NZME Full Year Results to 31 December 2021

NZME Limited. 2-4 Graham Street, Private Bag 92198, Victoria Street West, Auckland.
1
MARKET ANNOUNCEMENT
NZME 2021 Full Year Results

Please refer to the following documents in relation to the NZME Full Year Results to 31 December
2021:

1. NZME 2021 Full Year Results NZX Form
2. NZME 2021 Full Year Results Announcement
3. NZME 2021 Full Year Results Investor Presentation
4. NZME 2021 Annual Report and Consolidated Financial Statements
5. Distribution Notice - NZX Form
6. ASX Compliance Letter


ENDS

Authorised by Michael Boggs, Chief Executive Officer.

For further information:
David Mackrell
Chief Financial Officer
T: +64 21 311 911
Email: david.mackrell@nzme.co.nz
IMMEDIATE RELEASE
About NZME
New Zealand Media and Entertainment (NZME) is an integrated media company, with a portfolio of
market leading news, entertainment and real estate brands strategically positioned across a
network of digital, print and audio platforms.
With a combined audience of 3.5 million New Zealanders*, NZME supports commercial partners to
grow customer engagement with a data driven, audience and customer centric approach. NZME is
listed on the NZX Main Board (code NZM) with a foreign exempt listing on the ASX (code NZM).

*SOURCE: Nielsen CMI Fused Q4 20 – Q3 21 November 2021 AP15+

23 February 2022
FOR IMMEDIATE RELEASE

---

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 2021
Previous Reporting Period 12 months to 31 December 2020
Currency NZD
Amount (NZ$000s) Percentage change
Revenue from continuing
operations
$365,634 9%
Total Revenue
$365,634
9%
Net profit/(loss) from continuing
operations
$34,645 134%
Total net profit/(loss)
$34,645 134%
Interim/Final Dividend
Amount per Quoted Equity Security $0.05000000
Imputed amount per Quoted Equity
Security
$0.01944444
Record Date 11 March 2022
Dividend Payment Date 23 March 2022
Current period Prior comparable period
Net tangible assets per Quoted
Equity Security
$0.08 $(0.09)
A brief explanation of any of the
figures above necessary to enable
the figures to be understood
Refer to attached 2021 Annual Report and the 2021 Full
Year Results Presentation for full commentary on the
results. The percentage change calculations and prior
comparable period figures are based on the restated 2020
numbers as reported in the 2021 Annual Report.
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

23/02/2022

Audited financial statements accompany this announcement.

---

NZME Limited. 2-4 Graham Street, Private Bag 92198, Victoria Street West, Auckland.
1
MARKET ANNOUNCEMENT
NZME LIMITED 2021 FULL YEAR FINANCIAL RESULTS

Revenue growth through digital transformation outpaced the impact of COVID-19
in 2021

AUCKLAND, 23 February 2022: NZME Limited (NZX: NZM, ASX:NZM) (“NZME”) has announced
its financial results for the full year ended 31 December 2021, reporting 5% Operating Revenue
growth to $349.2 million, Statutory Net Profit After Tax (“NPAT”) of $34.4 million and Operating
Earnings Before Interest Tax Depreciation and Amortisation (“Operating EBITDA”)
1
of $66.0 million.
Operating Earnings Per Share (“EPS”) increased to 11.9 cents per share, compared to 11.3 cents
per share in 2020
1
.

NZME Chief Executive Michael Boggs says he’s proud of what the business achieved in 2021,
despite the challenges of COVID-19.

“As I reflect on 2021, I am very proud of what we achieved, especially in what has been a difficult
and uncertain trading environment with the reintroduction of COVID-19 restrictions across the
country. We grew our audience reach to 3.5 million
2
across our platforms and achieved strong
financial results, growing revenue across NZME’s three strategic pillars: Audio, Publishing and
OneRoof.

“I am also incredibly proud of the important role NZME played in keeping Kiwis in the know with the
launch of The 90% Project and the business-wide #RollUpYourSleevesNZ campaign. By 16
December, 90% of the eligible population had received two doses of the vaccine, helping Kiwis stay
safe against COVID-19 and go about their daily lives. We recognise the responsibility that comes
with acting as a voice of record for New Zealand and we continued to use our platforms and reach
to make a positive impact to our community in 2021,” he says.

NZME demonstrated progress in its digital transformation, reporting a 37% increase in total digital
revenue compared to the 2020 financial year.

“NZME’s ability to generate advertising revenue has remained resilient against COVID-19 related
headwinds in 2021, growing 13% compared to 2020 despite nationwide COVID-19 restrictions in the
second half of 2021. Our commitment to putting customers first, especially through these challenging
times resulted in a strong finish to the year with November and December 2021 advertising revenue
exceeding 2019 levels as customers utilised NZME’s platforms to build their own brands,” says
Boggs.

1
Operating results presented are non-GAAP measures that include the impact of NZ IFRS 16 and the IFRIC agenda decision on Software-as-a-Service
(SaaS) arrangements, however, exclude exceptional items to allow for a like for like comparison between 2020 and 2021 financial years. For the avoidance
of doubt, 2020 has been restated to include the impact of the IFRIC agenda decision on SaaS arrangements. Please refer to pages 38-39 of this results
presentation for a detailed reconciliation. The 2020 operating and statutory results include $8.6 million (net) of Covid-19 government wage subsidy received
in H1 2020.
2
Nielsen CMI Fused Q4 20 – Q3 21 November 2021 AP15+.

23 February 2022
FOR IMMEDIATE RELEASE

NZME Limited. 2-4 Graham Street, Private Bag 92198, Victoria Street West, Auckland.
2
MARKET ANNOUNCEMENT

2021 Full Year Results at a glance:

 Statutory NPAT of $34.4 million, up from $14.5 million in 2020. 2021 Statutory NPAT includes
$15.4 million gain on sale of GrabOne.

 Operating NPAT
1
of $23.6 million and Operating EPS
1
of 11.9 cents per share, an increase
of 6% compared to 2020.

 2021 Operating EBITDA
1
of $66.0 million, in line with 2020.

 Operating Revenue
1
of $349.2 million, up from $331.2 million. 2020 Operating Revenue
1

included a net $8.6 million government wage subsidy received in the first half of 2020.

 Total digital revenue grew 37% to $79.5 million in 2021.

 Overall audience increased from 3.3 million to 3.5 million in 2021
2
and digital users per month
grew to 2.8 million, up from 2.6 million in 2020
3
.

 Audio advertising revenue increased 11% year-on-year to $101 million and total radio
audience market share increased 1.8 percentage points to 37.4%
4
.

 Over 191,000 subscribers across print and digital, including 83,000 paid digital-only
subscribers, driving a 75% increase in digital subscription revenue.

 Growth in advertising revenue market share was achieved across all three key channels in
2021; to 40.9%
5
in radio advertising, 47.4%
6
in print advertising and 24.3%
7
in digital display
advertising.

 Operating Expenses
1
were 7% higher at $283.2 million, reflecting the permanent savings
achieved in 2020, offset by higher volumes and activity. 2020 Operating Expenses
1
also
included temporary cost savings related to cost initiatives in response to Covid-19.

 Achieved a net cash position of $13.5 million, an improvement of $47.4 million compared to
the 2020 net debt position.

 Fully imputed and fully franked final dividend declared of 5.0 cents per share, taking total
dividends for the year to 8.0 cents per share.

NZME Chairman, Barbara Chapman says despite 2021 being another disrupted and challenging
year due to COVID-19, NZME’s guiding principles and strategic priorities remained relevant and
robust.


3
Nielsen CMI Fused Q4 20 – Q3 21, Nov 2021, AP 15+ compared to fused Nov 2020. Note: Dec is not released until March 2022.
4
GfK Radio Audience Measurement, Commercial Stations, NZME excl. Partners, M-S 12mn-12mn, Market Share %, S4 2020 – S4 2021, AP10+.
5
PwC Radio advertising market benchmark report, Q1 2021 – Q4 2021. Note: report excludes independent broadcasters and contra revenue.
6
PwC NPA quarterly performance comparison report, Q1 2021 – Q4 2021. Note: report excludes any publishers that are not part of the NPA.
7
IAB NZ Digital advertising revenue report – Total Display, Q1 2021 – Q2 2021. *only up until Q2 2021, Q3/Q4 report not available yet. Note: excludes
digital audio and is display only.

NZME Limited. 2-4 Graham Street, Private Bag 92198, Victoria Street West, Auckland.
3
MARKET ANNOUNCEMENT
“NZME’s guiding principles provided the foundation for the business to remain focused and further
progress our strategic priorities. We continued to execute strongly in our digital media strategy,
guided by the principle of Digital Acceleration. We are extremely pleased to have achieved strong
digital revenue growth across each of the three strategic pillars and will continue to maximise the
opportunities we have across all digital platforms,” she says.

NZME’s digital audio platform, iHeartRadio, further cemented its position of being New Zealand’s
leading podcaster
8
and increased digital listening hours by 25% in 2021
9
.

The NZ Herald Premium news subscription service grew to 140,000 subscribers, including digital-
only subscribers increasing to 83,000, up 54% year-on-year.

OneRoof’s penetration of New Zealand’s residential for-sale real estate listings increased to 91%
10

and revenue generating listing upgrades grew to 23.5%, compared to 17.6% in 2020.

Advertising Market revenue share increased in 2021
11
across NZME’s key channels: Radio, Print
and Digital Display.

NZME executed on its capital management goals in 2021, including fully paying down debt to end
the year in a net cash position of $13.5 million, an improvement of $47.4 million throughout 2021.

“The reduction of net debt provided the Board with options on how best to deliver value to our
shareholders and we are pleased to have previously announced an on-market share buyback
programme expected to commence in March 2022 and a fully imputed and fully franked final dividend
of 5.0 cents per share.

“In 2022, the Board continues to focus on delivering shareholder value through dividends and the
on-market share buyback, but we also remain in a strong position to make investments that align
with our strategic priorities and fuel NZME for growth,” says Chapman.

In 2021, the business continued to deliver on its 2023 strategy commitments, with a focus on steering
NZME back to 2019 revenue levels and beyond.

The Audio team developed exciting new content to engage audiences, including the launch of a
youth-focused digital audio network, KICK, and the appointment of Mike Lane to lead The Alternative
Commentary Collective (“The ACC”) with a mandate to cement the The ACC as New Zealand’s
leading sports entertainment brand.


8
Triton NZ Podranker December 2021.
9
Adswizz and StreamGuys, TLH, monthly average for the quarter.
10
OneRoof’s listings as a percentage of residential for-sale real estate listings on trademe.co.nz as of 31 Dec 2021. Excluding private listings
11
PwC Radio advertising market benchmark report, Q1 2020 – Q4 2021. Note: report excludes independent broadcasters and contra revenue. PwC NPA
quarterly performance comparison report, Q1 2020 – Q4 2021. Note: report excludes any publishers that are not part of the NPA. IAB NZ Digital advertising
revenue report – Total Display, Q1 2020 – Q2 2021. *only up until Q2 2021, Q3/Q4 report not available yet. Note: excludes digital audio and is display only.

NZME Limited. 2-4 Graham Street, Private Bag 92198, Victoria Street West, Auckland.
4
MARKET ANNOUNCEMENT
NZME’s flagship news website nzherald.co.nz grew monthly digital users
12
with the introduction of
new local sites, personalised homepage content and improved search functionalities. Digital
subscriber growth was supported by enhancing the registration flows and engagement touchpoints,
including subscriber commenting. The addition of BusinessDesk to the group in 2022 aligns with
NZME’s strategic priorities and reinforces our commitment to quality journalism.

The OneRoof brand continued to grow strongly, providing the most accurate valuations to its users
13

and driving audience engagement.

Two new senior executive appointments were made in late 2021 with Jason Winstanley appointed
as Chief Radio Officer and Paul Hancox as Chief Commercial Officer. Both were internal
appointments, exhibiting the talent of NZME’s people and in-depth industry knowledge.

“Jason is one of New Zealand’s most experienced audio executives with extensive experience
across music and talk radio. NZME is lucky to have had Jason in the business for over 20 years and
help build and lead successful radio brands. We are very excited to have Jason join the executive
team and look forward to seeing him grow the Audio strategic pillar.

“It was clear that Paul was the best person to lead the Commercial Team into the next phase of
growth, having achieved many successful outcomes as Chief Revenue Officer. With over 25 years
of experience in the media industry, we are confident that Paul will continue to add immense value
as Chief Commercial Officer,” says Boggs.

As part of the 2021 Full Year Results Presentation, NZME has also provided the following outlook
for 2022:

 The impact of the Omicron variant outbreak continues to develop. The housing market is
cooling and inflationary pressures are building. Given this, businesses are cautious in their
marketing approach at this time.

 Despite the uncertainty, we are pleased to see advertising revenues continue to track above
2021, with Q1 2022 currently tracking 4% above 2021 levels. This revenue growth is
offsetting the inflationary cost pressures.

 Based on the early trends to date, we would expect EBITDA growth over 2021 despite the
loss of the GrabOne contribution from 2021.

 We continue to engage in dialogue with Google and Facebook regarding accessing and
supporting NZME’s editorial content. To date neither Google or Facebook have provided
offers in line with those achieved by media businesses in Australia, once adjusted for New
Zealand’s smaller market and audience size. NZME anticipates a decision from the
Commerce Commission regarding provisional authorisation to commence collective
bargaining in the first week of March 2022.

12
Nielsen Online Ratings monthly average Jan-Dec 2021 compared to Jan-Dec 2020.
13
ConsumerLink Omnijet Research 11-18 August 2021.

NZME Limited. 2-4 Graham Street, Private Bag 92198, Victoria Street West, Auckland.
5
MARKET ANNOUNCEMENT

 Following this decision, NZME expects to commence the on-market buyback. A further
announcement will be made ahead of the on-market buyback to confirm the commencement.

 We look forward to sharing with you further updates on our progress at our Annual
Shareholders’ Meeting, scheduled for 11 April 2022.

Please note the full set of results materials can be found at
https://www.nzx.com/companies/NZM/announcements

ENDS
Authorised by: NZME Board

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

For media queries:
Kelly Gunn
GM Communications
T: +64 27 213 5625
Email: kelly.gunn@nzme.co.nz


About NZME
New Zealand Media and Entertainment (NZME) is an integrated media company, with a portfolio of
market leading news, entertainment and real estate brands strategically positioned across a
network of digital, print and audio platforms.
With a combined audience of 3.5 million New Zealanders*, NZME supports commercial partners to
grow customer engagement with a data driven, audience and customer centric approach. NZME is
listed on the NZX Main Board (code NZM) with a foreign exempt listing on the ASX (code NZM).

