers
and partners to ensure best practice
sustainable operations.
NZME’s print operations were again awarded the Toitu Enviromark Gold certificate in
2020.
We are evolving a responsible sourcing policy and work with a number of sustainable
suppliers, for example: Orix, NZ Post, Air NZ, Norske and OfficeMax.
Employees travelled 3,425,769 kms within NZ in 2020.
In 2020 carbon emissions from our motor vehicle fleet were 544 tCO
2
e.
Our newspaper distribution network generated 2,754 tCO
2
e in 2020.
RESPONSIBILITY
We will share our platform to promote
environmental issues impacting Kiwis
including carbon emissions and climate
change.
The NZ Herald continued to take part in the annual Covering Climate Now
– a global news media initiative highlighting the need for action against climate
change. Refer to example on page 24.
As part of the NZ Herald’s election coverage, environmental issues were highlighted
including the different environmental policies of the political parties. NZME
journalists comprehensively covered the Government’s major report on climate
impacts on NZ.
The numbers in this table have not been independently audited.
ANNUAL REPORT 2020 25

We are proud of our people and their
achievements. In 2020 we celebrated the
craft of broadcasting and journalism with
the following award wins:
The Voyager Media Awards
Categories won by
NZ Herald / nzherald.co.nz:
Website of The Year
Best News Website or App
Best Innovation in Digital Storytelling
Voyager Newspaper of the Year
Newspaper of the Year
(more than 30,000 circulation)
Political Journalist of the Year
Reporting – social issues, including health
and education
Photographer of the Year
Feature Writer of the Year: short form
(up to 3500 words)
Feature Writing: general
– (Joint winner)
Regional Journalism Scholarship
– (Joint winner)
NIB Health Journalism Scholarship: Senior
NIB Health Journalism Scholarship: Junior
Best Interview or Profile
New Zealand Radio Awards
Categories won by NZME:
Best Commercial Campaign – Joint Winner
Best Client Promotion/Activation
Best Sports Story – Team Coverage
Best Sports Reader, Presenter or
Commentator
Best Newsreader (News & Sport)
Best New Broadcaster
– On-Air Joint-winner
Best New Broadcaster – Off-Air
Best Talk Presenter – Other
Best Talk Presenter – Breakfast or Drive
Best Music Host – Local
Best Music Breakfast Show – Local
Best Breakfast Show – Music Network
Best Video
Best Station Trailer
Best Station Imaging
Best Show Producer – Talk Show
– Joint Winner
Best Show Producer – Music Show
Associated Craft Award
Services to Broadcasting
Outstanding Contribution to Radio
NZME was also recognised as a finalist
for Best Internal Communications at the
annual Public Relations Institute of
New Zealand (PRINZ) Awards. NZME
received an excellence award for HR Team
of the Year (>500 staff) in the HRD Awards
New Zealand 2021 for the support the team
provided to the business during Covid-19
in 2020.
NZME was awarded Native Sales
Excellence (Agency) by The Interactive
Advertising Bureau of New Zealand (IAB).
As well as being recognised for the
above New Zealand industry awards,
NZME celebrated a significant win at the
prestigious International News Media
Association (INMA) Awards with Best
New Initiative to Empower and Retain
Talent – “The People Programme”. This
initiative received the additional accolade
of being judged Best in Asia Pacific for a
Global/National brand.
NZME also collected an honorable
mention for Best Use of Print and was
recognised for Best Idea to Acquire or
Retain Advertising Clients (OneRoof) and
Best New Initiative to Enhance Corporate
Culture. NZME was also recognised on the
30 Under 30 Award list.
2020
AWARDS
26 NEW ZEALAND MEDIA AND ENTERTAINMENT

Mike Hosking,
NewstalkZB
Breakfast Show host
ANNUAL REPORT 2020 27

THE
NZME
BOARD
Barbara Chapman
Independent Chairman
Barbara Chapman served as Chief Executive and
Managing Director of ASB Bank Limited from 2011 until
February 2018. She has extensive business experience
gained through a successful career in banking and
insurance. During her career she has held a number of
senior and executive roles in retail banking, marketing,
communications, human resources and life insurance.
