NZME 2022 Half Year Results

NZME Limited. 2-4 Graham Street, Private Bag 92198, Victoria Street West, Auckland.
1
MARKET ANNOUNCEMENT
NZME 2022 Half Year Results

Please refer to the following documents in relation to the NZME Half Year Results to 30 June 2022:

1. NZME 2022 Half Year Results NZX Form
2. NZME 2022 Half Year Results Announcement
3. NZME 2022 Half Year Results Investor Presentation
4. NZME 2022 Consolidated Interim Financial Statements
5. Distribution Notice - NZX Form

Chief Executive Officer Michael Boggs, and Chief Financial Officer David Mackrell, will discuss the HY22
results by webcast at 10.00am New Zealand time today.

The webcast will be available later today at www.nzme.co.nz/investor-relations/webcasts

To register to attend please CLICK HERE

ENDS

Authorised by Michael Boggs, Chief Executive Officer.

For further information:

For Investors

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

Kelly Gunn
GM Communications
+64 27 213 5625
kelly.gunn@nzme.co.nz






23 August 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 6 months to 30 June 2022
Previous Reporting Period 6 months to 30 June 2021
Currency NZD
Amount (NZ$000s) Percentage change
Revenue from continuing
operations
$176,936
2%
Total Revenue
$176,936
2%
Net profit/(loss) from
continuing operations
$8,457
37%
Total net profit/(loss) $8,457 37%
Interim/Final Dividend
Amount per Quoted Equity
Security
$0.03000000
Imputed amount per Quoted
Equity Security
$0.01166667
Record Date 15 September 2022
Dividend Payment Date 27 September 2022
Current period Prior comparable period
Net tangible assets per
Quoted Equity Security
$(0.03) $(0.05)
A brief explanation of any of
the figures above necessary
to enable the figures to be
understood
Refer to attached NZX results announcement commentary, the
2022 Consolidated Interim Financial Statements and the 2022
Half Year Results Presentation for full commentary on the
results. The percentage change is calculated on the June 2021
restated numbers following the accounting policy change in the
second half of 2021.
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

23/08/2022

Unaudited financial statements accompany this announcement.

---

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




NZME Limited 2022 Half Year Financial Results

AUCKLAND, 23 August 2022: NZME Limited (NZX: NZM, ASX: NZM) (“NZME”) has today
announced its financial results for the half year ended 30 June 2022, reporting Statutory Net Profit
After Tax (NPAT) of $8.5 million up 37 percent on the same period in 2021.

NZME also reported Operating Earnings before Interest, Tax, Depreciation and Amortisation
(EBITDA)
1
of $28.1 million - up three percent on the same period in 2021. Operating Revenue was
five percent higher than the same period in 2021, with total revenue increasing across the three
key strategic pillars: Audio, Publishing and OneRoof, with total digital revenue up 24 percent
compared to the same period in 2021.

Michael Boggs, NZME Chief Executive Officer, says the results demonstrate NZME is delivering
on its transformation objectives and continues to make excellent progress on its strategic priorities
and targets.

“We’ve started the year strongly with revenue and profitability above the same period last year, and
advertising revenues for the same period now at pre-Covid levels. Despite the continued challenges
the recent Omicron outbreak has brought, across the business we have remained agile and we’ve
adapted as needed, and I’m proud to deliver such a positive result for the first half of 2022,” he
said.

“NZME’s digital transformation and diversification across our platforms continues to deliver
excellent results across key areas of our business, particularly in digital revenue growth,” said
Boggs.

Key highlights:

• NZME reached 100,000 paid digital only subscriptions in June, with publishing subscriptions
across digital and print increasing to 206,000.
• Strong growth in digital audio revenue up 56 percent in the first half of 2022 compared to the
previous corresponding period.
• OneRoof achieved significant growth, including a 53 percent increase in digital revenue year-
on-year, against a cooling housing market.
• NZME acquired BusinessDesk in January 2022, bolstering NZME’s reputation as the country’s
pre-eminent business news provider.
• NZME celebrated its largest ever cumulative audience in July’s GfK Commercial Radio Survey,
reaching more than two million people across its radio platforms
2
.
• NZME’s digital audio platform - iHeartRadio, reaches one million devices and 6.4 million
listening hours in June 2022
3
.
• NZME is the country’s top podcast network, representing eight out of the ten top podcasts
4
in
New Zealand, with more than 4.5 million podcast downloads for the month of June 2022.

Capital management

NZME completed half of the planned $30 million capital return through the buyback of $5.3 million
of shares, and the payment of a special dividend of 5.0 cents per share in July 2022.



23 August 2022
FOR IMMEDIATE RELEASE

NZME Limited. 2-4 Graham Street, Private Bag 92198, Victoria Street West, Auckland.
2
MARKET ANNOUNCEMENT
NZME Chairman Barbara Chapman said: “Following the strong operating performance and capital
position of the company, the NZME Board declared a fully imputed interim dividend of 3.0 cents
per share.
“NZME remains in a very strong capital position and will recommence the on-market buyback on
24 August 2022. The Board remains committed to returning excess capital to shareholders and will
review capital and dividend policy settings over the second half of 2022.”
Outlook
NZME also noted that while advertisers are exercising caution and there is some unease in the
market as reported in business and consumer confidence metrics, advertising bookings for quarter
three are currently tracking five percent above the previous corresponding period.
“NZME is not immune to the challenging macro-economic environment in New Zealand and
globally, and cost pressures across the business continue. However, we are focused on carefully
managing costs to ensure current business momentum continues into the second half of 2022,”
said Boggs.
NZME reconfirmed its guidance of 2022 EBITDA in the range of $67-$72 million.
“I’d like to thank our our commercial partners, our valued investors and our audiences for their
continued support. Thanks also to our team of 1200 at NZME for their hard work and dedication to
their roles and for playing their part in serving our valued audiences, customers and our fantastic
business,” said Boggs.
The full suite of 2022 Interim Results material can be found here.
ENDS
Source:
1
Operating results presented are non-GAAP measures that include the impact of NZ IFRS 16, however, exclude exceptional items
to allow for a like for like comparison between 2021 and 2022 financial years. H1 2021 has been restated to exclude the impact
of GrabOne (sold October 2021) and the adjustments necessary from the change in accounting policy relating to SaaS
arrangements adopted retrospectively. Please refer to pages 37-38 of this results presentation for a detailed reconciliation.
2
GfK Commercial RAM, S2/22, Total NZ, Cume, AP10+, M-S 12mn-12mn (unless otherwise stated), Historical data available on
request
3
Adswizz June 2022.
4
Triton NZ Podcast Ranker June 2022
For further information:
For investor queries For media queries
David Mackrell
Chief Financial Officer
+64 21 311 911
Email: david.mackrell@nzme.co.nz
Kelly Gunn
GM Communications
+64 27 213 5625
kelly.gunn@nzme.co.nz

---

22
AGENDA
Results Summary
3
Business Confidence and Advertising
Revenue
4
Strategic Priorities and Market Performance
5
2022 Half Year Financial Results
11
Divisional Performance and Strategy
17
Outlook
32
Q&A
33
Supplementary Information
34

3
1.Operating results presented are non-GAAP measures that include the impact of NZ IFRS 16, however, exclude exceptional items to allow for a like for like comparison between 2021 and 2022 financial years. H1
2021 has been restated to exclude the impact of GrabOne (sold October 2021) and the adjustments necessary from the change in accounting policy relating to SaaS arrangements adopted retrospectively. Please
refer to pages 37-38 of this results presentation for a detailed reconciliation.
2.PwC Radio advertising market benchmark report, rolling12 monthaverage to 30 June 2022. Note: report excludes independent broadcasters and contra revenue.
RESULTS
SUMMARY
For the half year ending 30 June 2022
4.6 cps
Operating EPS
1
H1 20213.5cps 31%
$8.5m
Statutory NPAT
H1 2021$6.2m 37%
$176.7m
Operating Revenue
1
H1 2021$168.0m 5%
$28.1m
Operating EBITDA
1
H1 2021$27.2m 3%
$9.0m
Operating NPAT
1
H1 2021$6.9m30%
$2.9m
Net Debt
Increased by$16.4m
3.0 cps
Interim Dividend
Payable on 27 Sep 2022
•Strong revenue growth:
•Total revenue increased across all strategic pillars: Audio, Publishing
and OneRoof, with total digital revenue up 23%.
•Radio market revenue share reached 41.1%
2
the highest since 2016,
with audio revenue increasing by 5%.
•Publishing subscriptions increased to 206,000, including 101,000 digital
only subscriptions.
•Increased OneRoofdigital listings upgrades nationwide, delivering 53%
increase in listings revenue year-on-year, despite a cooling housing
market.
•Statutory Net Profit After Tax of $8.5 million for half, 37% higher than the H1
2021.
•Operating EBITDA
1
of $28.1 million up 3% on previous half.
•31% growth in Operating Earnings Per Share
1
.
•Completed half of the planned $30 million capital return through the buyback of
$5.3 million of shares, combined with a special dividend of 5.0 cents per share
declared 20 June 2022. On-market buyback to recommence 24 August 2022.
•Fully imputed interim dividend declared of 3.0 cents per share.

4
-
10.0
20.0
30.0
40.0
50.0
60.0
70.0
80.0
Q1Q2Q3Q4
Advertising Revenue ($m)
NZME Total Advertising Revenue 2019-2022 YTD
2019202020212022
(19)
(64)
(67)
(42)
(34)
(32)
(42)
(29)
(16)
(7)
9
7
(4)
(2)
2
(1)
(4)
(14)
(7)
(13)
(16)
(23)
(52)
(42)
(42)
(56)
(63)
(80)
(70)
(60)
(50)
(40)
(30)
(20)
(10)
0
10
20
Feb-20
Apr-20
Jun-20
Aug-20
Oct-20
Dec-20
Feb-21
Apr-21
Jun-21
Aug-21
Oct-21
Dec-21
Feb-22
Apr-22
Jun-22
Monthly Business Confidence -Net Index
GROWING ADVERTISING REVENUE DESPITE LOW
BUSINESS CONFIDENCE
•The ANZ Business Confidence Index
1
for New Zealand weakened in the first half of
2022 to be at similar levels to Q1 2020, when the initial outbreak of Covid-19 began.
1.Net Index (% expecting improvement minus % expecting deterioration).
•NZME’s advertising revenue increased 3.7% compared to H1 2021 and up 0.4%
compared to pre Covid-19 levels (i.e. H1 2019).
•Q1 2022 was up 1.7% compared to Q1 2021 but down 4.0% versus Q1 2019.
•Q2 2022 performed strongly, being 5.6% higher than 2021 and 4.6% higher than pre
Covid-19 levels in 2019.

5

6
OUR THREESTRATEGIC PRIORITIES WERE
SET IN 2020 WITH TARGETS SET FOR 2023
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 Q2 21 –Q1 22 Fused June 2022 AP15+Note: NZME, Publishing andOneRoofaudience includes weekly print and monthly digital.
2.GfK RAM, Commercial Radio, Total NZ 2/2022, M-S 12mn-12mn, M-F 6am-9am, Share %, Cume 000, AP10+.
3.AdswizzJan-Jun 2022 TLH averaged.
4.Triton NZ Podranker June 2022 (1 Jun –30 Jun).
5.Nielsen Online Ratings monthly average Q2 2022 AP15+ (excludes APP).
6.OneRoof’slistings as a percentage of residential for-sale real estate listings on trademe.co.nz. June 2022 monthly average.
Print AdvertisingDigital AdvertisingDigital Classifieds
Print AdvertisingDigital AdvertisingReader Revenue
Radio AdvertisingDigital Advertising
Reaches over 2.8 million
1
•Over 2.2 million NZ Herald weekly brand audience
1
•#1 Daily newspaper in NZ
1
•206,000 subscriptions across print and digital
Reaches over 2.0 million
2
•Over 6 million hours are listened to monthly through
iHeartRadio
3
•NZ’s #1 radio station & breakfast show on Newstalk ZB
2
•NZ’s number one podcast network
4
, with over 780,000
monthly listeners
4
Reaches over 800,000
1
•Over 500,000 Kiwis finding their next home at
oneroof.co.nz
5
•The most read real estate newspaper section
1
•90% of residential for-sale listings nationwide
6

8
STRONG SHARE ACROSS DIVERSE
PLATFORMS
Something about revenue
1.Prior Corresponding Period (PCP).
2.Nielsen CMI Fused Q2 21 –Q1 22, People 15+.Compared to Q2 20 –Q1 21.
3.PwC NPA quarterly performance comparison report, 12 months to June 2022 compared to 2021, rolling 4-quarter average for market share. Includes Publishing and OneRoof print advertising revenue.
4.PwC Radio advertising market benchmark report, 6months to June 2022 compared to the prior corresponding period, rolling 4-quarter average for market share. Note: report excludes independent
broadcasters, contra revenue and digital audio.
5.IAB NZ Digital advertising revenue report–totaldisplay, Q4 2021 compared to Q4 2020, rolling 4-quarter average for market share up till Q4 2021.Q1 / Q2 2022 report not released. Note: excludes
digital audio.
H1 2022 TOTAL OPERATING REVENUE $176.7M
Print advertising (PCP growth)
NZME print advertising revenue
3
(6.3%)
Market movement –Print revenue
3
(4.6%)
Print circulation (PCP
1
growth)
NZME print circulation revenue(3.3%)
NZME movement –print readership
2
(4.2%)
Market movement –print readership
2
(2.1%)
Print readership Market Share
NZME print readership market share
2
55.0%
Print advertising Market Share
NZME print revenue market share
3
46.9%
Radio advertising (PCP growth)
NZME radio advertising revenue4.4%
Market movement –Radio revenue
4
3.6%
Digital display advertising (PCP growth)
NZME total display advertising revenue
5
17.4%
Market movement –total display revenue
5
15.8%
Digital display advertising Market Share
NZME total display revenue market share
5
24.2%
Radio advertising Market Share
NZME radio revenue market share
4
41.1%
Other5%
Radio
Advertising29%
Digital Audio
Advertising1%
Digital
Subscriptions5%
Publishing Digital
Advertising17%
OneRoof Digital
3%
OneRoof Print4%
Print Advertising
17%
Print Circulation
15%
Retail sales4%