*SOURCE: Nielsen CMI Fused Q4 20 – Q3 21 November 2021 AP15+

---

FOR THE YEAR ENDED 31 DECEMBER 2021

2
Results Summary
3
NZME Advertising Revenue
4
Strategic Priorities and Market Performance
5
Divisional Performance and Strategy
11
2021 Full Year Financial Results
25
Keeping Kiwis in the know
32
Outlook
33
Q&A
34
Supplementary Information
35
AGENDA

3
1.Operating results presented are non-GAAP measures that include the impact of NZ IFRS 16 and the IFRIC agenda
decision on Software-as-a-Service (SaaS) arrangements, however, exclude exceptional items to allow for a like for
like comparison between 2020 and 2021 financial years. For the avoidance of doubt, 2020 has been restated to
include the impact of the IFRIC agenda decision on SaaS arrangements. Please refer to pages 38-39 of this results
presentation for a detailed reconciliation. The 2020 operating and statutory results include $8.6 million (net) of
Covid-19 government wage subsidy received in H1 2020.
•Revenue growth through digital transformation in 2021, despite Covid
restrictions continuing to impact demand:
•Total digital revenue growth of 37% across three strategic
pillars: Audio, Publishing and OneRoof.
•Audio advertising revenue increased 11% year-on-year to
$104.6 million.
•Total radio audience market share increased 1.8% pts
(strategic target was > 1% p.a.).
•Over 191,000subscribers across print and digital,including
83,000 digital-only subscribers, up 54% year-on-year.
•OneRoofdigital revenue growth of 90% year-on-year.
•Statutory Net Profit After Tax of $34.4 million, including gain on sale
of GrabOne.
•Net cash position of $13.5 million as at31 December 2021, an
improvement of $47.4 million.
•Fully imputed and fully franked final dividend declared of 5.0cents
per share, taking total dividends for the year to 8.0 cents per share.
RESULTS
SUMMARY
FOR THE FULL YEAR ENDING 31 DECEMBER 2021
11.9cps
Operating EPS
1
202011.3cps 6%
$34.4m
Statutory NPAT
2020$14.5m 138%
$349.2m
Operating Revenue
1
2020$331.2m 5%
$66.0m
Operating EBITDA
1
2020$66.0m
$23.6m
Operating NPAT
1
2020$22.2m 6%
$13.5m
Net Cash
Movement$47.4m
5.0 cps
Final Dividend
Payable on 23 March
2022

4
Advertising revenue has remained resilient
against Covid-19 related headwinds in 2021,
growing 13% compared to 2020.
H1 2021 was down 3.2% to H1 2019, with a
strong recovery reflected in June 2021 being
ahead of June 2019.
Covid-19 restrictions were reintroduced
nationwide in August 2021 with Q3 2021 down
11.7% to Q3 2019. Despite this, H2 2021 was
only down 4.3%, supported by strong
performance in November and December.
NZME ADVERTISING
REVENUE
IMPACTED BY
COVID-19
RESTRICTIONS
Covid Lockdown Months
-
5.0
10.0
15.0
20.0
25.0
30.0
JanFebMarAprMayJunJulAugSepOctNovDec
Advertising Revenue ($m)
TOTAL ADVERTISING REVENUE 2019-2021
201920202021

5

6
2023 STRATEGIC PRIORITIES
Customer FirstWin with Quality
Digital Acceleration
Audience Expansion
Top Performer
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
Strengthen core residential
listings business
Be indispensable
to agents
Expand the
portfolio
NEW ZEALAND’S
HERALD
YOUR COMPLETE
PROPERTY
DESTINATION

7
LEADING AUDIENCE AND
CUSTOMER CENTRIC BRANDS
Something about revenue
1.Nielsen CMI Q4 20 –Q3 21 Fused November 2021 AP15+Note: NZME, Publishing andOneRoofaudience includes weekly print and monthly digital
2.GfK RAM, Commercial Radio, Total NZ 4/2021, M-S 12mn-12mn, M-F 6am-9am, Share %, Cume000, AP10+
3.Triton NZ PodrankerDecember 2021 (1 Dec –31 Dec)
4.AdswizzJul-Dec 2021 TLH averaged
5.Nielsen Online Ratingsmonthly average Q42021 AP15+ (excludes APP)
6.OneRoof’s listings as a percentage of residential for-sale real estate listings on trademe.co.nz as of 31 Dec 2021.
Print AdvertisingDigital AdvertisingDigital Classifieds
Print AdvertisingDigital AdvertisingReader Revenue
Radio AdvertisingDigital Advertising
Reaches over 2.8million
1
•Over 50% of New Zealanders engage with
nzherald.co.nz eachmonth
1
•#1 Daily newspaper in NZ
1
•More than191,000 subscribers across print and digital
Reaches over 1.9 million
2
•Over 6 million hours are listened to monthly through
iHeartRadio
4
•NZ’s #1 radio station&breakfast show onNewstalk ZB
2
•New Zealand’s number one podcast network
3
Reaches over 850,000
1
•Over 490,000Kiwi’s finding their next home at
oneroof.co.nz
5
•The most read real estate newspaper section
1
•91% of residential for-sale listings nationwide
6

8
NZME HAS A STRONG POSITION IN EACH
MARKET IT PARTICIPATES IN
Something about revenue
1.Nielsen CMI Fused Q4 20 –Q3 21, People 15+.Compared to Q4 19 –Q3 20.
2.PwC NPA quarterly performance comparison report, 12 months to Dec 2021 compared to 2020, rolling 4-quarter average for market share.
3.PwC Radio advertising market benchmark report, 12 months to Dec 2021 compared to 2020, rolling 4-quarter average for market share. Note: report excludes independent broadcasters and contra revenue.
4.IAB NZ Digital advertising revenue report–totaldisplay, Q2 2021 compared to Q2 2020, rolling 4-quarter average for market share up till Q2 2021.Q3 report not available yet. Note: excludes digital audio.
5.This includes publishing and OneRoof print advertising revenue.
6.The sale of GrabOne was completed 29 October 2021.
2021 Total Segment Revenue $345.5m
Print advertising (YoY growth)
NZME print advertising revenue
5
3.7%
Market movement –Print revenue
2
3.1%
Print circulation (YoY growth)
NZME print circulation revenue(3.3%)
NZME movement –print readership
1
7.3%
Market movement –print readership
1
4.4%
Print readership Market Share
NZME print readership market share
1
55.6%
Print advertising Market Share
NZME print revenue market share
2
47.4%
Radio advertising (YoY growth)
NZME radio advertising revenue10.2%
Market movement –Radio revenue
3
9.4%
Digital display advertising (YoY growth)
NZME total display advertising revenue
4
49.1%
Market movement –total display revenue
4
49.1%
Digital display advertising Market Share
NZME total display revenue market share
4
24.2%
Radio advertising Market Share
NZME radio revenue market share
3
40.9%
Other3%
GrabOne
6
2%
Radio
Advertising
29%
Digital Audio
Advertising1%
Digital
Subscriptions4%
Publishing Digital
Advertising16%
OneRoof Digital
2%
OneRoof Print4%
Print Advertising
19%
Print Circulation
16%
Retail sales4%

9
MARKET OVERVIEW
Millions $Millions $Millions $
46.0%
46.5%
47.0%
47.5%
48.0%
0.0
50.0
100.0
150.0
200.0
250.0
201920202021
Print Market Revenue
2
Market RevenueNZME Share
38.5%
39.0%
39.5%
40.0%
40.5%
41.0%
41.5%
190.0
200.0
210.0
220.0
230.0
240.0
250.0
260.0
270.0
FY 2019FY 2020FY 2021
Radio Market Revenue
1
Market RevenueNZME Share
1.PwC Radio advertising market benchmark report, Q1 2019 –Q4 2021. Note: report excludes independent broadcasters and contra revenue.
2.PwC NPA quarterly performance comparison report, Q1 2019 –Q3 2021. Note: report excludes any publishers that are not part of the NPA.
3.IAB NZ Digital advertising revenue report–total display, Q1 2019 –Q2 2021.*only up until Q2 2021, Q3/Q4 report not available yet. Note: excludes digital audio and is display only.
22.5%
23.0%
23.5%
24.0%
24.5%
25.0%
0.0
20.0
40.0
60.0
80.0
100.0
120.0
140.0
160.0
180.0
201920202021
Digital Display Market Revenue
3
H1H2
NZME Share

10
-
0.5
1.0
1.5
2.0
2.5
3.0
3.5
4.0
201920202021
Revenue ($m)
+ 42%
ACCELERATED DIGITAL REVENUE GROWTH
-
1.0
2.0
3.0
4.0
5.0
6.0
7.0
8.0
9.0
201920202021
Revenue ($m)
DIGITAL AUDIO
REVENUE
DIGITAL PUBLISHING
REVENUE
DIGITAL ONEROOF
REVENUE
-
10.0
20.0
30.0
40.0
50.0
60.0
70.0
80.0
201920202021
Revenue ($m)
Digital Subscriber RevenueDigital Publishing Advertising Revenue
1.NZME Analysis
+ 51%
+ 32%
+ 17%
+ 90%
+ 53%

1111

1212
0
10
20
30
40
S1/ 2019S2/ 2019S3/ 2019S4/ 2019
S1/2020S3/2020S4/2020S1/2021S2/2021S3/2021S4/2021
NZME Music Market ShareNZME Talk Market Share
Market Share (%)
1.GfK Radio Audience Measurement, Commercial Stations, NZME excl. Partners, Cumulative Audience000, M-S 12mn-12mn, TotalNZ, S1 2019-S4 2021. AP10+.
2.GfK Radio Audience Measurement, CommercialStations, NZME excl. Partners (doesn’t include BBC Auckland), Market Share%,M-S 12mn-12mn, S1 2019-S4 2021, AP10+. Note: Radio
Sport closed prior to S3 2020.
3.Adswizz and StreamGuys, TLH, monthly average for the quarter.
Weekly Listeners (000’s)
NZME Radio weekly listeners
–Total NZ All 10+ Cume
1
NZME Radio Share –
Total NZ All 10+ Share
2
iHeartRadio Total Listening
Hours (million)
3
Listening hours (millions)
AUDIO LISTENERS
AND MARKET SHARE
Closure ofRadio Sport
0
1
2
3
4
5
6
7
Q1 2019Q2 2019Q3 2019Q4 2019Q1 2020Q2 2020Q3 2020Q4 2020Q1 2021Q2 2021Q3 2021Q4 2021
1,500
1,600
1,700
1,800
1,900
2,000
S1/2019S2/2019S3/2019S4/2019S1/2020S3/2020S4/2020S1/2021S2/2021S3/2021S4/2021

1313
$ million20212020% Change
Radio advertising101.091.610%
Digital audio advertising3.62.451%
Other1.15.6(80%)
Audio revenue105.799.66%
People & Contributors(52.3)(50.0)4%
Agency Commission & Marketing(17.6)(14.9)18%
Content(6.7)(5.8)14%
Other(9.2)(9.1)1%
Audio expenses(85.7)(79.8)7%
Audio EBITDA
1
(incl. NZ IFRS 16)20.019.81%
NZ IFRS 16 Adjustment(7.0)(5.7)24%
Audio EBITDA
1
(pre NZ IFRS 16)13.014.2(8%)
EBITDA
1
Margin (pre NZ IFRS 16)12%14%-2 ppt
1.EBITDA is a non-GAAP measure and is presented as including the impact of the IFRIC agenda decision on SaaS arrangements, however, it excludes exceptional items (redundancy costs, one-off projects and
other exceptional items).
2.PwC Radio advertising market benchmark report, rolling 12 monthaverage to31 December 2021 vs 12 months to 31 December 2020. Note: report excludes independent broadcasters and contra revenue.
3.Adswizzand StreamGuys, TLH, monthly average for the quarter.
•Radio advertising revenue grew 10% compared to 2020,
with the H1 2021 showing signs of recovery with 17%
growth compared to H1 2020, prior to the reintroduction of
Covid-19 restrictions in August 2021.
•Radio revenue market share increased to 40.9%
compared to 40.4% in 2020
2
.
•iHeartRadio’s advertising revenue growth trajectory
continued with 51% growth year-on-year, supported by
continued increases in listening hours
3
.
•Other revenue in 2020 includes government wage
subsidy received of $3.7 million.
•Higher advertising revenue resulted in an increase in
agency commission and content costs.
•EBITDA
1
margin was artificially high in 2020 due to the
impact of the government wage subsidy received.
Excluding this impact, 2020 EBITDA margin was 10.5%.
AUDIO
For the full year ending 31 December 2021

1414
1.GfK Radio Audience Measurement, Commercial Stations, NZME excl. Partners,M-S 12mn-12mn,Market Share %, S4 2020 –S4 2021, AP10+.
2.PwC Radio advertising market benchmark report, rolling12monthaverage to 31 December 2021 vs 12 months to 31 December 2020. Note: report excludes independent broadcasters and contra revenue.
3.EBITDA is a non-GAAP measure and is presented as excluding the impact of NZ IFRS 16 but including the impact of the IFRIC agendadecision on SaaS arrangements. However, it excludes exceptional items
(redundancy costs, one-off projects and other exceptional items).
4.Includes Covid-19 government wage subsidy received in 2020.
NEW ZEALAND’S LEADING
AUDIO COMPANY
Metric
FY 2020
Achievement
FY 2021
Achievement
2023 Target2022 Initiatives
NZME share of total
audience
35.6%
1
37.4%
1
> 1% share
point growth
per annum
•Continue to grow 10+ audience market share with a focus on key 25-54 demographic
•Integrate FM frequency acquisitions in Wanaka and Coromandel
•Growing iHeartRadio usage and attracting new audiencesutilising NZME channels
•Invest in podcast content development
•Expand the content offering for youth audio with KICK
•Grow The Alternative Commentary Collective sport proposition to reach new audiences
Radio Revenue Share40.4%
2
40.9%
2
> 1% share
point growth
per annum
•Leverage market studies to increase overall market size
•Lead the market in advertising effectiveness with innovative and measurable ad formats
•Utilise strength of NZME’s reach and platforms to grow regional radio share
Digital audio revenue
as a % of total audio
revenue
2.4%3.4%5%
•Further develop programmatic sales channel
•Improve performance and monetisation with increased addressability rates
•Grow the audio market by accessing digital advertising budgets
•Develop premium podcast products
EBITDA
3
Margin Target
(pre NZIFRS16)
14%
4
12%15 –17%