Barbara is passionate about people and culture, and
promoting best practice in community, governance and
sustainability. She is the Chairman of Genesis Energy
Limited and holds an independent directorship on the
board of Fletcher Building Limited. She is also Deputy
Chair of The New Zealand Initiative, Patron of the New
Zealand Rainbow Tick Excellence Awards, Chair of the
CEO Summit Committee for APEC 2021 and holds a
seat on the Reserve Bank Act Review Panel. Barbara was
appointed Chairman of the NZME Board in June 2020.
28 NEW ZEALAND MEDIA AND ENTERTAINMENT

Carol Campbell
Independent Director
Carol Campbell is a Chartered Accountant and Fellow
of CAANZ, and Chartered member of the Institute of
Directors. Carol was a partner at Ernst & Young for
over 25 years and has been a professional director
for the last 10 years. Carol has extensive financial
experience and a sound understanding of efficient
board governance and chairs NZME’s Audit and Risk
Committee. Carol is a director of NZ Post Limited,
Kiwibank Limited, T&G Global Limited, Asset Plus
Limited, Chubb Insurance Limited and a number of
other private companies.
David Gibson
Independent Director
David Gibson has a strong background in strategy
and finance with over 20 years investment banking
experience, including as Co-Head of Investment
Banking in New Zealand for Deutsche Bank and
Deutsche Craigs. During his finance career David has
advised on many of New Zealand’s largest capital
market transactions, including within the media
industry. David is director of Trustpower Limited,
Goodman (NZ) Limited and Rangatira Limited. He is
also a trustee for Diocesan School for Girls and has
recently launched an e-commerce start-up Sidehustle
Ecommerce Limited.
Sussan Turner
Independent Director
For the past 25 years Sussan has held senior leadership
roles across media companies, including Group CEO
of MediaWorks, Managing Director of Radio Otago and
CEO of RadioWorks. She is currently Group CEO and
Director of Aspire2 Group Limited, one of the leading
private tertiary education groups in New Zealand and
is passionate about building executive teams and
company cultures. Sussan has extensive experience as
a director and is currently Pro-chancellor of Auckland
University of Technology and Co-Chair of Organic
Initiative Limited.
Guy Horrocks
Independent Director
Guy established himself as an early pioneer of the
mobile app industry co-founding the world’s first
commercial iPhone app company in 2007, Polar
Bear Farm. He is one of a number of high powered,
experienced New Zealand entrepreneurs who’ve built
internationally successful digital enterprises – only
to return to New Zealand to escape the worst of the
impacts of Covid-19 on their adopted homes. With
clients including Expedia, DreamWorks, HBO, OREO,
CNN, Time Magazine as well as NZ Herald, Horrocks
helped launch over 100 mobile apps with his award-
winning mobile agency Carnival Labs, many of which
were featured by Apple. Guy Horrocks has since
launched a new real-time data warehouse called SOLVE.
Guy was appointed as Independent Director of the
NZME Board following the end of the financial year.
ANNUAL REPORT 2020 29

Michael Boggs
Chief Executive Officer
Michael was appointed CEO of NZME
in March 2016. Prior to that he held the
Chief Financial Officer position at NZME.
Michael’s core focus at NZME has been
to develop and implement a group wide
strategy to accelerate growth across
NZME’s brands particularly in the areas of
subscription and classified offerings, digital
and video content, while ensuring the
sustainable growth of the company’s print
and radio platforms.
Michael has extensive senior executive
experience including as Chief Financial
Officer at leading insurance company Tower
Limited. While at Tower, Michael managed
the company’s multibillion-dollar assets,
its Pacific Islands operations, earthquake
recovery programme and the sale of
Tower’s life insurance, health insurance and
investment management businesses. This
industry leading work was recognised in
2014 when Michael was awarded CFO of the
year at the annual New Zealand CFO Awards.