9
MARKET OVERVIEW
Millions $Millions $
1.PwC Radio advertising market benchmark report, H12019 –H2 2022. Note: report excludes independent broadcasters, contra revenue, and digital audio.
2.PwC NPA quarterly performance comparison report, Q1 2019 –Q2 2022. Note: report excludes any publishers that are not part of the NPA.
3.IAB NZ Digital advertising revenue report–total display, H1 2019 –H22021.*only up until H2 2021, H1 2022report not available yet. Note: excludes digital audio and is display only.
36.0%
37.0%
38.0%
39.0%
40.0%
41.0%
42.0%
-
20.0
40.0
60.0
80.0
100.0
120.0
140.0
H1 2019H1 2020H1 2021H1 2022
Radio Market Revenue
1
Market RevenueNZME Share
Millions $
43.0%
44.0%
45.0%
46.0%
47.0%
48.0%
49.0%
-
20.0
40.0
60.0
80.0
100.0
120.0
140.0
H1 2019H1 2020H1 2021H1 2022
Print Market Revenue
2
Market RevenueNZME Share
19.0%
20.0%
21.0%
22.0%
23.0%
24.0%
25.0%
-
20.0
40.0
60.0
80.0
100.0
120.0
140.0
H1 2019H1 2020H1 2021H1 2022
Digital Display Market Revenue
3
Market RevenueNZME Share

10
-
1.0
2.0
3.0
4.0
5.0
6.0
7.0
8.0
9.0
2019202020212022
H1H2
-
10.0
20.0
30.0
40.0
50.0
60.0
70.0
80.0
2019202020212022
H1H2
-
0.5
1.0
1.5
2.0
2.5
3.0
3.5
4.0
2019202020212022
H1H2
DIGITAL REVENUE REACHES NEW HIGHS
ACROSS STRATEGIC PILLARS
DIGITAL AUDIO
REVENUE
DIGITAL PUBLISHING
REVENUE
DIGITAL ONEROOF
REVENUE
1.NZME Analysis.
Revenue ($m)
Revenue ($m)Revenue ($m)
+39%
+70%
+56%
+7%
+44%
+18%
+13%
+145%
+53%

11

12
•Operating EBITDA grew 3%.
•Operating revenue grew 5% compared to the first
half of last year.
•Reader revenue was 4% higher as a result of the
continued growth in digital subscription revenue.
•Advertising revenue grew 4% driven by strong
growth in digital and radio advertising revenue.
•Other revenue growth is primarily due to
government grant income which funds specific
projects and is offset by associated operating
expenses.
•Operating NPAT
1
increased by 30% to $9.0 million
for the half year as a result of improved operating
earnings and lower depreciation and finance
costs.
•Operating Earnings Per Share improved to 4.6
cents per share due primarily to improved
earnings.
1.Operating results presented are non-GAAP measures that include the impact of NZ IFRS 16, however, exclude exceptional items to allow for a like for like comparison between 2021 and 2022 financial years. H1 2021
has been restated to exclude the impact of GrabOne (sold October 2021) and the adjustments necessary from the change in accounting policy relating to SaaS arrangements adopted retrospectively. Please refer to
pages 37-38 of this results presentation for a detailed reconciliation.
For the half year ended 30 June 2022
OPERATING
RESULTS
$ million
H1 2022H1 2021% change
Reader revenue41.840.24%
Advertising revenue126.2121.74%
Other revenue8.86.241%
Operating Revenue
1
176.7168.05%
Operating expenses
1
(148.6)(140.8)6%
Operating EBITDA
1
28.127.23%
Depreciation and amortisation on owned assets
(7.7)(7.7)(1%)
Depreciation on leased assets(5.3)(5.9)(10%)
Net finance cost(2.7)(3.9)(31%)
Operating NPBT
1
12.59.728%
Taxation expense(3.4)(2.8)24%
Operating NPAT
1
9.06.930%
Operating Earnings per Share (cents)
1
4.63.5 31%

13
EXPENSES
•People and Contributors costs were up 11%.
Half of this increase relates to the impact of the
BusinessDesk acquisition, additional resources
associated with the government grant projects
and a one-off $1,000 discretionary bonus paid to
each eligible employee. The remaining increase
relates to additional resources to deliver growth,
and rate increases.
•Print and Distribution costs were similar year on
year with increased distribution costs offset by
lower volumes.
•Content costs grew 9%, in line with increased re-
sale of digital services and increased licence
costs.
•Total other expenses grew 6% reflecting the
impact of the BusinessDesk / Radio Wanaka
acquisitions and increase in radio broadcast
costs.
For the half year ended 30 June 2022
1.Operating results presented are non-GAAP measures that include the impact of NZ IFRS 16, however, exclude exceptional items to allow for a like for like comparison between 2021 and 2022 financial years. H1 2021
has been restated to exclude the impact of GrabOne (sold October 2021) and the adjustments necessary from the change in accounting policy relating to SaaS arrangements adopted retrospectively. Please refer to
pages 37-38 of this results presentation for a detailed reconciliation.
$ million
H1 2022H1 2021% change
People and Contributors
78.370.811%
Print and Distribution
25.825.9(0%)
Agency Commission and Marketing
21.422.7(6%)
Content
8.98.19%
Other expenses:
Property
3.42.918%
IT and communications
6.25.414%
Other
4.65.1(9%)
Total Other expenses
14.213.46%
Total operating expenses
1
148.6140.86%
Total exceptional items
0.71.6

14
•Net working capital excluding cash was
$8.7 million higher than December 2021, driven
by an increase in trade receivables, and the
reduction in tax payable with significant change in
the timing of tax payments in the first half of 2022.
•The dividend payable reflects the special dividend
of 5 cents per share declared on 20 June 2022
and paid on 12 July 2022.
•Other payables reflects the potential earn-out
relating to the acquisition of BusinessDesk.
•Net debt increased by $16.4 million to $2.9 million
as at30 June 2022.
For the half year ended 30 June 2022
BALANCE
SHEET
$ million
30 June
2022
30 December
2021
Trade, other receivables and inventory
52.047.1
Trade and other payables
(54.8)(53.8)
Current tax payable
0.1(4.7)
Net working capital excluding cash
(2.7)(11.4)
Plant property & equipment, intangibles and other
non-current assets
176.5175.0
Right-of-use assets (NZ IFRS 16)
62.667.5
Lease liabilities (NZ IFRS 16)
(91.5)(96.8)
Finance lease receivable (NZ IFRS 16)
5.65.8
Dividend payable
(9.7)-
Other payables
(1.1)-
Net (interest-bearing liabilities) / cash
(2.9)13.5
Deferred tax
4.53.5
Net Assets
141.2157.1

15
•Cashflow from operations for the half was $11.9
million, which is lower than H1 2021 due to the
increase in working capital and higher amount of
tax paid during the half.
•Tax paid in the half was higher due to stronger
2021 earnings, resulting in a larger final tax
payment in January 2022. In addition,
supplementary dividends paid in March 2022
treated as a tax credit.
•Capital expenditure is consistent with our
expected $8 million to $10 million per annum.
•$5.3 million purchase of shares as part of the on-
market buyback programme, which commenced
4 April 2022.
•2021 Final Dividend of 5.0 cents per share paid
23 March 2022.
For the half year ended 30 June 2022
CASH
FLOWS
1.Operating results presented are non-GAAP measures that include the impact of NZ IFRS 16, however, exclude exceptional items to allow for a like for like comparison between 2021 and 2022 financial years. H1 2021
has been restated to exclude the impact of GrabOne (sold October 2021) and the adjustments necessary from the change in accounting policy relating to SaaS arrangements adopted retrospectively. Please refer to
pages 37-38 of this results presentation for a detailed reconciliation.
$ millionH1 2022H1 2021
Operating EBITDA
1
28.127.2
NZ IFRS 16 net interest on leases​
(2.2)(2.6)
Dividendsand interest received
0.10.1
Interest paid on bank facilities​
(0.5)(1.3)
Working capital movement​ (excluding tax balances)
(3.9)1.7
Exceptional items​
(0.4)(0.7)
Tax paid
(8.0)(4.7)
Non-cash items
(1.4)0.5
Cash flow from operations
11.920.1
Capital expenditure​
(4.1)(1.7)
Proceeds from sale of assets
-1.8
BusinessDesk and Radio Wanaka purchases
(3.6)-
NZ IFRS 16 net lease principal repayment
(5.7)(5.6)
Repurchase of shares
(5.3)-
Dividend paid
(9.9)-
Cash movement in Net Debt
(16.7)14.6
Non-cash borrowing costs​
0.2(0.1)
Movement in Net Debt
(16.4)14.5

16
•Net debt position of $2.9 million as at
30 June 2022. At the end of July, after the
payment of the $9.9 million special dividend net
debt was $12.6 million.
•Leverage ratio well below target range.
•Half of $30 million capital return to shareholders
completed through on-market share buyback
programmeand special dividend declared 20
June 2022, paid 12 July 2022.
•Fully imputed interim dividend declared of 3
cents per share, payable on 27 September 2022.
•On-market share buyback programmeto
recommence on 24 August 2022.
For the half year ended 30 June 2022
CAPITAL
MANAGEMENT
Dividend Policy
NZME intends to pay dividends of 30-50% of Free
Cash Flow subject to being within its target
leverage ratio and having regard to NZME's capital
requirements, operating performance and financial
position.
Target Leverage Ratio of 0.5 to 1.0 times rolling 12
month EBITDA
1
(pre NZ IFRS 16).
Full dividend policy is available at
www.nzme.co.nz/investor-relations/dividends/
1.Operating results presented are non-GAAP measures that exclude exceptional items to allow for a like for like comparison between2021 and
2022 financial years. Please refer to pages 37-38 of this results presentation for a detailed reconciliation.
2.2021 Operating EBITDA (pre NZ IFRS 16) as previously stated in 2021 FY results announced on 23 February 2022.
1.8
1.5
0.6
-
0.1
-0.4
0.0
0.4
0.8
1.2
1.6
2.0
-20.0
-
20.0
40.0
60.0
80.0
100.0
120.0
FY18FY19FY20FY21HY22
Leverage Ratio
(Net Debt / 12 month Operating EBITDA)
Net Debt ($m)
Net Debt / (Cash) (LHS)
30 June
2022
31 December
2021
12-months Operating EBITDA (pre NZ IFRS16)
1
49.550.4
2
Interest Expense1.11.9
Net interest cover (Operating EBITDA (pre NZ IFRS16)
1
/
Interest Expense)
43.326.4
Net Debt / (Cash) ($ million)2.9(13.5)
Leverage Ratio (Net debt / 12-month Operating EBITDA (pre
NZ IFRS16)
1
)
0.1-

1717

1818
0
5
10
15
20
25
30
35
40
S1/2019S2/2019S3/2019S4/2019S1/2020S3/2020S4/2020S1/2021S2/2021S3/2021S4/2021S1/2022S2/2022
NZME Music Market ShareNZME Talk Market Share
Market Share (%)
1.GfK Commercial RAM, NZME excl. Partners, Cumulative Audience000, M-S 12mn-12mn, TotalNZ, S1 2019-S2 2022. AP10+.
2.GfK Commercial RAM, NZME excl. Partners (doesn’t include BBC Auckland), Market Share%,M-S 12mn-12mn, S1 2019-S2 2022, AP10+. Note: Radio Sport closed prior to S3 2020.
3.Adswizzand 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 2021Q1 2022Q2 2022
1,500
1,600
1,700
1,800
1,900
2,000
S1/2019S2/2019S3/2019S4/2019S1/2020S3/2020S4/2020S1/2021S2/2021S3/2021S4/2021S1/2022S2/2022

1919
$ millionH1 2022H1 2021% Change
Radio advertising51.149.63%
Digital audio advertising2.51.656%
Other0.80.639%
Audio revenue54.451.85%
People & Contributors(28.1)(25.8)9%
Agency Commission & Marketing(8.1)(9.4)(13%)
Content(3.3)(3.2)1%
Other(5.5)(4.5)22%
Audio expenses(45.0)(42.9)5%
Audio EBITDA
1
(incl. NZ IFRS 16)9.48.77%
NZ IFRS 16 Adjustment(3.5)(3.7)(8%)
Audio EBITDA
1
(pre NZ IFRS 16)5.95.018%
EBITDA
1
Margin (pre NZ IFRS 16)11%10%1 ppt
1.EBITDA is a non-GAAP measure and excludes exceptional items. H1 2021 has been restated to exclude the impact of GrabOne (sold October 2021)and the adjustments necessary from the change in
accounting policy relating to SaaS arrangements adopted retrospectively in the second half of 2021.
2.PwC Radio advertising market benchmark report, rolling 12 monthaverage to30 June 2022 vs 12 months to 31 December 2021. Note: report excludes independent broadcasters and contra revenue.
•Audio revenue increased 5% year-on-year and exceeded
pre Covid-19 levels in the first half of 2019 by 1%.
•NZME’s digital audio platform, iHeartRadio, continued to
deliver strong growth, 56% higher than the first half of
2021.
•Radio market share grew to 41.1%, up 0.2 percentage
points compared to 2021
2
.
•Increase in People & Contributor costs driven by one-off
bonus, investments in digital audio and rising labour
costs.
•Agency Commission & Marketing costs were 13% lower,
reflecting lower marketing during the half.
•Increase in Other costs due to costs associated with
additional frequencies to expand the reach of the
broadcast network.
•EBITDA
1
margin grew by 1 percentage point with 23% of
the increased audio revenue year-on-year reflected in
growth in EBITDA
1
(incl. NZ IFRS 16).
AUDIO
For the half year ending 30 June 2022

