NZME 2023 Half Year Results

NZME Limited. 2-4 Graham Street, Private Bag 92198, Victoria Street West, Auckland.
1
MARKET ANNOUNCEMENT
NZME 2023 Half Year Results

Please refer to the following documents in relation to the NZME Half Year Results to 30 June 2023:

1. NZME 2023 Half Year Results NZX Form
2. NZME 2023 Half Year Results Announcement
3. NZME 2023 Half Year Results Investor Presentation
4. NZME 2023 Consolidated Interim Financial Statements
5. Distribution Notice - NZX Form

Chief Executive Officer Michael Boggs, and Chief Financial Officer David Mackrell, will discuss the HY23
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






25 August 2023
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 2023
Previous Reporting Period 6 months to 30 June 2022
Currency NZD
Amount (NZ$000s) Percentage change
Revenue from continuing
operations
$166,221
-6%
Total Revenue
$166,221
-6%
Net profit/(loss) from
continuing operations
$1,978
-76%
Total net profit/(loss) $1,978 -76%
Interim/Final Dividend
Amount per Quoted Equity
Security
$0.03000000
Imputed amount per Quoted
Equity Security
$0.01166667
Record Date 15 September 2023
Dividend Payment Date 27 September 2023
Current period Prior comparable period
Net tangible assets per
Quoted Equity Security
$(0.08) $(0.03)
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
2023 Consolidated Interim Financial Statements and the 2023
Half Year Results Presentation for full commentary on the
results.
Authority for this announcement
Name of person

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

25/08/2023

Unaudited financial statements accompany this announcement.

---

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




NZME expects a stronger second half and maintains dividend

AUCKLAND, 25 August 2023: NZME Limited (NZX: NZM, ASX: NZM) (“NZME”) has today announced its
financial results for the half year ended 30 June 2023, reporting Statutory Net Profit After Tax (NPAT)
1
of $2
million. Operating Revenue was $166 million for the first half of the year - down 6 percent against the first
half of 2022, which was largely reflective of a difficult economic environment.

NZME also reported Operating Earnings before Interest, Tax, Depreciation and Amortisation (EBITDA) of
$21.3 million compared to $28.1 million in the previous corresponding period.

Michael Boggs, NZME Chief Executive Officer, says although the first half of the year has been challenging
and the economic recession has had a significant impact on the first six months of results, the second half
of the year is already starting to show positive signs of growth.

“With New Zealand in economic recession for the first time in a decade, the impacts of inflationary pressures,
weak consumer and business confidence, and a depressed real estate market have all contributed to lower
revenue for NZME in the first half of 2023. However, we have fared well through having an effective, clear
strategy and being committed to our digital transformation objectives while remaining as efficient as possible
to offset inflationary cost pressures,” says Boggs.

NZME’s overall advertising revenue was 7 percent lower at $116.4 million compared to H1 2022.
Advertising revenues were impacted by reductions in real estate, government and retail advertising, as
well as travel advertising not yet returning to pre-COVID levels. Advertising revenue across our Audio
business was largely flat, year on year, but with a pleasing 28 percent growth in digital audio revenues.

“Despite the challenges we’ve continued to diversify the content on offer across our digital platforms – be
that through audio, publishing or OneRoof, so we can grow audiences and continue to deliver results,” says
Boggs.

Key highlights:

• NZME achieved growth in its overall subscriptions from 209,000 at the end of 2022 to 218,000, with
123,000 of these being digital only subscriptions.
• Strong growth in digital audio revenue continued - up 28 percent in the first half of 2023 compared to the
previous corresponding period.
• Radio revenue market share grew to 42.4 percent – up 1 percent compared to 2022 and the highest
share it has achieved since measurement commenced in 2016.
• Despite a deflated Real Estate market and fewer property listings, OneRoof achieved a 64 percent
increase in visits to its for-sale listings and a 25 percent increase in enquiries on listings year on year.
• NZME’s digital audio platform – iHeartRadio continues to grow, averaging more than 6.3 million hours
2
of listening on a monthly basis.
• The NZME podcast network remains the top podcast network in the country, with 1 million monthly
3

listeners delivering more than 44 million downloads
4
for the first half of this year.

Capital management

Barbara Chapman, NZME Chairman says: “NZME is making good progress towards our strategic targets,
broadening our portfolio of platforms and content, and making further gains in digital transformation. This is
despite the current economic climate having a negative impact on company performance.

“Given the uncertain environment, the Board continues to have a desire to operate at the lower end of the
target leverage ratio and will continue to review its capital management options,” says Chapman.
25 August 2023

NZME Limited. 2-4 Graham Street, Private Bag 92198, Victoria Street West, Auckland.
2
MARKET ANNOUNCEMENT
NZME expects to see a release of working capital in the second half of 2023 and based on the expected
financial performance, net debt is forecast to reduce by the end of the year resulting in net debt below the
lower end of the target leverage ratio.

The NZME Board has today declared a fully imputed interim dividend of 3.0 cents per share.
Outlook
Boggs says there are signs of recovery in overall business confidence, and interest rates are peaking. In
positive signs for OneRoof, real estate sentiment is also improving, and we therefore look forward to
capitalising on the audience and performance gains we have made during the downturn.
“Quarter four is typically our largest quarter. 2023 will be influenced by many things, especially the New
Zealand election, the Rugby World Cup and the partial recovery of the real estate market,” says Boggs.
Based on current performance, NZME confirms that it expects to be at the lower end of the EBITDA range
previously issued of $59-$64 million for 2023.
“NZME has a clear and effective strategy, and we continue to deliver on the key elements of that strategy.
I’d like to thank our our commercial partners, our valued investors and our audiences for their continued
support, as well as our fantastic team at NZME for their hard work, perseverance and commitment to growing
our business every day,” he says.
The full suite of 2023 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 like for like comparison between the 2023 and 2022
financial periods.
2
Adswizz AudioMetrix, NZME Network Stations, Monthly Average, Jan-Jun 2023.
3
Triton
NZ Podranker as at June 2023.
4
Triton NZ Podranker Jan – June 2023.

For further information:
Investors Media
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

---

FOR THE HALFYEAR ENDING 30 JUNE 2023

3
3
AGENDA
Introduction
4
Results Summary
5
Business Confidence & Advertising Revenue
6
Interest Rates & Real Estate Listings
7
Strategic Priorities and Market Performance
8
2023 Half Year Financial Results
12
Divisional Performance and Strategy
18
Outlook
31
Q&A
32
Supplementary Information
33

4
4
INTRODUCTION
FIRST HALF OPERATING ENVIRONMENT
•The market has continued to be challenging following the significant decline
in businessconfidence that was experienced in the last quarter of 2022.
•Extremely low consumer confidence,linked to higher interest rates, has
seen the property market stall, with new listings coming to market down
20% year on year (25% in Auckland).
•NZME's revenue declined by $10.7m, predominantly from the Real Estate
industry $4.1m, Government $2.7m and Retail customers down
$2.2m.Travel revenue remains $3m below 2019 levels for the half.
•Cost efficiencies offset this reduction by$3.9m.
SECOND HALF IMPROVEMENT
•Business confidence, while still negative, has been recovering and interest
rates are peaking.Real estate sentiment is improving. However, the
economic environment remains uncertain.
•The second half of 2023 has commenced well.Revenue performance is
improving, with August and September bookings currently tracking to be
3% higher than the corresponding months in 2022.
•Given current performance, NZME confirms that it expects to be at the
lower end of the EBITDA range previously provided of $59-$64 million for
2023.
•Basedonthe above, a working capital reduction of around $10 million is
expected by end of year, leaving net debt forecast to be below the lower
end of the target leverage ratio.

5
5
RESULTS
SUMMARY
1.6 cps
Operating EPS
1
H1 20224.6cps 65%
$2.0m
Statutory NPAT
H1 2022$8.5m 76%
$166.0m
Operating Revenue
1
H1 2022$176.7m6%
$21.3m
Operating EBITDA
1
H1 2022$28.1m24%
$2.9m
Operating NPAT
1
H1 2022$9.0m68%
$31.6m
Net Debt
Increased by$14.1m
3.0cps
Interim Dividend
Payable on 27 Sep 2023
•Strong delivery against strategic objectives despite uncertain
economic environment.
•Operating revenue was 6% lower reflecting reduced business
confidence and weak real estate market, however:
•Radio market revenue share reached 42.4%
2
, the
highest since 2016.
•Publishing subscriptions reached 218,000, including
123,000 digital only subscriptions.
•OneRoofdigital listings revenue grew 13% year on year,
despite 20% reduction in new residential real estate
listings coming to market.
•Operating expenses reduced by 3%, reflecting cost disciplines
during challenging market.
•Operating EBITDA
1
of $21.3 million down 24% on H1 2022.
•Statutory Net Profit After Tax of $2.0 million for half, 76% lower
than H1 2022.
•Operating Earnings Per Share
1
was 1.6 cents per share.
•Fully imputed interim dividend declared of 3.0 cents per share.
•Net debt increase reflects payment of dividends of $11 million
and increase in working capital of $8.2 million.
For the half year ending 30 June 2023
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 2022 and 2023 financial years.
Please refer to pages 36-37 of this results presentation for a detailed reconciliation.
2.Radio Broadcasters Association Radio Market Report, rolling 12-month average to 30 June 2023. Note:
excludes independent broadcasters, contra revenue, and digital audio.

6
(15%)
(10%)
(5%)
-
5%
10%
15%
20%
25%
30%
35%
Jan-22
Feb-22
Mar-22
Apr-22
May-22
Jun-22
Jul-22
Aug-22Sep-22
Oct-22
Nov-22Dec-22
Jan-23
Feb-23
Mar-23
Apr-23
May-23
Jun-23
Jul-23
Aug-23Sep-23
NZME Advertising Revenue Variance
3
YoY actualYoY forecastv 2019
1.ANZ Business Confidence; Net Index (% negative survey responses less % positive survey responses).
2.SMI Agency Market Revenue, YoY % change Jul 2022 –Jun 2023
3.NZME Analysis.
Growth on prior year
given lockdown
•Lower Business Confidence is reflected in total market revenue
decline across all platforms.
•NZME has seen improvement in advertising revenue trend in
recent months, in line with change in confidence levels.
DAMPENED MOOD DURING CHALLENGING TIMES
BUT CAUTIOUS OPTIMISM FOR THE FUTURE
Current
Tracking
(80)
(60)
(40)
(20)
-
20
40
60
Mar-15
Jun-15
Sep-15Dec-15
Mar-16
Jun-16
Sep-16Dec-16
Mar-17
Jun-17
Sep-17Dec-17
Mar-18
Jun-18
Sep-18Dec-18
Mar-19
Jun-19
Sep-19Dec-19
Mar-20
Jun-20
Sep-20Dec-20
Mar-21
Jun-21
Sep-21Dec-21
Mar-22
Jun-22
Sep-22Dec-22
Mar-23
Jun-23
ANZ Business Confidence
1
(3%)
12%
13%
(0%)
2%
(9%)
(8%)
(5%)
(8%)
(13%)
(11%)
(13%)
JulAugSepOctNovDecJanFebMarAprMayJun
Agency Market Advertising Revenue YoY variance
2

7
(30%)
(25%)
(20%)
(15%)
(10%)
(5%)
-
5%
10%
15%
20%
JanFebMarAprMayJunJulAugSepOctNovDec
Residential real estate market listings year on year variance
2
20222023
WITH INTEREST RATES PEAKING, IMPROVED
REAL ESTATE ENVIRONMENT ANTICIPATED
-
1%
2%
3%
4%
5%
6%
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
Aug-22
Oct-22
Dec-22
Feb-23
Apr-23
Jun-23
Official Cash Rate (OCR)
1.ANZ-Roy Morgan Consumer Confidence; Net Index (% negative survey responses less % positive survey responses).
2.Real Estate Institute of New Zealand (REINZ)
Growth on prior year
given lockdown
•OCR has risen from 0.75% to 5.5%, median house prices
2
reduced
16% from Nov 21 peaks. H1 2023 listings down 20% year on year.
•Total new listings down 20% for half year, with Auckland down 25%.
•Market consensus for house price growth in H2 2023 and interest
rate reductions in 2024.
60
70
80
90
100
110
120
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
Aug-22
Oct-22
Dec-22
Feb-23
Apr-23
Jun-23
ANZ-Roy Morgan Consumer Confidence
1