1515

1616
200
250
300
350
400
450
500
550
600
650
700
Q1 18 - Q4 18Q2 18 - Q1 19Q3 18 - Q2 19Q4 18 - Q3 19Q1 19 - Q4 19Q2 19 - Q1 20Q3 19 - Q2 20Q4 19 - Q3 20Q1 20 - Q4 20Q2 20 - Q1 21Q3 20 - Q2 21Q4 20 - Q3 21
NZ HeraldHerald On Sunday
Brand Audience (000’s)
1.Nielsen CMI Q1 18 –Q3 21, AP 15+
2.Nielsen CMI Fused Q4 20 –Q3 21, Nov 2021, AP 15+. (Fused Jan 20 –Fused Nov 21) Note: Dec is not released until March 2022.
Readership (000’s)
NZ Herald (Mon-Sat) and Herald on
Sunday Average Issue Readership
1
NZ Herald Daily and Weekly
Brand Audience
1
AUDIENCES CONTINUE TO ENGAGE
Audience (000’s)
NZME Total Monthly Digital Users
2
High readership
engagement
during Covid-19
1,400
1,600
1,800
2,000
2,200
2,400
2,600
2,800
3,000
Jan-20
Mar-20
May-20
Jul-20
Sep-20Nov-20
Jan-21
Mar-21
May-21
Jul-21
Sep-21Nov-21
NZME Totalnzherald.co.nz
500
700
900
1,100
1,300
1,500
1,700
1,900
2,100
2,300
Q1 18 - Q4 18Q2 18 - Q1 19Q3 18 - Q2 19Q4 18 - Q3 19Q1 19 - Q4 19Q2 19 - Q1 20Q3 19 - Q2 20Q4 19 - Q3 20Q1 20 - Q4 20Q2 20 - Q1 21Q3 20 - Q2 21Q4 20 - Q3 21
Daily Brand AudienceWeekly Brand Audience

1717
Subscriptions Mix
# of subscribers
TOTAL SUBSCRIBERS GROWING
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.
Print Subscriber Volume and Yield
1
Yield ($)
Subscriber Volume (millions)
# of subscribers
Annual Yield per Subscriber
Digital Subscription Volume and Yield
$-
$50
$100
$150
$200
$250
-
10,000
20,000
30,000
40,000
50,000
60,000
70,000
80,000
90,000
Q2 2019Q3 2019Q4 2019Q1 2020Q2 2020Q3 2020Q4 2020Q1 2021Q2 2021Q3 2021Q4 2021
Digital Subs VolumeAnnual Yield Per Sub
1.0
1.1
1.2
1.3
1.4
1.5
1.6
1.7
1.8
-
2.0
4.0
6.0
8.0
10.0
12.0
14.0
Q1 2019Q2 2019Q3 2019Q4 2019Q1 2020Q2 2020Q3 2020Q4 2020Q1 2021Q2 2021Q3 2021Q4 2021
Subscriber VolumeYield
-
20,000
40,000
60,000
80,000
100,000
120,000
140,000
160,000
180,000
200,000
Jan-20
Mar-20
May-20
Jul-20
Sep-20Nov-20
Jan-21
Mar-21
May-21
Jul-21
Sep-21Nov-21
Print OnlyDigital EntiltedDigital Only

1818
$ million20212020% Change
Print subscriptions​
55.455.8(1%)
Digital subscriptions​
11.66.675%
Retail outlet sales​
14.916.9(12%)
Total reader revenue
81.979.33%
Print advertising​
65.062.15%
Digital advertising
56.144.626%
Total advertising revenue
121.1106.714%
Other​
8.915.5(42%)
Publishing revenue
212.0201.55%
People & Contributors
(79.6)(77.2)3%
Print & Distribution
(45.2)(40.2)13%
Agency Commission & Marketing
(20.4)(16.8)22%
Content(7.7)(7.0)10%
Other(12.5)(14.2)(12%)
Publishing expenses(165.5)(155.4)6%
Publishing EBITDA
1
(incl. NZ IFRS
16)
46.546.11%
NZ IFRS 16 Adjustment(7.7)(7.8)(1%)
Publishing EBITDA
1
(pre NZ IFRS 16)38.838.41%
EBITDA
1
Margin (pre NZ IFRS 16)​18%19%-1 ppt
•Total reader revenue grew 3% year-on-year with growth in
digital subscription revenue offsetting declines in retail outlet
sales and print subscription revenue.
•Print subscription revenue declined marginally with
decrease in volume of 3% mostly offset by a 2% increase in
yield. Retail outlet sales decline slowed in 2021.
•Digital subscriptions revenue increased 75% year-on-year,
driven by an increase of 30,000 digital subscribers.
•Digital and print advertising revenue grew 26% and 5%
respectively compared to 2020, resulting in digital making
up 46% of total publishing advertising revenue in 2021.
•Other revenue in 2020 includes government wage subsidy
received of $4.2 million.
•Agency commission increased in line with increased
revenue through the agency channel. Print & distribution
costs increased given the temporary cost savings achieved
in 2020.
•Excluding the impact of government wage subsidy received
in 2020, EBITDA margin was 17.0%.
PUBLISHING
For the full year ending 31 December 2021
1.EBITDA is a non-GAAP measure and is presented as including the impact of the IFRIC agenda decision on SaaS arrangements, however, it
excludes exceptional items (redundancy costs, one-off projects and other exceptional items).

1919
1.Stats.govt.nz Dwelling and household estimates: Dec 2021 quarter.
2.EBITDA is a non-GAAP measure and is presented as excluding the impact of NZ IFRS 16 but including the impact of the IFRIC agendadecision on SaaS arrangements. However, it excludes
exceptional items (redundancy costs, one-off projects and other exceptional items).
3.Includes Covid-19 government wage subsidy received in 2020.
4.Adjusted from19-20% to reflect the change in accounting policy on SaaS arrangements. Capital expenditure is expected to reduce by a similar amount.
NEW ZEALAND’SHERALD
Metric
FY 2020
Achievement
FY 2021
Achievement
2023 Target2022 Initiatives
Subscription
Volume Target
169,000
subscribers
191,000
subscribers
More than 210,000
subscribers by
2023year-end
•Improve Herald Premium customer value proposition and customer
experience, across key ‘moments that matter’
•Expand homepage and newsletter personalisation
•Enhance multi-media story telling –video, podcasts and data journalism
•Further differentiate through exclusive quality journalism
•Optimise pricing, packaging and bundlingfor subscriber growth
•Simplify and automate operating models
•Launch new subscription verticals
•Accelerate BusinessDesk growth
•Grow regional brands and content offering
Subscription
Volume Mix32% / 68%43% / 57%Digital Only > Print
% Households
Subscribing9%
1
10%
1
> 12% by year-end
Advertising
Revenue Mix
42% Digital46% Digital> 45% Digital
•Reach and engage new audiences with content initiatives across; Kahu,
Youth and Open Justice
•Continue to build out targeting capability
•Launch NZME AdHub -launch and scale self-service ad bookings
•Deliver new commercial video proposition
•Provide new B2B solutions leveraging BusinessDesk and NZH assets
EBITDA
2
Margin Target
(pre NZIFRS16)
19%
3
18%18-19%
4

2020

2121
OneRoof Auckland and national residential
for-sale listings as a % of Trade Me
1
1.OneRoof’s listings as a percentage of residential for-sale real estate listings on trademe.co.nz. Note: From June 2021 onwards lifestyle properties and sections were added to the OneRoof count.
2.Nielsen Online Ratings, Jan 2020 -Dec 2021
Audience (000’s)
ONEROOF AUDIENCE & LISTINGS
Upgrade %
% Listings
OneRoofDigital Residential for-sale
Listings Upgrade %
OneRoof Monthly Unique Online Audience
2
0
100
200
300
400
500
600
700
Jan-20
Mar-20
May-20
Jul-20
Sep-20Nov-20
Jan-21
Mar-21
May-21
Jul-21
Sep-21Nov-21
0%
20%
40%
60%
80%
100%
120%
Jan-20
Mar-20
May-20
Jul-20
Sep-20Nov-20
Jan-21
Mar-21
May-21
Jul-21
Sep-21Nov-21
Auckland %National %
0%
5%
10%
15%
20%
25%
30%
Q1 20Q2 20Q3 20Q4 20Q1 21Q2 21Q3 21Q4 21
AucklandRegional

2222
$ million20212020% Change
Print​
13.213.4(1%)
Digital​
8.14.390%
Other​
0.10.9(92%)
OneRoofrevenue
21.518.615%
People & Contributors
(6.4)(6.3)2%
Print & Distribution
(6.5)(6.3)4%
Agency Commission & Marketing
(4.4)(1.8)149%
Content(1.2)(1.2)(0%)
Other(0.7)(0.9)(16%)
OneRoofexpenses(19.3)(16.5)17%
OneRoof EBITDA
1
(incl. NZ IFRS 16)2.12.11%
NZ IFRS 16 Adjustment​(0.6)(0.5)5%
OneRoof EBITDA
1
(pre NZ IFRS 16)1.61.60%
EBITDA
1
Margin (pre NZ IFRS 16)​7%8%-1 ppt
Total Real Estate revenue across
allNZME brands​
41.334.918%
•OneRoof revenue increased 15% with growth in digital advertising
and listings revenue generating 90% year-on-year growth.
•Print advertising revenue remained flat compared to 2020.
•Otherrevenue in 2020 includes government wage subsidy
received of $700K.
•Marketing costs increased as OneRoof continued to invest for
growth to improve brand awareness, listings penetration and
listings upgrade conversion nationwide.
•Excluding the impact of the government wage subsidy received in
2020, EBITDA
1
margin was 4.7%.
•Real Estate revenue across all NZME brands increased 18% year-
on-year, with digital being the largest contributor.
ONEROOF
For the full year ending 31 December 2021
1.EBITDA is a non-GAAP measure and is presented as including the impact of the IFRIC agenda decision on SaaS arrangements, however, it excludes exceptional items (redundancy costs, one-off projects and
other exceptional items).

2323
1.OneRoof’slistings as a percentage of residential for-sale real estate listings on trademe.co.nz as of 31 Dec 2021.Excluding private listings
2.Nielsen Online Ratings, monthly average for Q42021 (FY 20 has been amended to be the gap as of Q4 2020).
3.EBITDA is a non-GAAP measure and is presented as excluding the impact of NZ IFRS 16 but including the impact of the IFRIC agendadecision on SaaS arrangements. However, it excludes
exceptional items (redundancy costs, one-off projects and other exceptional items).
4.Includes Covid-19 government wage subsidy received in 2020.
YOUR COMPLETE
PROPERTY DESTINATION
Metric
FY 2020
Achievement
FY 2021
Achievement
2023 Target2022 Initiatives
Residential Listings89%
1
91%
1
100% of listings
•OneRoof focused resources nationally to drive listings growth
•New Build vertical strategy to increase listing penetration
Audience
459k,
gap to #1 of
250k
2
497k,
gap to #1 of
396k
2
Reduce gap to #1
•Continue OneRoof Brand campaign and increase localised marketing to drive
National Brand awareness and organic audiences to site
•Target audiences in the real estate funnel
•Launch new depth products to grow consumer and agent audiences
•Invest in stronger digital capability in Search and Conversion optimisation
Listings Upgrade %
17.6% Auckland
3.9% Regional
23.5% Auckland
5.4% Regional
50% of Auckland
residentiallistings
22% of regional
residentiallistings
•Delivery of bespoke product bundles and pricing models for different customer
segments
•Leverage data capability to increase targeting
Revenue24% / 76%38% / 62%Digital > Print
•Develop new listing verticals
•Evolve agent subscription solutions with new toolkit and solutions
•Continue growth in advertising revenue through key category sponsors and
acceleration of data led audience solutions
EBITDA
3
Margin
Target (pre NZIFRS16)
8%
4
7%15 -25%

24
•Revenue increased 25% to $3.0 million, due to
increase in Driven and Events income offset by
reduced share service revenue from third parties.
•Other costs reflects the increased number of
events delivered during the year.
$ million20212020% Change
Revenue​3.02.425%
People & Contributors
(3.7)(3.4)7%
Agency Commission & Marketing
(0.2)(0.3)(41%)
Content(0.4)(0.5)(25%)
Other(3.9)(3.2)23%
Corporate & other expenses(8.1)(7.4)10%
Corporate & other EBITDA
1
(incl. NZ IFRS 16)(5.1)(5.0)2%
NZ IFRS 16 Adjustment​(0.1)(0.1)25%
Corporate & other EBITDA
1
(pre NZ IFRS 16)(5.2)(5.0)2%
1.EBITDA is a non-GAAP measure and is presented as including the impact of the IFRIC agenda decision on SaaS arrangements, however, it excludes exceptional items (redundancy costs, one-off projects and other
exceptional items).
For the full year ended 31 December 2021
CORPORATE
& OTHER

25

26
•Operating EBITDA
1
was flat year-on-year.
•Segment revenue increased 9% to
$345.5 million, reflecting a strong growth in digital
revenue and some recovery from the impacts of
Covid-19.
•Other revenue in 2020 includes government wage
subsidy received of net $8.6 million.
•Operating expenses increased 7% to
$283.2 million, driven by higher costs in line with
increased volumes and higher revenue. 2020 also
included temporary cost savings.
•Operating NPAT
1
increased 6% to $23.6 million
and Operating Earnings per Share increased to
11.9 cents per share.
$ million
20212020% change
Segment revenue345.5317.39%
Other revenue3.713.8(73%)
Operating Revenue
1
349.2331.25%
Operating expenses
1
(283.2)(265.2)7%
Operating EBITDA
1
66.066.00%
Depreciation and amortisation on owned assets
(14.9)(16.0)(7%)
Depreciation on leased assets(11.4)(12.5)(9%)
Interest income0.10.1116%
Finance cost(7.3)(8.3)(12%)
Operating NPBT
1
32.629.311%
Taxation expense(9.0)(7.0)28%
Operating NPAT
1
23.622.26%
Operating Earnings per Share (cents)
1
11.911.3 6%
1.Operating results presented are non-GAAP measures that include the impact of NZ IFRS 16 and the IFRIC agenda decision on Software-as-a-Service (SaaS) arrangements, however, exclude exceptional items to allow
for a like for like comparison between 2020 and 2021 financial years. For the avoidance of doubt, 2020 has been restated to include the impact of the IFRIC agenda decision on SaaS arrangements. Please refer to
pages 38-39 of this results presentation for a detailed reconciliation. The 2020 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 2021
OPERATING
RESULTS

27
EXPENSES
•People and contributors expenses were 3%
higher, but remains well down on 2019 levels of
$153.8 million
2
.
•Print and distribution costs were 11% higher due
to tempoarary cost savings achieved in 2020.
•Agency commission and marketing costs
increased to $16.2 million, largely driven by
increases in revenue and investment in
OneRoof.
•Content expenses increased 9% year-on-year, in
line with increases in music royalties and digital
content.
•Exceptional items includes $15.4 million profit on
the sale of GrabOne, which was completed on 29
October 2021.
For the full year ended 31 December 2021
$ million
20212020% change
People and contributors
144.8140.53%
Print and distribution
51.846.511%
Agency commission and marketing
43.334.725%
Content
16.214.99%
Other expenses:
Property
6.25.610%
IT and communications
11.011.9(8%)
Other
10.011.0(9%)
Total other expenses
27.128.6(5%)
Total operating expenses
1
283.2265.27%
Exceptional items:
Redundancies​
2.08.3
One off projects and other exceptional items​
1.70.5
Gain on sale of GrabOne
(15.4)-
Other
0.9(0.8)
Total exceptional items
(10.8)8.0
1.Operating results presented include the impact of NZ IFRS 16 and the IFRIC agenda decision on SaaS arrangements, however, exclude exceptional items to allow for a like for like comparison between 2020 and 2021
financial years. Please refer to pages 38-39 of this results presentation for a detailed reconciliation.
2.2019 people & contributor costs of $153.8 million has not been adjusted for SaaS arrangements.