Michael also has significant background in
the telecommunications and technology
sectors with executive roles in the finance,
commercial and business functions of major
organisations including Telstra’s New Zealand
operations.
David Mackrell
Chief Financial Officer
David was appointed Chief
Financial Officer of NZME in
March 2019, leading NZME’s
Finance, Technology and
Strategy functions. He moved to
NZME from Heartland Bank where
he was their Chief Financial Officer.
David started his professional
career at Ernst & Young as an
Auditor before joining Air New
Zealand in 1992. His career at Air New
Zealand spanned 25 years and a large
gamut of senior financial and commercial
roles, finishing with the company as
Deputy Chief Financial Officer.
Paul Maher
Chief of OneRoof
Paul was appointed to the newly created
Chief of OneRoof role in February 2021.
OneRoof is New Zealand’s fastest growing
multi-channel real estate and property
platform and Paul’s appointment reflects
the continued growth of OneRoof as a key
pillar in NZME’s strategy.
Paul has extensive commercial leadership
experience in numerous senior roles in New
Zealand’s leading media companies including
Commercial Director and Business Strategy
Director at TVNZ and Chief Executive of
MediaWorks Television. His commercial media
experience includes establishing media
communications agency Starcom MediaVest
Group in New Zealand and leading the group’s
business as CEO of Canada, China and then
the North Asia region.
Paul has over thirty years business experience
and has previously served on the board of
Freeview New Zealand and
Chair of the Kiwi Premium
Media Exchange (KPEX)
and Think TV New Zealand.
Katie Mills
Chief Marketing Officer
Katie joined the NZME Executive Team in
December 2018 assuming leadership of the
company’s Marketing and Communications
functions. She is also responsible for the
creative function of NZME including Sound,
Vision and Creative departments. Prior to
joining NZME, Katie held the role of Group
Marketing Director at Aspire2 Group Limited
and was previously General Manager (Global)
Marketing & Communications at Opus
International Consultants.
Along with Katie’s wide marketing industry
experience, she also brings to her role, more
than 20 years of media-specific experience.
15 of those years were spent at MediaWorks in
senior leadership positions including as Head
of Marketing, successfully developing and
delivering marketing and brand strategies
for a portfolio of radio, digital, event and
television ventures.
B
ACD
THE NZME
EXECUTIVE TEAM
30 NEW ZEALAND MEDIA AND ENTERTAINMENT

Wendy Palmer
Chief Radio and
Commercial Officer
Wendy joined the NZME Executive Team
in November 2019. As Chief Radio and
Commercial Officer, she is accountable for
revenue growth with the Commercial Direct
team across all NZME platforms. Wendy’s role
includes responsibility for the radio business
and the content delivery to support audience
and revenue growth across NZME’s radio
networks. Before starting at NZME Wendy
spent 12 years at MediaWorks, where she held
senior roles including being appointed Chief
Executive of its radio business in 2014.
Wendy is an experienced broadcast media
executive with wide industry experience.
She has served as Chair of The Radio
Bureau and as a Board member of the
Radio Broadcasters Association and the
Broadcasting Standards Authority.
Matthew Wilson
Chief Operations Officer
Matt was appointed Chief Operations
Officer in December 2016. In this role, Matt
is responsible for NZME’s print product
performance; driving NZME’s Operations
functions including print, distribution, print
and digital subscriptions and advertising
production. Prior to that, Matt’s role was GM
Print Operations for NZME.
His passion for media has resulted in over two
decades of experience working across NZME’s
newspaper brands, including finance roles
in print, commercial, content and corporate
through to leading the Newspaper Sales, Print
and Herald product functions. During his time,
Matt has led the consolidation of newspaper
sales and distribution functions across
NZME, the development of
NZME’s highly successful
distribution services
business, and customer streams for the
launch of Herald on Sunday and NZH
Premium digital subscribers. Matt’s focus on
operating performance has driven a strong
passion for NZME’s people, their engagement
and the culture fostered in the company.
