NZME 2024 Half Year Results

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


27 August 2024
FOR IMMEDIATE RELEASE
FOR
NZME 2024 Half Year Results

Please refer to the following documents in relation to the NZME Half Year Results to 30 June 2024:

1. NZME 2024 Half Year Results NZX Form
2. NZME 2024 Half Year Results Announcement
3. NZME 2024 Half Year Results Investor Presentation
4. NZME 2024 Consolidated Interim Financial Statements
5. Distribution Notice - NZX Form

Chief Executive Officer Michael Boggs, and Chief Financial Officer David Mackrell, will discuss the
HY24 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 media For investors

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


David Mackrell
Chief Financial Officer
+64 21 311 911
David.mackrell@nzme.co.nz

---

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 2024
Previous Reporting Period 6 months to 30 June 2023
Currency NZD
Amount (NZ$000s) Percentage change
Revenue from continuing
operations
$171,253

3.0%

Total Revenue $171,253 3.0%
Net profit/(loss) from
continuing operations
$1,893 (4.3%)

Total net profit/(loss) $1,893 (4.3%)
Interim/Final Dividend
Amount per Quoted Equity
Security
$0.03000000
Imputed amount per Quoted
Equity Security
$0.01166667
Record Date 13 September 2024
Dividend Payment Date 25 September 2024
Current period Prior comparable period
Net tangible assets per
Quoted Equity Security
$(0.13) $(0.09) (restated)
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
2024 Consolidated Interim Financial Statements and the 2024
Results Presentation for full commentary on results. (note: Capital
work in progress is now included in Intangible assets and property, plant and
equipment so the 2023 comparative has been restated while the 2023 restated
numbers also includes a deferred tax prior year adjustment.)
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 27/8/24

Audited financial statements accompany this announcement.

---

NZME Limited. 2-4 Graham Street, Private Bag 92198, Victoria Street West, Auckland.
1
NEW ZEALAND MEDIA AND ENTERTAINMENT
MARKET ANNOUNCEMENT

27 August 2024
NZME announces revenue growth in first half despite challenging market

AUCKLAND, 27 August 2024: NZME Limited (NZX: NZM, ASX: NZM) has today announced its
financial results for the half year ended 30 June 2024, reporting Statutory Net Profit After Tax (NPAT)
of $1.9 million.

The company also reported Operating Revenue of $171.0 million for the first half of the year – $5.0
million higher the first half of 2023. Operating Earnings Before Interest, Tax, Depreciation and
Amortisation (EBITDA)
1
was $21.4 million compared to $21.3 million in the previous corresponding
period.

Key highlights:
• An increase in Operating Revenue
1
and significant growth in digital revenue to $50.1 million this
half, up $5.9 million on the first half of 2023.
• OneRoof has been a standout performer, with digital growth leading to a profit for the half.
• The audience gap between OneRoof and the number one property platform in market has
reduced to a mere 10%
2
.
• OneRoof listings enquiries increased by 29% and digital listings revenue has grown by 63%.
• Digital audio revenue increased 33% year on year.
• Podcast downloads hit 48 million for the last 12 months – up 12%
3
, with podcast revenues
growing 68% for the half.
• Streaming radio revenue also increased by 16% over the same period and total listening hours
on the platform was up 14% in the last 12 months
4
.
• NZME’s digital publishing business delivered an increase in profitability in the half, with digital
subscription revenue up 13% and digital subscriptions up 11% on 30 June 2023.

Michael Boggs, NZME Chief Executive Officer, says NZME has continued to deliver on its market-
leading digital transformation programme throughout challenging market conditions.

“NZME remains a top performer and we continue to enhance our digital performance to ensure we’re
delivering value for our shareholders. We are working hard to drive improvements and in areas like
audio, we continue to outperform the market with total share of revenue
5
outperforming its share of
audience
6
. This demonstrates our strength in providing excellent customer advertising solutions and
driving monetisation across both our terrestrial radio and digital audio platforms, and that our
customers are valuing our platforms for their advertising needs.

“NZME has a very clear three-year strategy, focused on driving the company’s digital transformation
forward, rapidly enhancing our customer experiences and leveraging emerging technologies to grow
our competitive advantage. The business will continue to introduce market leading innovative
products, accelerate the delivery of new customer experiences, streamline business processes, and
improve productivity and efficiency across the business in the next six months and beyond,” he says.