2020
1.GfK Commercial RAM, NZME excl. Partners,M-S 12mn-12mn,Market Share %, S4 2020 –S2 2022, AP10+.1* Cumulative Audience, S2 2022. 1** Commercial Market Share, S2 2022.
2.PwC Radio advertising market benchmark report, rolling12monthaverage to 30 June 2022. FY 2020 and 2021 figures as previously stated in FY 2021 results announced on 23 February 2022.Note: report
excludes independent broadcasters, contra revenue and digital audio.
3.EBITDA is a non-GAAP measure and excludes exceptional items.
4.Includes Covid-19 government wage subsidy received in 2020. Excluding the impact of the government wage subsidy received in 2020, the EBITDA margin was 10.5%.
NEW ZEALAND’S LEADING
AUDIO COMPANY
Metric
FY 2020
Achievement
FY 2021
Achievement
H1 20222023 TargetProgress Update
NZME share of total
audience
35.6%
1
37.4%
1
37.2%
1
> 1% share
point growth
per annum
•NZME’s highest total NZ 10+ audience results in S2-2022 –over 2m
1*
.
•Newstalk ZB continues to lead the talk market and is the #1 station share
nationwide
1**
. ZM had the most listeners of any station in key commercial
demographics (18-39, 18-49, 25-44, 25-54).
1*
•Improved performance in music share based on changes undertaken
•Digital Radio consumption grew 23% for H1 generating 36 million listening hours.
•NZME podcast network leads all industry Podranker results since inception. NZME
produced podcasts have seen significant growth with downloads up 85% on H1
2021.
Radio Revenue Share40.4%
2
40.9%
2
41.1%
2
> 1% share
point growth
per annum
•Industry wide radio advocacy has been elevated as a priority.
•NZME’s leading digital audio revenues are excluded from radio revenue share
metrics.
Digital audio revenue
as a % of total audio
revenue
2.4%3.4%4.6%5%
•iHeartRadio streaming digital ad insertion delivering strong revenue growth.
•Alternative Commentary Collective has begun monetising its strong audience
engagement, though digital audio.
•Podcast revenue accelerating.
•Enhanced partner solutions for digital audio ad sales.
EBITDA
3
Margin Target
(pre NZIFRS16)
14%
4
12%11%15 –17%

2121

2222
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 21Q1 21 - Q4 21Q2 21 - Q1 22
NZ HeraldHerald On Sunday
Brand Audience (000’s)
1.Nielsen CMI Q1 18 –Q1 22, AP 15+.
2.Nielsen CMI Fused Q2 21 –Q1 22, June 2022, AP 15+. (Fused Jan 20 –Fused June 22).
Readership (000’s)
NZ Herald (Mon-Sat) and Herald on
Sunday Average Issue Readership
1
NZ Herald Daily and Weekly
Brand Audience
1
STRONG ENGAGEMENTCONTINUES POST
COVID PEAKS
Audience (000’s)
NZME Total Monthly Digital Users
2
High readership
engagement
during Covid-19
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 21Q1 21 - Q4 21Q2 21 - Q1 22
Daily Brand AudienceWeekly Brand Audience
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-20
Nov-20
Jan-21
Mar-21
May-21
Jul-21
Sep-21
Nov-21
Jan-22
Mar-22
May-22
NZME Totalnzherald.co.nz

2323
Subscriptions Mix
# of subscribers
INCREASING DIGITAL SUBSCRIPTIONS
1.Print 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.
2.Digital subscription volumes, quarterly average.
Print Subscriber Volume and Yield
1
Yield ($)
Subscriber Volume (millions)
# of subscribers
Annual Yield per Subscriber ($)
Digital Subscription Volume
2
and Yield
0.00
0.25
0.50
0.75
1.00
1.25
1.50
1.75
2.00
2.25
-
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 2021Q1 2022Q2 2022
Subscriber VolumeYield
$-
$50
$100
$150
$200
$250
-
20,000
40,000
60,000
80,000
100,000
120,000
Q2 2019Q3 2019Q4 2019Q1 2020Q2 2020Q3 2020Q4 2020Q1 2021Q2 2021Q3 2021Q4 2021Q1 2022Q2 2022
Digital Subs VolumeAnnual Yield Per Sub
-
50,000
100,000
150,000
200,000
250,000
Apr-19
Jun-19
Aug-19
Oct-19
Dec-19
Feb-20
Apr-20
Jun-20
Aug-20
Oct-20
Dec-20
Feb-21
Apr-21
Jun-21
Aug-21
Oct-21
Dec-21
Feb-22
Apr-22
Jun-22
Print OnlyDigital EntiltedDigital Only

2424
$ millionH1 2022H1 2021% Change
Print subscriptions​
26.927.2(1%)
Digital subscriptions​
7.95.154%
Retail outlet sales​
7.07.8(11%)
Total reader revenue
41.840.24%
Print advertising​
30.733.3(8%)
Digital advertising
29.326.312%
Total advertising revenue
60.059.61%
Other​
7.84.478%
Publishing revenue
109.5104.25%
People & Contributors
(44.1)(39.7)11%
Print & Distribution
(22.6)(22.2)2%
Agency Commission & Marketing
(9.7)(10.9)(11%)
Content(4.8)(4.0)20%
Other(6.9)(6.4)6%
Publishing expenses(88.1)(83.2)6%
Publishing EBITDA
1
(incl. NZ IFRS
16)
21.520.92%
NZ IFRS 16 Adjustment(3.8)(4.2)(8%)
Publishing EBITDA
1
(pre NZ IFRS 16)17.616.85%
EBITDA
1
Margin (pre NZ IFRS 16)​16%16%0 ppt
•Total reader revenue increased 4% year-on-year, with
strong digital subscriptions revenue growth more than
offsetting the decline in print reader revenue.
•H1 2022 results include the impact of the BusinessDesk
acquisition, completed on 17 January 2022.
•Total advertising revenue grew 1%, with digital advertising
revenue making up nearly half of the Publishing division’s
advertising revenue in the first half of 2022.
•Other revenue increase predominantly due to the impact of
the government grants for specific projects.
•Higher People & Contributor costs of 11% includes the one-
off bonus, the impact of the acquisition of BusinessDesk
and costs associated the government grant projects. The
remaining increase relates to additional resource and labour
cost increases.
•Agency Commission & Marketing costs were 11% lower,
representing reduced spend in the half, some timing
related.
•Content costs are up 20% in line with increased re-sale of
third-party digital services and increased license costs.
PUBLISHING
For the half year ending 30 June 2022
1.EBITDA is a non-GAAP measure and excludes exceptional items. H1 2021 has been restated to exclude the impact of GrabOne (sold October 2021)and the adjustments necessary from the change in
accounting policy relating to SaaS arrangements adopted retrospectively in the second half of 2021.

2525
1.Includes the impact of the BusinessDesk acquisition.
2.Stats.govt.nz Dwelling and household estimates: June 2022 quarter.
3.EBITDA is a non-GAAP measure and excludes exceptional items.
4.Includes Covid-19 government wage subsidy received in 2020. Excluding the impact of the government wage subsidy received in 2020, the EBITDA margin was 17.0%.
5.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
H1 20222023 TargetProgress Update
Subscription
Volume Target
169,000191,000206,000
1
More than
210,000 by
2023year-end
•Acquisition of BusinessDesk added 8,000 subscribers and positions
NZME as pre-eminent Business news provider.
•Simplified corporate pricing and bundles developed across Herald
Premium and BusinessDesk.
•Herald Premium customer experience improvements implemented -
subscriber buy journeys, subscriber management portal and get help
experience.
•Enhanced editorial quality and trust focus with new code of ethics,
newsroom mission and engagement driven article scoring engine.
•My NZH News personalised home page module launched for logged
in users.
•Reach new audiences -launched Pasifika vertical, Open Justice and
Te Rito cadet scheme.
•Grow regional brand and content -focus on Christchurch in Q3
launched.
Subscription
Volume Mix
32% / 68%43% / 57%49% / 51%
Digital Only >
Print
% Households
Subscribing
9%
2
10%
2
11%
> 12% by year-
end
Advertising
Revenue Mix
42% Digital46% Digital49% Digital> 45% Digital
•Launched Audience Connect, NZME's 1st Party Data Portfolio
offering.
•NZME AdHub Self Service built and in trial.
•Simplification programme commenced; revitalisation of Communities
proposition and refresh of daily print products.
EBITDA
3
Margin
Target (pre NZIFRS16)
19%
4
18%16%18-19%
5

2626

2727
0%
20%
40%
60%
80%
100%
120%
Jan-20
Mar-20
May-20
Jul-20
Sep-20
Nov-20
Jan-21
Mar-21
May-21
Jul-21
Sep-21
Nov-21
Jan-22
Mar-22
May-22
Auckland %National %
OneRoof Auckland and National Residential
For-sale Listingsas a % of Trade Me
1
1.OneRoof’slistings 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 -Jun 2022.
Audience (000’s)
ONEROOF AUDIENCE & LISTINGS
Upgrade %
% Listings
OneRoof Digital 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
Jan-22
Mar-22
May-22
0%
5%
10%
15%
20%
25%
30%
35%
Q1 20Q2 20Q3 20Q4 20Q1 21Q2 21Q3 21Q4 21Q1 22Q2 22
AucklandRegional

2828
$ millionH1 2022H1 2021% Change
Print​
6.87.0(2%)
Digital​
5.43.553%
OneRoofrevenue
12.210.516%
People & Contributors
(4.2)(3.1)33%
Print & Distribution
(3.2)(3.7)(12%)
Agency Commission & Marketing
(3.4)(2.3)48%
Content(0.7)(0.6)6%
Other(0.5)(0.4)39%
OneRoofexpenses(12.0)(10.1)19%
OneRoof EBITDA
1
(incl. NZ IFRS 16)0.20.4(49%)
NZ IFRS 16 Adjustment​(0.3)(0.3)30%
OneRoof EBITDA
1
(pre NZ IFRS 16)(0.1)0.1(204%)
EBITDA
1
Margin (pre NZ IFRS 16)​(1%)1%-2 ppt
Total Real Estate revenue across
allNZME brands​
23.520.515%
•Total OneRoof revenue was up 16% higher than the first half of
2021, with 53% growth in digital revenue despite a cooling housing
market.
•People costs higher as additional sales resource was deployed to
achieve growth.
•Decrease in Print and Distributions costs due to fewer publications.
•Marketing costs increased as OneRoof continued to focus on
growing the brand, listings penetration and conversion rates
nationwide.
•With the continued investment in growth including additional
resource and marketing costs, EBITDA was lower than the first half
of 2021.
ONEROOF
For the halfyear ending 30 June 2022
1.EBITDA is a non-GAAP measure and excludes exceptional items. H1 2021 has been restated to exclude the impact of GrabOne (sold October 2021)and the adjustments necessary from the change in accounting
policy relating to SaaS arrangements adopted retrospectively in the second half of 2021.

2929
1.OneRoof’slistings as a percentage of residential for-sale real estate listings on trademe.co.nz. June 2022 monthly average.Excluding private listings. FY 2020 and 2021 figures as previously
stated in 2021 FY results announced on 23 February 2022.
2.Nielsen Online Ratings, monthly average for Q22022.FY 2020 and 2021 figures as previously stated in 2021 FY results announced on 23 February 2022.
3.EBITDA is a non-GAAP measure and excludes exceptional items.
4.Includes Covid-19 government wage subsidy received in 2020. Excluding the impact of the government wage subsidy received in 2020, the EBITDA margin was 4.7%.
YOUR COMPLETE
PROPERTY DESTINATION
Metric
FY 2020
Achievement
FY 2021
Achievement
H1 20222023 TargetProgress Update
Residential Listings89%
1
91%
1
90%
1
96% of listings
(100% of
non-private
listings)
•Key accounts identified and strategy deployed to secure listings.
•Platform development undertaken to correctly attribute residential
listings to New Build.
Audience
459k,
gap to #1 of
250k
2
497k,
gap to #1 of
396k
2
503k,
gap to #1 of
297k
2
Reduce gap to
#1
•Brand campaign delivering increased unprompted awareness and
preference.
•Full customer experience analysis completed with action plan to
increase audience engagement in H2.
•Reviewed and deployed new digital marketing strategies to build
total platform sessions.
•Increasing audience flow across entire site.
Listings Upgrade %
17.6% Auckland
3.9% Regional
23.5% Auckland
5.4% Regional
28.6% Auckland
9.0% Regional
50% of Auckland
residentiallistings
22% of regional
residentiallistings
•OneRoof bespoke bundles deployed nationally.
•Launched entry level conversion product targeting new agents.
•Continued progress on listing conversions nationally utilising local
resources.
Revenue24% / 76%38% / 62%44% / 56%Digital > Print
•Digital growth delivered 53% year on year growth against cooling
housing market.
EBITDA
3
Margin
Target (pre NZ
IFRS16)
8%
4
7%(1%)15 -25%

30
•No Events in the first half of 2022 results in lower
revenue.
•Other expenses lower as no events costs.
1.EBITDA is a non-GAAP measure and excludes exceptional items. H1 2021 has been restated to exclude the impact of GrabOne (sold October 2021)and the adjustments necessary from the change in accounting
policy relating to SaaS arrangements adopted retrospectively in the second half of 2021.
For the half year ended 30 June 2022
CORPORATE
& OTHER
$ millionH1 2022H1 2021% Change
Revenue​0.61.6(64%)
People & Contributors
(1.8)(2.0)(6%)
Agency Commission & Marketing
(0.1)(0.1)-
Content(0.2)(0.2)-
Other(1.3)(2.2)(39%)
Corporate & other expenses(3.5)(4.4)(22%)
Corporate & other EBITDA
1
(incl. NZ IFRS 16)(2.9)(2.8)(2%)