Allison Whitney
General Counsel and
Company Secretary
Allison joined NZME in 2013. As General
Counsel she heads up the legal team and
manages the provision of legal advice and
company secretarial services across NZME;
and leading NZME’s Culture & Performance
function. Prior to commencing her role at
NZME, Allison held roles both in-house and
in private practice, including five years as
Legal Counsel at Westpac, six years as Group
Legal Advisor to a London-based international
media group and three years in private
practice at Kensington Swan.
Allison brings over 20 years of legal experience
to her role spanning areas from corporate and
commercial to intellectual property, consumer
and media law.
Laura Maxwell
Chief Digital Officer
Laura was appointed Chief Digital Officer in
August 2017 and is responsible for growing
the digital business, including enterprise
responsibility for digital products and
development, data, digital customer and
digital revenue. The role also includes
responsibility for DRIVEN and GrabOne.
Until 2021, Laura led the OneRoof business,
creating NZ’s fastest growing property portal.
Laura joined NZME in 2013 as Commercial
Director at The Radio Network, moving in 2014
to APN Group Director Digital Media. In 2015,
Laura was appointed Group Revenue Director,
which transitioned to Chief Commercial
Officer as part of the NZME transformation.
Prior to joining the NZME group, Laura held
the position of General Manager for Yahoo!
New Zealand and previously held the role
of Sales Director at APN Outdoor. Laura has
over 25 years of experience in media and has
held Chair roles for the Interactive Advertising
Bureau and The Radio Bureau.
Paul Hancox
Chief Revenue Officer
Paul joined the NZME Executive Team as
Chief Revenue Officer in 2019. In this role
Paul is accountable for agency and key
customer revenues, including programmatic,
trading and integration performance. Prior
to joining the NZME Executive team, Paul
led a significant commercial portfolio at
NZME as Head of Agency, Enterprise, Events,
Partnerships, Government and Rural, a role he
took up in January 2018.
Prior to this, Paul spent nine years in various
senior roles at MediaWorks including as Group
Head of Revenue where he successfully
designed, implemented and managed the
integration of the TV and radio sales teams.
Paul brings with him 25 years of experience
in the media industry including a nine-year
stint with The Radio Network early in his
career, operating in a variety of roles including
as NewstalkZB and Radio Sport Sales and
Marketing Manager.
Shayne Currie
Managing Editor
Shayne has been a journalist for 32 years, a
career that has spanned frontline and senior
newsroom roles from New Zealand to New
York. As NZME’s Managing Editor since 2015,
he is responsible for the company’s almost
300 editorial staff, in a role that includes
overseeing the unrivalled mix of digital,
audio, visual and print storytelling across the
NZ Herald, nzherald.co.nz, Newstalk ZB, and
NZME’s five regional daily newspapers.
Shayne has helped lead some of the
company’s biggest projects including
the launch of the Herald on Sunday, the
NZ Herald’s move to compact format and,
in 2019, the launch of NZ Herald
Premium digital subscriptions.
Shayne sits on the board
of the News Publishers
Association, helping
represent the industry on
matters such as media
regulation and public
interest journalism. He
was awarded the 2016
Wolfson Scholarship at
Cambridge University,
studying audience
patterns in the digital age.
F
H
I
J
G
E
ANNUAL REPORT 2020 31

GOVERNANCE FRAMEWORK
The Company is listed on the NZX Main Board and has a Foreign
Exempt Listing on the ASX (both under the ticker
code “NZM”). The ASX Foreign Exempt Listing category is based
on a principle of substituted compliance recognising that, for
secondary listings, the primary regulatory role and oversight rests
with the home exchange and the supervisory regulator in that
jurisdiction. As such, NZME is required to comply with a limited
set of ASX Listing Rules.
The Company’s corporate governance framework, as described
in this section, therefore primarily takes into consideration
contemporary standards in New Zealand, incorporating the NZX
Corporate Governance Code (“NZX Code”).