8
8

9
NEW ZEALAND’S
LEADING AUDIO
COMPANY
Create New Zealand’s best
local audio content
Grow broadcast and
digital reach
Grow market revenue
share and digital revenue
The #1 News brand for
all New Zealanders
Subscriber
first
Be a safe, scalable
destination for
advertisers
NEW ZEALAND’S
HERALD
Strengthen core residential
listings business
Be indispensable
to agents
Expand the
portfolio
YOUR COMPLETE
PROPERTY
DESTINATION
OUR THREE STRATEGIC PRIORITIES WERE SET
WITH TARGETS FOR 2023

10
Digital
Advertising
Print
Advertising
Print
Circulation
Radio
Advertising
Digital Radio
Other
5%
15%
17%
15%
4%
3%
3%
30%
2%
6%
H1 2023 TOTAL
OPERATING
REVENUE
$166.0M
5
20232022
6
NZME Print readership market share
1
56.3%56.3%
NZME Print revenue market share
2
46.9%47.5%
1.Nielsen Consumer Media Insights Service (CMI),Q2 22 –Q1 23 Online Fused May2023 People 15+. OneRoofreach of property visitors (property visitors=unduplicated audience of oneroof.co.nz, trademe.co.nz/property, homes.co.nz & realestate.co.nz).
2.PwC NPA quarterly performance comparison report, rolling 4-quarter average. Print Includes Publishing and OneRoofprint advertising revenue. OneRoofis Property only.
3.GfK Commercial RAM, NZME excl. Partners, Share %, M-S 12mn-12mn, Total NZ, S4 2022 & S1 2023. AP10+.
4.Radio Broadcasters Association Radio Market Report, rolling 12-month average to 30 June 2023. Note: excludes independent broadcasters, contra revenue, and digital audio.
5.NZME Consolidated Interim Financial Statements for the six months ended 30 June 2023.
6.2022 figures shown are as presented in the 2022 Full Year Results presentation for the year ended 31 December 2022
20232022
6
NZME Radio audience market share
3
38.1%37.7%
NZME Radio revenue market share
4
42.4%41.4%
20232022
6
Digital property audience reach
1
49.0%47.4%
Print revenue market share
2
50.9%51.7%
GREATER EXPOSURE TO AUCKLAND MARKET
IMPACTS PRINT MARKET SHARE

11
-
1
2
3
4
5
6
7
2020202120222023
Revenue ($m)
H1H2
DIGITAL AUDIO
REVENUE
DIGITAL PUBLISHING
REVENUE
DIGITAL ONEROOF
REVENUE
Source: NZME Analysis.
+116%
+44%
+28%
-
10
20
30
40
50
60
70
80
2020202120222023
Revenue $m)
H1H2
+44%
+19%
-10%
-
2
4
6
8
10
12
2020202120222023
Revenue ($m)
H1H2
+145%
+53%
-3%
STRONG DIGITAL AUDIO GROWTH AS OTHER
PILLARS FACE MARKET HEADWINDS

12
12

13
•Operating revenue was down 6% compared to
the first half of last year.
•Reader revenue declined by 5% as a result of
the abnormal decline in print circulation
revenues due to Cyclone Gabrielle.
•Advertising revenue was 7% lower driven by
lower Publishing and OneRoof advertising
revenues, with Audio largely flat year on year.
•Other revenue growth is primarily due to higher
third-party print & distribution and events
revenue.
•Strong cost management across the business
more than offset inflationary cost pressures.
•Operating EBITDA was 24% lower, delivering
an Operating NPAT
1
68% lower at $2.9 million
for the half.
•Operating Earnings Per Share reduced to 1.6
cents per share due to reduced earnings,
despite reduced number of shares on issue.
For the half year ended 30 June 2023
Difficult market reflected in temporary
reduction in revenue and profitability
OPERATING
RESULTS
$ million
H1 2023H1 2022
1
% change
Reader revenue
39.841.8(5%)
Advertising revenue
116.4125.8(7%)
Other revenue
7.15.823%
Operating Revenue
2
163.3173.3(6%)
Other income
2.73.4(21%)
Operating Revenue and Other Income
2
166.0176.7(6%)
Operating expenses
2
(144.7)(148.6)(3%)
Operating EBITDA
2
21.328.1(24%)
Depreciation and amortisation on owned assets
(8.0)(7.7)5%
Depreciation on leased assets
(5.8)(5.3)9%
Interest income
0.20.216%
Finance cost
(3.7)(2.9)29%
Operating NPBT
2
4.012.5(68%)
Taxation expense
(1.1)(3.4)(67%)
Operating NPAT
2
2.99.0(68%)
Operating Earnings per Share (cents)
2
1.6 4.6 (65%)
1.H1 2022 operating results presented reflect reclassification adjustments that differ when compared with operating results as reported for the half year ended 30 June 2022. Please refer to page 38of this results presentation for a reconciliation.
2.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 2022 and 2023 financial years. Please refer to pages 36-37 of this results
presentation for a detailed reconciliation.

14
EXPENSES
•People costs down 2% reflects efficiencies
achieved across the business, offsetting
inflationary pressure.
•Print and Distribution costs were similar year on
year with increased paper and distribution costs
offset by lower volumes.
•Agency commission and marketing costs were
11% lower largely due to the lower revenues.
•Overall other expenses were 3% higher with
lower IT and Communications costs offset by
higher other costs including fulfilment costs
relating to the resale of digital marketing
products.
•Non-recurring expenses relate primarily to
restructuring in response to weaker revenue in
the period.
For the half year ended 30 June 2023
Disciplined cost management more than
offsets inflationary pressure
$ million
H1 2023H1 2022
1
% change
People73.074.8(2%)
Print and distribution​25.025.6(2%)
Agency commission and marketing18.220.5(11%)
Content9.49.13%
Other expenses:​
Property3.63.6(1%)
IT and communications5.46.2(12%)
Third party fulfilment4.34.08%
Other5.84.918%
Total other expenses​19.118.63%
Total operating expenses
2
144.7148.6(3%)
Total non-recurring expenses
1.00.7
1.H1 2022 operating results presented reflect reclassification adjustments that differ when compared with operating results as reported for the half year ended 30 June 2022. Please refer to page 38of this results presentation for a reconciliation.
2.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 2022 and 2023 financial years. Please refer to pages 36-37 of this results
presentation for a detailed reconciliation.

15
•Net working capital excluding cash was
$8.2 million higher than December 2022, driven by
•seasonally lower payables and accruals
•seasonal increase in tax receivable of $4.6 million
•Working capital reduction of around $10 million is
expected by end of year, based on lower inventory
levels and seasonality of tax payments.
•Net debt increased by $14.1 million to $31.6 million as at
30 June 2023 largely as a result of the payment of the final
2022 dividend in March 2023 and increase in working capital.
For the half year ended 30 June 2023
BALANCE
SHEET
$ million
30 June
2023
31 December
2022
Trade and other receivables
45.248.8
Inventories
5.95.6
Trade and other payables
(45.5)(52.5)
Current tax receivable / (payable)
2.9(1.7)
Net working capital excluding cash
8.40.2
Plant property & equipment, intangibles
and other non-current assets
170.8174.1
Right-of-use assets (NZ IFRS 16)
59.863.7
Lease liabilities (NZ IFRS 16)
(86.9)(91.2)
Finance lease receivable (NZ IFRS 16)
4.24.4
Net Debt
(31.6)(17.5)
Deferred tax
4.04.0
Net Assets
128.7137.8

16
$ millionH1 2023H1 2022
Operating EBITDA
1
21.328.1
Interest paid on bank facilities​
(1.1)(0.5)
Interest paid on leases
(2.4)(2.4)
Interest received on leases
0.10.2
Dividends and interest received
0.20.1
Exceptional items​
(0.7)(0.4)
Tax paid​
(5.5)(8.0)
Working capital movement​ (excluding tax)
(3.6)(3.9)
Other (non-cash)
0.5(1.4)
Cash flow from operations
8.811.9
Capital expenditure​
(5.4)(4.1)
Lease principal repayment​
(6.3)(5.7)
Operating free cash flow
(2.9)2.0
BusinessDesk and Radio Wanaka purchases
-(3.6)
Distribution to shareholders
Final dividend paid
(11.0)(9.9)
Share buy-back
-(5.3)
Cash movement in Net Debt
(13.9)(16.7)
Other movements​
(0.2)0.2
Movement in Net Debt
(14.1)(16.4)
•Cash flow from operations for the half was
$8.8 million, which is lower than H1 2022 due to
reduced operating earnings.
•Tax paid in the half was lower due to higher tax
paid in H1 2022 related to supplementary dividend
payments that are treated as a tax credit.
•Tax paid is higher than tax expense as first half
earnings lower and tax is paid evenly through the
year.
•Capital expenditure for the first half is in line with
expected full year of around $10.0 million.
•2022 Final Dividend of 6.0 cents per share was
paid 22 March 2023.
•Expect working capital movement to reverse by
the end of the 2023 year.
For the half year ended 30 June 2023
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 2022 and 2023 financial years. Please refer to pages 36-37 of this results
presentation for a detailed reconciliation.

17
•Net debt position of $31.6 million as at
30 June 2023 is $14.1 million higher than
at the end of 2022.
•Leverage ratio has increased in the first
half of this year but remains within target
range 0f 0.5 to 1.0 times EBITDA
1
(pre
IFRS 16).
•Fully imputed interim dividend declared of
3.0 cents per share, payable on 27
September 2023.
For the half year ended 30 June 2023
CAPITAL
MANAGEMENT
Dividend Policy
NZME intends to pay dividends of 50-80% of Free Cash
Flow subject to being within its target leverage ratio and
having regard to NZME's capital requirements, operating
performance and financial position.
Target Leverage Ratio of 0.5 to 1.0 times rolling 12
month EBITDA
1
(pre NZ IFRS 16).
Full dividend policy is available at
www.nzme.co.nz/investor-relations/dividends/
30 June
2023
31 December
2022
12-months Operating EBITDA (pre NZ IFRS 16)
1
41.248.7
Interest Expense
1.71.5
Net interest cover (Operating EBITDA (pre NZ IFRS 16)
1
/
Interest Expense)
24.946.5
Net Debt ($ million)
31.617.5
Leverage Ratio (Net debt / 12-month Operating EBITDA
(pre NZ IFRS 16)
1
)
0.8 0.4
$98.3m $74.7m $33.8m
($13.5m)
$17.5m $31.6m
1.8
1.5
0.6
0.4
0.8
20182019202020212022H1 2023
Net Debt / (Cash)Leverage Ratio
1.Operating results presented are non-GAAP measures that exclude exceptional items to allow for a like for like comparison between2022 and 2023 financial years. Please refer to pages 36-37 of this results presentation for a detailed reconciliation.