31

3232
•The first half of 2022 saw New Zealand move through the peaks of its Omicron
outbreak. Despite this, we were pleased to see advertising revenue recovery
during the half to pre-pandemic levels.
•There remains significant unease in the market, as reported in business and
consumer confidence metrics. However, these have been evident for some time
and appear to be beginning to recover.
•While there is a cautiousness being noted by advertisers, Quarter 3 2022
bookings are currently tracking 5% above the same time in 2021.
•There continues to be cost pressures across the business, however the
significant increases in paper and freight costs have been offset by cost saving
initiatives.
•Based on the above trends, NZME reconfirms its guidance of 2022 EBITDA in the
range of $67-$72 million.
•NZME remains in a very strong capital position and will recommence the on-
market buy-back on 24 August 2022. The Board remains committed to returning
excess capital to shareholders and will review capital and dividend policy settings
over the half.
•We look forward to providing further updates on NZME’s progress and strategy at
an Investor Day to be held in November 2022.
OUTLOOK

33

3434

35
OUR SUSTAINABILITY COMMITMENT
In 2022, again impacted by the
ongoing impacts of Covid-19, we
have continued to share our
platforms to ensure our
communities are connected, and
our people kept safe.
We look forward to the continued
implementation of our initiatives to
have meaningful, sustainable
practices for the wider community,
the wellbeing of our people and
the environment.
The following is a snapshot of
progress to date for 2022.
RESPONSIBLE REPORTING AND
BROADCASTING
NZME maintains a balanced reporting
platform as Covid-19 and other major
events continued to disrupt countries
around the world, directly impacting
New Zealanders.
CONNECTING COMMUNITIES
NZME’s Great Mindsproject examined
the state of our nation’s mental health
and explored the growing impact mental
health has on Kiwis while searching for
ways to improve it.
Talanoa, Voices of the Pacific was
launched with the NZ Herald, to increase
the diversity of content and contributors
on our platforms.
Te Rito journalism one-year cadet
training programme is underway, part of
a media industry partnership to inject the
industry with voices that better reflect our
diverse communities.
SHARING OUR PLATFORMS
NZME partners with a number of
organisations to champion charitable
causes including over 1.5 million dollars
raised with W orld Vision through the
Ukraine Appeal.
Other partners included the Graeme
Dingle Foundation, Leukaemia & Blood
Cancer New Zealand, Men’s Health
Week, Women's Refuge (Shielded
Initiative), The Funding Network New
Zealand and the Sir John Kirwan
Foundation.
PROMOTING A HEALTHY, DIVERSE
AND SAFE WORKPLACE
Given the importance of our essential
services during the ongoing Covid-19
pandemic, NZME has a robust set of
measures to manage the risk of outbreaks
among teams and minimise impacts to
production.
Understanding Unconscious Bias training
has been offered to all NZME leaders,
through our partnership with Diversity
Works NZ.
Matariki(marking the beginning of the new
year in the Māori lunar calendar) was
celebrated with a programme developed by
our diversity committee and our Te Rito
cadets.
EQUIPPING OUR PEOPLE
NZME continues to offer a range of training
courses to its people and has provided
7,503 hours of training to date in 2022.
CHAMPIONING THE CRAFT
NZME continues to employ 21 interns and
cadets across the business, including the
Te Rito Programme and continuation of our
TupuToapartnership.
NZME has been recognised with a number
of industry awards and
nominationsincluding:Voyager Media
Awards, NZ Radio Awards, IAB Awards,
Beacon Awards, INMA Awards, Deloitte
Top 200 Award, New Zealand HR Awards
and Grad NZ's 2022 Student Survey.
RECYCLING
We have recycling stations in place
across the Ellerslie print plant. Daily
waste is separated into three streams:
landfill, recycling and food waste.
The W aste Committee chaired by
Ellerslie Plant's General Manager has
implemented the following initiatives in
H1 2022: (1) removal of all general
rubbish bins, our people are required to
actively separate waste, (2) all cardboard
materials are now diverted from landfill to
a dedicated collection point, (3) our
people are encouraged to reuse broken
or unserviceable wood pallets as
firewood or DIY projects, diverting them
from landfill.
BEST PRACTICE
Photocopiers have been upgraded
across all offices and is expected to
deliver an 85% reduction in power
consumption.
To reduce plastic usage at the plant we
have optimised the number of papers per
bundle to reduce total bundle numbers,
anticipating a reduction of 41,000 metres
of plastic per year.
NZME has adopted Modern Slavery
Statements and continues to work on
adopting a Responsible Sourcing Policy.
RESPONSIBILITY
The NZ Herald continues to take part in
Covering Climate Now -a global news
media initiative.

36
2022 DIVISIONAL PERFORMANCE
For the half year ended 30 June 2022
$m
Audio
PublishingOneRoofOtherH1 22 TotalH1 21 Total% Change
Reader Revenue:
-Print
-33.8--33.835.0(3%)
-Digital
-7.9--7.95.154%
Reader Revenue
-41.8--41.840.24%
Advertising Revenue:
-Radio
51.1---51.149.63%
-Print
-30.76.8-37.440.3(7%)
-Digital
2.529.35.40.537.731.918%
Advertising Revenue
53.660.012.20.5126.2121.74%
Other Revenue
0.87.80.00.18.86.241%
Total Revenue
54.4109.512.20.6176.7168.05%
People and Contributors
(28.1)(44.1)(4.2)(1.8)(78.3)(70.6)11%
Print & Distribution
-(22.6)(3.2)-(25.8)(25.9)(0%)
Agency Commission & Marketing
(8.1)(9.7)(3.4)(0.1)(21.4)(22.7)(6%)
Content
(3.3)(4.8)(0.7)(0.2)(8.9)(8.1)10%
Other
(5.5)(6.9)(0.5)(1.3)(14.2)(13.6)5%
Total Costs
(45.0)(88.1)(12.0)(3.5)(148.6)(140.8)6%
Operating EBITDA
1
9.421.50.2(2.9)28.127.23%
NZ IFRS 16 Adjustments
(3.5)(3.8)(0.3)(0.0)(7.7)(8.2)(7%)
EBITDA (pre NZ IFRS 16)
2
5.917.6(0.1)(2.9)20.519.08%
EBITDA (pre NZ IFRS 16)
2
Margin %
11%16%(1%)-12%11%0 ppt
1.Operating results presented are non-GAAP measures that include the impact of NZ IFRS 16, however, exclude exceptional items to allow for a like for like comparison between 2021 and 2022 financial years. H1 2021
has been restated to exclude the impact of GrabOne (sold October 2021) and the adjustments necessary from the change in accounting policy relating to SaaS arrangements adopted retrospectively. Please refer to
pages 37-38 of this results presentation for a detailed reconciliation.
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.
H1 2021 has been restated
to exclude the impact of
GrabOneand include the
impact of the IFRIC
guidance on SaaS
arrangements.

37
RECONCILIATION OF OPERATING RESULTS
TO FINANCIAL STATEMENTS
HALF YEAR ENDED 30 JUNE 2022
$ million
Operating Results
excl. NZ IFRS 16
NZ IFRS 16
Adjustments
Operating Results
incl. NZ IFRS 16
Reclass of Items
Exceptional and
Other Items
Per Financial
Statements
Total revenue and other income
177.2(0.4)176.70.2-176.9
Expenses
(156.7)8.1(148.6)-(0.7)(149.3)
EBITDA
20.57.728.10.2(0.7)27.6
Depreciation and amortisation
(7.7)(5.3)(13.0)--(13.0)
EBIT
12.82.315.10.2(0.7)14.6
Share of loss of JV’s
------
Impairment of assets
------
Net interest expense
(0.4)(2.3)(2.7)(0.2)-(2.9)
Net profit/(loss) before tax
12.4-12.5-(0.7)11.8
Tax
(3.4)-(3.4)-0.1(3.3)
Net profit/(loss) after tax
9.0-9.0-(0.6)8.5

38
RECONCILIATION OF OPERATING RESULTS
TO FINANCIAL STATEMENTS
HALF YEAR ENDED 30 JUNE 2021
$ million
Operating Results
excl. IFRS 16 and
SaaS
Restatement
(SaaS)
Operating Results
excl. IFRS 16
NZ IFRS 16
Adjustments
Operating Results
incl. IFRS 16
GrabOne
Exceptional and
Other Items
Per Restated
Financial
Statements
Total revenueand other
income
168.0-168.0-168.04.40.6
173.0
Expenses
(148.6)(0.4)(149.0)8.2(140.8)(2.0)(0.7)
(143.5)
EBITDA
19.4(0.4)19.08.227.22.4(0.1)
29.5
Depreciation and amortisation
(9.0)1.3(7.7)(5.9)(13.7)(0.3)-
(14.0)
EBIT
10.40.911.32.313.62.1(0.1)
15.5
Share of loss of JV’s
------(0.4)
(0.4)
Impairment of assets
------(2.6)
(2.6)
Net interest expense
(1.3)-(1.3)(2.6)(3.9)-(0.0)
(3.9)
Net profit/(loss) before tax
9.20.910.0(0.3)9.72.1(3.1)
8.7
Tax
(2.5)(0.2)(2.8)-(2.8)(0.6)0.8
(2.5)
Net profit/(loss) after tax
6.70.67.3(0.3)6.81.5(2.2)
6.2

3939
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 half year ended 30 June 2022.
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 customisation costs 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, and prior to exceptional items. 2021 half year operating results
have been restated to exclude the impact of GrabOne and include the adjustments required in relation to
the change in accounting policy relating to SaaS arrangements that were applied retrospectively. Please
refer to pages 37-38 of this presentation for detailed reconciliation of these results to the statutory results.
See note 1.2.1 of the consolidated interim financial statements for the six months ended 30 June 2022 for
the restatement adjustments that have been applied.
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 2022 HALF YEAR RESULTS
SIX MONTHS T0 30 JUNE 2022

2 NEW ZEALAND MEDIA AND ENTERTAINMENT

Chairman and Chief Executive Officer's Report
04
Directors' Statement
08
Consolidated Interim Income Statement
09
Consolidated Interim Statement of Comprehensive Income
10
Consolidated Interim Balance Sheet
11
Consolidated Interim Statement of Changes in Equity
12
Consolidated Interim Statement of Cash Flows
13
Notes to the Consolidated Interim Financial Statements*
Basis of Preparation
14
Group Performance
17
Operating Assets and Liabilities
22
Capital Management
27
Group Structure and Investments in Other Entities
33
Other Notes
35
Independent Auditors' Review Report
36
* In an attempt to make these financial statements easier to read, the notes to the
financial statements have been grouped into six sections; aimed at grouping items
of a similar nature together. The Basis of Preparation section presents a summary
of material information and general accounting policies that are necessary to
understand the basis on which these consolidated interim financial statements have
been prepared. A summary of the key judgments and estimates is also included
under the Basis of Preparation section on pages 14 to 16.
CONTENTS
CONSOLIDATED INTERIM FINANCIAL STATEMENTS 2022 3

CHAIRMAN
AND CHIEF
EXECUTIVE
REPORT
Kia ora. We are pleased to present New Zealand Media and Entertainment’s
(NZME) Interim Report for the half year ended 30 June 2022.
Having set our strategic priorities in 2020 with very clear
targets across our three strategic pillars of Audio, Publishing
and OneRoof, we are now halfway through our three-year
target period. The business is delivering on its transformation
objectives with revenue and growth supported by total digital
revenues up 24 percent year on year. We continue to assess
our performance against the strategic targets that we set,
remaining agile and adapting as needed.
The year has started strongly with advertising revenues for
the first half above the pre-Covid levels of 2019 and 2022’s
revenue and profitability above last year’s. The operating
environment has continued to be challenging with the Covid
pandemic impacting activity in the first half of the year.
This combined with supply chain challenges, inflationary
pressures and labour shortages for businesses has resulted
in overall business confidence falling to levels as low as have
been seen in recent years.
Financial Results
We are pleased to report growth in Operating Revenue of five
percent compared to the first half of 2022. Total revenue increased
across all strategic pillars: Audio, Publishing and OneRoof, and
total digital revenue was up by 24 percent compared to the same
period last year.
NZME’s Operating Earnings before Interest, Tax, Depreciation
and Amortisation (EBITDA)
1
grew by three percent to $28.1 million
on the previous corresponding period.
NZME’s Statutory Net Profit After Tax (NPAT) was $8.5 million for
the first half of 2022, 37 percent higher than the first half of 2021.
NZME completed half of the planned $30 million capital return
through the buyback of $5.3 million of shares, and the payment
of a special dividend of 5.0 cents per share which was paid
to shareholders on 12 July 2022. The on-market buyback will
recommence on 24 August 2022.
In addition, given the strong operating performance and capital
position of the company, the NZME Board is pleased to have
declared a fully imputed interim dividend of 3 cents per share.
Key achievements
In June NZME celebrated reaching 100,000 paid digital only
subscriptions - a significant milestone driven by our continued
focus on digital transformation. Publishing subscriptions across
digital and print have now increased to 206,000 – an exceptional
achievement in challenging economic times. The number of paid
digital subscriptions overtook print subscriptions for the first time
ever, as well as digital advertising revenue for June 2022 being
equal to print advertising revenue across the same period. This
further demonstrates the strength of our digital platforms.
The transition to digital is ultimately ensuring NZME’s trusted and
quality content is available to a broader audience, in turn ensuring
the long-term future and sustainability of our newsrooms and our
news platforms.
In January 2022, the acquisition of BusinessDesk was completed,
further bolstering NZME’s reputation as New Zealand’s pre-
eminent business news provider, supporting the country’s
business community with trusted, quality reporting and analysis,
opinion and journalism.
NZME also expanded its reach into regional radio markets
including in Central Otago with the purchase of Radio Wānaka
in February 2022, which joins NZME’s existing stable of stations
in the Southern Lakes region – Newstalk ZB, The Hits and ZM.
We also celebrated our largest ever cumulative audience in the
latest GfK Commercial Radio Survey
2
in July 2022, reaching more
than two million people across our radio platforms. This is further
complemented by our digital audio platform - iHeartRadio, which
reaches one million devices and boasted 6.4 million listening
hours in June 2022
3
. NZME is the country’s top podcast network,
representing eight out of the ten top podcasts
4
in New Zealand,
with more than 4.5 million podcast downloads. This further
demonstrates the strength of our digital audio platform.
We have also seen strong growth in digital audio revenue through
our digital audio platform iHeartRadio, up 56 percent this half
compared to the previous corresponding period. This further
demonstrates the positive impact our digital transformation and
diversification of our audio platforms is having on revenue growth.
1
Operating results presented are non-GAAP measures that include the impact of NZ IFRS 16, however, exclude exceptional items
to allow for a like for like comparison between 2021 and 2022 financial years. H1 2021 has been restated to exclude the impact of
GrabOne (sold October 2021) and the adjustments necessary from the change in accounting policy relating to SaaS
arrangements adopted retrospectively. Please refer to pages 37-38 of this results presentation for a detailed reconciliation.
2
GfK Commercial RAM, S2/22, Total NZ, Cume, AP10+, M-S 12mn-12mn (unless otherwise stated), Historical data available
on request
3
Adswizz June 2022.
4
Triton NZ Podcast Ranker June 2022.
4 NEW ZEALAND MEDIA AND ENTERTAINMENT