The Group is committed to having a strong governance
framework and therefore complies with the recommendations of
the NZX Code (unless specifically stated otherwise). The corporate
governance policies referred to in this section reflect the Group’s
governance framework as at 31 December 2020 (unless otherwise
stated) and are available on the Company’s website. The Board of
NZME has approved this corporate governance statement.
PRINCIPLE 1 - CODE OF ETHICAL BEHAVIOUR
Directors should set high standards of ethical behaviour, model
this behaviour and hold management accountable for these
standards being followed throughout the organisation
.
Code of Conduct & Ethics
The Company’s Code of Conduct & Ethics governs the Company
and its subsidiaries’ commercial operations and the conduct of
directors, employees, consultants and all other people when
they represent the Company and its subsidiaries. The Code of
Conduct & Ethics comprises certain fundamental principles and
demonstrates the high standards of conduct expected of us. The
current Code of Conduct & Ethics was updated on 11 April 2019.
Reporting of breaches of the Code is encouraged and steps for
doing so are set out in the Code of Conduct & Ethics and the
Whistleblower Policy.
The Company has provided training on the Code of Conduct
& Ethics in the form of a video series on key points relevant
to employees.
The Company also has an Editorial Code of Ethics highlighting that
our principal responsibilities are to the community and the truth
and our undertaking to maintain the highest ethical standards in
our journalism while balancing the right of the individual with the
public’s right to know.
Securities Trading Policy
The Securities Trading Policy details the Company’s trading policy
and guidelines, including trading restrictions on dealing in the
Company’s quoted financial products. This policy applies to the
directors and all employees. The Securities Trading Policy places
additional trading restrictions on the directors, the Chief Executive
Officer (“CEO”) and his direct reports (and employees reporting
directly to them) and all participants in the NZME Long Term
Incentive Plan.
PRINCIPLE 2 - BOARD COMPOSITION
& PERFORMANCE
To ensure an effective Board, there should be a balance of
independence, skills, knowledge, experience and perspectives.
Role of the Board and Board Charter
The business and affairs of the Company is managed under the
direction and supervision of the Board currently comprised of
independent Chairman, Barbara Chapman, and independent
directors; Carol Campbell, David Gibson, Sussan Turner and
Guy Horrocks (appointed 8 February 2021). Peter Cullinane
resigned as Chair and director on 11 June 2020.
The directors acknowledge their duty to act in good faith and in
the best interests of the Company. The objective of the Company
is to generate growth, corporate profit and shareholder gain
from the activities of the Group. In pursuing this objective, the
role of the Board is to assume accountability for the success of
the Company by taking overall responsibility for the strategic
direction and monitoring of operational management of the
CORPORATE
GOVERNANCE
32 NEW ZEALAND MEDIA AND ENTERTAINMENT

Group in accordance with good corporate governance principles.
More details regarding the main functions of the Board and the
distinction from the roles of management can be found in the
Board Charter available on the Company’s website.
Director Nomination and Appointment
Directors are appointed by the Company’s shareholders, with
rotation and retirement being determined by the Constitution.
The Board may appoint directors to fill casual vacancies. Directors
appointed to fill casual vacancies are required to retire and
stand for election at the first annual shareholders’ meeting after
their appointment. The Governance & Remuneration Committee
recommends to the Board potential candidates for appointment
as directors. The Committee follows the nomination and
appointment processes set out in the Governance & Remuneration
Committee Charter available on the Company’s website. The
Company enters into written agreements with each newly
appointed director establishing the terms of their appointment.
Director Independence and Profiles
All of the Company’s directors, including the Chair, are independent
directors for the purposes of the NZX Listing Rules as none of them
are executives of the Company or have direct or indirect interests or
relationships that could reasonably influence, or could reasonably
be perceived to influence, in a material way, their decisions in
relation to the Company. The profile for each director is available
on the Company’s website and on page 28-29 of the Annual Report.
Information about director attendance at meetings and ownership
interests is set out on pages 35 and 44 of the Annual Report.