18
18

19
1.GfK Commercial RAM, NZME excl. Partners, Cumulative Audience 000, M-S 12mn-12mn, Total NZ, S1 2019-S1 2023. AP10+.
2.GfK Commercial RAM, NZME excl. Partners (doesn’t include BBC Auckland), Market Share %, M-S 12mn-12mn, S1 2019-S1 2023, AP10+. Note: Radio Sport closed prior to S3 2020.
3.Adswizz AudioMetrix, NZME Network stations, All countries, Monthly TLH plus Triton NZ Podranker, Monthly downloaded hours Jan2022 -Jun 2023
-
1.0
2.0
3.0
4.0
5.0
6.0
7.0
8.0
9.0
Jan-22
Feb-22Mar-22
Apr-22
May-22
Jun-22
Jul-22
Aug-22Sep-22
Oct-22
Nov-22Dec-22
Jan-23
Feb-23Mar-23
Apr-23
May-23
Jun-23
Monthly Listening hours (millions)
Digital Audio Total Listening Hours
3
-
500
1,000
1,500
2,000
S1/2020S3/2020S4/2020S1/2021S2/2021S3/2021S4/2021S1/2022S2/2022S3/2022S4/2022S1/2023
Weekly Listeners (000’s)
NZME Radio weekly listeners
(Total NZ All 10+ Cume)
1
-
5.0
10.0
15.0
20.0
25.0
30.0
35.0
40.0
S3/ 2019S4/ 2019
S1/2020S3/2020S4/2020S1/2021S2/2021S3/2021S4/2021S1/2022S2/2022S3/2022S4/2022S1/2023
Market Share (%)
NZME Radio Share
(Total NZ All 10+ Share)
2
NZME Music Market ShareNZME Talk Market Share
AUDIO LISTENERS AND MARKET SHARE

20
$ millionH1 2023H1 2022
1
% Change
Digital audio advertising
3.82.928%
Radio advertising
50.151.1(2%)
Other
0.60.8(23%)
Audio revenue
54.654.8(1%)
People
(27.7)(27.9)(0%)
Agency Commission & Marketing
(6.7)(7.7)(13%)
Content
(3.7)(3.3)12%
Other
(5.9)(6.2)(5%)
Audio expenses
(44.1)(45.1)(2%)
Audio EBITDA
2
(incl. NZ IFRS 16)
10.59.78%
NZ IFRS 16 Adjustment
(3.9)(3.5)13%
Audio EBITDA
2
(pre NZ IFRS 16)
6.66.35%
EBITDA
2
Margin (pre NZ IFRS 16)
12%11%1 ppt
1.H1 2022 operating results presented reflect reclassification adjustments that differ when compared with operating results as reported for the half year ended 30 June 2022. Please refer to page 38of this results presentation for a reconciliation.
2.EBITDA is a non-GAAP measure and excludes exceptional items.
3.Radio Broadcasters Association Monthly Radio Market Report, rolling 12-month average to 30 June 2023 vs 12 months to 31 December2022. Note: report excludes independent broadcasters, contra revenue, and digital audio.
•Digital audio revenue grew 28% compared to the
comparative period with continuing momentum.
•Overall Audio revenue was 1% lower than the first half of
last year.
•Radio market share to 42.4%, up 1 percentage point
compared to 2022
3
.
•People costs were lower in the half through initiatives to
manage costs to offset wage inflationary pressure.
•Agency Commission & Marketing costs were 13% lower,
reflecting lower agency revenues and reduced marketing
during the half.
•EBITDA
1
margin improved 1 percentage point, despite
difficult environment.
AUDIO
For the half year ending 30 June 2023
Digital revenues continue strong growth, contributing to
improved profitability year on year

21
1.GfK Commercial RAM, NZME excl. Partners, Total NZ, M-S 12mn-12mn, Market Share %, S4 2020 –S1 2023, AP10+
2.Radio Broadcasters Association Monthly Radio Market Report, rolling 12-month average to 31 December (2020 –2022) and 12-month average to 30 June 2023 (H1 2023). 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%.
5.AdswizzAudioMetrix, NZME Network stations, All countries, Average Monthly TLH Jan-Jun 2023
6.Triton NZ Podrankeras at June 2023 *Triton NZ PodrankerJan –June 2023
Metric
2023
Target set
in 2020
2020
Achievement
2021
Achievement
2022
Achievement
H1 2023
Achievement
2023 Initiatives -Progress Update
NZME share of
total audience
> 1% share
point
growth per
annum
35.6%
1
37.4%
1
37.7%
1
38.1%
1
•Maintained strength of ZB and ZM in key demographics and
delivered further audience share growth.
•Digital Radio total Listening Hours have grown 12% to 38 million for
the half
5
.
•NZME Podcast network continues to lead the market with 1.0million
monthly listeners
6
who have downloaded over 44 million podcasts in
the first half of this year.
Radio Revenue
Share
> 1% share
point
growth per
annum
40.4%
2
40.9%
2
41.4%
2
42.4%
2
•Industry-wide audio advocacy programme launched to drive total
radio market growth, with continued development over the remainder
of 2023.
•While the NZ advertising market remains challenged, NZME’s audio
revenue is now 5% ahead of 2019.
•NZME’s digital audio revenues are excluded from radio share
metrics and deliver incremental revenue and share gains.
Digital audio
revenue as a %
of total audio
revenue
5%2.4%3.4%5.1%7.0%
•Increased customer enquiry being generated across NZME
customer base.
•Commenced exclusive commercial representation for the second
and third largest podcast networks in NZ (Audioboomand Sirius).
•New iHeart features ready for launch allowing personalisation of
content.
EBITDA
3
Margin Target
(pre NZIFRS16)
15 –17%14%
4
12%13%12%
NEW ZEALAND’S LEADING
AUDIO COMPANY

22
22

23
1.Print subscribervolume 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.
-
50,000
100,000
150,000
200,000
250,000
Jul-20
Sep-20Nov-20
Jan-21
Mar-21
May-21
Jul-21
Sep-21Nov-21
Jan-22
Mar-22
May-22
Jul-22
Sep-22Nov-22
Jan-23
Mar-23
May-23
# of subscriptions
Subscriptions Mix
Print onlyDigital entitledDigital only
-
0.25
0.50
0.75
1.00
1.25
1.50
1.75
2.00
-
2.0
4.0
6.0
8.0
10.0
12.0
14.0
Q1 2020Q2 2020Q3 2020Q4 2020Q1 2021Q2 2021Q3 2021Q4 2021Q1 2022Q2 2022Q3 2022Q4 2022Q1 2023Q2 2023
Yield ($)
Subscriber volume (millions)
Print Subscriber volume and yield
1
Subscriber VolumeYield
Cyclone Gabrielle impacts
-reduced acquisition
-deferred yield management
-temporary cancellations
May split
between
individual and
corporate
-
20
40
60
80
100
120
140
160
180
200
-
10,000
20,000
30,000
40,000
50,000
60,000
70,000
80,000
90,000
100,000
Q1 2020Q2 2020Q3 2020Q4 2020Q1 2021Q2 2021Q3 2021Q4 2021Q1 2022Q2 2022Q3 2022Q4 2022Q1 2023Q2 2023
Annual yield per subscriber ($)
# of subscriptions
Digital subscription volume
2
and yield
Corporate subsIndividual subs
Corporate yieldIndividual yield
BusinessDesk
acquisition
INCREASING DIGITAL SUBSCRIPTIONS

24
$ millionH1 2023H1 2022
1
% Change
Digital subscriptions​8.17.92%
Print subscriptions​
25.126.9
(7%)
Retail outlet sales​6.5
7.0
(6%)
Total reader revenue39.841.8(5%)
Digital advertising25.629.3(12%)
Print advertising​27.530.7(10%)
Total advertising revenue53.159.9(11%)
Other​8.67.99%
Publishing revenue101.4109.6(7%)
People(40.3)(41.4)(3%)
Print & Distribution(22.6)(22.3)1%
Agency Commission & Marketing(7.7)(9.4)(18%)
Content
(4.9)(4.8)3%
Other
(11.0)(10.7)3%
Publishing expenses
(86.5)(88.6)(2%)
Publishing EBITDA
2
(incl. NZ IFRS 16)
14.921.0(29%)
NZ IFRS 16 Adjustment
(4.1)(3.8)6%
Publishing EBITDA
2
(pre NZ IFRS 16)
10.817.1(37%)
EBITDA
2
Margin (pre NZ IFRS 16)​
11%16%-5 ppt
•Total reader revenue decreased 5% half-on-half, with the
decline in print reader revenue and retail outlet sales
offsetting revenue growth in digital subscriptions.
•Print subscription decline represents significant disruption
from Cyclone Gabrielle, resulting in temporary
cancellations, reduced acquisition and deferred yield
enhancements.
•Total advertising revenue declined 11%, with digital
advertising revenue declines slightly more than Print
advertising revenue.
•Other revenue increase represents additional external
print & distribution revenue.
•Lower People costs through initiatives to manage costs in
response to lower revenue more than offsetting the wage
inflationary pressure.
•Agency Commission & Marketing costs were 18% lower,
reflecting lower revenue from Agency clients and reduced
marketing spend in the half.
PUBLISHING
For the half year ending 30 June 2023
Difficult economic environment impacts reader and
advertising revenues
1.H1 2022 operating results presented reflect reclassification adjustments that differ when compared with operating results as reported for the half year ended 30 June 2022. Please refer to page 38of this results presentation for a reconciliation.
2.EBITDA is a non-GAAP measure and excludes exceptional items.

25
1.Includes the impact of the BusinessDeskacquisition.
2.Stats.govt.nz Dwelling and household estimates: June 2023 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 from 19-20% to reflect the change in accounting policy on SaaS arrangements. Capital expenditure is expected to reduce by a similar amount.
Metric
2023 Target
set in 2020
2020
Achievement
2021
Achievement
2022
Achievement
H1 2023
Achievement
2023 Initiatives -Progress Update
Subscription
Volume Target
More than
210,000 by
2023year-end
169,000191,000209,000
1
218,000
1
•Strong growth in Corporate employee activations and bundled
customer growth has led to lower yields.
•Launched new Listener partner subscription vertical.
•Herald Premium and BusinessDesk price increase
implemented to lift yield on individual subscriber base.
•Expanded personalisation on homepage with enhanced data
models to increase audience engagement and conversion.
•‘What The Actual’, Gen Z audience proposition launched.
•Delivered biggest audience ever during Cyclone Gabrielle and
raised $14 million for relief efforts.
•BusinessDesk partnered with global business publication, Wall
Street Journal
Subscription
Volume Mix
Digital Only >
Print
32% / 68%43% / 57%54% / 46%56% / 44%
% Households
Subscribing
> 12% by
year-end
9%
2
10%
2
11%
2
11%
2
Advertising
Revenue Mix
> 45% Digital42% Digital46% Digital48% Digital48% Digital
•Increased adoption of Audience Connect NZME's 1st
partydata portfolio to lift yields and campaign effectiveness​.
•New Live Shopping product launched.
•New Driven Car Guide site launched to reposition
asindependent car advice site.
•Digital ‘Advertising As A Service’ services launched; SEO, off
network audience extensions.
EBITDA
3
Margin Target
(pre NZ IFRS16)
18-19%
5
19%
4
18%18%11%
NEW ZEALAND’SHERALD

26
26

27
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 OneRoofcount.
2.Nielsen Online Ratings -Domestic Unique Audience, Dec 2021 -Jun2023(does not include exclusive mobile app audience).
3.NZME Analysis
-
5.0%
10.0%
15.0%
20.0%
25.0%
30.0%
35.0%
40.0%
45.0%
JanFebMarAprMayJunJulAugSepOctNovDec
OneRoof Digital Residential for-sale
Listings Upgrade %
3
Auckland 2022
Auckland 2023
Rest of NZ 2022
Rest of NZ 2023
-
20.0%
40.0%
60.0%
80.0%
100.0%
120.0%
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
Aug-22
Oct-22
Dec-22
Feb-23
Apr-23
Jun-23
OneRoof Auckland and National
Residential For-sale Listings as a % of
Trade Me
1
Auckland %National %
-
100
200
300
400
500
600
700
800
900
1,000
Dec-21
Jan-22
Feb-22Mar-22
Apr-22
May-22
Jun-22
Jul-22
Aug-22Sep-22
Oct-22
Nov-22Dec-22
Jan-23
Feb-23Mar-23
Apr-23
May-23
Jun-23
OneRoof Monthly Online Audience
compared with TradeMe Property (000’s)
2
OneRoofTradeMe Property
ONEROOF AUDIENCE & LISTINGS

28
$ millionH1 2023H1 2022
1
% Change
Digital​5.05.1(1%)
Print​4.46.8(36%)
Other0.20.4(38%)
OneRoofrevenue9.612.2(21%)
People(3.4)(4.0)(14%)
Print & Distribution(2.4)(3.2)(26%)
Agency Commission & Marketing(3.8)(3.4)12%
Content
(0.8)(0.9)(9%)
Other
(0.5)(0.6)(2%)
OneRoofexpenses
(10.9)(12.0)(9%)
OneRoof EBITDA
2
(incl. NZ IFRS 16)
(1.3)0.2(660%)
NZ IFRS 16 Adjustment​
(0.3)(0.3)(11%)
OneRoof EBITDA
2
(pre NZ IFRS 16)
(1.6)(0.1)n/a
EBITDA
2
Margin (pre NZ IFRS 16)​
(17%)(1%)-16 ppt
•Print advertising decline reflects skews of products to
higher impacted real estate markets(e.g., Auckland new
listings down 25% vs. rest of NZ down 17%).
•People costs lower through initiatives to manage costs in
response to lower revenue more than offsetting the wage
inflationary pressure.
•Print and Distributions costs were lower with fewer and
smaller publications given reduced demand.
•Marketing costs increased as OneRoof continued to focus
on growing the brand and conversion rates nationwide.
•Lower overall revenue resulted in a reduction in EBITDA,
although an improvement on H2 2022 despite market
conditions.
•Exercised option to acquire remaining 20% of shares from
joint venture partner to bring shareholding in OneRoof
Limited to 100%.
ONEROOF
For the halfyear ending 30 June 2023
Increased OneRoof upgrades offsets 20% decline in
new listings coming to market and reduced advertising
on site
1.H1 2022 operating results presented reflect reclassification adjustments that differ when compared with operating results as reported for the half year ended 30 June 2022. Please refer to page 38of this results presentation for a reconciliation.
2.EBITDA is a non-GAAP measure and excludes exceptional items.