OneRoof has achieved significant growth in key areas, including
a substantial increase in audience and continued growth in digital
listings upgrades across both Auckland, and other regions. This
helped drive a 53 percent increase in digital revenue year-on-year,
against a cooling housing market.
In June we announced that we reached agreement with Google
to support a number of digital transformation initiatives. The
new partnership will see NZME supplying content to Google
News Showcase when it officially launches in New Zealand,
with selected material from our national, regional and
community publications being published.
NZME also announced an agreement with Meta (the company
that owns Facebook) to secure their support for a number of
projects over the next year to drive subscriber growth and
retention across NZME.
The partnerships further support NZME’s focus on digital
transformation and will bolster digital growth, increase audience
reach across our platforms as well as growing digital revenue
and enhancing our digital subscriptions.
Finally, the Board has been pleased to support a strong and
renewed focus on our newsroom Quality and Trust principles
and initiatives this year, and these principles are captured in
our updated Editorial Code of Conduct and Ethics, available on
NZME’s website. The focus is on ensuring that our journalism is
of a world class standard and that our audiences are reading,
listening to, or watching our news more frequently. This will
be supported by improved customer experiences across the
NZ Herald website and app. NZME is committed to cementing
ourselves as the home of New Zealand’s best journalism.
We continue to focus on making NZME a great place to work.
Insights from NZME’s HearMe employee survey from May 2022
saw NZME in the top quartile globally for employee engagement -
approaching the top ten percent of companies worldwide.
Outlook
Despite the challenges that came with New Zealand moving
through the peaks of its Omicron outbreak in the first half of
2022, we were pleased to see advertising revenue for the half
recovering to pre-pandemic levels.
Whilst advertisers are exercising caution and there is some
unease in the market, as reported in business and consumer
confidence metrics, pleasingly, bookings for quarter three
are currently tracking five percent above the previous
corresponding period.
NZME is not immune to the challenging macro-economic
environment in New Zealand and globally, and there continues
to be cost pressures across the business. However, we continue
to carefully manage costs to ensure current business momentum
continues into the second half of 2022.
Based on the above trends, NZME reconfirms its guidance
of 2022 EBITDA in the range of $67-$72 million.
NZME remains in a very strong capital position and will
recommence the on-market buy-back on 24 August 2022.
The Board remains committed to returning excess capital
to shareholders and will review capital and dividend policy
settings over the second half of 2022.
We would like to thank our valued shareholders for your
ongoing support during challenging and difficult economic
times. We are committed to ensuring that NZME continues to
deliver shareholder value through its business transformation.
We’d also like to acknowledge everyone at NZME for their
hard work and dedication to their roles and for playing
their part in serving our valued audiences, customers
and our fantastic business.
Ngā mihi nui,
Barbara Chapman
and Michael Boggs
CONSOLIDATED INTERIM FINANCIAL STATEMENTS 2022 5

2022
HALF YEAR
FINANCIAL
RESULTS
NZME LIMITED
6 NEW ZEALAND MEDIA AND ENTERTAINMENT

CONSOLIDATED INTERIM FINANCIAL STATEMENTS 2022 7

DIRECTORS’ STATEMENT
The Directors are pleased to present the consolidated interim financial statements of NZME
Limited (the "Company") and its subsidiaries (together the "Group") for the six months ended
30 June 2022, incorporating the consolidated interim financial statements and the independent
auditor's review report.
The Directors are responsible, on behalf of the Company, for presenting these consolidated
interim financial statements in accordance with applicable New Zealand legislation and New
Zealand equivalent to International Accounting Standard 34:
Interim Financial Reporting and
International Accounting Standard 34: Interim Financial Reporting and the NZX Listing Rules.
The consolidated interim financial statements for the Group as presented on pages 9 to 35 are
signed on behalf of the Board of Directors, and are authorised for issue on the date below.
For and on behalf of the Board of Directors
Barbara Chapman Carol Campbell
Chairman Director
Date: 22 August 2022
8 NEW ZEALAND MEDIA AND ENTERTAINMENT

Note
June 2022
$’000
June 2021
Restated
$’000
Revenue2.1
173,342
172,283
Finance and other income2.1
3,594
752
Total revenue and other income
2.1
176,936
173,035
Expenses from operations before finance costs,
depreciation and amortisation
(149,294)
(143,507)
Depreciation and amortisation2.3.2
(12,998)
(14,019)
Finance costs2.3.2
(2 ,874)
(3,884)
Share of joint ventures and associates net profit / (loss)
after tax
13
(354)
Impairment of assets2.3.2
-
(2,582)
Profit before income tax expense11,783
8,689
Income tax expense
(3,326)
(2,511)
Net profit after tax8,457
6,178
Profit for the period is attributable to:
Owners of the Company
8,735
6,333
Non-controlling interests
(278)
(155)
8,457
6,178
Cents
Cents
Earnings per share attributable to the ordinary
shareholders of the Company
Basic earnings per share (cents per share)2.2
4.44
3.21
Diluted earnings per share (cents per share)2.2
4.27
3.13
The above Consolidated Interim Income Statement should be read in conjunction with the accompanying notes.
CONSOLIDATED INTERIM
INCOME STATEMENT
FOR THE SIX MONTHS ENDED 30 JUNE 2022 (UNAUDITED)
CONSOLIDATED INTERIM FINANCIAL STATEMENTS 2022 9

CONSOLIDATED INTERIM
STATEMENT OF
COMPREHENSIVE INCOME
FOR THE SIX MONTHS ENDED 30 JUNE 2022 (UNAUDITED)
June 2022
$’000
June 2021
Restated
$’000
Net profit after tax8,457
6,178
Other comprehensive income
Items that may be reclassified to profit or loss
Effective gain on hedging instruments
110
260
Hedging reclassification to profit or loss
(23)
129
Net gain on hedging instruments87
389
Net exchange differences on translation of foreign operations
3
(26)
Other comprehensive income net of taxation90
363
Total comprehensive income8,547
6,541
Total comprehensive income attributable to:
Owners of the Company
8,825
6,696
Non-controlling interests
(278)
(155)
8,547
6,541
10 NEW ZEALAND MEDIA AND ENTERTAINMENT

Note
June 2022
(unaudited)
$’000
December 2021
(audited)
$’000
Current assets
Cash and cash equivalents
6,847
13,538
Trade and other receivables3.5
50,729
45,176
Inventories3.6
1,223
1,909
Derivative financial instruments
87
25
Income tax receivable
142
-
Total current assets59,028
60,648
Non-current assets
Intangible assets3.1
142,671
138,195
Property, plant and equipment3.2
23,298
26,976
Right-of-use assets3.3
62,609
67,513
Capital work in progress3.4
4,869
4,006
Other financial assets
815
815
Equity accounted investments5.2.2
3,589
3,623
Other receivables and prepayments3.5
6,413
6,879
Derivative financial instruments
312
228
Deferred tax assets
4,476
3,485
Total non-current assets249,052
251,720
Total assets308,080
312,368
Current liabilities
Trade and other payables
54,770
53,780
Gross dividend payable4.2.1
9,678
-
Current lease liabilities4.3.2
11,329
11,340
Income tax payable
-
4,689
Total current liabilities75,777
69,809
Non-current liabilities
Other payables3.8
1,137
-
Non-current lease liabilities4.3.2
80,193
85,445
Interest bearing liabilities4.3.1
9,752
-
Total non-current liabilities91,082
85,445
Total liabilities166,859
155,254
Net assets141,221
157,114
EQUITY
Share capital
356,499
361,758
Reserves
5,126
4,920
Retained earnings
(220,040)
(209,478)
Total Company interest141,585
157,200
Non-controlling interests(364)
(86)
Total equity141,221
157,114
The above Consolidated Interim Balance Sheet should be read in conjunction with the accompanying notes.
CONSOLIDATED INTERIM
BALANCE SHEET
AS AT 30 JUNE 2022
CONSOLIDATED INTERIM FINANCIAL STATEMENTS 2022 11

CONSOLIDATED INTERIM
STATEMENT OF CHANGES
IN EQUITY
FOR THE SIX MONTHS ENDED 30 JUNE 2022 (UNAUDITED)
Attributable to owners of the company
Note
Share
capital
$’000
Reserves
$’000
Retained
earnings
$’000
Tot a l
$’000
Non-
controlling
interests
$’000
Tot a l
equity
$’000
Balance at 1 January 2021
361,7583,485(233,280)
131,963
125
132,088
Change in accounting policy1.2.1--(5,587)
(5,587)
-
(5,587)
Restated balance at
1 January 2021
361,7583,485(238,867)
126,376
125
126,501
Profit / (loss) for the period
restated
--6,333
6,333
(155)
6,178
Other comprehensive income-363-
363
-
363
Total comprehensive income /
(loss)
-3636,333
6,696
(155)
6,541
Share based payments-294-
294
-
294
Balance at 30 June 2021
361,7584,142(232,534)
133,366
(30)
133,336
Balance at 1 January 2022361,7584,920(209,478)
1 57, 2 0 0
(86)
1 57,114
Profit / (loss) for the period--8,735
8,735
(278)
8,457
Other comprehensive income-90-
90
-
90
Total comprehensive
income / (loss)
-908,735
8,825
(278)
8,547
Dividends paid or declared4.2.1--(19,556)
(19,556)
-
(19,556)
Supplementary dividends paid or
declared
4.2.1--(2,354)
(2,354)
-
(2,354)
Tax credit on
supplementary dividends
--2,354
2,354
-
2,354
Repurchase of shares4.1(5,259)--
(5,259)
-
(5,259)
Transfer of associates
revaluation reserve
-(259)259
-
-
-
Share based payments-375-
375
-
375
Balance at 30 June 2022
356,4995,126(220,040)
141,585
(364)
141,221
The above Consolidated Interim Statement of Changes in Equity should be read in conjunction with the accompanying
notes.
12 NEW ZEALAND MEDIA AND ENTERTAINMENT

CONSOLIDATED INTERIM
STATEMENT OF CASH FLOWS
FOR THE SIX MONTHS ENDED 30 JUNE 2022 (UNAUDITED)
Note
June 2022
$’000
June 2021
Restated
$’000
Cash flows from operating activities
Receipts from customers
168,133
170,681
Payments to suppliers and employees
(147,78 9)
(140,706)
Government grants
2,095
-
Dividends received
47
61
Interest received on bank facilities
47
20
Interest received on leases
3.5.1
151
-
Interest paid on bank facilities
(475)
(1,263)
Interest paid on leases
4.3.2
(2,393)
(2,604)
Income taxes paid
( 7,9 5 9)
(4,720)
Net cash inflows from operating activities
4.4
11,857
21,469
Cash flows from investing activities
Payments for property, plant and equipment
and intangible assets (including work in progress)
(4,109)
(2,318)
Acquisition of BusinessDesk
3.8
(2,717)
-
Acquisition of Radio Wanaka assets
(892)
-
Proceeds from sale of property, plant and equipment
8
1,853
Net cash outflows from investing activities( 7,7 1 0)
(465)
Cash flows from financing activities
Proceeds from borrowings
17,000
10,500
Repayments of borrowings
(7,000)
(26,500)
Repurchase of shares
4.1
(5,259)
-
Dividends paid to Company's shareholders
4.2.1
(9,878)
-
Payments for lease liability principal
4.3.2
(5,701)
(5,616)
Net cash outflows from financing activities(10,838)
(21,616)
Net decrease in cash and cash equivalents
4.3.1
(6,691)
(612)
Cash and cash equivalents at beginning of the period
13,538
11,560
Cash and cash equivalents at end of the period6,847
10,948
The above Consolidated Interim Statement of Cash Flows should be read in conjunction with the accompanying notes.
CONSOLIDATED INTERIM FINANCIAL STATEMENTS 2022 13