Capital Management

Distributions to shareholders during the first half were 6.0 cents per share being the 2023 final
dividend paid on 20 March 2024. This is the same as the prior year.

Net Debt at 30 June 2024 was $30.0 million. This is a seasonal increase from $18.0 million at 31
December 2023 and the leverage ratio remains well within the target range of 0.5 – 1.0 times
EBITDA and is consistent with the same period last year. We project a reduction in net debt by the
end of 2024, with the leverage ratio returning to the low end of the target range.

NZME Limited. 2-4 Graham Street, Private Bag 92198, Victoria Street West, Auckland.
2
NEW ZEALAND MEDIA AND ENTERTAINMENT
MARKET ANNOUNCEMENT

27 August 2024
The Board regularly reviews the capital management position of the company and continues to
have a desire to operate at the lower end of the target leverage ratio given the uncertain market
conditions.

The Board has declared a fully imputed interim dividend of 3.0 cents per share, payable on 25
September 2024.

Outlook

NZME delivered growth in advertising revenue of 4% in the first quarter of the year, however this
slowed in the second quarter to 2%. Quarter three is currently tracking to 1% growth year on year.
We have implemented initiatives to remove $6 million of annualised cost which will take effect in the
second half.

“The difficult trading conditions and reduced confidence levels within the business community have
seen the advertising market reduce year on year,” says Boggs.

OneRoof is continuing to deliver rapid audience, revenue and profitability growth.

“As we head into our largest quarter of the financial year, businesses are signalling their intention
to spend as sentiment improves. NZME remains well-positioned to take advantage of this growth.”

The operating environment remains uncertain. Based on current performance, NZME confirms that
it expects to be at the lower end of the EBITDA range previously issued of $57 million to $61 million.

“I’d like to thank our agency partners, our clients, shareholders and our audiences for their continued
support of NZME’s strategic direction and transformation efforts. A big thanks to our NZME team,
all of whom have worked extremely hard this year to deliver these pleasing results in a difficult
economic environment. Thank you to each and every one of you for your determination and
commitment,” says Boggs.

The full suite of 2024 Interim Results material can be found here.

ENDS

Authorised by Michael Boggs, Chief Executive Officer.

For further information please contact:

For media For investors
Kelly Gunn
GM Communications – NZME
+64 27 213 5625
kelly.gunn@nzme.co.nz
David Mackrell
Chief Financial Officer
+64 21 311 911
david.mackrell@nzme.co.nz

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 2023 and 2024 financial years. Please refer to
pages 40-41 of the results presentation for a detailed reconciliation.
2. Nielsen Online Ratings Apr 24 – Jun 24 monthly average (desktop and domestic traffic only, does not include
exclusive mobile app audience) % is the gap as a percentage of trademe.co.nz/property quarterly average
3. Triton Metrics NZ June 2024 (12 months to June 2024 compared to the prior period)
4. Adswizz AudioMetrix June 2024 (12 months to June 2024 compared to the prior period)
5. RBA Monthly Radio Market Report rolling 12 months as of June 2024 (radio and digital revenue share between
NZME and Mediaworks).
6. GfK RAM, S1 2024, Total NZ, M-S 12mn-12mn, AP10+, Cume.

---

1

2
Results summary
3
Key highlights
4
Trading environment
5
Strategic priorities and market performance
6
2024 half year financial results
9
Divisional performance
16
Outlook
35
Q&A
37
Supplementary information
38

3
1.Operating results presented are non-GAAP measures that include the impact of NZ IFRS 16, however, exclude exceptional items to allow for a like for like comparison between 2023 and 2024 financial years. Please refer to pages 40-41 of this results presentation for a detailed reconciliation.

4
1. Adswizz AudioMetrix July 2023 – June 2024. 12 months to June 2024compared to the same period last year.

1.ANZ Business Confidence and ANZ-Roy Morgan Consumer Confidence surveys
2.SMI Agency Market Revenue, YoY % change Jun 2023 – Jun 2024. NZME and Market (NZME pillars – print, radio, digital content sites)
(25%)
(20%)
(15%)
(10%)
(5%)
-
5%
10%
15%
20%
25%
Jun-23
Jul-23
Aug-23
Sep-23
Oct-23
Nov-23
Dec-23
Jan-24
Feb-24
Mar-24
Apr-24
May-24
Jun-24
(30.0)
(20.0)
(10.0)
-
10.0
20.0
30.0
40.0
Jun-23
Jul-23
Aug-23
Sep-23
Oct-23
Nov-23
Dec-23
Jan-24
Feb-24
Mar-24
Apr-24
May-24
Jun-24
5