29
1.OneRoof’s listings as a percentage of residential for-sale real estate listings on trademe.co.nz. June 2023 average. 2020 -2022 figures as previously stated in 2022 Full Year results presentation.
2.Nielsen Online Ratings -Domestic Unique Audience(does not include exclusive mobile app audience), monthly average for Q2 2023.2020 -2022 figures as previously stated in 2022 Full Year results presentation.
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%.
5.As at Q4 for 2020 –2022 and as at June for H1 2023. Updated methodology used from 2022 (multiple upgrade packages for single listings now counted as single upgrade and other categories are more clearly defined).
Metric
2023 Target
set in 2020
2020
Achievement
2021
Achievement
2022
Achievement
H1 2023
Achievement
2023 Initiatives –Progress Update
Residential
Listings
96% of listings
(100% of non-private)
89%
1
91%
1
89%
1
90%
1
•Strengthened industry and agent engagement has enabled
OneRoof to achieve strong listings levels (excluding private
and small independent agent listings), and now equals
realestate.co.nz listing levels.
AudienceReduce gap to #1
459k,
gap to #1 of
250k
2
497k,
gap to #1 of
396k
2
564k,
gap to #1 of
152k
2
518k,
gap to #1 of
139k
2
•Gap continues to close, despite subdued market, through
growing brand awareness and content optimisation, focussed
on personalisation, localised communications and in-depth
category insights.
•Share of audience reach continues to grow, with increased
online listing views and enquiries at low marginal cost.
Listings
Upgrade %
5
50% of Auckland
residentiallisting
22% of regional
residentiallistings
17.6%
Auckland
3.9%
Regional
23.5%
Auckland
5.4%
Regional
38.4%
Auckland
14.8%
Regional
42.6%
Auckland
16.8%
Regional
•NZME’s multi platform capabilities and reach delivering
benefits with 2023 listing views up 64% and enquiries up
35% year on year.
•Strengthened relationships with regional agents through
increased engagement and support.
•Multi-year product and pricing strategy in development.
RevenueDigital > Print24% / 76%38% / 62%46% / 54%53% / 47%
•Recent addition of publications in Queenstown and Taupo
shows commitment to print where it remains relevant for
certain real estate markets, enabling an improved customer
offering.
EBITDA
3
Margin Target
(pre NZ IFRS16)
15 -25%8%
4
7%(9%)(17%)
•With continued focus and investment in growth initiatives,
OneRoof is well positioned to deliver EBITDA targets as the
real estate market recovers from the current downturn.
YOUR COMPLETE
PROPERTY DESTINATION

30
•Events business activity in the first half
resulted in higher revenue and costs for the
half compared to the first half of 2022 when no
events were run.
For the half year ended 30 June 2023
CORPORATE
& OTHER
$ millionH1 2023H1 2022
1
% Change
Revenue​0.40.1223%
People(1.5)(1.6)(5%)
Other(1.7)(1.3)30%
Corporate & other expenses(3.2)(2.9)11%
Corporate & other EBITDA
2
(incl. NZ IFRS 16)(2.8)(2.8)(1%)
NZ IFRS 16 Adjustment​(0.0)(0.0)-
Corporate & other EBITDA
2
(pre NZ IFRS 16)(2.8)(2.8)(1%)
1.H1 2022 operating results presented reflect reclassification adjustments that differ when compared with operating results as reported for the half year ended 30 June 2022. Please refer to page 38of this results presentation for a reconciliation.
2.EBITDA is a non-GAAP measure and excludes exceptional items.

31
31
OUTLOOK
FINANCIAL PERFORMANCE
•Business confidence, while still negative, has been recovering and
interest rates are peaking.Real estate sentiment is improving. However,
the economic environment remains uncertain.
•The second half of 2023 has commenced well.Revenue performance
isimproving, with August and September bookings currently tracking to
be 3% higher than the corresponding months in 2022.
•The fourth quarter is typically NZME’s largest quarter. 2023 will be
influenced by many things, especially the New Zealand election, Rugby
World Cup and the partial recovery of the real estate market.
•Based on current performance, NZME confirms that it expects to be atthe
lower end of the EBITDA range previously issued of $59-$64 million
for2023.
CAPITAL MANAGEMENT
•We are pleased to have declared an interim dividend for 2023 at the same
level as last year.
•We expectto see a release of working capital in the second half of 2023.
•Based onthe expected financial performance,net debt isforecast to
reduce by the end of the year, resulting in net debt below the lower end of
the target leverage ratio.
•Given the uncertain environment, the Board continues to have a desire to
operate at thelower end of the target leverage ratio and will review its
capital management options together with the full year results.

32
32

33

34
NZME is committed to protecting the craft
of journalism and broadcasting to keep
Kiwis in the know.
We report on 27 sustainability objectives
each year in our Annual Report and we
have implemented numerous initiatives to
ensure we have meaningful, sustainable
practices for the wider community, the
wellbeing of our people and the
environment.
We have engaged an external
consultancyto review and assist with our
preparation for climate-related disclosures
required as part of new government
legislation to be introduced in 2024.
The following is a snapshot of our activity
so far for 2023.
RESPONSIBLE REPORTING AND
BROADCASTING
NZME takes its responsibility to provide a
balanced reporting platform very
seriously, as well as keeping Kiwis in the
know on matters that might impact them.
In February 2023 New Zealand’s North
Island was subject to extreme weather
events, which had a huge impact on
people, homes, businesses and
infrastructure. NZME kept impacted
communities in the know through
continual news updates and the
distribution of a free special edition
Hawke’s Bay Today containing vital Civil
Defence and public health information.
CONNECTING COMMUNITIES
W e continue to connect our communities
and offer diverse storytelling including
through Talanoa, Voices of the Pacific
and Kahu –home of Māori news.
Recently we welcomed the second intake
of the TeRitojournalism cadetship ahead
of their year of study and learnings on the
job.This follows the first successful
intake, which saw many cadets secure
jobs through the media industry
partnership, which aims 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. This included helping raise $13
million through the NZ Red Cross Disaster
Relief Fund following flooding events in
the North Island.
EQUIPPING OUR PEOPLE
NZME launched a new leadership
programme “Develop Me” to create
vibrant and exceptional leadership
across NZME. The first intake for the
programme is underway, with the second
intake due to start in Feb 2024.
CHAMPIONING THE CRAFT
NZME has been recognised with a
number of industry awards already in
2023 including:Voyager Media Awards,
NZ Radio Awards, The International
News Media Association (INMA)Awards,
Pride in Print Awards and Best Media
Business at the Beacon Awards.
RECYCLING
NZME’s print operations at Ellerslie
have been awarded the Toitu
enviromarkgold certification –
illustrating our focus on reducing
waste, operating efficiently, and
minimisingharm to the environment.
BEST PRACTICE
NZME continues to work with our
suppliers and partners to ensure our
operations are best practice.
NZME introduced a Responsible
Sourcing Policy, which sets out the
minimum standards that all suppliers,
direct or indirect, and
approved sub-contractors, are
expected to comply with to do
business with us.
NZME has developed and issued a
Modern Slavery Statement, which
explains how weproactivelymanage
and mitigate the risk of modern
slavery, including forced labour and
other severe worker exploitation..
RESPONSIBILITY
The NZ Herald and NZME’s other
news platforms continue to cover
environmental and climate change
related issues. The NZ Herald online
has a dedicated section online for
environmental news.
PROMOTING A HEALTHY,
DIVERSE AND SAFE WORKPLACE
NZME is committed to being an employer
of choice. In 2022, NZMEfinished the
year with an Employee Net Promoter
Score that was within the top 25 percent,
and approaching the top 10%, of
consumer media businesses globally.
Through the work of NZME’s Diversity and
Inclusion Committee, NZME continues to
support and celebrate a calendar of
events including Chinese New Year,
Auckland Pride Parade and Matariki.
OUR SUSTAINABILITY COMMITMENT

35
For the half year ended 30 June 2023
$ million
Audio
PublishingOneRoofOtherH1 23 TotalH1 22 Total% Change
Reader Revenue:
-Digital-8.1--8.17.92%
-Print -31.7--31.733.8(6%)
Reader Revenue-39.8--39.841.8(5%)
Advertising Revenue:
-Digital3.825.65.0-34.437.3(8%)
-Radio50.1---50.151.1(2%)
-Print-27.54.4-31.837.4(15%)
Advertising Revenue53.953.19.4-116.4125.8(7%)
Other Revenue0.68.60.20.49.89.27%
Total Revenue54.6101.49.60.4166.0176.7(6%)
People(27.7)(40.3)(3.4)(1.5)(73.0)(74.8)(2%)
Print & Distribution-(22.6)(2.4)-(25.0)(25.6)(2%)
Agency Commission & Marketing(6.7)(7.7)(3.8)-(18.2)(20.5)(11%)
Content(3.7)(4.9)(0.8)(0.0)(9.4)(9.1)3%
Other(5.9)(11.0)(0.5)(1.7)(19.2)(18.6)3%
Total Costs(44.1)(86.5)(10.9)(3.2)(144.7)(148.6)(3%)
Operating EBITDA
1
10.514.9(1.3)(2.8)21.328.1(24%)
NZ IFRS 16 Adjustments(3.9)(4.1)(0.3)(0.0)(8.3)(7.7)8%
EBITDA (pre NZ IFRS 16)
2
6.610.8(1.6)(2.8)13.020.5(37%)
EBITDA (pre NZ IFRS 16)
2
Margin %12%11%(17%)-8%12%-4 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 2022 and 2023 financial
years. Please refer to pages 36-37 of this results presentation for a detailed reconciliation.
2.EBITDA (pre IFRS 16) 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.
2023 DIVISIONAL PERFORMANCE

36
6 MONTHS ENDED 30 JUNE 2023
$ 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
Reader revenue39.8-39.8--39.8
Advertising revenue116.4-116.4--116.4
Other revenue7.1-7.1--7.1
Operating revenue163.3-163.3--163.3
Other income3.1(0.4)2.70.2-2.9
Operating revenueand other income166.4(0.4)166.00.2-166.2
Expenses(153.4)8.7(144.7)-(1.0)(145.7)
EBITDA13.08.321.30.2(1.0)20.5
Depreciation and amortisation(8.0)(5.8)(13.8)--(13.8)
EBIT5.02.57.50.2(1.0)6.7
Share of loss of JV's----(0.2)(0.2)
Net interest expense(1.2)(2.2)(3.5)(0.2)-(3.7)
Net profit/(loss) before tax3.80.34.0-(1.2)2.9
Tax(1.1)(1.1)-0.2(0.9)
Net profit/(loss) after tax2.60.32.9-(0.9)2.0
RECONCILIATION OF OPERATING RESULTS TO
FINANCIAL STATEMENTS

37
6 MONTHS 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
Reader revenue41.8-41.8--41.8
Advertising revenue125.8-125.8--125.8
Other revenue5.8-5.8--5.8
Operating revenue173.3-173.3--173.3
Other income3.8(0.4)3.40.2-3.6
Operating revenueand other income177.2(0.4)176.70.2-176.9
Expenses(156.7)8.1(148.6)-(0.7)(149.3)
EBITDA20.57.728.10.2(0.7)27.6
Depreciation and amortisation(7.7)(5.3)(13.0)--(13.0)
EBIT12.82.315.10.2(0.7)14.6
Share of gain of JV's----0.00.0
Net interest expense(0.4)(2.3)(2.7)(0.2)-(2.9)
Net profit/(loss) before tax12.5-12.5-(0.7)11.8
Tax--(3.4)-0.1(3.3)
Net profit/(loss) after tax12.5-9.0-(0.6)8.5
RECONCILIATION OF OPERATING RESULTS TO
FINANCIAL STATEMENTS