NOTES TO THE CONSOLIDATED
INTERIM FINANCIAL
STATEMENTS (UNAUDITED)
1.0 BASIS OF PREPARATION
1.1 REPORTING ENTITY AND STATUTORY BASE
NZME Limited (NZX:NZM, ASX:NZM) is a for-profit
company limited by ordinary shares which are
publicly traded on the NZX Main Board and the
Australian Securities Exchange as a Foreign Exempt
Listing. NZME Limited is incorporated and domiciled in
New Zealand. It is registered under the Companies Act
1993 and is a FMC reporting entity under Part 7 of the
Financial Markets Conduct Act 2013.
The entity’s registered office is 2 Graham Street,
Auckland, 1010, New Zealand.
NZME Limited (the "Company" or "Parent") and its
subsidiaries' (together the "Group") principal activity
during the financial period was the operation of an
integrated media and entertainment business.
1.2 GENERAL ACCOUNTING POLICIES
These consolidated interim financial statements have
been prepared in accordance with New Zealand
equivalent to International Accounting Standard 34:
Interim Financial Reporting, International Accounting
Standard 34:
Interim Financial Reporting and the NZX
Listing Rules.
The consolidated interim financial statements do not
include all notes of the type normally included in an
annual financial report. Accordingly, these consolidated
interim financial statements should be read in
conjunction with the audited consolidated financial
statements for the year ended 31 December 2021. These
consolidated interim financial statements are presented
for the Group.
The material accounting policies used in the
preparation of these consolidated interim financial
statements are generally consistent with those used
in the audited consolidated financial statements for
the year ended 31 December 2021. Where there have
been changes to accounting policies or the Directors
consider it necessary to disclose an accounting
policy in these consolidated interim financial
statements, accounting policies have been included
in the relevant note.
These consolidated interim financial statements
are presented in New Zealand dollars, which is the
Company's functional and the Group's presentation
currency, and rounded to the nearest thousand, except
where otherwise stated. These consolidated interim
financial statements were approved for issue by the
Board of Directors on 22 August 2022.
These consolidated interim financial statements
have not been audited, but have been reviewed
in accordance with New Zealand Standard on
Review Engagement 2410:
Review of Financial
Statements Performed by the Independent Auditor
of the Entity.
The 30 June 2022 and 30 June 2021
figures and narrative are unaudited while those
for 31 December 2021 are audited figures and
narrative.
1.2.1 Basis of measurement
In the second half of 2021 the Group reconsidered
its accounting treatment in relation to Software-as-a-
Service (SaaS) arrangements, as a result of an agenda
decision issued by the IFRS Interpretations Committee
(IFRIC) on Configuration or Customisation Costs in
a Cloud Computing Arrangement, and has changed
its accounting policy. The Group determined certain
intangible assets should be de-recognised as the costs
did not create separate intangible assets controlled by
the Group.
The consolidated financial statements for the year ended
31 December 2021 contain further details in relation to
the change in accounting policy for SaaS arrangements.
The change in accounting policy was applied
retrospectively and the comparative equity position
has been restated. This retrospective restatement
requires a similar restatement of the 1 January 2021 and
30 June 2021 comparative balances contained in these
consolidated interim financial statements for the six
months ended 30 June 2022 where applicable.
14 NEW ZEALAND MEDIA AND ENTERTAINMENT

The restatement adjustments are detailed in the following tables:
CONSOLIDATED INCOME STATEMENT FOR THE SIX MONTHS ENDED 30 JUNE 2021
Previously
reported
$’000
SaaS
adjustment
(note 1.2.1)
$’000
Restated
$’000
Expenses from operations before finance costs,
depreciation and amortisation
(143,091)(416)
(143,507)
Depreciation and amortisation(15,288)1,269
(14,019)
Profit before income tax
7,8 3 6 853
8,689
Income tax expense(2,272)(239)
(2,511)
Net profit after tax
5,564 614
6,178
Previously
reported
Cents
SaaS
adjustment
(note 1.2.1)
Cents
Restated
Cents
Earnings per share attributable to the ordinary share-
holders of the Company
Basic earnings per share2.890.32
3.21
Diluted earnings per share2.820.31
3.13
CONSOLIDATED STATEMENT OF CASH FLOWS FOR THE SIX MONTHS ENDED 30 JUNE 2021

Previously
reported
$’000
SaaS
adjustment
(note 1.2.1)
$’000
Restated
$’000
Payments to suppliers and employees(140,290)(416)
(140,706)
Net cash inflows from operating activities
21,885 (416)
21,469
Payments for property, plant and equipment and
intangible assets (including work in progress)
(2,734)416
(2,318)
Net cash outflows from investing activities
(881)416
(465)
1.2.2 Comparatives
Certain prior period information has been re-presented to ensure consistency with current year disclosures and to
provide more meaningful comparison.
CONSOLIDATED INTERIM FINANCIAL STATEMENTS 2022 15

1.3 SIGNIFICANT ACCOUNTING ESTIMATES AND JUDGEMENTS
The preparation of the consolidated interim
financial statements requires the use of certain
significant judgments, accounting estimates and
assumptions, including judgments, estimates and
assumptions concerning the future. The estimates
and assumptions are based on historical experiences
and other factors that are considered to be relevant.
The resulting accounting estimates will by definition,
seldom equal the related actual results and are
reviewed on an ongoing basis. Significant areas
of estimation and judgment in these consolidated
interim financial statements are consistent with
those disclosed in the audited consolidated financial
statements for the year ended 31 December 2021 and
are as follows:
Areas of significant accounting
estimates or judgements
Note
Determination of the number of
reportable segments
2.3.1
Assumptions and judgments used in
the impairment review of indefinite life
intangible assets
3.1.1
1.4 NEW STANDARDS AND INTERPRETATIONS ADOPTED IN THE CURRENT PERIOD
There have been no changes to accounting policies or new standards adopted during the period.
1.5 COVID-19
The global pandemic that was declared by the World
Health Organisation on 11 March 2020 continues to
impact the world and New Zealand as new variants
continue to evolve. In the six months to 30 June 2022
New Zealand has re-opened its borders to returning
citizens and international travellers.
The risks and uncertainty faced by the Group relate
to (and are not limited to) the impact
of wider economic pressures in New Zealand
and globally.
1.6 WORKING CAPITAL
As at 30 June 2022 the Group had negative working
capital of $16.7 million compared to $9.2 million as
at 31 December 2021. The Group's level of negative
working capital is primarily due to deferred revenue
of $18.6 million (31 December 2021: $16.9 million) and
dividends payable of $9.7 million (31 December 2021: $nil).
The Directors are satisfied that there will be adequate
cash flows generated from operating and financing
activities to meet the obligations of the Group over the
next 12 months.
NOTES TO THE CONSOLIDATED
INTERIM FINANCIAL
STATEMENTS (UNAUDITED)
CONTINUED
16 NEW ZEALAND MEDIA AND ENTERTAINMENT

2.0 GROUP PERFORMANCE
2.1 DISAGGREGATION OF REVENUE AND OTHER INCOME
Print
$’000
Radio
$’000
Digital
A

$’000
Tot a l
$’000
For the six months ended 30 June 2022
Advertising37,4 4253,57535,363
126,380
Circulation & subscription33,848-7,929
41,777
External printing & distribution2,257--
2,257
Other1,590481485
2,556
Segment revenue from integrated media
and entertainment activities
75,13754,05643,777
172,970
Shared services centre
372
Total revenue from external customers173,342
Other income
B
3,396
Finance income
198
Total finance and other income3,594
Total revenue and other income 176,936
A
Following the sale of the GrabOne business in 2021, the Group has no e-Commerce revenue.
B
Other income includes Government grants of $2,094,530 received from the Ministry of Culture and
New Zealand On Air for the production of content, journalism training & creating greater cultural awareness.
CONSOLIDATED INTERIM FINANCIAL STATEMENTS 2022 17

Print
$’000
Radio
$’000
Digital &
e-Commerce
$’000
Tot a l
$’000
For the six months ended 30 June 2021
Advertising40,27051,16830,584
122,022
Circulation & subscription35,007-5,148
40,155
External printing & distribution2,359--
2,359
Other1,1653974,514
6,076
Segment revenue from integrated
media and entertainment activities
78,80151,56540,246
170,612
Shared services centre
694
Events
977
Total revenue from external customers172,283
Other income
732
Finance income
20
Total finance and other income752
Total revenue and other income 173,035
2.2 EARNINGS PER SHARE
June 2022
$’000
June 2021
Restated
$’000
Reconciliation of earnings used in calculating basic / diluted
earnings per share (EPS)
Profit attributable to owners of the parent entity
8,735
6,333
NOTES TO THE CONSOLIDATED
INTERIM FINANCIAL
STATEMENTS (UNAUDITED)
CONTINUED
18 NEW ZEALAND MEDIA AND ENTERTAINMENT

June 2022
’000
June 2021
’000
Weighted average number of shares
Weighted average number of shares for calculating basic EPS
196,698,866
197,570,061
Adjusted for calculation of diluted EPS
7,716,996
5,007,950
Weighted average number of shares in the denominator
in calculating diluted EPS
204,415,862
202,578,011
June 2022
Cents
June 2021
Restated
Cents
Basic / diluted earnings per share
Basic earnings per share (cents per share)
4.44
3.21
Diluted earnings per share (cents per share)
4.27
3.13
2.3 SEGMENT INFORMATION
2.3.1 Determination and description of segments
Significant judgements: The Group has one reportable segment – being “Integrated Media and Entertainment”.
All significant operating decisions are based upon analysis of NZME as one operating segment. The Executive
Team and the Board of Directors have been identified as the Chief Operating Decision Maker. The Group’s major
products and services are split by channel only at the revenue level into Print, Radio and Digital & e-Commerce
which is the way in which revenue is reported to the Chief Operating Decision Maker. Although the Group
operates in many different markets within New Zealand, for management reporting purposes the Group
operates in one principal geographical area being New Zealand as a whole.
Integrated Media and Entertainment incorporates the sale of advertising, goods and services generated from the
audiences attached to the Group's media platforms.
CONSOLIDATED INTERIM FINANCIAL STATEMENTS 2022 19

2.3.2 Segment revenue and results
The segment information provided to the Directors and Executive Team for the six months ended 30 June 2022
is as follows:
June 2022
$’000
June 2021
Restated
$’000
Revenue from external customers by channel
Print
75,137
78,801
Radio
54,056
51,565
Digital & e-Commerce
43,777
40,246
Segment revenue from integrated media and entertainment activities172,970
170,612
Shared services centre
372
694
Events
-
977
Total revenue from external customers173,342
172,283
Other income
A
3,396
167
Expenses from operations before finance costs, depreciation,
amortisation and exceptional items
(148,603)
(142,806)
Total segment adjusted EBITDA
B
28,135
29,644
Depreciation and amortisation on owned assets
( 7,6 5 6)
(8,076)
Depreciation on right-of-use assets
(5,342)
(5,943)
Total depreciation and amortisation(12,998)
(14,019)
Interest expense on bank facilities
(452)
(1,028)
Interest rate swaps
36
(128)
Fair value adjustment on interest rate swaps
59
-
Borrowing cost amortisation
(124)
(124)
Interest expense on leases
(2,393)
(2,604)
Total finance cost(2 ,874)
(3,884)
Impairment of right-of-use asset
C
-
(1,230)
Impairment of property plant and equipment
C
-
(1,352)
Total impairment of assets-
(2,582)
Interest income
198
20
Other lease adjustments
D
(29)
100
Share of joint ventures and associates net profit / (loss) after tax
13
(354)
Exceptional items:
Gain on disposal of transmission site
-
465
Redundancies and associated costs
E
(146)
(292)
Costs in relation to one-off projects
F
(516)
(409)
Profit before tax11,783
8,689
NOTES TO THE CONSOLIDATED
INTERIM FINANCIAL
STATEMENTS (UNAUDITED)
CONTINUED
20 NEW ZEALAND MEDIA AND ENTERTAINMENT

A
Other income includes rental income of $102,361
relating to operating sub-leases of right-of-use assets
(2021: $125,621).
B
Adjusted Earnings before Interest, Tax, Depreciation
and Amortisation (Adjusted EBITDA) which excludes
exceptional items, is a non-GAAP measure that
represents the Group’s total segment result which is
regularly monitored by the Chief Operating Decision
Maker. Exceptional items are those gains, losses,
income and expense items that are not directly
related to the primary business activities of the Group
which are determined in accordance with the NZME
Exceptional Items Recognition Framework adopted by
the Board. Exceptional items include redundancies,
impairment, one-off projects and the disposal of
properties or businesses. These items are excluded
from the segment result that is regularly reviewed by
the Chief Operating Decision Maker.
C
In 2021 the Group entered into an agreement to sub-
lease part of 2 Graham Street. The portion sub-leased
was 24.8% of the headlease which resulted in an
impairment to the Graham Street right-of-use asset
and an impairment to property, plant and equipment in
relation to the Graham Street building fitout costs.
D
The 2022 lease adjustment relates to the sub-lease
of Graham Street and reflects the rent concession
provided to the sub-tenant in response to Covid-19.
The 2021 lease adjustments primarily relate to
changes in building leases.
E
The redundancies and associated costs relate to the
restructuring of the Group's operations.
F
The 2022 costs primarily relate to the sub-lease of
Graham Street and the disposal of assets in relation to
the Wellington office space. The 2021 costs primarily
relate to onerous contracts and the sale of GrabOne
Limited.
As the Group has one operating segment, the assets and liabilities as reported on the consolidated balance sheet are
also the segment assets and liabilities, and the income tax expense in the consolidated income statement is also the
segment income tax.
CONSOLIDATED INTERIM FINANCIAL STATEMENTS 2022 21

3.0 OPERATING ASSETS AND LIABILITIES
3.1 INTANGIBLE ASSETS
Goodwill
$’000
Software
$’000
Masthead
brands
$’000
Radio
licences
$’000
Brands
$’000
Tot a l
$’000
As at 31 December 2021
Cost166,39753,909146,97679,05959,019
505,360
Accumulated amortisation and
impairment
(166,397)(46,273)(74,336)(50,309)(29,850)
(3 6 7,1 6 5)
Net book value-7,6 3 672,64028,7502 9,169138,195
For the period ended
30 June 2022
Opening net book value-7,6 3 672,64028,75029,169
138,195
Additions3,830120-889603
5,442
Amortisation-(1,899)-(1,587)-
(3,486)
Transfers from capitalised work
in progress
-2,520---
2,520
Net book value3,8308,37772,64028,05229,772142,671
As at 30 June 2022
Cost170,22756,534146,97679,94859,622
513,307
Accumulated amortisation and
impairment
(166,397)(48,157)(74,336)(51,896)(29,850)
(370,636)
Net book value3,8308,37772,64028,05229,772142,671
3.1.1 Half year impairment review
Significant judgement: As disclosed in note 2.3.1 the Group has one reportable segment - being
"Integrated Media and Entertainment". The Directors have also determined that this is the only cash
generating unit for the purposes of impairment testing. In the consolidated financial statements for
the year ended 31 December 2021 it was stated by Management that there were no reasonably possible
changes to key assumptions which could result in impairment. Management has conducted a review
of possible impairment indicators as at 30 June 2022 and concluded that there are no such indicators
which would require a full impairment assessment to be performed. Specifically, Management has
considered the trading performance of the Group compared to forecasts used in the impairment
assessment at 31 December 2021 as well as the market capitalisation of the Group at 30 June 2022.
NOTES TO THE CONSOLIDATED
INTERIM FINANCIAL
STATEMENTS (UNAUDITED)
CONTINUED
22 NEW ZEALAND MEDIA AND ENTERTAINMENT