Diversity and Inclusion
The Group believes that a diverse and inclusive workforce
is essential for it to be able to deliver its strategic objectives
and continue to meet its responsibilities to its customers,
its employees, the communities in which it works, and its
shareholders.
The Group is currently operating in accordance with, and applying
the principles of, its Diversity and Inclusion Policy which is
available on the Company’s website.
The Our People section on page 21 of the Annual Report sets
out more detail about our diversity and inclusion objectives
and progress towards achieving them. In accordance with the
Diversity and Inclusion Policy, the Board assesses those objectives
and NZME’s progress towards achieving them on an annual basis.
The Board is comfortable with the Company’s 2020 performance
with respect to its Diversity and Inclusion Policy and objectives
but notes the ongoing nature of efforts to meet those objectives.
The table below includes the quantitative breakdown as to the
gender composition of NZME’s Board and Officers as at the
balance date. Since the balance date Guy Horrocks has been
appointed as an independent director of the Company (with
effect from 8 February 2021) and Paul Maher has joined the NZME
Executive Team as Chief of OneRoof (with effect from
2 February 2021).
As atBoardOfficers
1
MaleFemaleMaleFemale
31 December 20201354
31 December 20192354
1
The term ‘Officer’ is defined in the NZX Listing Rules as a person, however designated, who is concerned or takes part in the management of the Issuer’s
business, but excludes (i) a person who does not report directly to the Board or (ii) a person who does not report directly to a person who reports to the
Board. NZME has interpreted this to mean the Chief Executive and any person reporting to the Chief Executive or the Board directly. The numbers above
therefore include the CEO and other members of the Group Executive Team.
ANNUAL REPORT 2020 33

Director Access to Training, Information and Advice
On appointment the Company’s directors are offered induction
training as to the responsibilities of the directors and to enable
the director to become familiar with the Company’s operations
and sites. Further training on pertinent topics is provided to the
Board during the year. All directors have access to the advice
and assistance of the General Counsel on the Board’s affairs
and governance matters. In addition, all directors may access
such information and seek independent advice as they consider
necessary to fulfil their duties and responsibilities.
Performance Review
The Chair meets annually with directors of the Company to
discuss individual performance of directors. The Board reviews its
performance as a whole, and the performance of its committees,
on an annual basis. The Board may choose to use external
facilitators, where appropriate, to assist with reviewing the
performance of directors, the Board and its committees.
PRINCIPLE 3 - BOARD COMMITTEES
The Board should use committees where this will enhance its
effectiveness in key areas, while retaining Board responsibility.
The Board has two standing Committees; the Audit & Risk
Committee and the Governance & Remuneration Committee, to
assist in carrying out its responsibilities. The Board dissolved the
Corporate Social Responsibility Committee in July 2020 given
NZME has now launched its Sustainability Commitment (details of
which are available in this report and on the Company’s website)
and that commitment is now overseen by the Board as a whole.
The Committees operate under Board approved charters which
are available on the Company’s website.
The Board may establish other committees from time to time to
deal with specific projects or matters relating to the Company’s
various activities.
The Board does not have a separate Health and Safety Committee,
but Health and Safety is considered by the full Board. The Board
did not identify a need for any other standing Board committees.
The Company also has an NZME Takeover Response Manual (not
publicly available) as recommended by Recommendation 3.6 of
the NZX Code.
Audit & Risk Committee
The Committee consists of three independent directors (one
of whom has an accounting and financial background). The
functions of the Committee are to:
• Review, consider and if necessary, investigate any reports
or findings arising from any audit function either internally
or externally;
• Evaluate financial information submitted to it, along with
relevant policies and procedures; and
• Assess the effectiveness of risk management throughout
the Group.
The Committee is also responsible for communicating and
engaging with the external auditors and for oversight and review
of the risk management framework. For further information,
also refer to the Committee’s charter which is available on the
Company’s website.