28
•Net working capital excluding cash continues to
be a net liability due to increases in tax payable,
deferred revenue, creditors and other accruals.
These more than offset the reduction in merchant
liabilities as a result of the sale of GrabOne.
•Plant property & equipment, intangibles and other
non-current assets decreased due to depreciation
and amortisationexceeding capital expenditure.
•Right of Use assets reduced in line with the
reduction in lease liabilities as the term reduces
together with the reclassification of a portion of
the asset to a finance lease receivable in relation
to the sub-leased part of the Auckland and
Whangarei offices.
•Debt was fully repaid and the company finished
the year with a net cash position of $13.5 million.
$ million
31 December
2021
31 December
2020
Trade, other receivables and inventory
47.145.4
Trade and other payables
(53.8)(43.8)
Current tax payable
(4.7)(1.6)
Net working capital assets held for sale
-(7.1)
Net working capital excluding cash
(11.4)(7.2)
Plant property & equipment, intangibles and other non-
current assets
175.0185.7
Right of use assets (NZ IFRS 16)
67.585.4
Lease liabilities (NZ IFRS 16)
(96.8)(107.5)
Finance lease receivable (NZ IFRS 16)
5.8-
Net cash / (interest-bearing liabilities)
13.5(33.8)
Deferred tax
3.51.9
Net assets held for sale
-1.9
Net Assets
157.1126.5
For the full year ended 31 December 2021
BALANCE
SHEET

29
•Cash flow from operations was $3.8m lower than
2020 primarily as a result of higher tax paid for
the year, a smaller movement in working capital
partly offset by lower exceptional items.
•Capital expenditure was $6.5 million for the year,
which was $1.5 million higher than 2020. Both
years have been adjusted for the SaaS
accounting policy change.
•Ongoing capital expenditure is expected to be
approximately $8 million -$10 million per annum.
•Proceeds from sale of assets includes cash
proceeds on sale of GrabOne of $17.5 million.
$ million2021
2020
Operating EBITDA
1
66.066.0
NZ IFRS 16 net interest on leases​
(5.0)(4.8)
Dividendand interest received
0.10.1
Interest paid on bank facilities​
(2.1)(3.1)
Working capital movement​
4.29.8
Exceptional items​
(3.7)(8.0)
Tax paid​
(7.3)(2.7)
Non-cash items in EBITDA​
(0.4)(1.6)
Cash flow from operations
51.855.6
Capital expenditure​
(6.5)(5.0)
Proceeds from sale of assets
19.40.0
NZ IFRS 16 net lease principal repayment
(10.8)(9.5)
Dividend paid
(5.9)-
Cash movement in Net Debt
48.041.1
Non-cash borrowing costs​
(0.6)(0.2)
Movement in Net Debt
47.440.9
For the full year ended 31 December 2021
CASH
FLOWS
1.Operating results presented are non-GAAP measures that include the impact of NZ IFRS 16 and the IFRIC agenda decision on Software-as-a-Service (SaaS) arrangements, however, exclude exceptional items to allow
for a like for like comparison between 2020 and 2021 financial years. For the avoidance of doubt, 2020 has been restated to include the impact of the IFRIC agenda decision on SaaS arrangements. Please refer to
pages 38-39 of this results presentation for a detailed reconciliation. The 2020 operating and statutory results include $8.6 million (net) of Covid-19 government wage subsidy received in H1 2020.

30
•Repaid remaining debt resulting in a net cash
position of $13.5 million as at31 December
2021.
•Leverage ratio below target range.
•Fully imputed and fully franked final dividend
declared of 5 cents per share, taking total
dividends for the year to 8 cents per share.
•Market buy back expected to commence in
March 2022.
31 December
2021
31 December
2020
12-months Operating EBITDA (pre NZ IFRS16)
1
50.453.0
2
Interest Expense
1.92.9
Net interest cover (Operating EBITDA (pre NZ IFRS16)
1
/ Interest
Expense)
26.4 18.1
Net Debt / (Cash) ($ million)
(13.5)33.8
Leverage Ratio (Net debt / 12-month Operating EBITDA (pre NZ
IFRS16)
1
)
(0.3)0.6
For the full year ended 31 December 2021
CAPITAL
MANAGEMENT
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.Operating results presented are non-GAAP measures that include the impact of NZ IFRS 16 and the IFRIC agenda decision on Software-as-a-
Service (SaaS) arrangements, however, exclude exceptional items to allow for a like for like comparison between 2020 and 2021financial years.
For the avoidance of doubt, 2020 has been restated to include the impact of the IFRIC agenda decision on SaaS arrangements. Please refer to
pages 38-39 of this results presentation for a detailed reconciliation. The 2020 operating and statutory results include $8.6 million (net) of Covid-
19 government wage subsidy received in H1 2020.
2.2020 Operating EBITDA (pre NZ IFRS 16) as previously stated in 2020 FY results announced on 24 February 2021.
1.8
1.5
0.6
-
-0.4
0.0
0.4
0.8
1.2
1.6
2.0
-20.0
-
20.0
40.0
60.0
80.0
100.0
120.0
FY18FY19FY20FY21
Leverage Ratio
(Net Debt / 12 month Operating EBITDA)
Net Debt ($m)
Net Debt / (Cash) (LHS)

31

32
KEEPING KIWIS IN THE KNOW
KICK
NZME's new digital
brand, KICK,
developed by youth
and focused on
content formats and
strategies for New
Zealand's youth
audience, broadcast
across multiple
platforms.
Kāhu and TeRito
NZME launched Kāhu in
2021, NZ Herald’s digital
platform showcasing Māori
journalism across
Aotearoa. TeRitois a
collaboration to train
twenty-five new cadets, to
help future-proof journalism
as a career pathway and
enhance content diversity.
32
The 90% Project
An audacious bid by the
NZ Herald team to see
90% of the eligible
population immunised
by Christmas, helping
Kiwis reach the target
by 16 December 2021.
Home Truths
campaign
Exclusive journalism
that tackled and
uncovered New
Zealand’s housing
affordability crisis.
Myth-busting in an
age of misinformation
NZME used its news
and social platforms to
ensure audiences were
delivered accurate
facts, and fair and
balanced journalism.
Impact of COVID-19
on business
Deep dives into how
businesses are
coping during
COVID-19, including
the self-isolation
business trial
campaign.
NZME leveraged its powerful platforms to inform, improve and foster conversations on key topics in 2021

33
•We are early in our Omicron variant outbreak. The housing market is cooling,
and inflationary pressures are building. Given this,businesses are cautious in
their marketing approach at this time.
•Despite the uncertainty,we are pleased to see advertising revenues continue to
track above 2021, with Q1 2022 bookings currently tracking 4% above 2021
levels. This revenue growth is offsetting the inflationary cost pressures.
•Based on the earlytrends to date, we would expectEBITDA growth over 2021
despite the loss of the GrabOne contribution from 2021.
•Wecontinue to engage in dialogue with Google and Facebook regarding
accessing and supporting NZME’s editorial content.To date neither Google or
Facebook have provided offers in line with those achieved by media businesses
in Australia, once adjusted for New Zealand's smaller market and audience
size.NZME anticipates a decision from the Commerce Commission regarding
provisional authorisation to commence collective bargaining in the first week of
March 2022.
•Following this decision, NZME expects to commence the on-market buyback. A
further announcement will be made ahead of the on-market buyback to confirm
the commencement.
•The Annual Shareholders’ Meeting is scheduled for 11 April 2022. We look
forward to providing you with a progress update on the strategic priorities.
OUTLOOK

34

35

36
OUR SUSTAINABILITY COMMITMENT
Keeping Kiwis in the know
requires a commitment to
sustainable practices and the
wellbeing of our communities, our
people and our environment.
Measurement of NZME's key
sustainability initiatives
commencedin 2020 and the
following is a snapshot of our 2021
activity.
RESPONSIBLE REPORTING AND
BROADCASTING
In 2021, again with the presence of
Covid-19, NZME (as an essential service)
had a critical role to play to keep Kiwis
connected and informed. Using its
extensive range of platforms, three
significant campaigns were undertaken -
The 90% Project, #RollUpYourSleevesNZ
and a partnership with World Vision to
raise money for India, to deliver aid.
NZME has continued to invest in legal
challenges to suppressions, take down
orders and other media challenges.
CONNECTING COMMUNITIES
NZME has increased the diversity of
content and contributors across our
platforms, including through the launch
of Kāhu, NZ Herald's digital platform
showcasing Māori journalism from
newsrooms across Aotearoa.
NZME continued to hosttwo NZ On Air
funded Local Democracy Reporters in
our newsrooms.
SHARING OUR PLATFORMS
NZME continue to partner with a number
of organisations to champion charitable
causes and facilitate conversations that
matter. For example: Attitude Trust, Cure
Kids, Himalayan Trust, Prostate Cancer
Foundation of New Zealand, Ronald
McDonald House, Rotorua Community
Hospice, Variety and World Vision.
HEALTH AND SAFETY
The WellbeingAdvocatesinitiative
launched where our people volunteered
and undertook training to provideguidance
and support to anyone at NZME facing a
challenging time.
DIVERSITY AND INCLUSION
The employee-led Diversity & Inclusion
Committee is formed under five pou
(support streams): TangataWhenua and
Pasifika, Cultural Diversity, Gender
Equality, Rainbow Diversity and Mental
Health and Wellbeing. The Committee has
worked closely with our partners, Diversity
Works and Rainbow Tick to provide
awareness training and also celebrates a
calendar of cultural and awareness events.
EQUIPPING OUR PEOPLE
Working from home continues to be
embraced by our people, providing them
with opportunities to manage their day.
CHAMPIONING THE CRAFT
NZME employs 19 interns and cadets, and
its partnership with TupuToahas been a
success.
NZME was involved in the formation of Te
Rito, an industry collaboration to train and
develop 25 new journalism cadets –
including those from Māori, Pasifika,
LGBTQ and other communities traditionally
under-represented in media.
KICK launched on iHeartRadio -a digital
audio youth brand designed and built by
graduates of the New Zealand
Broadcasting School.
RECYCLING
We have identifiedand initiated recycling
of batteries, ink and toner cartridges at
more of our offices in 2021. NZME
supported Plastic-Free July and
Recycling Week in October.
BEST PRACTICE
NZME's print operations were again
awarded the ToituEnviromarkGold
certificate in 2021.
RESPONSIBILITY
Our motoring product and DRIVEN team
led the conversation on New Zealand’s
clean carelectric vehicle feebate
scheme.
NZ Herald continued to take part in the
annual Covering Climate Now -a global
news media initiative -along with
providingextensive coverage of COP26
in Glasgow.
There has been continued focus on
reducing the NZME motor vehicle fleet.

37
2021 DIVISIONAL PERFORMANCE
For the full year ended 31 December 2021
$m
Audio
PublishingOneRoofGrabOneOther2021 Total2020 Total% Change
Reader Revenue:
-Print
-70.3---70.372.7(3%)
-Digital
-11.6---11.66.675%
Reader Revenue
-81.9---81.979.33%
Advertising Revenue:
-Radio
101.0----101.091.610%
-Print
-65.013.2--78.375.54%
-Digital
3.656.18.1-0.868.751.833%
Advertising Revenue
104.6121.121.4-0.8247.9218.913%
Other Revenue
1.18.90.17.02.219.432.9(41%)
Total Revenue
105.7212.021.57.03.0349.2331.25%
People and Contributors
(52.3)(79.6)(6.4)(2.9)(3.7)(144.8)(140.5)3%
Print & Distribution
-(45.2)(6.5)--(51.8)(46.5)11%
Agency Commission & Marketing
(17.6)(20.4)(4.4)(0.7)(0.2)(43.3)(34.7)25%
Content
(6.7)(7.7)(1.2)(0.2)(0.4)(16.2)(14.9)9%
Other
(9.2)(12.5)(0.7)(0.8)(3.9)(27.1)(28.6)(5%)
Total Costs
(85.7)(165.5)(19.3)(4.6)(8.1)(283.2)(265.2)7%
Operating EBITDA
1
20.046.52.12.4(5.1)66.066.00%
NZ IFRS 16 Adjustments
(7.0)(7.7)(0.6)(0.2)(0.1)(15.6)(14.3)9%
EBITDA (pre NZ IFRS 16)
2
13.038.81.62.2(5.2)50.451.7(2%)
EBITDA (pre NZ IFRS 16)
2
Margin %
12%18%7%32%-14%16%-1 ppt
1.Operating results presented include the impact of NZ IFRS 16 and the IFRIC agenda decision on Software-as-a-Service (SaaS) arrangements, however, exclude exceptional items to allow for a like for like comparison
between 2020 and 2021 financial years. For the avoidance of doubt, 2020 has been restated to include the impact of the IFRIC agenda decision on SaaS arrangements.Please refer to pages 35-36 of this results
presentation for a detailed reconciliation. The 2020 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.
Cost pools that relate to
multiple divisions have
been allocated based on
revenue, geography and
headcount.
NZME received no
Government wage subsidy
compared to $8.6 million
(net) received in 2020.
2020 has been restated to
include the impact of the
IFRC guidance on SaaS
arrangements.