38
RESTATED
1
H1 2022 OPERATING RESULTS
$ millionAs reportedAdjustmentsRestated
AudioPublishingOneRoofOtherTotalAudioPublishingOneRoofOtherTotalAudioPublishingOneRoofOtherTotal
Reader Revenue:
-Digital
-7.9--7.9------7.9--7.9
-Print
-33.8--33.8------33.8--33.8
Reader Revenue
-41.8--41.8------41.8--41.8
Advertising Revenue:
-Digital
2.529.35.40.537.70.4(0.1)(0.3)(0.5)(0.4)2.929.35.1-37.3
-Radio
51.1---51.1-----51.1---51.1
-Print
-30.76.8-37.4------30.76.8-37.4
Advertising Revenue
53.660.012.20.5126.20.4(0.1)(0.3)(0.5)(0.4)54.059.911.9-125.8
Other Revenue
0.87.8-0.18.8-0.10.3-0.40.87.90.40.19.2
Total Revenue
54.4109.512.20.6176.70.4--(0.4)-54.8109.612.20.1176.7
People
(28.1)(44.1)(4.2)(1.8)(78.3)0.22.70.20.33.4(27.9)(41.4)(4.0)(1.6)(74.8)
Print & Distribution
(22.6)(3.2)(25.8)0.2--0.2-(22.3)(3.2)-(25.6)
Agency Commission & Marketing
(8.1)(9.7)(3.4)(0.1)(21.4)0.40.4-0.10.9(7.7)(9.4)(3.4)-(20.5)
Content
(3.3)(4.8)(0.7)(0.2)(8.9)--(0.2)0.2-(3.3)(4.8)(0.9)-(8.9)
Other
(5.5)(6.9)(0.5)(1.3)(14.2)(0.7)(3.8)--(4.5)(6.2)(10.7)(0.6)(1.3)(18.8)
Total Costs
(45.0)(88.1)(12.0)(3.5)(148.6)(0.1)(0.5)-0.6-(45.1)(88.6)(12.0)(2.9)(148.6)
Operating EBITDA
2
9.421.50.2(2.9)28.10.4(0.5)-0.1-9.721.00.2(2.8)28.1
NZ IFRS 16 Adjustments
(3.5)(3.8)(0.3)-(7.7)-----(3.5)(3.8)(0.3)-(7.7)
EBITDA (pre NZ IFRS 16)
3
5.917.6(0.1)(2.9)20.50.4(0.5)-0.1-6.317.1(0.1)(2.8)20.5
EBITDA (pre NZ IFRS 16)
3
Margin %
11%16%(1%)12%11%12%(1%)12%
1.Various expense classifications have been changed in order to more appropriately group costs. The impact of these changes on thecomparative reported results are outlined in the table shown.
2.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 2022 and 2023 financial years. Please refer to pages 36-37 of this results presentation
for a detailed reconciliation.
3.EBITDA (pre NZ IFRS 16) is a non-GAAP measure equivalent to Operating EBITDA but excluding the impact of NZ IFRS 16.
For the half year ended 30 June 2022

39
RESTATED
1
2022 OPERATING RESULTS
For the full year ended 31 December 2022
$ millionAs reportedAdjustmentsRestated
AudioPublishingOneRoofOtherTotalAudioPublishingOneRoofOtherTotalAudioPublishingOneRoofOtherTotal
Reader Revenue:
-Digital-16.1--16.1------16.1--16.1
-Print-67.5--67.5------67.5--67.5
Reader Revenue-83.7--83.7------83.7--83.7
Advertising Revenue:---------------
-Digital6.859.510.5-76.9--(0.3)-(0.3)6.859.510.2-76.5
-Radio105.6---105.6-----105.6---105.6
-Print-63.812.3-76.1------63.812.3-76.1
Advertising Revenue112.4123.322.8-258.5--(0.3)-(0.3)112.4123.322.5-258.2
Other Revenue1.518.5-2.522.5--0.3-0.31.518.50.42.522.8
Total Revenue113.9225.422.92.5364.6-----113.9225.422.92.5364.6
People(56.2)(88.7)(8.3)(2.9)(156.0)0.56.20.4-7.2(55.6)(82.4)(7.9)(2.9)(148.9)
Print & Distribution-(45.8)(6.0)-(51.9)-0.4--0.4-(45.4)(6.0)-(51.5)
Agency Commission & Marketing(17.0)(19.0)(7.4)-(43.4)0.91.2--2.2(16.1)(17.7)(7.4)-(41.2)
Content(6.8)(10.2)(1.4)-(18.4)(0.4)0.3(0.3)-(0.5)(7.2)(9.9)(1.7)-(18.9)
Other(11.2)(14.3)(1.1)(3.6)(30.2)(1.0)(8.2)(0.1)-(9.3)(12.2)(22.5)(1.2)(3.6)(39.5)
Total Costs(91.2)(178.0)(24.3)(6.5)(299.9)-----(91.2)(178.0)(24.3)(6.5)(299.9)
Operating EBITDA
2
22.847.4(1.4)(4.1)64.7-----22.847.4(1.4)(4.1)64.7
NZ IFRS 16 Adjustments(7.5)(7.7)(0.8)(0.1)(16.0)-----(7.5)(7.7)(0.8)(0.1)(16.0)
EBITDA (pre NZ IFRS 16)
3
15.239.7(2.2)(4.1)48.7-----15.239.7(2.2)(4.1)48.7
EBITDA (pre NZ IFRS 16)
3
Margin %13%18%(9%)13%13%18%(9%)13%
1.Various expense classifications have been changed in order to more appropriately group costs. The impact of these changes on thecomparative reported results are outlined in the table shown.
2.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 across financial years.
3.EBITDA (pre NZ IFRS 16) is a non-GAAP measure equivalent to Operating EBITDA but excluding the impact of NZ IFRS 16.

40
RESTATED
1
2021 OPERATING RESULTS
For the full year ended 31 December 2021
$ millionAs reportedAdjustmentsRestated
AudioPublishingOneRoofOtherTotalAudioPublishingOneRoofOtherTotalAudioPublishingOneRoofOtherTotal
Reader Revenue:
-Digital-11.6--11.6------11.6--11.6
-Print-70.3--70.3------70.3--70.3
Reader Revenue-81.9--81.9------81.9--81.9
Advertising Revenue:---------------
-Digital3.656.18.10.868.70.8-(0.3)(0.8)(0.3)4.556.17.8-68.3
-Radio101.0---101.0-----101.0---101.0
-Print-65.013.2-78.3------65.013.2-78.3
Advertising Revenue104.6121.121.40.8247.90.8-(0.3)(0.8)(0.3)105.4121.121.1-247.6
Other Revenue1.18.90.12.312.4--0.3-0.31.18.90.42.212.7
Total Revenue105.7212.021.53.0342.20.8--(0.8)0.0106.5211.921.52.2342.2
People(52.3)(79.6)(6.4)(4.5)(142.7)0.34.40.41.46.4(52.0)(75.2)(6.0)(3.1)(136.4)
Print & Distribution-(45.2)(6.5)-(51.8)-0.5--0.5-(44.8)(6.5)-(51.3)
Agency Commission & Marketing(17.6)(20.4)(4.4)(0.2)(42.6)0.91.10.10.22.3(16.7)(19.3)(4.3)-(40.3)
Content(6.7)(7.7)(1.2)(0.6)(16.2)(0.4)-(0.4)0.6(0.2)(7.1)(7.7)(1.6)-(16.4)
Other(9.2)(12.5)(0.7)(4.0)(26.4)(1.0)(8.0)(0.1)0.1(9.0)(10.2)(20.5)(0.8)(3.9)(35.4)
Total Costs(85.7)(165.5)(19.3)(9.3)(279.8)(0.3)(2.0)-2.3-(85.9)(167.5)(19.4)(7.0)(279.8)
Operating EBITDA
2
20.046.52.1(6.7)62.40.6(2.1)-1.6-20.644.52.1(4.7)62.4
NZ IFRS 16 Adjustments(7.0)(7.7)(0.6)(0.3)(15.6)(0.1)(0.1)-0.2-(7.1)(7.9)(0.6)(0.1)(15.6)
EBITDA (pre NZ IFRS 16)
3
13.038.81.6(7.0)46.80.5(2.2)(0.1)1.8-13.536.61.5(4.8)46.8
EBITDA (pre NZ IFRS 16)
3
Margin %13%18%(9%)13%13%17%7%-14%
1.Various expense classifications have been changed in order to more appropriately group costs. The impact of these changes on thecomparative reported results are outlined in the table shown.
2.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 across financial years.
3.EBITDA (pre NZ IFRS 16) is a non-GAAP measure equivalent to Operating EBITDA but excluding the impact of NZ IFRS 16.

41
41
DISCLAIMER
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 2023.
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. Please refer to pages 36-37 of this presentation for detailed reconciliation of
these results to the statutory results. As stated in note 1.2.1 of the consolidated
interim financial statements for the six months ended 30 June 2023, certain prior
period information has been re-presented to ensure consistency with current year
disclosures and to provide more meaningful comparison.
While reasonable care has been taken in compiling this presentation, none of
NZME Limited nor its subsidiaries, directors, employees, agents or advisers (to the
maximum extent permitted by law) give any warranty or representation (express or
implied) as to the accuracy, completeness or reliability of the information
contained in it nor take any responsibility for it. The information in this presentation
has not been, and will not be, independently verified or audited.

---

KEEPING KIWIS
IN THE KNOW
CONSOLIDATED INTERIM FINANCIAL STATEMENTS
FOR THE SIX MONTHS ENDED 30 JUNE 2023

2 NEW ZEALAND MEDIA AND ENTERTAINMENT

04
Chairman and Chief Executive Officer's Report
08
Directors' Statement
09
Consolidated Interim Income Statement
10
Consolidated Interim Statement of Comprehensive Income
11
Consolidated Interim Balance Sheet
12
Consolidated Interim Statement of Changes in Equity
13
Consolidated Interim Statement of Cash Flows
Notes to the Consolidated Interim Financial Statements*
14
Basis of Preparation
16
Group Performance
21
Operating Assets and Liabilities
27
Capital Management
33
Group Structure and Investments in Other Entities
35
Other Notes
36
Independent Auditor's Review Report
* 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 significant accounting estimates and
judgements is also included under the Basis of Preparation section on page 15.
CONTENTS
CONSOLIDATED INTERIM FINANCIAL STATEMENTS 2023 3

CHAIRMAN
AND CHIEF
EXECUTIVE
REPORT
Kia ora. The six months to 30 June 2023 have seen New Zealand Media and
Entertainment (NZME) continue to embrace a strong programme of digital