3.2 PROPERTY, PLANT AND EQUIPMENT
Freehold
land
$’000
Buildings
$’000
Leasehold
improvements
$’000
Plant and
equipment
$’000
Tot a l
$’000
As at 31 December 2021
Cost or fair value2656714,854264,070
279,256
Accumulated depreciation and
impairment
-(14)(10,722)(241,544)
(252,280)
Net book value265534,13222,52626,976
For the period ended 30 June 2022
Opening net book value265534,13222,526
26,976
Additions---28
28
Disposals--(184)(54)
(238)
Depreciation-(1)(430)(3,739)
(4,170)
Transfers from capitalised work in
progress
-518679
702
Net book value265573,53619,44023,298
As at 30 June 2022
Cost or fair value2656714,410257,30 8
272,050
Accumulated depreciation and
impairment
-(10)(10,874)(237,8 6 8)
(248,752)
Net book value265573,53619,44023,298
3.3 RIGHT-OF-USE ASSETS
Buildings
$’000
Transmission
$’000
Vehicles
$’000
Tot a l
$’000
As at 31 December 2021
Net book value43,48623,04098767,513
For the period ended 30 June 2022
Additions104-366
470
Depreciation(3,438)(1,619)(285)
(5,342)
Changes in lease payments or lease terms(33)-1
(32)
Net book value40,11921,4211,06962,609
CONSOLIDATED INTERIM FINANCIAL STATEMENTS 2022 23

3.4 CAPITAL WORK IN PROGRESS
$’000
As at 31 December 20214,006
Additions
4,085
Transfers to property, plant and equipment
(702)
Transfers to intangible assets
(2,520)
As at 30 June 20224,869
Capital work in progress is transferred to the relevant asset category once the project is completed. Capitalised work in
progress is not depreciated or amortised prior to being transferred to the relevant asset category.
3.5 TRADE AND OTHER RECEIVABLES
Note
June 2022
$’000
December 2021
$’000
Trade receivables net of provisions
43,002
38,179
Amounts due from related companies6.1
23
9
Finance lease receivables3.5.1
380
356
Other receivables and prepayments
7,3 2 4
6,632
Total current trade and other receivables50,729
45,176
Other receivables and prepayments
832
1,101
Finance lease receivables3.5.1
5,581
5,778
Total non-current other receivables and prepayments6,413
6,879
NOTES TO THE CONSOLIDATED
INTERIM FINANCIAL
STATEMENTS (UNAUDITED)
CONTINUED
24 NEW ZEALAND MEDIA AND ENTERTAINMENT

3.5.1 Finance lease receivables
$’000
As at 31 December 2021
Current assets
356
Non-current assets
5,778
Net investment in lease receivables at 31 December 20216,134
Interest on lease receivables
151
Rent concession
(29)
Total lease receivables before cash payments6,256
Interest received
(151)
Principal received
(144)
Net investment in lease receivables at 30 June 20225,961
Current assets
380
Non-current assets
5,581
Net investment in lease receivables at 30 June 20225,961
3.6 INVENTORIES
Inventories is predominantly the stock of newsprint held at the Ellerslie print plant and is valued at cost.
The stock of newsprint held is, on average, seven weeks' supply. The longevity of the commodity, and the
short period of time that stock is on hand, reduces the Group's risk of holding obsolete stock.

3.7 NET TANGIBLE ASSETS AND LIABILITIES
Net tangible assets per share is a non-GAAP measure that is required to be disclosed by the NZX Listing Rules.
The calculation of the Group's net tangible assets per share and its reconciliation to the consolidated balance
sheet is presented below:
June 2022
$’000
December 2021
$’000
Total assets
308,080
312,368
Deferred tax asset
(4,476)
(3,485)
Intangible assets
(142,671)
(138,195)
Total liabilities
(166,859)
(155,254)
Net tangible (liabilities) / assets(5,926)
15,434
Minority interest
364
86
Net tangible (liabilities) / assets for the owners of the company(5,562)
15,520
Number of shares issued (in thousands)
193,558
197,570
Net tangible (liabilities) / assets per share (in $)($0.03)
$0.08
CONSOLIDATED INTERIM FINANCIAL STATEMENTS 2022 25

3.8 BUSINESSDESK ACQUISITION
On 17 January 2022 the Group acquired the assets,
certain liabilities and business of BusinessDesk from
Content Limited. The ultimate purchase price to
be paid for the acquisition of BusinessDesk is still
to be determined. In addition to the cash paid in
January 2022 of $2.7 million a maximum earn-out
of $1.5 million is payable on 31 December 2023
with the exact amount payable on that date to be
determined in accordance with the terms of the
sale and purchase agreement.
The assessment of the fair value of the identifiable assets
and liabilities acquired is provisional as at 30 June 2022
and is expected to be finalised in the consolidated
financial statements at 31 December 2022.
The purchase of BusinessDesk by the Group will assist
BusinessDesk to reach its full potential by utilising
the Group's strong digital publishing experience,
subscription growth experience and international
partnerships, and will enable the Group to provide
BusinessDesk and NZ Herald Premium subscribers
with comprehensive and trusted business news.
The following is a summary of the provisional
purchase transaction that includes an estimation of
the fair value of the earn-out payment of $1,136,966.
The goodwill generated in the acquisition is non-
deductible for tax purposes.
$’000
Software
121
Goodwill
3,830
Brands
603
Total intangible assets4,554
Minor assets
7
Deferred revenue
(647)
Employee entitlements
(53)
Total provisional purchase price3,861
The goodwill of $3,829,689 arising on acquisition
is attributed to the business know-how and the
premium paid for a proven business.
The results for the Group for the six months to
30 June 2022 include revenue of $1,409,923 and
a net loss before tax of $121,622 from BusinessDesk
with these amounts being $1,573,132 and $74,488
respectively if BusinessDesk had been owned for
the entire period.
NOTES TO THE CONSOLIDATED
INTERIM FINANCIAL
STATEMENTS (UNAUDITED)
CONTINUED
26 NEW ZEALAND MEDIA AND ENTERTAINMENT

4.0 CAPITAL MANAGEMENT
4.1 SHARE CAPITAL
On 4 April 2022 the Group commenced a share
buyback programme for up to 21,428,571 shares,
approximately 11% of NZME's issued share capital as at
31 December 2021, and an aggregate purchase price
of up to $30.0 million. The share buyback programme
will finish on 16 December 2022.
The shares purchased by the Group under the
programme are cancelled upon repurchase.
The table below is a summary of the buyback
programme in the period from 4 April 2022 to
30 June 2022.
Number of
shares
’000
Share capital
$’000
Balance at 31 December 20211 97, 570
361,758
Repurchase of shares
(4,012)
(5,259)
Balance at 30 June 2022193,558
356,499
On 20 June 2022 a special dividend was declared,
see note 4.2.1 for details. This special dividend was
declared due to the slower than anticipated progress
of the buyback programme and, as a result, the
maximum aggregate purchase price for shares to
be acquired by the Group through the buyback
programme has been reduced to $20.3 million
including the $5.3 million already purchased.
4.2 DIVIDENDS
4.2.1 Dividends paid and declared
On 21 February 2022 the Directors declared a fully
imputed and franked dividend for the year ended
31 December 2021 of 5.0 cents per share paid on
23 March 2022 to registered shareholders as at
11 March 2022. The total amount paid was $9,878,503.
The Directors also declared a supplementary dividend
of 0.882353 cents per share paid on 23 March 2022 to
registered shareholders who were not tax residents in
New Zealand and who held less than 10% of the shares
in the Company. The total supplementary dividend
paid was $1,165,821.
On 20 June 2022 the Directors declared a special
dividend of 5.0 cents per share, which was fully imputed
and partially franked, to be paid on 12 July 2022 to
registered shareholders as at 28 June 2022. The total
amount to be paid was $9,677,877. The Directors also
declared a supplementary dividend of 0.882353
cents per share payable on 12 July 2022 to registered
shareholders who were not tax residents in New Zealand
and who held less than 10% of the shares in the
Company. The total supplementary dividend paid
was $1,187,983.
4.2.2 Dividends declared after balance date
On 22 August 2022, the Directors declared a fully
imputed dividend of 3.0 cents per share, to be paid
on 27 September 2022 to registered shareholders
as at 15 September 2022 (total amount to be paid
$5,806,726).
The dividends declared and paid were approved by
the Directors to be paid out of profits from NZME
Limited, as a standalone legal entity, which had
been specifically earmarked as being available for
the declaration of the dividend and had not been
appropriated or earmarked for other purposes.
CONSOLIDATED INTERIM FINANCIAL STATEMENTS 2022 27

4.2.3 Franking and imputation credits
June 2022
$’000
December 2021
$’000
Imputation credits available for subsequent reporting periods based
on the New Zealand 28% tax rate for the Group
NZ$ 21,892
NZ$ 25,047
Franking credits available to the Company for subsequent reporting
periods based on the Australia 30% tax rate for the Group
$ -
A
A$ 6,700
A
A
Following the payment of the special dividend on 12 July 2022, there are no further franking credits available and the
Company does not expect to frank any further dividends. At 31 December 2021, there were A$6,699,711 of franking
credits available for use by the Company.
4.3 INTEREST BEARING LIABILITIES
The following table details the Group’s combined net debt at 30 June 2022. The movements in these balances
during the year are provided in notes 4.3.1 Secured bank loans and note 4.3.2 Lease liabilities.
$’000
Bank loans
9,752
Cash and cash equivalents
(6,847)
Net bank debt 2,905
Lease liabilities
91,522
Net debt at 30 June 202294,427
4.3.1 Secured bank loans
$’000
Bank loans
As at 31 December 2021
-
Cash flows
10,000
Amortisation of borrowing costs
124
Reclassification of unamortised borrowing costs from prepayments
(372)
As at 30 June 20229,752
Cash and cash equivalents
As at 31 December 2021
(13,538)
Cash flows
6,691
Net bank debt at 30 June 20222,905
NOTES TO THE CONSOLIDATED
INTERIM FINANCIAL
STATEMENTS (UNAUDITED)
CONTINUED
28 NEW ZEALAND MEDIA AND ENTERTAINMENT

Capitalised borrowing costs of $248,507 are included
in the secured bank loans balance at 30 June 2022.
At 31 December 2021 capitalised borrowing costs
of $372,671 were reclassified as current prepayments
($248,507) and non-current prepayments ($124,254).
Capitalised borrowing costs are the costs incurred on
acquiring the loan less accumulated amortisation to
30 June 2022 with the costs being amortised over the
period of the loan.
The Group is funded from a combination of its
own cash reserves and NZ$50.0 million bilateral
bank loan facilities, which NZME refinanced on
21 November 2018 and 22 July 2020, of which
$10.0 million (31 December 2021: $nil million)
is drawn and $40.0 million (31 December 2021:
$50.0 million) is undrawn as at 30 June 2022.
The interest rate for the drawn facility is the BKBM
plus credit margin.
The NZME bilateral facilities contain undertakings which
are customary for facilities of this nature including,
but not limited to, provision of information, negative
pledge and restrictions on priority indebtedness
and disposals of assets. The assets of the Group are
collateral for the interest bearing liability.
In addition, the Group must comply with financial
covenants (a net debt to EBITDA ratio and an EBITDA
to net interest expense ratio) for each 12 month
period ending on 31 March, 30 June, 30 September
and 31 December. The Group has complied with
these covenants throughout the reporting period.
This facility expires on 1 July 2023 and is expected
to be renewed in the normal course of business.

4.3.2 Lease liabilities
$’000
As at 31 December 2021
Current lease liabilities
11,340
Non-current lease liabilities
85,445
Total lease liabilities at 31 December 202196,785
Interest on lease liabilities
2,393
New leases
470
Changes in scope, lease terms and other adjustments
(32)
Total lease liabilities before cash payments99,616
Interest paid on leases
(2,393)
Principal payments
(5,701)
Total cash payments(8,094)
Total lease liabilities at 30 June 202291,522
Current lease liabilities
11,329
Non-current lease liabilities
80,193
Total lease liabilities at 30 June 202291,522
CONSOLIDATED INTERIM FINANCIAL STATEMENTS 2022 29

4.4 CASH FLOW INFORMATION
June 2022
$’000
June 2021
Restated
$’000
Reconciliation of cash
Cash at end of the period, as shown in the statement of cash flows,
comprises:
Cash and cash equivalents6,847
10,948
Reconciliation of net cash inflows / (outflows) from operating activities
to profit for the period:
Profit for the period
8,457
6,178
Depreciation and amortisation expense
12,998
14,019
Borrowing cost amortisation
124
124
Fair value movement on over hedged swaps
(59)
-
Net loss / (gain) on sale of non-current assets
230
(442)
Change in current / deferred tax payable
(4,633)
(2,209)
Lease adjustments
29
(100)
Impairment of property plant and equipment
-
1,352
Impairment of right-of-use assets
-
1,230
Group's share of retained losses in joint ventures and associates net
of distributions received
34
415
Share based payment expense
375
294
Changes in assets and liabilities:
Trade and other receivables
(5,827)
1,013
Inventories
686
(897)
Prepayments
340
(222)
Trade and other payables and employee benefits
(897)
714
Net cash inflows from operating activities11,857
21,469
4.5 FAIR VALUE MEASUREMENT
The Group measures and recognises the
following assets and liabilities at fair value
on a recurring basis:
• Financial assets at fair value through profit
or loss (FVTPL);
• Land and buildings (excluding leasehold
improvements).
NOTES TO THE CONSOLIDATED
INTERIM FINANCIAL
STATEMENTS (UNAUDITED)
CONTINUED
30 NEW ZEALAND MEDIA AND ENTERTAINMENT