As at 31 December 2020, directors Barbara Chapman and David
Gibson were members of the Audit & Risk Committee and it was
chaired by Carol Campbell. Employees and external parties may
attend meetings of the Audit & Risk Committee at the invitation
of the Audit & Risk Committee.
Governance & Remuneration Committee
The Governance & Remuneration Committee ensures that
remuneration policies and practices are consistent with the strategic
goals of the Group and are relevant to the achievement of those
goals. The Committee also reviews the remuneration of the CEO
and, in consultation with the CEO, the remuneration packages of
executives reporting directly to the CEO.
The Governance & Remuneration Committee also makes
recommendations to the full Board regarding the composition of the
Board, filling of vacancies, appointing additional directors to the Board,
and to review and adopt corporate governance policies and practices
which reflect contemporary standards in New Zealand, incorporating
principles and guidelines issued by the Financial Markets Authority
and the NZX. For further information, refer to the Committee’s charter
available on the Company’s website.
CONTINUED
CORPORATE
GOVERNANCE
34 NEW ZEALAND MEDIA AND ENTERTAINMENT

As at 31 December 2020, director Sussan Turner was a member of the Governance & Remuneration Committee and it was chaired by
David Gibson. Employees and external parties may attend meetings of the Governance & Remuneration Committee at the invitation
of the Governance & Remuneration Committee.
Board & Committee Attendance 1 January 2020 to 31 December 2020
1
Director BoardAudit & Risk
Governance &
Remuneration
Corporate Social
Responsibility
(dissolved July 2020)
Barbara Chapman20 of 204 of 4N/A2 of 2
Carol Campbell20 of 204 of 4N/AN/A
David Gibson20 of 204 of 410 of 10N/A
Sussan Turner20 of 20N/A10 of 102 of 2
Peter Cullinane
2
15 of 15N/A2 of 2
1
These numbers do not include attendances at Committee meetings by non-member Directors.
2
Peter Cullinane resigned on 11 June 2020.
PRINCIPLE 4 - REPORTING & DISCLOSURE
The Board should demand integrity in financial and non-
financial reporting, and in the timeliness and balance of
corporate disclosures.
Market Disclosure Policy
The Board has policies and procedures in place to keep investors
and staff informed of material information about the Company and
to ensure compliance with the continuous disclosure obligations
under the Financial Markets Conduct Act 2013 and the NZX Listing
Rules.
The Market Disclosure Policy (available on the Company’s website)
is designed to ensure that:
• There is full and timely disclosure of the Company’s activities
and price sensitive information to shareholders and the
market; and
• All stakeholders (including shareholders, the market and
other interested parties) have an equal opportunity to receive
and obtain externally available information issued by the
Company.
The Company will immediately notify the market of any material
information concerning the Company in accordance with
legislative and regulatory disclosure requirements.
Corporate governance documents
The following documents have been adopted by the Company
and are available on the Company’s website under the Corporate
Governance section:
• NZME Constitution
• Board Charter
• Code of Conduct & Ethics
• Remuneration Policy
• Diversity and Inclusion Policy
• Editorial Code of Ethics
• Fraud Policy
• Market Disclosure Policy
• Whistleblower Policy
• Securities Trading Policy
• Audit & Risk Committee Charter
• Governance & Remuneration Committee Charter
• Risk Management Policy
ANNUAL REPORT 2020 35

Financial Reporting and Disclosure
The Company is committed to providing financial reporting that
is balanced, clear and objective. The Audit & Risk Committee
oversees the quality, integrity and timeliness of external reporting.
The Group’s Consolidated Financial Statements for the year ended
31 December 2020 are set out on pages 48 to 98 of the Annual
Report. Also refer to the reports from the Chair and the CEO in this
Annual Report and the NZME Full Year 2020 Results Presentation
(available on the Company’s website) for additional information.
Non-Financial Reporting and Disclosure
The Company provides non-financial disclosures relating to Health
and Safety, Risk Management, our interaction with our communities,
people and our environment – see our Sustainability Commitment.