transformation, in line with the bold objectives set out in our three-year strategy.
Despite operating in a very challenging global and domestic
economic environment, NZME has continued its strong focus
on its three strategic pillars – Audio, Publishing and OneRoof,
and we remain committed to growing our business, delivering
value for shareholders, and meeting the changing needs of
our customers and our audiences.
With New Zealand in economic recession for the first time in
a decade, the impacts of inflationary pressures, weak business
and consumer confidence and a depressed real estate market
have all contributed to a lower revenue result for NZME in
the first half of 2023. However, NZME has fared well through
having an effective, clear strategy and being committed
to our digital transformation objectives while remaining as
efficient as possible to offset inflationary cost pressures.
Despite the challenges, we remain focused on broadening
the content on offer across our digital platforms – be that
through Audio, Publishing or OneRoof, ensuring we can grow
audiences and continue to deliver results for shareholders.
NZME has continued to carefully manage costs across
the business, finding some immediate cost savings and
efficiencies without impacting significantly on business
performance, or needing to make large scale people changes.
Financial results
NZME’s Operating Revenue1 was $166.0 million for the first
half of the year - down 6% against the first half of 2022.
This was largely reflective of the aforementioned difficult
economic environment.
NZME’s Operating Earnings Before Interest, Tax, Depreciation
and Amortisation (EBITDA) was $21.3 million for the half,
compared to $28.1 million in the previous corresponding
period.
NZME’s Statutory Net Profit After Tax (NPAT) was $2.0 million,
down on the $8.5 million for the first half of 2022.
NZME’s overall advertising revenue was 7% lower at
$116.4 million compared to H1 2022. Advertising revenues
were impacted by reductions in real estate, government
and retail advertising, as well as travel advertising not yet
returning to pre-COVID levels.
OneRoof continued to grow its audience and enquiry level.
Despite achieving an increased percentage of property
listing upgrades, OneRoof’s advertising revenue was
impacted by the nationwide downturn in the real estate
market and fewer new listings coming to market. This
resulted in digital revenue being 1% lower than the same
period in 2022. Advertising revenue across our Audio
business was largely flat, year on year, but with a pleasing
28% growth in digital audio revenues.
We are seeing some pleasing signs of recovery in several
key areas leading into the next six months.
Publishing
NZME reaches more than 2.8 million2 people across our
publishing print and digital platforms. With tough economic
conditions impacting publishing revenue, NZME was pleased
to note growth in its overall subscriptions from 209,000 to
218,000 in the six months from 31 December 2022,
with 123,000 of these being digital only subscriptions
– up from 113,000.
We have been focused on accelerating corporate digital
subscriptions, targeting key industry groups with BusinessDesk
and Herald Premium bundles. Furthermore, the introduction
of digital subscription offerings for Viva Premium and
The New Zealand Listener, have seen us reach a range of
different audiences who are willing to pay for new, high-
quality, targeted content that meets their unique interests
and needs.
The NZ Herald launched a large-scale marketing campaign,
‘News worth knowing’ across television, radio and digital
platforms, which was complemented by a renewed focus
on quality and trust across our journalism. This was further
supported by enhanced data insights and new tools to
enhance storytelling and personalise content delivered
to readers.
NZME was recognised at the International News Media
Association (INMA) Awards, held in New York, winning Best
Innovation in Newsroom Transformation as well as taking
out second and third place in other categories. NZME was
Source:
1
Operating results presented are non-GAAP measures that include the impact of NZ IFRS 16, however exclude
exceptional items to allow for like for like comparison between the 2023 and 2022 financial periods. 2 Nielsen CMI Q2 22
– Q1 23 May 2023 Fused AP15+. Monthly coverage for Daily & Community titles, Weekly coverage for Newspaper Inserted
Magazines, Monthly UA for Digital, Weekly Reach for Radio (GfK RAM S3 22). Note: Fused data has potential for duplication.
3 GfK RAM, Commercial Radio, Total NZ 1/2023, M-S 12mn-12mn, Cume, AP10+. 4 Adswizz AudioMetrix, NZME Network
Stations, Monthly Average, Jan-Jun 2023. 5 Triton NZ Podranker as at June 2023. 6 Triton NZ Podranker Jan – June 2023.
4 NEW ZEALAND MEDIA AND ENTERTAINMENT

also successful at the 2023 Voyager Media Awards, winning
Website of the Year for a record fourth straight year, the
NZ Herald winning Metropolitan Newspaper of the Year
and New Zealand’s overall Newspaper of the Year, alongside
a range of awards for individual journalists.
Audio
NZME continues to reach more than 2.0 million3 people
across our radio and digital audio platforms.
Our digital audio platform iHeartRadio continues to grow,
averaging more than 6.3 million hours of listening on a
monthly basis4.
The NZME Podcast Network remains the top podcast
network in the country, with 1.0 million monthly listeners5
delivering more than 44.0 million downloads for the first
half of this year6.
Our podcast network has grown exponentially, and remains
an area of strategic focus, given its position as one of the
fastest growing digital media platforms in the world. Be it
through our independently produced podcasts, or those
of our partners and external providers via our iHeartRadio
platform, our breadth of content caters to a diverse
audience which shows the strength of NZME’s network.
NZME celebrated big wins at the NZ Radio Awards 2023,
winning six of the eight premier awards, with Newstalk ZB
winning Network Station of the Year, Mike Hosking named
as Sir Paul Holmes Broadcaster of the Year and winning
Best Talk Presenter - Breakfast or Drive, and ZM’s Fletch,
Vaughan & Hayley once again winning Best Music Network
Breakfast Show.
NZME is pleased to have achieved radio revenue market
share of 42.4%, the highest share it has achieved since
measurement commenced in 2016.
OneRoof
The nationwide downturn in the real estate market has
impacted on OneRoof’s revenue, with significantly fewer
property listings across the country. However, OneRoof’s
strength is in its multi-faceted offering, with editorial content
also a large part of the platform. Pleasingly, despite a
decrease in new listings, we have seen a 64% increase in
visits to for-sale listings and a 35% increase in enquiries
on listings year on year.
Audience engagement in real estate editorial content
remains high. In line with our strategic target around
increasing conversion rates of listings, we’ve seen an
increase in the number of listing conversions, with
Auckland now achieving 42.6% of all listings being
upgraded (up from 38.4%) and the rest of the country
now at 16.8% (up from 14.8%).
Capital Management
We are making good progress towards our strategic targets
and diversifying our portfolio of platforms and content,
making further gains in digital transformation. This is
despite the current economic climate having a significant
impact on company performance.
The Board is pleased to declare a fully imputed interim
dividend of 3.0 cents per share, the same level as last year.
NZME expects to see a release of working capital in the
second half of 2023 and based on the expected financial
performance, net debt is forecast to reduce by the end of
the year resulting in net debt below the lower end of the
target leverage ratio.
Given the uncertain environment, the Board continues
to have a desire to operate at the lower end of the target
leverage ratio and will review its capital management
position options together with the full year results.
Outlook
Business confidence, while still negative, has been
recovering in the first half of the year and interest rates
are peaking. In positive signs for our OneRoof business,
real estate sentiment is improving. However, the economic
environment remains uncertain.
The second half of 2023 has commenced well. Revenue
performance is improving with August and September
bookings currently tracking to be 3% higher than the
corresponding months in 2022.
Quarter four is typically our largest quarter. 2023 will be
influenced by many things, especially the New Zealand
election, the Rugby World Cup and the partial recovery
of the real estate market.
Based on current performance, NZME confirms that
it expects to be at the lower end of the EBITDA range
previously issued of $59-$64 million for 2023.
NZME has a clear and effective strategy, and we continue
to deliver on the key elements of our strategy. As we head
into the final months of our three-year strategy, we look
forward to updating shareholders in November on our
strategic direction for the next three years.
We would like to acknowledge our shareholders for your
valued support of NZME – we are committed to delivering
value for you all, and we thank you for your continued
commitment in investing in NZME as we transform the
business to deliver on our targets and aspirations.
We’d also like to say a big thank you to everyone at NZME
– thank you for working hard to grow our business and for
your commitment and enthusiasm in your roles. We look
forward to a strong finish to 2023 and further momentum
as we refresh our strategy for 2024 and beyond.
Ngā mihi nui,
Michael Boggs
Chief Executive Officer
Barbara Chapman

Chairman
CONSOLIDATED INTERIM FINANCIAL STATEMENTS 2023 5

CONSOLIDATED
INTERIM
FINANCIAL
STATEMENTS
NZME LIMITED
FOR THE SIX MONTHS ENDED 30 JUNE 2023
6 NEW ZEALAND MEDIA AND ENTERTAINMENT

CONSOLIDATED INTERIM FINANCIAL STATEMENTS 2023 7

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 2023,
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: 24 August 2023
DIRECTORS’
STATEMENT
8 NEW ZEALAND MEDIA AND ENTERTAINMENT

Note
June 2023
$’000
June 2022
$’000
Revenue2.1
163,296
173,342
Finance and other income2.1
2,925
3,594
Total revenue and other income
2.1
166,221
176,936
Expenses from operations before finance costs,
depreciation and amortisation
(145,697)
(149,294)
Depreciation and amortisation2.3.3
(13,809)
(12,998)
Finance costs2.3.3
(3,697)
(2,874)
Share of joint ventures and associates net
(loss) / profit after tax
5.2.2
(153)
13
Profit before income tax expense2,865
11,783
Income tax expense
(887)
(3,326)
Net profit after tax1,978
8,457
Profit for the period is attributable to:
Owners of the Company
2,455
8,735
Non-controlling interests
(477)
(278)
Cents
Cents
Earnings per share attributable to the ordinary
shareholders of the Company
Basic earnings per share (cents per share)2.2
1.33
4.44
Diluted earnings per share (cents per share)2.2
1.28
4.27
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 2023 (UNAUDITED)
CONSOLIDATED INTERIM FINANCIAL STATEMENTS 2023 9

CONSOLIDATED INTERIM
STATEMENT OF
COMPREHENSIVE INCOME
FOR THE SIX MONTHS ENDED 30 JUNE 2023 (UNAUDITED)
June 2023
$’000
June 2022
$’000
Net profit after tax1,978
8,457
Other comprehensive income
Items that may be reclassified to profit or loss
Effective gain on hedging instruments
9
110
Hedging reclassification to profit or loss
(216)
(23)
Net (loss) / gain on hedging instruments(207)
87
Net exchange differences on translation of foreign operations
4
3
Other comprehensive income net of taxation(203)
90
Total comprehensive income1,775
8,547
Total comprehensive income attributable to:
Owners of the Company
2,252
8,825
Non-controlling interests
(477)
(278)
10 NEW ZEALAND MEDIA AND ENTERTAINMENT

Note
June 2023
(unaudited)
$’000
December 2022
(audited)
$’000
Current assets
Cash and cash equivalents4.2
5,746
5,670
Trade and other receivables3.5
45,156
48,751
Inventories3.6
5,900
5,644
Derivative financial instruments
59
279
Income tax receivable
2,913
-
Total current assets59,7 74
60,344
Non-current assets
Intangible assets3.1
140,141
141,487
Property, plant and equipment3.2
21,231
23,095
Right-of-use assets3.3
59,789
63,657
Capital work in progress3.4
4,404
3,795
Other financial assets
815
815
Equity accounted investments5.2.2
3,243
3,443
Other receivables and prepayments3.5
5,091
5,642
Deferred tax assets
3,999
3,959
Total non-current assets238,713
245,893
Total assets298,487
306,237
Current liabilities
Trade and other payables
45,538
52,477
Current lease liabilities4.2.2
11,835
11,596
Income tax payable
-
1,674
Total current liabilities57,373
65,747
Non-current liabilities
Non-current lease liabilities4.2.2
75,024
79,578
Interest bearing liabilities4.2.1
37,371
23,134
Total non-current liabilities112,395
102,712
Total liabilities169,768
168,459
Net assets128,719
137,7 78
Equity
Share capital
344,473
344,473
Reserves
5,279
5,282
Retained earnings
(219,767)
(211,188)
Total Company interest129,985
138,567
Non-controlling interests(1,266)
(789)
Total equity128,719
137,7 78
The above Consolidated Interim Balance Sheet should be read in conjunction with the accompanying notes.
CONSOLIDATED INTERIM
BALANCE SHEET
AS AT 30 JUNE 2023
CONSOLIDATED INTERIM FINANCIAL STATEMENTS 2023 11