4.5.1 Fair value hierarchy
NZ IFRS 13 requires disclosure of fair value
measurements by level of the following fair
value measurement hierarchy:
• Level 1: quoted prices (unadjusted) in active markets
for identical assets or liabilities;
• Level 2: inputs other than quoted prices included
within level 1 that are observable for the asset
or liability, either directly or indirectly, and
• Level 3: inputs for the asset or liability that are
not based on observable market data (unobservable
inputs).
4.5.2 Recognised fair value measurements
June 2022
$’000
December 2021
$’000
Recurring fair value measurements
Financial assets (Level 2)
Derivative financial instruments current assets
87
25
Derivative financial instruments non-current assets
312
228
Financial assets (Level 3)
There are no financial assets carried at fair value. Other financial
assets of $815,000 (2021: $815,000) are measured at amortised
cost and therefore have been excluded from this table.
Total financial assets399
253
Non-financial assets (Level 3)
Freehold land and buildings
Freehold land
265
265
Buildings (excluding leasehold improvements)
57
53
Total non-financial assets322
318
All fair value measurements referred to above are either level 2 or level 3 of the fair value hierarchy and there were no
transfers between levels.
CONSOLIDATED INTERIM FINANCIAL STATEMENTS 2022 31

4.5.3 Disclosed fair values
The Group also has a number of assets and
liabilities which are not measured at fair value but
for which fair values are disclosed in these notes.
The carrying amounts of trade receivables and
payables are assumed to approximate their fair
values due to their short-term nature.
The fair value of the non-current trade receivables
are assumed to approximate their carrying values
as the balances comprise of prepayments in
relation to cash already received by the Group and
lease receivables where the carrying value has
been calculated based on net present values of
future cash inflows.
The fair value of interest bearing liabilities
disclosed in note 4.3 is estimated by discounting
the future contractual cash flows at the current
market interest rates that are available to the
Group for similar financial instruments. For the
period ending 30 June 2022, the borrowing rates
were determined to be between 3.8% and 5.6%
(31 December 2021: between 3.0% and 3.6%),
depending on the type of borrowing. The fair value
of borrowings approximates the carrying amount,
as the impact of discounting is not significant
(level 2).
4.5.4 Valuation techniques used to derive at level 2 and 3 fair values
Recurring fair value measurements
The fair value of financial instruments that are not
traded in an active market is determined using
valuation techniques. These valuation techniques
maximise the use of observable market data where
it is available and rely as little as possible on entity
specific estimates. If all significant inputs required
to fair value an instrument are observable, the
instrument is included in level 2.
If one or more of the significant inputs is not based
on observable market data, the instrument is
included in level 3.
The Group carries freehold land and buildings at a
Directors valuation less subsequent depreciation
for buildings. The land and buildings owned by
the Group are transmission sites and associated
buildings, and as such are specialised and have
limited saleability. The best evidence of fair value
is current prices in an active market for similar
properties; however, these are not readily available
for such specialised sites in such locations. The
Directors believe that the current carrying value of
the assets equates to their fair value given the nature
and location of the assets. All resulting fair value
estimates for properties are included as level 3.
NOTES TO THE CONSOLIDATED
INTERIM FINANCIAL
STATEMENTS (UNAUDITED)
CONTINUED
32 NEW ZEALAND MEDIA AND ENTERTAINMENT

5.0 GROUP STRUCTURE AND INVESTMENTS IN OTHER ENTITIES
5.1 CONTROLLED ENTITIES
The consolidated interim financial statements
incorporate the assets, liabilities and results of the
subsidiaries listed below. Unless otherwise stated,
they have share capital consisting solely of ordinary
shares that are held directly by the Group, and the
proportion of ownership interest held equals the
voting rights held by the Group. All entities are
incorporated in, and operate in, New Zealand unless
otherwise stated. There were no changes in control
during the period ended 30 June 2022.
June 2022
Ownership
Interest
December 2021
Ownership
Interest
Name of entity
NZME Advisory Limited (previously GrabOne Limted)
A
100%
100%
NZME Australia Pty Limited
B
100%
100%
NZME Educational Media Limited
100%
100%
NZME Holdings Limited
100%
100%
NZME Investments Limited
100%
100%
NZME Print Limited
100%
100%
NZME Publishing Limited
100%
100%
NZME Radio Investments Limited
100%
100%
NZME Radio Limited
C
100%
100%
NZME Specialist Limited
100%
100%
The Hive Online Limited
100%
100%
New Zealand Radio Network Limited
100%
100%
The Radio Bureau Limited
100%
100%
OneRoof Limited
80%
80%
A
GrabOne Limited's name was changed to NZME Advisory Limited on 29 October 2021 following the sale of GrabOne
Limited's assets and certain liabilities to Global Market Place.
B
Incorporated in, and operates in, Australia.
C
One "Kiwi Share" held by the Minister of Finance. The rights and obligations are set out in the NZME Radio
constitution.
CONSOLIDATED INTERIM FINANCIAL STATEMENTS 2022 33

5.2 INTERESTS IN OTHER ENTITIES
5.2.1 Associates, joint ventures and joint operations
The Group has the following associates, joint ventures and joint operations:
June 2022 June 2022
Ownership Ownership
InterestInterest
December 2021 December 2021
Ownership Ownership
InterestInterest
Eveve New Zealand Limited
A
40%
40%
New Zealand Press Association Limited
A
38.82%
38.82%
Restaurant Hub Limited
A
38%
38%
The Beacon Printing & Publishing Company Limited
A
21%
21%
The Gisborne Herald Company Limited (held through Essex Castle
Limited as a trust company for NZME Publishing Limited)
A
49%
49%
The Wairoa Star Limited
A
40.41%
40.41%
The Radio Bureau
B
50%
50%
A
These entities are classified as joint ventures or associates and are accounted for using the equity method in these
consolidated interim financial statements.
B
The Radio Bureau is classified as a joint operation and the Group has included its direct right to the assets, liabilities,
revenues and expenses of joint operations and its share of any jointly held or incurred assets, liabilities, revenues and
expenses in these consolidated interim financial statements.
5.2.2 Equity accounted investments
$’000
As at 31 December 20213,623
Share of profits in joint ventures and associates
13
Dividends received
(47)
As at 30 June 20223,589
The equity accounted investments are not considered to be material to the Group's operations or results and therefore
no disclosures of the summarised financial information for these investments have been made.
NOTES TO THE CONSOLIDATED
INTERIM FINANCIAL
STATEMENTS (UNAUDITED)
CONTINUED
34 NEW ZEALAND MEDIA AND ENTERTAINMENT

6.0 OTHER NOTES
6.1 RELATED PARTIES
The following table details the period end balances between the Group and its associates.
June 2022
$’000
December 2021
$’000
Balances with associates
Receivables
23
9
Payables
(6)
(24)
The following table details the transactions between the Group and its associates during the six months
ended 30 June 2022.
June 2022
$’000
June 2021
$’000
Transactions with associates
Advertising revenue earned
6
4
Services provided by the Group
48
46
Paper usage reimbursed
46
1
Services received by the Group
(1)
(10)
6.2 COMMITMENTS AND CONTINGENT LIABILITIES
In 2021 the Group entered into an agreement to
lease office space in Christchurch. The agreement is
for an initial period of 10 years with two 5 year renewal
periods. The lease commences in September 2022
and includes fixed rent increases of 1.5% on the
anniversary of the commencement date. A market
rent review will take place at each renewal date.
The total amount payable over the initial 10 years
is $3.5 million.
The Group is subject to litigation incidental to the
business, none of which is expected to be material.
No provision has been made in the consolidated
financial statements in relation to its current
litigation and the directors believe that such
litigation will not have a significant effect on the
Group's financial position, results of operations or
cash flows.
6.3 SUBSEQUENT EVENTS
The Directors are not aware of any other material events subsequent to the reporting date.
CONSOLIDATED INTERIM FINANCIAL STATEMENTS 2022 35

PricewaterhouseCoopers, PwC Tower, 15 Customs Street West, Private Bag 92162, Auckland 1142 New Zealand
T: +64 9 355 8000, www.pwc.co.nz
Independent auditor’s review report
To the Shareholders of NZME Limited


Report on the consolidated interim financial statements
Our conclusion
We have reviewed the consolidated interim financial statements of NZME Limited (the Company) and
its subsidiaries (the Group), which comprise the consolidated interim balance sheet as at 30 June
2022, and the consolidated interim income statement, the consolidated interim statement of
comprehensive income, the consolidated interim statement of changes in equity and the consolidated
interim statement of cash flows for the six months ended on that date, and significant accounting
policies and other explanatory information.
Based on our review, nothing has come to our attention that causes us to believe that the
accompanying consolidated interim financial statements of the Group do not present fairly, in all
material respects, the financial position of the Group as at 30 June 2022, and its financial performance
and cash flows for the six months then ended, in accordance with International Accounting Standard
34 Interim Financial Reporting (IAS 34) and New Zealand Equivalent to International Accounting
Standard 34 Interim Financial Reporting (NZ IAS 34).
Basis for conclusion
We conducted our review in accordance with the New Zealand Standard on Review Engagements
2410 (Revised) Review of Financial Statements Performed by the Independent Auditor of the Entity
(NZ SRE 2410 (Revised)). Our responsibilities are further described in the Auditor’s responsibilities for
the review of the consolidated interim financial statements section of our report.
We are independent of the Group in accordance with the relevant ethical requirements in New
Zealand relating to the audit of the annual financial statements, and we have fulfilled our other ethical
responsibilities in accordance with these ethical requirements. In addition to our role as auditor, our
firm carries out other services for the Group in the areas of agreed upon procedures relating to the
benchmarking of market revenue data, and agreed upon procedures relating to the Broadcasting
Standards Authority. In addition, certain partners and employees of our firm may deal with the Group
on normal terms within the ordinary course of the trading activities of the Group. The provision of these
other services has not impaired our independence.
Responsibilities of Directors for the consolidated interim financial statements
The Directors of the Company are responsible on behalf of the Group for the preparation and fair
presentation of these consolidated interim financial statements in accordance with IAS 34 and NZ IAS
34 and for such internal control as the Directors determine is necessary to enable the preparation and
fair presentation of the consolidated interim financial statements that are free from material
misstatement, whether due to fraud or error.
Auditor’s responsibilities for the review of the consolidated interim financial statements
Our responsibility is to express a conclusion on the consolidated interim financial statements based on
our review. NZ SRE 2410 (Revised) requires us to conclude whether anything has come to our
attention that causes us to believe that the consolidated interim financial statements, taken as a whole,
are not prepared in all material respects, in accordance with IAS 34 and NZ IAS 34.
A review of consolidated interim financial statements in accordance with NZ SRE 2410 (Revised) is a
limited assurance engagement. We perform procedures, primarily consisting of making enquiries,
primarily of persons responsible for financial and accounting matters, and applying analytical and other
review procedures.

PricewaterhouseCoopers, PwC Tower, 15 Customs Street West, Private Bag 92162, Auckland 1142 New Zealand
T: +64 9 355 8000, www.pwc.co.nz
Independent auditor’s review report
To the Shareholders of NZME Limited


Report on the consolidated interim financial statements
Our conclusion
We have reviewed the consolidated interim financial statements of NZME Limited (the Company) and
its subsidiaries (the Group), which comprise the consolidated interim balance sheet as at 30 June
2022, and the consolidated interim income statement, the consolidated interim statement of
comprehensive income, the consolidated interim statement of changes in equity and the consolidated
interim statement of cash flows for the six months ended on that date, and significant accounting
policies and other explanatory information.
Based on our review, nothing has come to our attention that causes us to believe that the
accompanying consolidated interim financial statements of the Group do not present fairly, in all
material respects, the financial position of the Group as at 30 June 2022, and its financial performance
and cash flows for the six months then ended, in accordance with International Accounting Standard
34 Interim Financial Reporting (IAS 34) and New Zealand Equivalent to International Accounting
Standard 34 Interim Financial Reporting (NZ IAS 34).
Basis for conclusion
We conducted our review in accordance with the New Zealand Standard on Review Engagements
2410 (Revised) Review of Financial Statements Performed by the Independent Auditor of the Entity
(NZ SRE 2410 (Revised)). Our responsibilities are further described in the Auditor’s responsibilities for
the review of the consolidated interim financial statements section of our report.
We are independent of the Group in accordance with the relevant ethical requirements in New
Zealand relating to the audit of the annual financial statements, and we have fulfilled our other ethical
responsibilities in accordance with these ethical requirements. In addition to our role as auditor, our
firm carries out other services for the Group in the areas of agreed upon procedures relating to the
benchmarking of market revenue data, and agreed upon procedures relating to the Broadcasting
Standards Authority. In addition, certain partners and employees of our firm may deal with the Group
on normal terms within the ordinary course of the trading activities of the Group. The provision of these
other services has not impaired our independence.
Responsibilities of Directors for the consolidated interim financial statements
The Directors of the Company are responsible on behalf of the Group for the preparation and fair
presentation of these consolidated interim financial statements in accordance with IAS 34 and NZ IAS
34 and for such internal control as the Directors determine is necessary to enable the preparation and
fair presentation of the consolidated interim financial statements that are free from material
misstatement, whether due to fraud or error.
Auditor’s responsibilities for the review of the consolidated interim financial statements
Our responsibility is to express a conclusion on the consolidated interim financial statements based on
our review. NZ SRE 2410 (Revised) requires us to conclude whether anything has come to our
attention that causes us to believe that the consolidated interim financial statements, taken as a whole,
are not prepared in all material respects, in accordance with IAS 34 and NZ IAS 34.
A review of consolidated interim financial statements in accordance with NZ SRE 2410 (Revised) is a
limited assurance engagement. We perform procedures, primarily consisting of making enquiries,
primarily of persons responsible for financial and accounting matters, and applying analytical and other
review procedures.
36 NEW ZEALAND MEDIA AND ENTERTAINMENT