38
RECONCILIATION OF OPERATING RESULTS
TO FINANCIAL STATEMENTS
12 MONTHS ENDED 31 DECEMBER 2021
$ million
Operating
Results excl.
SaaS
Adjustment
and NZ IFRS 16
SaaS
Adjustment
Operating
Results excl.
NZ IFRS 16
NZ IFRS 16
Adjustments
Operating
Results incl. NZ
IFRS 16
Reclassificatio
n of Items
Exceptional
and
Other Items
Per Financial
Statements
Segment revenue
345.5-345.5345.53.1-348.6
Other revenue
4.0-4.0(0.3)3.7(2.9)16.317.1
Total revenue
349.5-349.5(0.3)349.20.116.3365.6
Expenses
(300.7)1.7(299.0)15.9(283.2)-(3.7)(286.9)
EBITDA
48.81.750.415.666.00.112.678.8
Depreciation and amortisation
(12.8)(2.1)(14.9)(11.4)(26.3)--(26.3)
EBIT
36.0(0.4)35.64.139.70.112.652.5
Share of loss of JV’s
-----(0.5)(0.5)
Impairment of assets
------(2.5)(2.5)
Net interest expense
(2.1)-(2.1)(5.0)(7.1)(0.1)-(7.3)
Net profit/(loss) before tax
33.8(0.4)33.4(0.9)32.6-9.742.3
Tax
(9.1)0.1(9.0)-(9.0)-1.2(7.8)
Net profit/(loss) after tax
24.7(0.3)24.4(0.9)23.5-10.834.4

39
RECONCILIATION OF OPERATING RESULTS
TO FINANCIAL STATEMENTS
12 MONTHS ENDED 31 DECEMBER 2020
$ million
Operating Results
excl. IFRS 16
(previously
reported)
Restatement
(SaaS)
Operating Results
excl. IFRS 16
NZ IFRS 16
Adjustments
Operating Results
incl. IFRS 16
Reclass of items
Exceptional and
Other Items
Per Restated
Financial
Statements
Segment revenue
317.3-317.3-317.34.8-
322.1
Other revenue
13.8-13.8-13.8(4.7)4.0
13.1
Total revenue
331.2-331.2-331.20.14.0
335.2
Expenses
(278.1)(1.3)(279.5)14.3(265.2)-(10.1)
(275.3)
EBITDA
1
53.0(1.3)51.714.366.00.1(6.2)
59.9
Depreciation and
amortisation
(17.7)1.7(16.0)(12.5)(28.5)--
(28.5)
EBIT
1
35.3(0.3)35.71.837.50.1(6.2)
31.4
Share of loss of JV’s
------(0.4)
(0.4)
Impairment of software
------(3.5)
(3.5)
Net interest expense
(3.2)-(3.2)(5.0)(8.2)(0.1)-
(8.3)
Net profit/(loss) before tax
1
32.20.332.5(3.2)29.3-(10.1)
19.2
Tax
(6.9)(0.1)(7.0)-(7.0)-2.3
(4.7)
Net profit/(loss) after tax
1
25.20.225.5(3.2)22.2-(7.8)
14.5
1.2020 operating and statutory results include $8.6 million (net) of Covid-19 government wage subsidy received.

40
IMPACT OF GRABONE SALE
For the full year ended 31 December 2021
$ million
2021
Gain on Sale
Sale Price17.5
Book Value of Assets(1.6)
Sale Costs(0.6)
Gain on Sale15.4
Cash Flow
Sale Price17.5
Merchant Liabilities to be settled(3.9)
Sale Costs(0.5)
Net Cash Inflow13.1
•GrabOne sale was announced in August 2021
and completed on 29 October 2021.
•The business and assets were sold for
$17.5 million which, after settling merchant
liabilities and sale costs, will result in a total net
cash inflow of $13.1 million.
•Historically, GrabOne has contributed
approximately $3m to EBITDA annually.

41
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 2021.
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 and IFRS Interpretations Committee’s (IFRIC’s)
agenda decision on configuration and customisationcosts in relation to Software as a Service (SaaS)
arrangements in 2021. Operating results as stated throughout this presentation refer to results including the
adjustments for the adoption of NZ IFRS 16, SaaS arrangements and prior to exceptional items. For the
avoidance of doubt, 2021 operating results include the adoption of SaaS Arrangements and 2020 has been
restated for comparison purposes. Please refer to pages 38-39of this presentation for a detailed
reconciliation to these results excluding NZ IFRS 16 adjustments, SaaS arrangements and to the statutory
results. Further detail has been provided in note 1.2.3 of the financial statements in the 2021 Annual Report
for the restatement of the 2020 balance sheet in relation to SaaS arrangements.
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.
DISCLAIMER

---

KEEPING
KIWIS

IN THE
KNOW
NZME LIMITED ANNUAL REPORT
For the year ended 31 December 2021

This annual report is dated 22 February 2022 and is signed
on behalf of the Board of Directors by:
Carol Campbell
Director
Barbara Chapman
Chairman
4
2021 Financial Results Summary
5
Business Snapshot
8
Chairman’s Report
10
Chief Executive Officer’s Report
12
Financial Commentary
17
Our Sustainability Commitment
28
The NZME Board
30
The NZME Executive Team
32
Corporate Governance
44
Statutory Disclosures
48
Consolidated Financial Statements
104
Independent Auditor’s Report
110
Directory
CONTENTS
2 NEW ZEALAND MEDIA AND ENTERTAINMENT

ANNUAL REPORT 2021 3

1
Operating results presented are non-GAAP measures that include the impact of NZ IFRS 16 and the IFRIC agenda decision on Software-as-a-Service (SaaS)
arrangements, however, exclude exceptional items to allow for a like for like comparison between 2020 and 2021 financial years. For the avoidance of
doubt, 2020 has been restated to include the impact of the IFRIC agenda decision on SaaS arrangements. Please refer to pages 38-39 of this results
presentation for a detailed reconciliation. The 2020 operating and statutory results include $8.6 million (net) of Covid-19 government wage subsidy
received in H1 2020.
2021 FINANCIAL
R E S U LT S
SUMMARY
$13.5m
Net Cash
Movement
$ 4 7.4 m
$34.4m
Statutory NPAT
1
2020 $14.5m138%
$23.6m
Operating NPAT
1
2020 $22.2m6%
11.9cps
Operating EPS
1
2020 11.3cps6%
5.0 cps
Final Dividend
Payable on 23 March 2022
$349.2m
Operating Revenue
1
2020 $331.2m5%
$66.0m
Operating EBITDA
1
2020 $66.0m
4 NEW ZEALAND MEDIA AND ENTERTAINMENT

1
GfK RAM, Commercial Radio, Total NZ 4/2021, M-S 12mn-12mn, M-F 6am-9am, Share %, Cume 000, AP10+
2
Adswizz Jul-Dec 2021 TLH averaged
3
PwC Radio advertising market benchmark report, Q1 2021 – Q4 2021. Note: report excludes independent broadcasters and contra revenue.
4
Nielsen CMI
Q4 20 – Q3 21 Fused Nov 2021 AP15+ Note. OneRoof includes weekly print and monthly digital.
5
Nielsen Online Ratings Q4 2021 AP15+ (excludes APP)
6
NZME Analysis 7 PwC NPA quarterly performance comparison report, Q1 2021 – Q4 2021. Note: report excludes any publishers that are not part of the NPA.
8
OneRoof’s listings as a percentage of residential for-sale real estate listings on trademe.co.nz. Note: From June 2021 onwards lifestyle properties and
sections were added to the OneRoof count.
BUSI NE S S
SNAPSHOT
AUDIO
101.9 million#1 Station
Audio brandsWeekly radio
total listeners
1
Newstalk ZB is the number one
commercial radio station
1
6 million3 7.4 %40.9%
Over 6 million hours are
listened to monthly through
iHeartRadio
2
NZME radio brand
audience market share
1
NZME radio revenue
market share for 2021
3
PUBLISHING
322.2 million191,000
Print publications across
New Zealand
NZ Herald weekly
brand audience
4
Subscribers across
print and digital
6
2 million55.6%4 7.4 %
Average monthly unique
audience on nzherald.co.nz
5
NZME print audience
market share
4
NZME print advertising
revenue market share for 2021
7
ONEROOF
12
853,00090%
Real estate
publications
OneRoof
brand audience
4
Increase in total digital
revenue year-on-year6
497,00091%23.5%
Average monthly unique
audience on oneroof.co.nz5
Nationwide residential
for-sale real estate listings
8
Listings upgrades in Auckland
grew from 17.6%6
ANNUAL REPORT 2021 5

6 NEW ZEALAND MEDIA AND ENTERTAINMENT

ANNUAL REPORT 2021 7

CHAIRMAN’S
REPORT
New Zealand experienced another difficult
year in 2021 with COVID-19 re-emerging
in the community in August, resulting in
full lockdowns and intra-country border
restrictions effectively isolating our largest
city – Auckland. As I reflect on 2021, I am
very proud of what NZME has been able
to achieve in what has been an incredibly
challenging and uncertain trading and
operating environment for our customers
and our people.
In 2020, NZME softened the impact of the
initial COVID-19 outbreak by responding
quickly and effectively. We prioritised the
health and safety of our people, made
some difficult restructuring decisions and
reduced costs where we could. With this
preparation, in 2021 the management team
were able to continue their commitment to
NZME’s 2023 strategy and continue steering
the business back to pre-pandemic levels
and a growth trajectory.
Overall Operating Revenue1 was solid at
$349.2 million, up 5% higher on 2020.
This included a significant recovery
in advertising revenue, up 13% on the
previous year. It has been pleasing to see
NZME’s continued digital transformation
in 2021 with 37% growth in digital revenue
across the business.
Statutory Net Profit After Tax in 2021 was
up $20 million to $34.4 million, partly as a
result of the gain on sale of GrabOne of
$15.4 million. Operating NPAT1 was
$23.6 million – an improvement of 6% on
the year prior.
I was incredibly proud of the important
role NZME played in keeping Kiwis in the
know, particularly given the challenges
New Zealand faced with the emergence
of COVID-19 in our communities.
A particular highlight was taking the lead
to initiate “The 90% Project”, a NZ Herald
campaign to drive the double vaccination
of New Zealand’s eligible population to
90% by Christmas 2021. NZME also ran an
internal campaign, #RollUpYourSleevesNZ,
to encourage our staff to support the
important vaccination message.
The initiative was a huge success, with
90% of the eligible population receiving
two doses of the vaccine by 16 December,
helping Kiwis stay safe against COVID-19
and go about their daily lives. Through this
campaign we evidenced how seriously we
take our responsibility to be a trusted voice
for New Zealand and effectively use the
influence we have through our platforms to
make a positive impact for all Kiwis.
In 2021, NZME kept a close eye on the
legislation passed by the Australian
government requiring Google and
Facebook (“Global Digital Platforms”) to
negotiate with news publishers to pay for
their content. In the absence of similar
legislation in New Zealand we are actively
engaging with the New Zealand Commerce
Commission and the Global Digital
Platforms to arrive at a satisfactory outcome
for NZME.
Just over three years ago the company’s
net debt position was around $100 million,
which led the Board to focus strongly on debt
reduction as part of its capital management
plan. I am very pleased to report that over the
past three years NZME has repaid all its debt
and was in a net cash position of $13.5 million
as at 31 December 2021.
Continued strong cash flows during 2021
enabled NZME to re-commence dividend
payments to shareholders with a fully
imputed and fully franked 3.0 cents
per share interim dividend declared in
August 2021. Based on the business
outlook and capital requirements, the
Board has declared a fully imputed and
fully franked final dividend of 5.0 cents
per share bringing the total dividends
declared in relation to the 2021 year to
8.0 cents per share.
Kia ora and welcome to the New Zealand Media and Entertainment Annual
Report for the year ended 31 December 2021.
1
Operating results presented include the impact of NZ IFRS 16 and the IFRIC agenda decision on Software-as-a-Service (SaaS) arrangements, however,
exclude exceptional items to allow for a like for like comparison between 2020 and 2021 financial years. For the avoidance of doubt, 2020 has been
restated to include the impact of the IFRIC agenda decision on SaaS arrangements. Please refer to pages 38-39 of this results presentation for a detailed
reconciliation. The 2020 operating and statutory results include $8.6 million (net) of COVID-19 government wage subsidy received in H1 2020.
Through The 90% Project we evidenced
how seriously we take our responsibility
to be a trusted voice for New Zealand and
effectively use the influence we have
through our platforms to make a positive
impact for all Kiwis.
8 NEW ZEALAND MEDIA AND ENTERTAINMENT

KEEPING
KIWIS
I N TH E
KNOW
Following the settlement of the GrabOne
sale in October 2021 and the repayment
of debt, NZME’s balance sheet is in a strong
position. With these factors in mind, the
Board determined that it would commence
a $30 million on-market share buyback
programme. The disclosure document
was issued on 17 December 2021 with
the buyback of up to 21,428,571 shares.
A further announcement will be made
ahead of the on-market share buyback
to confirm the commencement.
NZME is committed to delivering shareholder
value by focusing on our guiding principles,
our key strategic priorities and achieving
the targets we have set for 2023. Alongside
resuming the payment of dividends and
the expected execution of the on-market
buyback, we remain in a strong position
to make future capital investments that
align with our strategic priorities and fuel
NZME for growth.
On behalf of the Board, I would like to
express our sincere thanks to our people,
our customers, partners and shareholders
for your commitment and ongoing support
during what has been another disrupted
and challenging year.
The 90% Project
An audacious bid by the NZ
Herald team to see 90% of the
eligible population immunised by
Christmas, helping Kiwis reach
the target by 16 December 2021.
KICK
NZME's new digital brand,
KICK, developed by youth and
focused on content formats and
strategies for New Zealand's
youth audience, broadcast across
multiple platforms.
Myth-busting in an age
of misinformation
NZME used its news and social
platforms to ensure audiences
were delivered accurate facts,
and fair and balanced journalism.
Kāhu and Te Rito
NZME launched Kāhu in 2021, NZ
Herald’s digital platform showcasing
Māori journalism across Aotearoa. Te
Rito is a collaboration to train twenty-
five new cadets, to help future-proof
journalism as a career pathway and
enhance content diversity.
Impact of COVID-19 on business
Deep dives into how businesses are
coping during COVID-19, including
the self-isolation business trial
campaign
Barbara Chapman
Chairman
Net Debt Reduction
120
100
80
60
40
20
-
-20.0
2.0
1.6
1.2
0.8
0.4
0.0
Net Debt ($m)
Net Debt / (Cash) (LHS)
Leverage Ratio
(Net Debt / 12 Month Operating EBITDA)
2018
1.8
1.5
2019
0.6
2020
-
2021
ANNUAL REPORT 2021 9