CONSOLIDATED INTERIM
STATEMENT OF CHANGES
IN EQUITY
FOR THE SIX MONTHS ENDED 30 JUNE 2023 (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 2022
361,7584,920(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 declared4.1.1--(19,556)
(19,556)
-
(19,556)
Supplementary dividends
paid or declared
4.1.1--(2,354)
(2,354)
-
(2,354)
Tax credit on
supplementary dividends
--2,354
2,354
-
2,354
Repurchase of shares(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
Balance at 1 January 2023
344,4735,282(211,188)
138,567
(789)
1 37,7 78
Profit / (loss) for the period--2,455
2,455
(477)
1,978
Other comprehensive loss-(203)-
(203)
-
(203)
Total comprehensive
(loss) / income
-(203)2,455
2,252
(477)
1,775
Dividends paid or declared4.1.1--(11,034)
(11,034)
-
(11,034)
Supplementary dividends
paid or declared
4.1.1--(1,514)
(1,514)
-
(1,514)
Tax credit on
supplementary dividends
--1,514
1,514
-
1,514
Share based payments-200-
200
-
200
Balance at 30 June 2023
344,4735,279(219,767)
129,985
(1,266)
128,719
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 2023 (UNAUDITED)
Note
June 2023
$’000
June 2022
$’000
Cash flows from operating activities
Receipts from customers
166,696
168,133
Payments to suppliers and employees
(150,873)
(147,78 9)
Government grants
1,695
2,095
Dividends received
47
47
Interest received on bank facilities
108
47
Interest received on leases
3.5.1
121
151
Interest paid on bank facilities
(1,080)
(475)
Interest paid on leases
4.2.2
(2,362)
(2,393)
Income taxes paid
(5,511)
( 7,9 59)
Net cash inflows from operating activities
4.3
8,841
11,857
Cash flows from investing activities
Payments for property, plant and equipment
and intangible assets (including work in progress)
(5,431)
(4,109)
Acquisition of BusinessDesk
3.8
-
(2,717)
Acquisition of Radio Wanaka assets
-
(892)
Proceeds from sale of property, plant and equipment
30
8
Net cash outflows from investing activities(5,401)
( 7,7 10)
Cash flows from financing activities
Proceeds from borrowings
63,000
17,000
Repayments of borrowings
(49,000)
(7,000)
Repurchase of shares
-
(5,259)
Dividends paid to Company's shareholders
4.1.1
(11,034)
(9,878)
Payments for lease liability principal
4.2.2
(6,330)
(5,701)
Net cash outflows from financing activities(3,364)
(10,838)
Net increase / (decrease) in cash and cash equivalents
4.2.1
76
(6,691)
Cash and cash equivalents at beginning of the period
5,670
13,538
Cash and cash equivalents at end of the period5,746
6,847
The above Consolidated Interim Statement of Cash Flows should be read in conjunction with the accompanying notes.
CONSOLIDATED INTERIM FINANCIAL STATEMENTS 2023 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 the annual consolidated financial statements.
Accordingly, these consolidated interim financial
statements should be read in conjunction with the
audited consolidated financial statements for the
year ended 31 December 2022. 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 2022. 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 24 August 2023.
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 2023 and 30 June 2022
figures and narrative are unaudited while those
for 31 December 2022 are audited figures
and narrative.
1.2.1 Comparatives
Certain prior period information has been re-
presented to ensure consistency with current
year disclosures and to provide more meaningful
comparison.
The disaggregation of revenue and other income
note (2.1) and the operating revenue and results
note (2.3.2) have been restated to reflect the
change in segment reporting that was adopted
in the consolidated financial statements for the
year ended 31 December 2022.
14 NEW ZEALAND MEDIA AND ENTERTAINMENT

1.3 SIGNIFICANT ACCOUNTING ESTIMATES AND JUDGMENTS
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 2022 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
There have been no changes to accounting policies
or new standards adopted during the period.
The External Reporting Board (XRB) of New Zealand
has issued three Climate Standards that set
requirements for the Climate-related Disclosures
(Aotearoa New Zealand Climate Standard 1
(NZ CS 1)); Adoption of Aotearoa New Zealand
Climate Standards (NZ CS 2); and the General
Requirements for Climate-related Disclosures
(NZ CS 3). The Climate Standards are effective from
1 January 2023, with mandatory assurance required
on the Greenhouse Gas emissions included in the
Climate Statements for the 2024 Annual Report.
The Company will adopt the Climate Standards
for the year ending 31 December 2023.
1.5 CYCLONE GABRIELLE
Cyclone Gabrielle caused extensive damage
across New Zealand in February 2023 with its
impacts continuing to affect several regions of
New Zealand. Numerous road closures across the
country prevented the delivery of newspapers to
Northland, Coromandel and Hawke’s Bay, while the
strong winds and rain destroyed a transmission
tower and equipment. The financial impact on
the Group’s half year result was approximately
$0.9 million. Some of this impact will be mitigated
by an insurance claim yet to be finalised.
1.6 WORKING CAPITAL
As at 30 June 2023 the Group had working capital
of $2.4 million compared to negative $5.4 million
as at 31 December 2022. The Group traditionally
has negative working capital primarily due to
deferred revenue of $17.8 million (31 December 2022:
$16.3 million) however at 30 June 2023 the
deferred revenue is offset by income tax assets
and lower accruals compared to prior periods.
The Directors are satisfied that there will be
adequate cash flows generated from operating
and financing activities to meet the obligations
of the Group for at least the next 12 months.
CONSOLIDATED INTERIM FINANCIAL STATEMENTS 2023 15

2.0 GROUP PERFORMANCE
2.1 DISAGGREGATION OF REVENUE AND OTHER INCOME
Audio
$'000
Publishing
$'000
OneRoof
$'000
Other
$'000
Tot a l
$'000
For the six months ended
30 June 2023
Advertising53,91753,0809,403-
116,400
Circulation & subscription-39,761--
39,761
External printing & distribution-3,193--
3,193
Other3422,938211-
3,491
Segment revenue from
integrated media and
entertainment activities
54,259 98,9729,614- 162,845
Shared services centre43798-
130
Events---321
321
Total revenue from
external customers
54,302 99,051 9,622 321 163,296
Other income
A
248 2,378 - 70
2,696
Finance income- - - 229
229
Total finance and
other income
248 2,378 - 299 2,925
Total revenue and
other income
54,550 101,429 9,622 620 166,221
NOTES TO THE CONSOLIDATED INTERIM
FINANCIAL STATEMENTS (UNAUDITED)
CONTINUED
16 NEW ZEALAND MEDIA AND ENTERTAINMENT

Audio
Reclassified
$'000
Publishing
Reclassified
$'000
OneRoof
Reclassified
$'000
Other
Reclassified
$'000
Tot a l
$'000
For the six months ended
30 June 2022
Advertising54,016 59,908 11,863 -
125,787
Circulation & subscription- 41,777 - -
41,777
External printing & distribution- 2,257 - -
2,257
Other481 2,327 323 18
3,149
Segment revenue from
integrated media and
entertainment activities
54,497 106,26912 ,18618172,970
Shared services centre116 225 30 1
372
Total revenue from
external customers
54,613 106,494 12,216 19 173,342
Other income
A
228 3,066 - 102
3,396
Finance income- - - 198
198
Total finance and
other income
228 3,066 - 300 3,594
Total revenue and
other income
54,841 109,560 12,216 319 176,936
A
Other income includes Government grants of $1,694,649 (2022: $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. There are no unfulfilled conditions or contingencies attaching to these grants. The Group did not
benefit directly from any other forms of Government assistance.
CONSOLIDATED INTERIM FINANCIAL STATEMENTS 2023 17

2.2 EARNINGS PER SHARE
June 2023
$’000
June 2022
$’000
Reconciliation of earnings used in calculating
basic / diluted earnings per share (EPS)
Profit attributable to owners of the parent entity
2,455
8,735
June 2023
Number
June 2022
Number
Weighted average number of shares
Weighted average number of shares for calculating basic EPS
183,913,614
196,698,866
Adjusted for calculation of diluted EPS
7, 2 74 ,14 6
7,716,996
Weighted average number of shares in the denominator
in calculating diluted EPS
1 9 1 ,1 87,76 0
204,415,862
June 2023
Cents
June 2022
Cents
Basic / diluted earnings per share
Basic earnings per share (cents per share)
1.33
4.44
Diluted earnings per share (cents per share)
1.28
4.27
2.3 SEGMENT INFORMATION
2.3.1 Determination and description of segments
Significant judgement: The Group has three operating segments – being "Audio", "Publishing"
and "OneRoof". All significant operating decisions are based upon analysis of NZME as three
operating segments. 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 into the three
segments with revenue, income, direct and allocated costs reported to the Chief Operating Decision
Maker on this basis. 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.
The Group operates an integrated media and entertainment business that incorporates the sale of
advertising, goods and services generated from the audiences attached to the Group's media platforms.
NOTES TO THE CONSOLIDATED INTERIM
FINANCIAL STATEMENTS (UNAUDITED)
CONTINUED
18 NEW ZEALAND MEDIA AND ENTERTAINMENT

The operating segments for the Group are:
• Audio - terrestrial radio stations, digital
iHeartRadio, podcasts and Radio brand
websites.
• Publishing - print publications (excluding
dedicated real estate publications) and digital
news websites including nzherald.co.nz. and
BusinessDesk.
• OneRoof - comprises oneroof.co.nz and
dedicated real estate print publications.
Operating expenses comprise those costs that are
directly attributable to each segment and allocated
costs that are allocated based on different criteria
depending on the expense type.
Revenue and expenses that are not included
in one of the three operating segments are
grouped together in Other. This grouping includes
corporate costs.
2.3.2 Operating revenues and results
The operating information provided to the Directors and the Executive Team, based on the reporting
segments for six months ended 30 June 2023 is as follows:
Audio
$'000
Publishing
$'000
OneRoof
$'000
Other
$'000
Tot a l
$'000
For the six months ended
30 June 2023
Revenue54,302 99,051 9,622 321
163,296
Other income
A
248 2,378 - 70
2,696
Operating expenses(44,051)(86,518)(10,909)(3,213)
(144,691)
Total operating adjusted
EBITDA
B
10,499 14,911 (1,287)(2,822)21,301
Audio
Reclassified
$'000
Publishing
Reclassified
$'000
OneRoof
Reclassified
$'000
Other
Reclassified
$'000
Tot a l
$'000
For the six months ended
30 June 2022
Revenue54,613 106,494 12,216 19
173,342
Other income
A
228 3,066 - 102
3,396
Operating expenses(45,130)(88,583)(11,986)(2,904)
(148,603)
Total operating adjusted
EBITDA
B
9,711 20,977 230 (2,783)28,135
A
Other income includes rental income of $70,011 relating to operating sub-leases on right-of-use assets
(2022: $102,361). See note 3.5.1 for the income received from the finance sub-leases on right-of-use assets.
B
Adjusted Earnings before Interest, Tax, Depreciation and Amortisation (Adjusted EBITDA) from continuing operations
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.
CONSOLIDATED INTERIM FINANCIAL STATEMENTS 2023 19

2.3.3 Reconciliation of operating adjusted EBITDA to net profit before
income tax expense
Note
June 2023
$’000
June 2022
$’000
For the six months ended 30 June 2023
Operating adjusted EBITDA2.3.2
21,301
28,135
Finance income
229
198
Depreciation and amortisation
(13,809)
(12,998)
Finance costs
(3,697)
(2,874)
Share of joint ventures and associates net
(loss) / profit after tax
5.2.2
(153)
13
Exceptional items:
Other lease adjustments
(71)
(29)
Redundancies and associated costs
A
(740)
(146)
Costs in relation to one-off projects
B
(195)
(516)
Net profit before income tax expense2,865
11,783
A
The redundancies and associated costs relate to the restructuring of the Group's operations.
B
The 2023 costs primarily relate to the BusinessDesk earn-out-provision while the 2022 costs primarily relate
to the sub-lease of Graham Street and the disposal of assets in relation to the Wellington office space.
See note 3.9 for the segment assets and liabilities of the Group.
NOTES TO THE CONSOLIDATED INTERIM
FINANCIAL STATEMENTS (UNAUDITED)
CONTINUED
20 NEW ZEALAND MEDIA AND ENTERTAINMENT

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 2022
Cost2,69353,844146,97679,94855,249
338,710
Accumulated amortisation
and impairment
-(43,911)(74,336)(53,499)(25,477)
(197,223)
Net book value2,6939,93372,64026,44929,772141,487
For the period ended
30 June 2023
Opening net book value2,6939,93372,64026,44929,772
141,487
Additions---291-
291
Amortisation-(2,578)-(1,611)-
(4,189)
Adjustment and transfers-(6)---
(6)
Transfers from capitalised
work in progress
-2,558---
2,558
Net book value2,6939,90772,6402 5,12 929,772140,141
As at 30 June 2023
Cost2,69356,396146,97680,23955,249
341,553
Accumulated amortisation
and impairment
-(46,489)(74,336)(55,110)(25,477)
(201,412)
Net book value2,6939,90772,6402 5,12 929,772140,141
3.1.1 Half year impairment review
Significant judgement: As disclosed in note 2.3.1 the Directors have determined that the Group
has three reportable segments – being "Audio", "Publishing" and "OneRoof". The Directors have
also determined that there are three cash generating units (CGU) for impairment testing because
these are the lowest level for which there are separately identifiable cash inflows which are largely
independent of the cash inflows from other assets or groups of assets. Note 3.9 contains the allocation
of the Group's assets and liabilities across the CGUs except for financing and equity accounted
investments. Those assets and liabilities that do not relate to one of the three CGUs are grouped as
"Other". In the consolidated financial statements for the year ended 31 December 2022 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 2023 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 2022 as well as
the market capitalisation of the Group at 30 June 2023.
CONSOLIDATED INTERIM FINANCIAL STATEMENTS 2023 21