6

7
1.Nielsen CMI Q2 23 – Q1 24 June 24 Fused AP15+ (Publishing Print = weekly print excluding Real Estate. OneRoof Print = Real Estate sections).
2.Nielsen Online Ratings June 2024 (desktop and domestic traffic only, does not include exclusive mobile app audience).
3.GfK Comm RAM, S1/24, Total NZ, Cume, M-S 12mn-12mn (unless otherwise stated).
4.Adswizz AudioMetrix asat June 2024.
5.NZME Reach Study, n=1000 nationally representative Jan 2024 (unduplicated audience across NZME print, digital, radio & podcasts).

1. Nielsen CMI Q2 23 – Q1 24 June Fused 2024 AP15+
8

9

•Significant growth in OneRoof digital
revenue driven by increased listings
upgrades and an increase in new
listings coming to market.
•
digital revenue growth offset by
planned marketing and promotional
spend and higher selling costs.
•Improved digital publishing
performance was underpinned by
continued subscriber growth.
•Print advertising revenue declines were
partially offset by additional third-party
print revenue.
21.3
2.7
(2.6)
2.4
(2.8)
0.3
21.4
H1 2023OneRoofAudioDigital
Publishing
Print
Publishing
OtherH1 2024
Note: EBITDA is a non-GAAP measure and excludes exceptional items.
10

11
$ million
H1 2024
H1 2023% change
Reader revenue
40.5
39.8 2%
Advertising revenue
120.3
116.4 3%
Other revenue
7.5
7.1 5%
Operating revenue
168.3
163.3 3%
Other income
2.8
2.7 2%
Operating revenue and other income
171.0
166.0 3%
Operating expenses
(149.6)
(144.7) (3%)
Operating EBITDA
21.4
21.3 1%
Depreciation and amortisation on owned assets
(8.5)
(8.0) (6%)
Depreciation on leased assets
(5.5)
(5.8) 5%
Interest income
0.2
0.2 (14%)
Finance cost
(3.7)
(3.7) -
Operating NPBT
4.0
4.0 (2%)
Taxation expense
(1.2)
(1.1) (6%)
Operating NPAT
2.8
2.9 (4%)
Operating earnings per share (cents)

1.5
1.6 (6%)
Operating earnings for six months were
ahead of last year despite continued difficult
operating conditions.
•Operating revenue was 3% higher as a result
of improved advertising revenue but was
offset by a 3% increase in operating
expenses.
•Reader revenue growth was driven by a 13%
increase in digital subscription revenue
offset by 1% lower print subscriber revenue
and a 3% decline in retail sales.
•Operating NPAT was $2.8m for the six
months, just below $2.9m for the
comparative half year.
Note: 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
2023 and 2024 financial years. Please refer to pages 40-41 of this results presentation for a
detailed reconciliation.

12
$ million
H1 2024
H1 2023% change
People
73.8
73.0 (1%)
Print and distribution
25.7
25.0 (3%)
Selling and marketing
20.2
17.4 (16%)
Content
10.1
9.8 (3%)
Property
4.4
3.6 (23%)
Third party fulfilment
2.7
3.4 21%
Technology and communications
5.7
5.4 (5%)
Other expenses
6.9
7.1 3%
Total operating expenses
149.6
144.7 (3%)
Total non-recurring expenses
0.9
1.08%
Overall expenses were up 3% largely due to higher
selling costs incurred to achieve revenue
improvements.
•People cost was contained to a 1% increase, reflecting a
continued focus on achieving business-wide
efficiencies.
•Print and distribution cost increased with higher levels
of activity particularly due to higher OneRoof print
advertising and additional third party print contracts.
•Selling and marketing cost increases relate to:
•Higher agency commission with a higher portion of
revenue through the agency channel.
•Higher audio marketing costs from planned
marketing promotional activity in the first half.
•Third party fulfilment costs were lower with reduced
digital performance marketing activity.
•Property cost increases relate to increased audio
transmission costs.
•Non-recurring expenses are at a similar level and relate
to restructuring activity