Our people have continued to demonstrate
an outstanding commitment to our purpose,
ensuring we are delivering quality journalism
and entertainment for our audiences.
The 2021 year started with promising signs of
recovery, with June 2021 revenues returning
to 2019 levels. However, the reintroduction
of restrictions across the nation in August
reduced overall business confidence and
momentum, impacting NZME’s advertising
revenues through until the end of October.
Throughout this time the business remained
agile, ensuring we continued to service our
audiences and our advertising customers
whilst keeping Kiwis in the know.
The Operating EBITDA1 for 2021 of
$66.0 million, was in line with last year’s
result. This is pleasing given the impact
of COVID-19 restrictions on revenue in
the second half of the year, particularly
without the benefit of the government wage
subsidies that helped offset impacts in 2020.
NZME’s Key Strategic Priorities
I am pleased to report that we continued
to make strong progress across NZME's
three strategic pillars: Audio, Publishing
and OneRoof.
NZME’s share of total radio audience grew
nearly two percentage points to 37.4%
in 2021 compared to 35.6% in 20202. We
worked hard to provide Kiwis with the best
local audio content and we are extremely
proud that Newstalk ZB has the number
one breakfast show3 and is New Zealand's
number one radio station for the 14th year
running3
.
5. We also announced exciting line-
up changes to NZME’s radio brands Flava,
The Hits and ZM.
Radio revenue share grew 0.5% in 2021 to
40.9%4 and NZME radio advertising revenue
grew 10% year-on-year. Revenue from
iHeartRadio, New Zealand’s leading digital
audio platform, increased 51% year-on-year.
iHeartRadio broadens our audio reach
across both terrestrial radio and digital
audio, positioning NZME as New Zealand’s
leading audio company.
The NZ Herald remained the number one
daily newspaper in New Zealand5 as NZME
continued to engage audiences across
both print and digital news publications.
The execution of the publishing division’s
digital media strategy continued to
perform strongly, resulting in strong digital
subscription and advertising revenue
growth. NZME reached 191,000 total
subscribers, up 13% compared to 2020.
83,000 of those subscribers were paid
digital-only subscribers, an increase of 54%
year-on-year. This was supported by strong
growth in total monthly digital users in 20216.
Digital and print publishing advertising
revenue grew 26% and 5% respectively
compared to 2020, with digital making
up 46% of total publishing advertising
revenue in 2021.
We were pleased to acquire BusinessDesk
in 2022 and welcome their team to NZME.
The acquisition is strongly aligned with
NZME’s strategic priorities and we are
excited to accelerate the digital growth of
BusinessDesk and further cement NZME
as the home of New Zealand’s premier
business offerings.
OneRoof grew digital national residential
listings penetration7 to 90.5% compared to
88.6% in 2020. Residential for-sale listings
upgrade conversion rates for Auckland
and Regional markets increased to 23.5%
and 5.4% respectively. This resulted in
OneRoof’s digital revenue increasing 90%
year-on-year as NZME’s digital real estate
platform continues to show strong growth.
OneRoof’s print advertising revenue
remained flat year-on-year, impacted by
the reintroduction of COVID-19 restrictions
in the second half of 2021. We continue
investment to increase brand awareness
and monetisation, striving to become ‘Your
Complete Property Destination’.
The GrabOne sale was completed on
29 October 2021. The business and assets
were sold for $17.5 million which, after
settling merchant liabilities and sale costs,
resulted in a net cash inflow of $13.1 million.
During the year Jason Winstanley was
appointed as the new Chief Radio Officer and
Paul Hancox as the new Chief Commercial
Officer. Both were internal appointments,
exhibiting the talent of our people and
the wealth of experience that they bring.
In addition, Carolyn Luey was appointed
Chief Digital and Publishing Officer.
Carolyn has significant experience across
telecommunications, technology and media.
2021 Financial Results
The first half of 2021 showed positive signs
of recovery compared to 2019 revenue
levels. By June 2021, monthly advertising
revenue exceeded the corresponding period
in 2019. The reintroduction of COVID-19
restrictions across the country in Q3 2021
impacted advertising revenue and print
retail sales. Despite these challenges, NZME
1
Operating results presented are non-GAAP measures that include the impact of NZ IFRS 16 and the IFRIC agenda decision on Software-as-a-Service (SaaS)
arrangements, however, exclude exceptional items to allow for a like for like comparison between 2020 and 2021 financial years. For the avoidance of doubt,
2020 has been restated to include the impact of the IFRIC agenda decision on SaaS arrangements. Please refer to pages 38-39 of this results presentation
for a detailed reconciliation. The 2020 operating and statutory results include $8.6 million (net) of Covid-19 government wage subsidy received in H1 2020.
2 GfK Radio Audience Measurement, Commercial Stations, NZME excl. Partners, M-S 12mn-12mn, Market Share %, S4 2020 – S4 2021, AP10+.3 GfK RAM,
Commercial Radio, Total NZ 4/2021, M-F 6am-9am, Share %, AP10+
3.5
GfK RAM, Commercial Radio, Total NZ S1 2016 - S4 2021, M-S 12mn-12mn, Share %,
AP10+ Note: TNS Radios survey 2008-2015.4 PwC Radio advertising market benchmark report, Q1 2020 – Q4 2021. Note: report excludes independent
broadcasters and contra revenue. 5 Nielsen CMI Q4 20 – Q3 21 Fused Nov 2021 AP15+. 6 Nielsen Online Ratings monthly average Jan-Dec 2021 compared
to Jan-Dec 2020. 7 OneRoof’s listings as a percentage of residential for-sale real estate listings on trademe.co.nz. Note: From June 2021 onwards lifestyle
properties and sections were added to the OneRoof count.
New Zealand Media and Entertainment remained steadfast in its goal of keeping
Kiwis in the know, despite significant uncertainty in 2021 due to COVID-19.
CHIEF EXECUTIVE
OFFICER’S REPORT
10 NEW ZEALAND MEDIA AND ENTERTAINMENT

ended the year strongly with both
November and December advertising
revenue exceeding 2019 levels.
2021 operating revenue1 was
$349.2 million, up 5% compared
to 2020. Excluding the government
wage subsidies received in 2020 of
$8.6 million (net), the growth year-
on-year was 8%.
NZME's revenue mix shifted with a
higher proportion of digital revenue in
2021. Digital revenue grew $21.6 million
to $79.5 million 2021 or 37% compared
to 2020. It was very pleasing to deliver
this growth as we execute our digital
transformation strategy.
Advertising revenue grew 13% to
$248.5 million in 2021 compared
to $220.1 million in 2020. Radio
advertising revenue was 10% higher
than 2020 with the first half of the
year up 17% on the same period
in 2020. Print advertising revenue
recovered marginally year-on-year,
with the majority of advertising
revenue growth coming from a 26%
lift in publishing digital advertising
revenue. We are positioned
exceptionally well to offer our
customers one of the broadest
integrated media offerings in the
country and our teams have done a
great job catering to our customers'
advertising needs across NZME’s
platforms.
The continued growth in digital
subscriptions revenue more than
offset the decline in print retail sales
to deliver a 3% growth in publishing
reader revenue for the year.
Operating expenses1 were 7% higher
in 2021 in line with increased volumes
and higher revenue, but pleasingly
remain well below 2019 as a result of
the initiatives implemented in 2020
to permanently reduce the cost base
by $20 million. We remain focused on
ensuring that our cost base remains
efficient and appropriate.
Conclusion
The positive results achieved in
2021 have been made possible by the
dedication of our team of people, and
through the support of our customers
and business partners.
I would also like to thank the millions
of Kiwis who choose to engage with
our news and entertainment platforms
every day.
On behalf of myself and the executive
team, I would like to thank the NZME
Board for their ongoing support
and guidance, which has been
particularly valuable as we have
navigated our way through the
challenges of recent years.
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
NEW ZEALAND’S
HERALD
The #1 News brand for
all New Zealanders
Subscriber
first
Be a safe, scalable
destination for advertisers
YOUR COMPLETE
PROPERTY
DESTINATION
Strengthen core residential
listings business
Be indispensable
to agents
Expand the portfolio
ANNUAL REPORT 2021 11

Financial Results
Statutory NPAT1 for 2021 was $34.4 million,
compared to $14.5 million in 2020. 2021
Statutory NPAT included a $15.4 million
gain on sale of GrabOne. Operating EBITDA1
was $66.0 million in 2021, flat year-on-year.
Operating Revenue2 was $349.2 million in
2021, up 5% compared to $333.2 million in
2020. Operating revenue in 2020 included
$8.6 million (net) of government wage
subsidies received in first half of 2020.
Operating Expenses1 increased 7% to
$283.2 million, largely due to increased
agency commission and marketing costs
in line with an increase in revenue. In
addition, there were higher selling costs
associated with the growing OneRoof
business. Print and distribution costs1
increased 11% compared to 2020 with
2020 including temporary cost savings
in response to the COVID-19 impacts.
Content expenses increased by 9%, as a
result of increased music royalties and
digital content costs which supported
higher revenue.
Depreciation and amortisation1 on owned
assets decreased by $1.1 million for the
year as the overall asset base reduced and
some assets became fully amortised.
Finance costs1 were 12% lower at $7.3 million
as a result of lower average interest
bearing debt, with the majority of this cost
relating to the interest expense on leases.
Exceptional items1 in 2021 totalled net
$10.8 million gains which included the
$15.4 million profit on the sale of GrabOne,
offset by $2.0 million relating to workforce
restructuring costs, and $1.7 million of one-
off projects and other exceptional costs.
In 2020, exceptional items totalled a net
cost of $8.0 million, predominately made
up of workforce restructuring costs in
response to COVID-19.
NZME’s Operating NPAT1 for 2021 was
$23.6 million, up 6% year-on-year resulting
in an operating earnings per share of
11.9 cents versus 11.3 cents in 2020.
In 2021 the company reviewed the
accounting treatment of configuration and
customisation costs in relation to Software
as a Service (SaaS) arrangements as a
result of IFRS Interpretations Committee’s
(IFRIC’s) agenda decision in April 2021.
As a result, the company has changed
its accounting policy in regard to the
capitalisation of these costs. The change
in policy has resulted in an increase
in expenses of $1.7 million in 2021 and
$1.4 million in 2020, together with
corresponding adjustments to the balance
sheet. 2021 financial results have been
prepared to reflect the changed policy and
2020 financial results have been restated.
Further detail has been provided in note
1.2.3 of the financial statements for the
restatement of the 2020 balance sheet
and page 38 and 39 of the NZME 2021
Full Year Results Presentation for a detail
reconciliation of the operating results.
Balance Sheet and Cash Flow
The company finished the year with
a net cash position of $13.5 million
representing an improvement of
$47.7 million compared to the
$33.8 million net debt position at
the end of 2020.
Net working capital excluding cash
continued to be a net liability with
increases in tax payable, deferred
revenue and other accruals offsetting the
reduction in merchant liabilities as a result
of the sale of GrabOne.
Plant property and equipment, intangibles
and other non-current assets decreased
due to depreciation and amortisation
exceeding capital expenditure. Right
of use assets declined in line with the
reduced term of the lease liabilities.
A portion of the right of use asset related
to the sub-leased part of the Auckland
and Whangarei offices was reclassified
to finance lease receivables.
Operating cash flow was $51.8 million
in 2021, $3.8 million lower than 2020
primarily due to higher income tax paid
in the year.
Capital expenditure was $6.5 million in 2021
which was $1.5 million higher than 2020
given the pause on investment in 2020 in
response to the initial outbreak of COVID-19.
Taking into consideration the impact of the
change in accounting policy in relation to
SaaS related arrangements, future capital
expenditure is expected to be between
$8 million and $10 million per annum.
Divisional Performance
NZME is an integrated multi-channel media
business focused on engaging audience
and customers with top quality content
across multiple verticals, brands and
products. The key divisions of the business
align with the company’s strategic
priorities: Audio (broadcast and digital
audio), Publishing (print and digital news
and journalism) and OneRoof (real estate
print and the OneRoof digital platforms).
To understand the performance of each
division, a framework has been developed
to allocate various shared cost pools on an
appropriate basis.
1
Operating results presented are non-GAAP measures that include the impact of NZ IFRS 16 and the IFRIC agenda decision on Software-as-a-Service
(SaaS) arrangements, however, exclude exceptional items to allow for a like for like comparison between 2020 and 2021 financial years. For the avoidance
of doubt, 2020 has been restated to include the impact of the IFRIC agenda decision on SaaS arrangements. Please refer to pages 38-39 of this results
presentation for a detailed reconciliation. The 2020 operating and statutory results include $8.6 million (net) of Covid-19 government wage subsidy
received in H1 2020.
FINANCIAL
COMMENTARY
12 NEW ZEALAND MEDIA AND ENTERTAINMENT

The audio division includes NZME’s radio brands
and digital audio platform iHeartRadio.
Total audio revenue was $105.7 million in 2021, up
6% year-on-year. Audio revenue in 2020 included
$3.7 million of government wage subsidy received
in the first half.
Radio advertising revenue grew 10% to
$101.0 million, with the first half of the year
showing signs of recovery with 17% growth
compared to the first half of 2020. Revenue for
the second half of 2021 was impacted by the
reintroduction of COVID-19 restrictions but was
still 4% higher than the second half 2020.
NZME’s share of total audience grew to 37.4% in
2021 compared to 35.6% in 20202 as optimisation
initiatives, talent and content changes made in
2020 led to audience engagement in 2021.
This was accompanied by an increase in radio
revenue market share to 40.9% compared to
40.4% in 20203.
We are extremely pleased to have received
recognition at the NZ Radio Awards with Newstalk
ZB the number one radio station and breakfast
talk show in New Zealand4.
Our digital audio platform, iHeartRadio,
celebrated a continued growth trajectory in 2021
with revenue increasing 51% year-on-year.
The growth in revenue was supported by average
monthly listening hours increasing to over
6 million5. NZME holds a leading position in the
podcast market and has the leading commercial
podcast network in New Zealand6.
1
NZME Analysis.
2
GfK Radio Audience Measurement, Commercial Stations, M-S 12mn - 12mn, NZME excl. Partners, Market Share %, S4 2020 – S4
2021, AP10+. 3 PwC Radio advertising market benchmark report, Q1 2019 – Q4 2021. Rolling 4-quarter average for market share. Note: report excludes
independent broadcasters and contra revenue. 4 GfK RAM, Commercial Radio, Total NZ 4/2021, M-S 12mn-12mn, M-F 6am-9am, Share %, AP10+.
5 Adswizz Jul-Dec 2021 TLH averaged. 6 Triton NZ Podranker December 2021.
AU DIO
Radio Market Revenue
3
201920202021
Millions ($)
270.0
260.0
250.0
240.0
230.0
220.0
210.0
200.0
190.0
41.5%
41.0%
40.5%
40.0%
39.5%
39.0%
38.5%
Market RevenueNZME Share
Digital Audio Revenue
1
+42%
+51%
201920202021
Revenue ($m)
4.0
3.5
3.0
2.5
2.0
1.5
1.0
0.5
-
ANNUAL REPORT 2021 13