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 2022
Cost or fair value2656714,425254,804
269,561
Accumulated depreciation
and impairment
-(11)(11,004)(235,451)
(246,466)
Net book value265563,42119,35323,095
For the period ended 30 June 2023
Opening net book value265563,42119,353
23,095
Additions---11
11
Disposals---(30)
(30)
Depreciation--(486)(3,326)
(3,812)
Transfers and other
adjustments
-(1)-6
5
Transfers from capitalised
work in progress
--3511,611
1,962
Net book value265553,28617,6 2 521,231
As at 30 June 2023
Cost or fair value2656714,776249,755
264,863
Accumulated depreciation
and impairment
-(12)(11,490)(232,130)
(243,632)
Net book value265553,28617,6 2 521,231
NOTES TO THE CONSOLIDATED INTERIM
FINANCIAL STATEMENTS (UNAUDITED)
CONTINUED
22 NEW ZEALAND MEDIA AND ENTERTAINMENT

3.3 RIGHT-OF-USE ASSETS
Buildings
$’000
Transmission
$’000
Vehicles
$’000
Other
$’000
Tot a l
$’000
As at 31 December 2022
Net book value39,41023,2699344463,657
For the period ended 30 June 2023
Additions--249-
249
Depreciation(3,685)(1,826)(292)(5)
(5,808)
Transfer to lease receivables(4)---
(4)
Changes in lease payments
or lease terms
1,687-8-
1,695
Net book value37,40821,4438993959,789
3.4 CAPITAL WORK IN PROGRESS
$’000
As at 31 December 20223,795
Additions
5,12 9
Transfers to property, plant and equipment
(1,962)
Transfers to intangible assets
(2,558)
As at 30 June 20234,404
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.
CONSOLIDATED INTERIM FINANCIAL STATEMENTS 2023 23

3.5 TRADE AND OTHER RECEIVABLES
The following table details the Group’s current and non-current trade and other receivables
at 30 June 2023.
Note
June 2023
$’000
December 2022
$’000
Trade receivables net of provisions
39,356
42,018
Amounts due from related companies6.1
125
65
Finance lease receivables3.5.1
552
528
Other receivables and prepayments
5,123
6,140
Total current trade and other receivables45,156
48,751
Other receivables and prepayments
935
1,207
Finance lease receivables3.5.1
4,156
4,435
Total non-current other receivables and prepayments5,091
5,642
3.5.1 Finance lease receivables
$’000
As at 31 December 2022
Current assets
528
Non-current assets
4,435
Net investment in lease receivables at 31 December 20224,963
Interest on lease receivables
121
Transfer from right-of-use assets
4
Total lease receivables before cash payments5,088
Interest received
(121)
Principal received
(259)
Net investment in lease receivables at 30 June 20234,708
Current assets
552
Non-current assets
4,156
Net investment in lease receivables at 30 June 20234,708
NOTES TO THE CONSOLIDATED INTERIM
FINANCIAL STATEMENTS (UNAUDITED)
CONTINUED
24 NEW ZEALAND MEDIA AND ENTERTAINMENT

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 nineteen 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 2023
$’000
December 2022
$’000
Total assets
298,487
306,237
Deferred tax asset
(3,999)
(3,959)
Intangible assets
(140,141)
(141,487)
Total liabilities
(169,768)
(168,459)
Net tangible liabilities(15,421)
( 7,6 6 8)
Minority interest
1,266
789
Net tangible liabilities for the owners of the company(14,155)
(6,879)
Number of shares issued (in thousands)
183,914
183,914
Net tangible liabilities per share (in $)($0.08)
($0.04)
3.8 BUSINESSDESK ACQUISITION
In January 2022 the Group acquired the assets,
certain liabilities and the business of BusinessDesk
from Content Limited. The 30 June 2022 consolidated
interim financial statements contained the provisional
purchase transaction which was finalised by
31 December 2022. Note 3.10 of the audited
consolidated financial statements for the year
ended 31 December 2022 contains the finalised
details of the purchase transaction.
3.9 SEGMENT ASSETS AND LIABILITIES
The segment assets and liabilities of the Group
are shown in the following table. The segment
assets and liabilities are measured in the same
way as in the consolidated financial statements.
The "Other" grouping includes the deferred tax
assets and the current tax provision of the Group
as well as the assets and liabilities of the Group
that are not directly attributable to the segments
or allocated to them.
CONSOLIDATED INTERIM FINANCIAL STATEMENTS 2023 25

Audio
$'000
Publishing
$'000
OneRoof
$'000
Other
$'000
Tot a l
$'000
As at 30 June 2023
Goodwill- 2,693 - -
2,693
Masthead brands- 72,640 - -
72,640
Brands29,169 603 - -
29,772
Non-amortising
intangible assets
29,169 75,936 - - 105,105
Other assets88,19486,0479,231 9,910
193,382
Total assets117,3 6 3161,9839,231 9,910298,487
Total liabilities64,42395,7455,673 3,927
169,768
Net assets52,94066,2383,558 5,983128,719
Audio
$'000
Publishing
$'000
OneRoof
$'000
Other
$'000
Tot a l
$'000
As at 31 December 2022
Goodwill- 2,693 - -
2,693
Masthead brands- 72,640 - -
72,640
Brands29,169 603 - -
29,772
Non-amortising
intangible assets
29,169 75,936 - - 105,105
Other assets91,749 91,779 10,543 7,0 6 1
201,132
Total assets120,918 1 6 7,7 1 5 10,543 7,0 61 306,237
Total liabilities60,948 96,483 7,03 9 3,989
168,459
Net assets59,970 71,232 3,504 3,072 1 37,7 78
NOTES TO THE CONSOLIDATED INTERIM
FINANCIAL STATEMENTS (UNAUDITED)
CONTINUED
26 NEW ZEALAND MEDIA AND ENTERTAINMENT

4.0 CAPITAL MANAGEMENT
4.1 DIVIDENDS
4.1.1 Dividends paid and declared
Amounts recognised as distributions to equity holders during the six months ended 30 June 2023:
June 2023
Cents per
Share
June 2022
Cents per
Share
June 2023

$’000
June 2022
$’000
Final dividend declared 21 February 2023,
paid 22 March 2023
A
6.0
5.0
11,034
9,878
Special dividend, declared 20 June 2022,
paid 12 July 2022
B
-
5.0
-
9,678
Total dividends declared during the period11,034
19,556
Supplementary final dividend for 2022
paid 22 March 2023
1.06
0.88
1,514
1,166
Supplementary special dividend
paid 12 July 2022
-
0.88
-
1,188
Total supplementary dividends
declared during the period
1,514
2,354
Proposed interim dividend for the year
ended 31 December 2023
3.03.0 5,517
5,795
A
The final dividend for 2022 was not franked while the 2021 final dividend was fully franked.
B
Dividend was partially franked.
Supplementary dividends were paid to registered shareholders who were not tax residents in New Zealand
and who held less than 10% of the shares in the Company at the record date for the related distribution.
The proposed dividend, declared by the Board of Directors on 24 August 2023, is to be paid
on 27 September 2023 to registered shareholders as at 15 September 2023.
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.
4.1.2 Imputation credits
June 2023
$'000
December 2022
$’000
Imputation credits available for subsequent reporting periods
based on the New Zealand 28% tax rate for the Group
NZ$ 23,752
NZ$ 24,211
CONSOLIDATED INTERIM FINANCIAL STATEMENTS 2023 27

4.2 INTEREST BEARING LIABILITIES
The following table details the Group’s combined
net debt at 30 June 2023.
The movements in these balances during the year
are provided in notes 4.2.1 Secured bank loans
and note 4.2.2 Lease liabilities.
$’000
Bank loans
37,371
Cash and cash equivalents
(5,746)
Net bank debt 31,625
Lease liabilities
86,859
Net debt at 30 June 2023118,484
4.2.1 Secured bank loans
$’000
Bank loans
As at 31 December 2022
23,134
Net cash flows
14,000
Gain on loan modification release
188
Amortisation of borrowing costs
49
As at 30 June 202337,371
Cash and cash equivalents
As at 31 December 2022
(5,670)
Net cash flows
(76)
Net bank debt at 30 June 202331,625
NOTES TO THE CONSOLIDATED INTERIM
FINANCIAL STATEMENTS (UNAUDITED)
CONTINUED
28 NEW ZEALAND MEDIA AND ENTERTAINMENT

Capitalised borrowing costs of $253,304
(31 December 2022:$302,331) are included in
the secured bank loans balance at 30 June 2023.
Capitalised borrowing costs are the costs incurred
on acquiring the loan less accumulated amortisation
to 30 June 2023 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 million bilateral bank loan
facilities, which NZME refinanced on 21 November
2018, 22 July 2020 and 9 December 2022, of which
$38.0 million (31 December 2022: $24.0 million)
is drawn and $12.0 million (31 December 2022:
$26.0 million) is undrawn as at 30 June 2023.
This facility expires on 31 January 2026.
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.

4.2.2 Lease liabilities
$’000
As at 31 December 2022
Current lease liabilities
11,596
Non-current lease liabilities
79,578
Total lease liabilities at 31 December 202291,174
Interest on lease liabilities
2,362
New leases
249
Changes in scope, lease terms and other adjustments
1,766
Total lease liabilities before cash payments95,551
Interest paid on leases
(2,362)
Principal payments
(6,330)
Total cash payments(8,692)
Total lease liabilities at 30 June 202386,859
Current lease liabilities
11,835
Non-current lease liabilities
75,024
Total lease liabilities at 30 June 202386,859
CONSOLIDATED INTERIM FINANCIAL STATEMENTS 2023 29

4.3 CASH FLOW INFORMATION
June 2023
$’000
June 2022
$’000
Reconciliation of net cash inflows / (outflows)
from operating activities to profit for the period:
Profit for the period
1,978
8,457
Depreciation and amortisation expense
13,809
12,998
Borrowing cost amortisation
49
124
Fair value movement on over hedged swaps
13
(59)
Gain on loan modification unwinding
188
-
Net loss on sale of non-current assets
-
230
Change in current / deferred tax payable
(4,623)
(4,633)
Lease adjustments
71
29
BusinessDesk earn-out-provision
235
-
Group's share of retained losses in joint ventures
and associates net of distributions received
200
34
Share based payment expense
200
375
Changes in assets and liabilities:
Trade and other receivables
2,784
(5,827)
Inventories
(257)
686
Prepayments
1,367
340
Trade and other payables and employee benefits
( 7,173)
(897)
Net cash inflows from operating activities8,841
11,857
4.4 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

4.4.1 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).
4.4.2 Recognised fair value measurements
June 2023
$’000
December 2022
$’000
Recurring fair value measurements
Financial assets (Level 2)
Derivative financial instruments current assets
59
279
Financial assets (Level 3)
There are no financial assets carried at fair value.
Other financial assets of $815,000
A
(31 December 2022:
$815,000) are measured at amortised cost and therefore
have been excluded from this table.
Total financial assets59
279
Non-financial assets (Level 3)
Freehold land and buildings
Freehold land
265
265
Buildings (excluding leasehold improvements)
55
56
Total non-financial assets320
321
A
Other financial assets comprise of a loan to Event Finda NZ Ltd. The loan is interest bearing and is repayable
under certain conditions.
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 2023 31

4.4.3 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 4.2 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 2023, the borrowing rates
were determined to be between 6.5% and 7.9%
(31 December 2022: between 3.8% and 7.2%),
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).
4.4.4 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 uses Director's valuation, based on
the independent valuation performed in 2015,
for its freehold land and buildings less subsequent
depreciation for buildings to ensure that the carrying
value of the assets is materially consistent with their
fair value. 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 2023.
June 2023
Ownership
Interest
December 2022
Ownership
Interest
Name of entity
NZME Advisory Limited
100%
100%
NZME Australia Pty Limited
A
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
B
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
C
80%
80%
A
Incorporated in, and operates in, Australia.
B
One "Kiwi Share" held by the Minister of Finance. The rights and obligations are set out
in the NZME Radio constitution.
C
Refer to note 6.3 regarding the Group exercising its option to acquire the remaining 20 percent
of the shares in OneRoof Limited.
CONSOLIDATED INTERIM FINANCIAL STATEMENTS 2023 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 2023
Ownership
Interest
December 2022
Ownership
Interest
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
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 20223,443
Share of losses in joint ventures and associates
(153)
Dividends received
(47)
As at 30 June 20233,243
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