13
Net Debt of $30 million remains within
target the leverage range.
•Net working capital excluding cash is $3.7
million higher than December 2023 due to:
•seasonally higher tax receivable;
•partly offset by lower paper stock
inventory.
•Net debt increased $12.0 million to $30.0
million over the half due to increased
working capital and payment of the 2023
final dividend in March 2024, and
compares to net debt of $31.6 million at 30
June 2023.
$ million
30 June
2024
31 December
2023
Trade and other receivables
47.3
45.1
Inventories
3.3
5.1
Trade and other payables
(50.6)
(49.5)
Current tax receivable / (payable)
4.2
(0.3)
Net working capital excluding cash
4.1
0.4
Plant property & equipment, intangibles and other non-current assets
164.8
166.9
Right-of-use assets (NZ IFRS16)
53.2
58.2
Lease liabilities (NZ IFRS16)
(78.7)
(84.7)
Finance lease receivable (NZ IFRS16)
3.6
3.9
Net debt
(30.0)
(18.0)
Deferred tax
8.2
9.2
Net assets
125.2
135.9

14
Improved Operating Cash Flow.
•Cash flow from operations for six months
was $3.3 million higher at $12.1 million
compared to 2023 primarily due to the
favourable working capital movement and
lower tax paid.
•
flow relates to a tax obligation arising on
the issue of shares under a long-term
incentive plan.
•Capital expenditure was higher due to
accelerated product development activity
to support continued digital transformation
and the purchase of a small regional
media business.
•Distributions to shareholders were similar
to the comparative six months
representing the 2023 final dividend (6.0
cents per share) paid on 20 March 2024.
$ millionH1 2024H1 2023
Operating EBITDA
1
21.4 21.3
Interest paid on bank facilities
(1.3) (1.1)
Interest paid on leases
(2.1) (2.4)
Interest received on leases
0.10.1
Dividends and interest received
0.0 0.2
Exceptional items
(0.8) (0.7)
Tax paid
(4.6) (5.5)
Working capital movement (excluding tax)
0.7 (3.6)
Other
(1.3) 0.5
Cash flow from operations
12.1 8.8
Capital expenditure
(6.4) (5.4)
Lease principal repayment
(6.4) (6.3)
Operating free cash flow
(0.7) (2.9)
Final dividend paid
(11.2) (11.0)
Cash movement in net debt
(11.9) (13.9)
Other movements
(0.1) (0.2)
Movement in net debt
(12.0) (14.2)
1.EBITDA is a non-GAAP measure and excludes exceptional items.

15
Net debt is projected to reduce by the end
of 2024 returning the leverage ratio to the low
end of the target range.
•Seasonal increase in leverage ratio remains
within the target range of 0.5 1.0 times EBITDA
(pre NZ IFRS 16)
1
and consistent with H1 2023.
•Fully imputed interim dividend of
of 3.0 cents per share has been declared and is
payable on 25 September 2024.
30 June
2024
31 December
2023
12-months operating EBITDA (pre NZ IFRS 16)
1
39.4
39.1
12-months interest expense
2.7
2.4
Net interest cover
(Operating EBITDA (pre NZ IFRS 16)
1
/ interest expense)
14.6
16.4
Net debt ($ million)
30.0
18.0
Leverage ratio
(Net debt / 12-month operating EBITDA (pre NZ IFRS 16)1)
0.8
0.5
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 - 1.0 times rolling 12-month EBITDA
(pre NZ IFRS16).
Full dividend policy is available at www.nzme.co.nz/investor-
relations/dividends/
$98.3m
$74.7m
$33.8m
($13.5m)
$17.5m
$31.6m
$18.0m
$30.0m
1.8
1.5
0.6
-
0.4
0.8
0.5
0.8
FY 2018FY 2019FY 2020FY 2021FY 2022H1 2023FY 2023H1 2024
1.Operating results presented are non-GAAP measures that exclude exceptional
items to allow for a like for like comparison between 2023 and 2024 financial
years. Please refer to pages 40-41 of this results presentation for a detailed
reconciliation.

16

17

18
Source: NZME Analysis.
1.Native advertising, also called sponsored content, partner content, and branded journalism, isa type of paid advertising that appears in the style and format of the content near the advertisement's placement.

19
-
200
400
600
800
1,000
Jun-21Sep-21Dec-21Mar-22Jun-22Sep-22Dec-22Mar-23Jun-23Sep-23Dec-23Mar-24Jun-24
1.Nielsen Online Ratings June 2021 – 2024 monthly average by quarter (desktop and domestic traffic only, does not include exclusive mobile app audience) *Dec 2023 is taken from Nielsen CMI December fused due to no competitor figures reported in Online Ratings for December.