PUBLISHING
1
NZME Analysis.
2
Nielsen CMI Q4 20 – Q3 21 AP15+ compared to Q4 19 – Q3 20. 3 Nielsen CMI fused Q4 20 – Q3 21, Nov 2021, AP 15+ Note: Dec is not
released until March 2021.
4
PwC NPA quarterly performance comparison report, Q1 2020 – Q4 2021. Note: report excludes any publishers that are
not part of the NPA.
Number of Subscribers
200,000
150,000
100,000
50,000
-
Print OnlyDigital Entitled
Digital Only
Subscriptions Mix
1
201920202021
Digital Publishing Revenue
1
201920202021
Digital Subscriber Revenue
Digital Publishing Advertising Revenue
Revenue ($m)
80.0
70.0
60.0
50.0
40.0
30.0
20.0
10.0
-
+17%
+32%
The publishing division includes NZME’s print
and digital news and journalism products.
Total publishing revenue was $212.0 million
in 2021, up 5% compared to 2020. Publishing
revenue in 2020 included $4.5 million
government wage subsidy received in the
first half.
Overall, reader revenue increased by 3% with
digital subscription revenue growing 75%.
This more than offset a 12% decline in print
retail sales revenue and a 1% reduction in
print subscriber revenue. Total subscribers
across print and digital grew to 191,000,
up from 169,000 in 2020, including 83,000
digital-only subscribers.
NZ Herald Daily and Weekly Brand audience
was 11.8% and 15.1% higher respectively
compared to the prior corresponding period2.
Monthly digital users grew 8% to
2.8 million and the unique audience
of nzherald.co.nz also increased 10% to
2.1 million3. The increase in brand audience
across NZME’s publishing platforms
was pleasing, as we deliver on being
New Zealand’s most trusted publisher.
Print advertising revenue grew 5% to
$65.0 million in 2021. Although print
advertising revenue remained lower
than 2019 levels, NZME ended the year
maintaining its strong print revenue market
share position at 47.4%4, up from 47.1%
in 20204.
Digital advertising revenue grew 26% to
$56.1 million in 2021 with strong demand
from advertising customers.
14 NEW ZEALAND MEDIA AND ENTERTAINMENT

1
NZME Analysis.
2
OneRoof’s listings as a percentage of residential for-sale real estate listings on trademe.co.nz. Note: From June
2021 onwards lifestyle properties and sections were added to the OneRoof count.
ONEROOF
201920202021
Digital OneRoof Revenue
1
Revenue ($m)
9.0
8.0
7.0
6.0
5.0
4.0
3.0
2.0
1.0
-
+90%
+53%
OneRoof Digital Residential for-sale
Listings Upgrade %
1
Q1
20
Q2
20
Q3
20
Q4
20
Q1
21
Q2
21
Q3
21
Q4
21
30%
25%
20%
15%
10%
5%
-
AucklandRegional
The OneRoof division includes the OneRoof
property website and all NZME’s real estate
dedicated print publications.
Total OneRoof revenue increased 15% to
$21.5 million. OneRoof revenue in 2020 included
$0.7 million government wage subsidy received in
the first half.
Digital revenue grew 90% year-on-year as OneRoof’s
digital platform continued to grow. This year saw
a continued focus on using a data led approach to
provide agents with valuable tools and insights to
engage with their customers and the audience.
OneRoof’s digital platform has its highest listings
penetration in Auckland and showed strong growth
in other parts of New Zealand, ending the year
with a nationwide listings penetration of 91%, up
approximately two percentage points on 2020
2
.
OneRoof’s growing ecosystem and engaged
audience led to an increase in listing upgrade
conversions, with Auckland listings conversion
increasing from 20.9% in Q4 2020 to 27.7% in Q4
2021. Other regions ended the year strongly with
upgrades increasing to 7.0% in Q4 2021, up from
4.3% in the prior corresponding period.
Leveraging OneRoof’s print publications across 19
local markets, the focus is on fuelling OneRoof’s
growth through continued investment in brand
awareness and engagement with relevant audience.
ANNUAL REPORT 2021 15

Auckland’s Sky Tower
li t up with vaccination
messages as part of
the 90% Project.
Photo / Chris Tarpey

FULLY VAXXED
Te Herora o Aotearoa
16 NEW ZEALAND MEDIA AND ENTERTAINMENT

We are committed to protecting the craft of
journalism and broadcasting to keep Kiwis
in the know. In 2021, again impacted by the
ongoing impacts of COVID-19, we felt this
more keenly than ever, with a pandemic
that required an accelerated need for the
business to share its platforms to ensure
our communities were connected, and our
people kept safe.
The 90% Project – a bold initiative driven
by the NZ Herald and supported across the
entire business - successfully drove a call to
action to see 90% of our eligible population
immunised in Aotearoa by Christmas
2021. The 90% Project and supporting
#RollUpYourSleevesNZ activation is one
of NZME’s proudest achievements.
Our people were supported throughout
lockdowns and alert levels with an
increased focus on Wellbeing and
Engagement. This work continues into 2022
where a number of the initiatives planned
will be brought to life as restrictions ease.
The following tables outline the progress
we've made to date on these, as well as our
environmental initiatives.
We continue our sustainability journey
and look forward to the development of
initiatives to ensure we have meaningful,
sustainable practices for the wider
community, the wellbeing of our people
and the environment.
Due to the ongoing impacts of COVID-19 in
2021, progress is likely to be affected when
compared to other years.
Keeping Kiwis in the know requires a commitment to sustainable practices
and the well-being of our community, people and environment.
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.
OUR SUSTAINABILITY
COMMITMENT
ANNUAL REPORT 2021 17

Let’s vaccinate NZ by Xmas
Pictures /
Alex Burton,
Dean Purcell,
Michael Craig,
George Heard,
Sylvie Whinray,
Brett Phibbs
With the presence of COVID-19 in
New Zealand during 2021, NZME (as an
essential service) had a critical role to play
to keep Kiwis informed and connected.
In 2021 NZME used its extensive range
of publications, radio networks and
digital platforms to connect and support
communities across New Zealand. Three
significant campaigns were undertaken -
The 90% Project, #RollUpYourSleevesNZ,
and a partnership with World Vision to
raise money for India to deliver aid.
The NZ Herald launched The 90% Project
in September 2021 in an audacious bid
to see 90% of the eligible population
immunised in Aotearoa by Christmas.
NZME utilised all platforms to reach as
many people as possible, to encourage
vaccination, and drive vaccination
knowledge and understanding. By
16 December, 90% of the eligible
population in NZ were fully vaccinated
having had received two doses of the
vaccine. With the live NZ Vaccine Tracker
at the top of print and digital NZ Herald
platforms, Kiwis were able to see the
nation’s target in real time. The tracker
would refresh daily, gathering data direct
from a Ministry of Health data feed.
#RollUpYourSleevesNZ launched
simultaneously with The 90% Project and
was a NZME-wide campaign using the
power of our platforms to keep Kiwis in the
know, sharing our platforms with our wider
community to support the message to get
vaccinated. NZME staff were encouraged
to participate by showing their rolled-
up sleeves and using the hashtag
#RollUpYourSleevesNZ on their own social
media accounts.
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 several organisations to champion
charitable causes.
We connect and empower our communities.
OUR COMMUNITIES
Case Study: Launched in 2021, Kāhu
applies a cultural lens to stories affecting
Māori and is establishing meaningful
connections with iwi and Māori
communities. The intention is to launch
a Pasifika section in the future.
WE DID IT NEW ZEALAND
90%
94.3%90.0%
One dose onlyFully vaccinated
Fully vaccinated: 86% • Tairāwhiti 82% • Taranaki 86% • Hawke’s Bay 87% • MidCentral 89% • Whanganui 84%
90% Fully vaccinated
Eligible population: 4.21m
i
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.
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 2021 NZME
participated in more than 30 legal challenges, some of which involved continued
investment in opposing or appealing to the High Court, Court of Appeal and the
Supreme Court. In 2021 NZME was involved and will continue its involvement with
the Open Justice Project, which provides NZME with additional funding for court
reporting through Public Interest Journalism funding.
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).
The table below shows a decrease in 2021 from 2020, of the number of complaints
upheld by regulators.
RegulatorNumber of Upholds
20202021
BSAOneNil
Media CouncilFour
One uphold and
one partial uphold
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 our communities through the presence
of local journalists and broadcasters. We employ 550 journalists and broadcasters
nationwide, up from 526 in 2020.
We increased diversity of content and contributors across our platforms.
Initiatives in 2021 included:
• The launch of Kāhu, NZ Herald’s digital platform showcasing Māori journalism
from our newsrooms across Aotearoa.
• The Herald, E-Tangata and Tawera Productions joined forces to bring together
‘Waka’, a six-part online video series which traces the cultural revival of the craft
through four teams across the Pacific.
• NZME confirmed a media partnership with Auckland Unlimited across four major
summer cultural festivals – Diwali, Lantern Festival, Tāmaki Herenga Waka Festival
and Pasifika.
• Basic te reo Māori pronunciation and pepeha sessions.
• Cultural workshops and site visits for our journalists, including Sikh Temple visit
and cultural workshops with different communities in NZ, such as the NZ Jewish
Council and members of the Fijian Indian community.
We continue to participate in and support Local Democracy Reporters
(NZ On Air funded journalists), hosting two (of eight) democracy reporters
in our newsrooms in 2021.
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 on page 20.
In 2021 we have championed and supported charitable causes, providing support to:
Attitude Trust, Cure Kids, Himalayan Trust – Everest Day, Prostate Cancer Foundation
of New Zealand, Ronald McDonald House, Rotorua Community Hospice, Variety
Warm Hearts Appeal and World Vision.
ANNUAL REPORT 2021 19

OUR COMMUNITIES
CONTINUED
Case Study:
#RollUpYourSleevesNZ was a
NZME-wide campaign using
the power of our platforms
to keep Kiwis in the know
and support the message
to get vaccinated.
Case Study: ‘The Country’
(radio, print and digital) has over
many years been a companion
to farmers and families and had
a mission to use that privileged
position to focus on mental
health. ‘The Country’ launched
Rural Mental Health Week, aimed
at getting more Kiwis from
New Zealand’s rural communities
talking about mental health.
Case Study: Red Nose Day is Cure Kids’ biggest annual
appeal where Kiwis come together to help fund high-
impact, New Zealand-based medical research to save,
extend and improve the lives of children diagnosed
with serious life-impacting and life-limiting health
conditions.
Case Study: When the Delta strain of COVID-19 overwhelmed
India, The NZ Herald and World Vision responded immediately.
Building on our experience of working together in the past,
a successful fundraising campaign was instigated, inspiring
our audience to give generously. The India COVID-19 campaign
raised a record $606,000, which was used for oxygen, medical
supplies and other urgently needed essential services.
20 NEW ZEALAND MEDIA AND ENTERTAINMENT

Case Study: Seven graduates
of the New Zealand
Broadcasting School in
Canterbury have designed and
built ‘KICK’, a youth-focused
digital audio network that lives
on iHeartRadio, extending
across all major digital
platforms. The KICK team have
support from across the NZME
business and are a breeding
ground for the future of radio,
content by ‘youth,’ for ‘youth.’
Case Study: Te Wiki o te Reo Māori
highlights included the launch of
Te Reo advocate and the Flava radio
host Stacey Morrison’s new podcast
series called ‘Up to Speed with Te Reo
Māori’ on iHeartRadio.
ANNUAL REPORT 2021 21

FULL TIME
68%
PART TIME
8%
CASUAL
18%
CONTRACTOR
6%
CONTRACT TYPE
60%
40%
53%
47%
30%
70%
56%
44%
FM0
PEOPLE
LEADERS
EXECUTIVEBOARD
ALL PEOPLE
GENDER / LEVEL
250
200
150
100
50
0
< 1 Y1 -2 Y3 - 5 Y6 - 10 Y11 - 20 Y21 - 30 Y31 Y +
LENGTH OF SERVICE
0%20%40%60%80%100%
ChineseEuropean
Indian
Māori
Middle Eastern/Latin America/African
Undeclared
Other EthnicityPacific Peoples
Other Asian
ETHNICITY
55+
18%
4554
21%
<24
10%
2534
26%
3544
25%
AGE GROUP
We provide a workplace that fosters innovation,
engagement and inclusion.
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. 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 and restriction
periods regionally and nationwide.
In 2021 we introduced a new employee
engagement tool. Our people were
surveyed frequently with greater levels
of engagement after each survey, and it
aided us to understand how our actions
and communications were resonating
with our people.
The Wellbeing Advocates initiative was
launched in 2021 with 41 of our people
established as Wellbeing Advocates,
volunteering to provide guidance and
support to anyone that is facing a
challenging time either at home or work.
These advocates are trained on how
to support team members and provide
information regarding our relevant NZME
policies and guidance and where to seek
professional advice and support.
NZME continued to support a diverse
range of lifestyle choices (including
parenting and caring for others) through
enabling flexible working options for our
people. During and post lockdowns and
restrictions, our people were equipped
with resources and skills needed to
work from home. The mental health of
our people during lockdowns and
restriction periods was critical and
we had professional external
support, training, and regular email
communication from our CEO.
NZME has recognised the need to
focus on improving ethnic and cultural
diversity in our people and the content
we produce. The efforts of our Diversity
and Inclusion Committee in 2021
are outlined on the table on page 23.
We have established 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 working on initiatives across
NZME to improve representation of
Māori and Pasifika, including our intern
programmes. A ground-breaking
initiative was announced in 2021, with
the formation of Te Rito, an industry
collaboration to train and develop
25 new journalism cadets – including
those from Māori, Pasifika, LGBTQ and
other communities traditionally under-
represented in media.
OUR PEOPLE
22 NEW ZEALAND MEDIA AND ENTERTAINMENT