We also include information about our performance against our
operational priorities during the year.
NZME’s Sustainability Commitment aligns with the UN Sustainability
Development Goals – an international blueprint to achieve a
better and more sustainable future for everyone. Combined with
our promise to keep Kiwis in the know, NZME’s commitment to
sustainable practices contributes to the prosperity of our business
and our communities, people and the environment.
In 2020 we measured our progress against key initiatives and
objectives for each of the three pillars of our Sustainability
Commitment: Our Communities, Our People and Our Environment.
This is discussed on pages 18 to 25 of the Annual Report.
NZME intends to continue to develop its Sustainability
Commitment with the guidance of the Board.
PRINCIPLE 5 - REMUNERATION
The remuneration of directors and executives should be
transparent, fair and reasonable.
Remuneration Policy
The Company’s Remuneration Policy (available on its website)
outlines the Company’s approach to the remuneration of its
directors and executives. The Governance & Remuneration
Committee is responsible for reviewing non-executive directors’
remuneration and benefits. The pool available to be paid to non-
executive directors is subject to shareholder approval. The levels
of fixed fees payable to non-executive directors should reflect the
time commitment and responsibilities of the role. The Governance
& Remuneration Committee will obtain independent advice, as
necessary, and will also consider the results of market comparison
and a benchmarking assessment in setting the fixed fees payable
to non-executive directors.
While the Company does not pay equity-based remuneration to
its non-executive directors, it encourages those directors to hold
shares in the Company to better align their interests with the
interests of other shareholders.
The Governance & Remuneration Committee is also responsible
for reviewing the remuneration of the CEO and any executive
directors and, in consultation with the CEO, the remuneration
packages of executives reporting directly to the CEO. The
Company conducts external benchmarking analysis in order
to determine the market rate for a role. The Company provides
a combination of cash and non-cash benefits and takes a total
remuneration approach. The Company reviews remuneration with
the objective of achieving pay equity, including by gender.
CONTINUED
CORPORATE
GOVERNANCE
36 NEW ZEALAND MEDIA AND ENTERTAINMENT

Directors’ Remuneration
The fees paid to each director depends on the duties of the director, including committee work. Current fees per annum are as follows:
Fees ($)
Chairman of the NZME Board150,000
Membership of the NZME Board100,000
Chairman of NZME Board Committees20,000
Membership of NZME Board Committees10,000
Total fees paid to each director during 2020, reflecting the reduction taken in response to Covid-19, are shown in the following table:
Date
appointed
Date
resigned
Chairman of
the Board ($)
Board
Member ($)
Committee
Chair ($)
Committee
Member ($)
Total ($)
Barbara Chapman18 April 201876,31544,2888,8809,429138,912
Carol Campbell24 June 201694,28818,858113,145
David Gibson
8 December
2017
94,29018,8589,429122,577
Sussan Turner16 July 201894,28813,869108,157
Peter Cullinane24 June 201611 June 202066,4328,85875,289
Total fees paid 2020558,080
Chief Executive Officer’s Remuneration
Salary ($)
A
Bonus ($)
B
TIP ($)
C
Benefits ($)
D
Total ($)
Michael Boggs852,979308,968579,41634,8581,776,221
A
Salary includes normal basic salary and paid leave. 2020 also includes an extra pay period due to timing of pay cycles.
B
Bonus payments are those paid
during the current accounting period and excludes any bonus accrual not yet paid.
C
TIP relates to the value of shares issued under the Group’s Total
Incentive Plan in relation to the 2017 scheme.
D
Benefits relate to company contributions for KiwiSaver.
Michael Boggs held 1,079,866 shares in the company as at 31 December 2020. In addition to the remuneration disclosed above as at 24 February
2020, Michael Boggs held 613,031 performance rights issued to him under the Group’s Total Incentive Plan (“TIP”). Please refer to note 4.3 of the
Consolidated Financial Statements for a summary of the TIP and the performance criteria used to determine performance based payments.
ANNUAL REPORT 2020 37