-10,00020,00030,00040,000
-100200300400500
-10%20%30%40%50%
Source: NZME Analysis
20

21
OneRoof delivered both revenue and
profitability growth to achieve first half
earnings of $1.4 million EBITDA, improving
on the loss for the first half of 2023.
•Digital revenue increased by 63% due to
increased listings upgrades and higher tier
product penetration driving a higher average
yield.
•Building on underlying real estate listings
market recovery, Auckland listings revenue
achieved +71% growth, with rest of NZ listings
revenue growing +84%.
•Print revenue also benefited from a recovering
market, with year-on-year growth of 32%.
•People cost increases reflect additional sales
resource, while higher print and distribution
costs supported the print revenue growth.
$ million
H1 2024
H1 2023% change
Digital
8.2 5.0 63%
Print
5.8 4.4 32%
Other
0.1 0.2 (33%)
Operating revenue
14.1
9.6 47%
People
(4.2) (3.4) (23%)
Print and distribution
(2.9) (2.4) (23%)
Selling and marketing
(3.7) (3.8) 1%
Content
(1.0) (0.8) (26%)
Other expenses
(0.8) (0.5) (57%)
Operating expenses
(12.7)
(10.9) (16%)
EBITDA (incl. NZ IFRS16)
1
1.4
(1.3) 212%
NZ IFRS16 adjustment
(0.4) (0.3) (6%)
EBITDA (pre NZ IFRS16)
1
1.1
(1.6) 167%
EBITDA
1
margin (pre NZ IFRS16)
8%
(17%) 24 ppt
1.EBITDA is a non-GAAP measure and excludes exceptional items.

22
Metric
2026
target
2023
actual
H1 2024
actual
2024 initiatives
progress update
Engagement
Reduce
audience
gap to #1
Increase
listing
enquiries
by 100%
Audience
606k,
187k gap to
#1
1
-
Audience
703k,
81k gap to
#1
1
+29% YoY
•Website optimisation is a key product development focus, including improved lead
generation capture and new customer engagement features for agents.
•Additional product development underway on improved agent CRM integrations and app
UX review.
•
Listings upgrade %
60%
Auckland
40% Rest of
NZ
44%
Auckland
20% Rest of
NZ
44%
Auckland
23% Rest of
NZ
•Dedicated NZ wide sales team delivering results, with the number of listing upgrades
+62% in Auckland and up 82% for Rest of NZ for the first half vs. last year.
•Improved higher tier product penetration driving average yield gains and evidence of
boosted product performance.
Revenue mix
78% Digital
22% Print
54% Digital
46% Print
59% Digital
41% Print
•Significant digital listings revenue growth driving mix shift, somewhat moderated by
stronger print revenues.
•H2 initiatives underway to drive non-listings revenue.
EBITDA
2
margin
(pre NZ IFRS16)
15-25%
(10%)
8%
1.Nielsen Online Ratings June 2021 – 2024 monthly average of the last quarter of each period (desktop and domestic traffic only, does not include exclusive mobile app audience).
2.EBITDA is a non-GAAP measure and excludes exceptional items.
22

23

24
1.GfK RAM,S1 2017 - 2024, Total NZ, M-S12mn-12mn, AP10+, Share % (historical data available upon request)

202220232024
202220232024
1.Triton Metrics NZJuly2021 -June 2024 (12 months to June 2024)
2.Adswizz AudioMetrix (iHeartRadio NZME Radio) July 2021 - June 2024 (12 months to June 2024)
3.RBAMonthly Radio Market Report rolling 12 months as of June 2024 (radio revenue share between NZME and Mediaworks)
4.GfK RAM,S1 2024, Total NZ, M-S12mn-12mn, AP10+, Cume
+12%
YOY
+14%
YOY
25
-
10.0%
20.0%
30.0%
40.0%
50.0%