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 been highly focused on safety engagement in 2021, and have seen an
increase in the number of employees proactively reporting incidents. Please refer to
page 41 for further detail. We have been focused on engaging our leadership team in
health, safety and wellbeing and stepping in and taking preventative actions as soon
as an issue is identified.
The Diversity and Inclusion Committee hosted a calendar of events including:
• Chinese New Year and the Chinese Moon Festival
• International Women’s Day panel event
• Rainbow Diversity, supporting the Rainbow Pride Parade
• Samoan Language Week - celebrating Samoan independence
• Matariki Event
• Te Wiki o te Reo Māori
• Diwali – Festival of Lights
• Wellbeing Week
NZME has maintained the Rainbow Tick certification mark (awarded to organisations
that demonstrate diversity and inclusion, measured through a thorough assessment
process).
NZME supports initiatives that reduce the gender pay gap across the business.
We are striving for diversity at Board, Executive and People Leader levels.
In 2021, for gender, we have at Board level F60%:M40%, at Executive level F30%:M70%
and for our People Leaders F53%:M47%.
For ethnicity, we have at Board level all members identifying as European and at Executive
level 9% identifying as Chinese and 91% as European, and for our People Leaders we have
89.9% European, 6.8% Māori, 2.4% Indian, and 0.9% identifying as Other.
Cultural and ethnic diversity remains a focus and we have engaged with a cultural
consultant to commence cultural strategy work in 2022. We have mandated at least
20% of interns be non-European and have collaborated with other media outlets to
form the Te Rito partnership to train cadets. We are focused on diversity within our
recruitment process.
NZME supports flexible working for diverse needs and/or shared responsibility
in the household. Policies and initiatives in 2021 to support this included surveying
our people to understand what was important to them.
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.
NZME was voted Top Graduate Employer in the media and communications category
and the second best-reviewed company in the country in the Top 100 Graduate
Employers in GradNewZealand’s 2021 Student Survey. 19 interns and cadets were
employed at NZME in 2021.
We highlighted our broadcast and journalistic talent through a series of campaigns.
NZME grew its digital audio brand KICK with the intention of incubating new,
youth focused content formats and strategies. Refer to case study on page 21.
A total of 115 hours of media law and regulation training was undertaken by our
journalists and broadcasters at NZME in 2021. In addition, the Board of Directors
undertook Media Law training to assist in their knowledge and understanding of the
legal issues encountered in journalism.
Refer to page 27 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 136,011 hours of training in 2021 which is a
significant increase. This increase is due to several training initiatives that did not
occur in 2020 and a greater ability to capture this information within NZME. Learning
and development continued through our Editorial Learning and Development
programme, health and safety training, creative and production training, people
training (leadership, effective communication, and recruitment for example) finance,
digital and sales operation training.
ANNUAL REPORT 2021 23

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
emissions and sustainable procurement policies.
Some of our environmental initiatives were positively impacted by COVID-19
lockdowns (for example, less travel) in 2020 which created a low baseline and
consequently in 2021 we have seen increases in travel around New Zealand due
to reactivation of our client loyalty programme events. Similarly, production

was reduced in 2020 due to COVID-19 restrictions and the higher production
in 2021 lead to small increases in plastic and general waste. Initiatives to reduce
plastic and general waste were implemented in the second half of 2021 and
will deliver benefits in 2022. It is pleasing to see a reduction in electricity usage
through improved efficiency at the Ellerslie print plant. We look to expand these
initiatives further in 2022.
NZME is closely monitoring and reviewing the development of the climate-
related disclosures framework enacted in October 2021 through the Financial
Sector (Climate-related Disclosure and Other Matters) Act. NZME notes the
Xternal Reporting Board intends to issue its first climate standard by the end
of 2022 and NZME will be required to commence reporting for the full year
ending 31 December 2023. NZME is preparing for this by engaging in the
consultation process for development of the climate standards and undertaking
an assessment of climate-related risks to the business throughout 2022.
Kiwis’ concern over environmental issues continued to increase in 2021 and
as a media organisation we are cognisant of our responsibility to demonstrate
leadership and use our platforms to inform, raise awareness of the issues and
participate in the debate.
We will continue to seek ways to reduce our environmental footprint through

2022 and beyond.
We take our responsibility to the environment seriously.
OUR ENVIRONMENT
Case Study: NZ Herald Science
Reporter Jamie Morton answered
our questions on what COP26
meant for New Zealanders.
NZ Herald ran explainers, features
and stories in the lead-up to, and
during, the COP26 climate summit
in Glasgow.
Case Study: Covering Climate Now:
NZ Herald Science Reporter Jamie
Morton, asked how can we make
New Zealand’s energy sector greener?
24 NEW ZEALAND MEDIA AND ENTERTAINMENT

INITIATIVEPROGRESS
RECYCLING
We will separate our internal waste streams
– including paper, food and green waste,
and recyclables – to optimise value and
reduce environmental impacts.
In 2021, NZME continued to identify and initiate the recycling of batteries, ink
and toner cartridges at more of our offices. NZME supported Plastic-Free July
and Recycling Week in October throughout the organisation.
The Ellerslie print plant launched a Plastic Reduction Project in 2020 across both
its production and distribution teams, to reduce plastic usage. This is a phased
project which is expected to lead to a decline in plastic used in the production
process in the future. 2021 saw a year-on-year increase in plastic usage at the plant
from 49 tonnes (restated) to 52 tonnes reflecting normalised production levels (yet
showing a reduction from 77 tonnes in 2019). The team continues to work towards
identifying a practical alternative for the plastic used to protect the bundles of
papers. Consultation with suppliers is continuing with a goal of finding a more
environmentally friendly alternative. The team continues to work to improve our
processes and minimise the volumes directed to landfill. Refer to the case study on
page 26 as an example of where we removed plastic wrap.
A Waste Committee chaired by the Ellerslie plant’s General Manager was formed
in 2020 to reduce the general waste from the print plant. In 2021 36.5 tonnes of
general waste was from the plant, a slight reduction from 37 tonnes in 2020. This
Committee is tasked with a number of actions to ensure an annual decline in general
waste from the plant. In 2021 this began with a waste audit which presented the site
with a number of actions and waste reduction goals.
The COVID-19 lock-downs in 2021 restricted progress towards our waste reduction
goals. We were successful in removing and replacing the waste compactor with an
open bin. That allowed for constant surveillance of the contents directed to landfill
and for any recyclable items to be redirected. It also provided an opportunity to
trace the source and modify the behaviour.
At the Ellerslie plant the number of general waste bins has been reduced and
recycling stations have been ordered. Bulk cages are in place in the production
areas to capture recyclable waste streams.
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 2021.
We are continuing to evolve a responsible sourcing policy and work with a number
of sustainable suppliers.
Employees travelled 3.5 million kms within NZ in 2021, this is up from 3.3 million kms
(restated number) in 2020, due to reintroducing our client travel reward programme
in 2021 (no programme was completed in 2020).
Encouragingly there was a reduction of more than 40 motor vehicles from the NZME
motor vehicle fleet and we continue to look for ways to further maximise efficiencies
in this area. In 2021 carbon emissions from our motor vehicle fleet were 372 tCO
2
e
down from 544 tCO
2
e in 2020.
Our newspaper distribution network generated 2,423 tCO
2
e in 2021, this decreased
by 12% from 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 the case study on page 24 as an example of the coverage of COP26 in Glasgow.
DRIVEN (driven.co.nz) assembled automotive leaders and industry representatives
to discuss the clean car feebate scheme with the government. See case study on
page 26.
The numbers in this table have not been independently audited.
ANNUAL REPORT 2021 25

Case Study: DRIVEN led
conversations through a live
panel, to talk about unravelling
the tangle of detail around
New Zealand’s clean car
electric vehicle feebate
scheme.
Case Study: In 2021, our Ellerslie team
worked to reduce the amount of plastic
used to protect our newspapers as they
are delivered. NZ Herald subscribers in
Auckland were offered newspaper boxes
as shown below, made of polyethylene,
to ensure newspapers were kept dry and
reducing the use of plastic wrap.
26 NEW ZEALAND MEDIA AND ENTERTAINMENT

We are proud of our people and their
achievements. In 2021 we celebrated the
craft of broadcasting and journalism with
the following award wins:
INMA
Categories won by NZME:
• Best Brand Awareness Campaign,
National Brad, 1st Place:
NZ Herald - ‘Headspace’
• Best Use of Print, Groups, 1st Place:
NZME ‘Viva Magazine’
• Best Use of Data to Automate or
Personalise: Groups, 1st Place:
NZME ‘Corona Surf Reports’
Voyager Media Awards
Categories won by NZME:
• News App of the Year
• News Website of the Year
• Best Feature Writing - General:
(Canvas, NZ Herald) Greg Bruce:
Goodwill Hunting
• Feature Writer of the Year - (Short-form):
NZ Herald Nicholas Jones
• Best Newspaper Magazine:
Travel, NZ Herald
• Regional Newspaper of the Year:
Rotorua Daily Post
• Best Photographer - News:
Brett Phibbs
• Best Photographer - Sport:
Brett Phibbs
• Photographer of the Year:
Brett Phibbs
• Best Reporting - Crime and Justice:
Kurt Bayer
• Best Reporting - General:
Tom Dillane
• Best Reporting - Personal Finance:
Tamsyn Parker
• Political Journalist of the Year:
Matt Nippert
• Regional Journalist of the Year:
Kurt Bayer
Pride in Print Awards
Categories won by NZME:
• Gold Award - Coldset Publications
category for the NZ Herald Compact
GradNewZealand
Categories won by NZME:
• Top Grad Employer in the media
and communications category
NZ Radio Awards
Categories won by NZME:
• Network Station of the Year:
Newstalk ZB
• Sir Paul Holmes Broadcaster of the Year:
Mike Hosking, Newstalk ZB
• Best Music Breakfast Show - Network:
ZM’s Fletch, Vaughan & Megan
• Best Music Breakfast Show - Local:
The Hits Dunedin (Callum Procter,
Patrina Roche)
• Best Music Host - Local:
The Hits Bay of Plenty (Will Johnston)
• Best Talk Presenter - Other:
Marcus Lush, Nights Newstalk ZB
• ‘The Blackie Award’:
The Hits ‘The Siri Prank’
• Outstanding Contribution to Broadcasting:
Phil Gifford - Newstalk ZB
• Best News or Sports Journalist:
Barry Soper, Newstalk ZB
• Best Sports Reader, Presenter
or Commentator: The Alternative
Commentary Collective
• Best Sports Story - Team Coverage:
The America’s Cup World Series
Auckland
• Best New Broadcaster - Journalist:
Aaron Dahmen - Newstalk ZB
• Best New Broadcaster - Off-Air:
Alex Lansdown - The Hits Network
• Best Station Imaging: ZM Network
(Alistair Cockburn, Brynee Wilson)
• Best Station Trailer:
ZM’s $100k Secret Sound
• The Johnny Douglas Award:
Joel Harrison - ZM and Static 88.1
• Sales Team of the Year:
NZME Auckland
• Best Single Commercial:
Taupo Violence Intervention
New York Festival
Categories won by NZME:
• World’s Best Radio Programmes:
Silver Award
2021 NZ Marketing Awards
Categories won by NZME:
• Media/Publishing Sector Award:
Flava Old School Hip Hop & RnB
Monique Hodgson, Megan Sagar,
John Pelasio
2021 AWA R D S
ANNUAL REPORT 2021 27

THE NZME
BOARD
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.
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 and Bank of New Zealand. She is also Deputy Chair of The
New Zealand Initiative and Patron of the New Zealand Rainbow Tick
Excellence Awards. Barbara was appointed Chairman of the NZME
Board in June 2020.
28 NEW ZEALAND MEDIA AND ENTERTAINMENT

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.
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.
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.
ANNUAL REPORT 2021 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.
Shayne Currie
Managing Editor
Shayne was appointed Managing Editor in 2015 and is responsible for NZME’s 300-plus journalists and the
company’s editorial and news strategy. His role includes overseeing NZME’s unique mix of digital, print, audio
and visual storytelling across the NZ Herald, nzherald.co.nz, Newstalk ZB, NZME’s five regional daily newspapers
and more than 17 community titles. In 2019, Shayne helped oversee the successful launch of NZ Herald Premium
digital subscriptions and he has helped lead some of the most significant projects at the Herald in the past 15 years
including the launch of the Herald on Sunday in 2004 and the Herald’s move to compact format in 2012.
In 2019, Shayne celebrated his 30th year in journalism, including two decades in senior editorial leadership roles
across New Zealand. In 2016 he was awarded the Wolfson Scholarship at Cambridge University in the UK, studying
audience patterns in the digital age.
Paul Hancox
Chief Commercial Officer
Paul was appointed as Chief Commercial Officer in 2021. Prior to this, Paul was part of the NZME Executive
Team as Chief Revenue Officer, where he was accountable for agency and key customer revenues, including
programmatic, trading and integration performance. In his new role, he continues to oversee his existing
portfolio in addition to direct clients, and is accountable for revenue growth across NZME platforms.
Prior to joining the 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.
Paul previously spent 9 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 9-year stint with The Radio Network early in his career,
operating in a variety of roles including as Newstalk ZB and Radio Sport Sales and Marketing Manager.
Carolyn Luey
Chief Digital and Publishing Officer
Carolyn was appointed Chief Digital and Publishing Officer in August 2021.
After 5 years at NZME, Carolyn left as Chief Operating Officer in December 2016. She then went on to senior
transformational roles at MYOB and Vodafone where she was Chief Consumer Officer.
With extensive experience as a strategic business leader in large New Zealand telecommunications, technology
and media companies, Carolyn brings a wealth of knowledge and understanding of how best NZME can deliver
growing digital audience engagement for our commercial partners.
THE NZME
EXECUTIVE TEAM
30 NEW ZEALAND MEDIA AND ENTERTAINMENT

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 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,
and was the Deputy Chief Financial Officer for 12 years.
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.
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.
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.
Jason Winstanley
Chief Radio Officer
Jason was appointed as Chief Radio Officer in October 2021. Jason is one of New Zealand’s most experienced
audio executives with extensive experience across music and talk radio. He has led high profile and successful
music radio brands including 7 years as Assistant Content Director at ZM and 5 years as Content Director of
The Hits. He also led the successful transition of ‘Classic Hits’ to the ‘The Hits’ brand in 2014.
In his most recent role as Head of Talk for NZME, Jason has led Newstalk ZB to record audience growth and
continued commercial success.
Jason’s role includes responsibility for the radio business and the content delivery to support audience and revenue
growth across NZME’s radio networks.
ANNUAL REPORT 2021 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 2021 (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
Incentive Plans.
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
(and as at 31 December 2021 was comprised) of independent
Chairman, Barbara Chapman, and independent directors; Carol
Campbell, David Gibson, Sussan Turner and Guy Horrocks. 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
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. No person
ceased to be a director of the Company during the financial year
ended 31 December 2021.
CORPORATE
GOVE RNANC E
32 NEW ZEALAND MEDIA AND ENTERTAINMENT