26
Digital momentum continues with podcast
revenues growing +68%, plus streaming radio
growth of +16%.
•Broadcast radio revenue growth +1% is pleasing
given the market declined slightly year on year.
•Higher selling and marketing costs were the key
driver of reduced EBITDA:
•Planned higher marketing spend to deliver
benefits later in 2024.
•Increased promotional costs for key events
to drive improved revenue.
•Increased agency commission cost with
more revenue sold through this channel.
•Other expenses were higher primarily due to
increased transmission costs some of which will
reverse in the second half.
$ million
H1 2024
H1 2023% change
Digital audio advertising
5.0
3.8 33%
Radio advertising
50.6
50.1 1%
Other
0.8
0.6 17%
Operating revenue
56.4
54.6 3%
People
(28.7)
(27.7) (3%)
Selling and marketing
(8.9)
(6.3) (42%)
Content
(3.8)
(4.1) 7%
Other expenses
(7.0)
(6.0) (18%)
Operating expenses
(48.4)
(44.1) (10%)
EBITDA (incl. NZ IFRS16)
1
7.9
10.5 (25%)
NZ IFRS16 adjustment
(3.8)
(3.9) 3%
EBITDA (pre NZ IFRS16)
1
4.1
6.6 (37%)
EBITDA
1
margin (pre NZ IFRS16)
7%
12% (5 ppt)
1.EBITDA is a non-GAAP measure and excludes exceptional items.

27
Metric
2026
target
2023
actual
H1 2024
actual
2024 initiatives
progress update
Audience share
(% of radio audience)
> 1% share
point
growth per
annum
37.5%
1
37.7%
1
•Upweighted marketing investment for The Hits delivers highest ever audience since 2014
brand launch.
•Sustained ZB and ZM share continue to underpin NZME audience reach.
•New shows strengthen podcast content offering, adding to existing roster of popular
shows.
•Focus on key genres to drive podcast consumption, including sports, comedy and
onboarding of TED network content.
Revenue share
> 1% share
point
growth per
annum
44.5%
2
44.7%
2
•Recent alignment with leading audience targeting solution to drive increased data
capability, better customer solutions and increased revenue.
•Coordinated industry collaboration to advance audio advocacy, targeting key events and
client decision makers
•Key commercial wins in market with integrated campaigns aligning NZME brands and
talent to deliver bespoke client solutions.
Digital audio revenue
percentage
12%
7.4%
9.0%
•Podcast audience growth continues, with downloads hitting 48 million in June, up 12%
year on year.
•Simplification of digital audio campaign sales process, delivered through integration of
previously separate digital radio and podcast inventory with a singular audience target.
•Invested in resources to drive iHeartRadio app loyalty.
EBITDA
3
margin
(pre NZ IFRS16)
15-17%
13%
7%
1.GfK RAM,S1 2023 - 2024, Total NZ, M-S12mn-12mn, AP10+, NZME Network, Share %
2.RBAMonthly Radio Market Report rolling 12 months as of June 2024 (radio and digital revenue share between NZME and Mediaworks)
3.EBITDA is a non-GAAP measure and excludes exceptional items.
27

28

29
1.Nielsen Online Ratings as of June 2024 (desktop and domestic traffic only, does not include exclusive mobile app audience).
2.NZME Analysis
3.Nielsen CMI Q2 23 – Q1 24 June 24 Fused AP15+ (NZH Monday to Saturday & Herald On Sunday)

-
25
50
75
100
125
150
175
200
225
Jun-21
Sep-21
Dec-21
Mar-22
Jun-22
Sep-22
Dec-22
Mar-23
Jun-23
Sep-23
Dec-23
Mar-24
Jun-24
-
50
100
150
200
-
25
50
75
100
Jun-21
Sep-21
Dec-21
Mar-22
Jun-22
Sep-22
Dec-22
Mar-23
Jun-23
Sep-23
Dec-23
Mar-24
Jun-24
Annual $ per subsciber (yield)
# of subscirbers (000s)
-
0.50
1.00
1.50
2.00
2.50
-
3
5
8
10
13
Jun-21
Sep-21
Dec-21
Mar-22
Jun-22
Sep-22
Dec-22
Mar-23
Jun-23
Sep-23
Dec-23
Mar-24
Jun-24
Yield ($ per copy)
Subscriber copies (million)
Yield
Subscriber
copies
Source: NZME Analysis
30

31
Digital subscription growth underpinned
overall subscription revenue growth.
•Newspaper circulation revenue declined by
2% with 3% lower retail outlet sales and print
subscription revenues just 1% lower.
•Digital advertising revenue grew but at a
slower rate and so more than offset by print
advertising declines.
•Continued emphasis on efficiency and cost
control delivered a net 1% cost reduction in
the first half of this year.
•The overall publishing EBITDA was 2% lower
than the comparative period last year but
driven by increased digital publishing
earnings almost offsetting the lower print
publishing earnings.
$ million
H1 2024
H1 2023% change
Digital subscriptions
11.1
9.8 13%
Newspaper circulation
29.4
30.0 (2%)
Total reader revenue
40.5
39.8 2%
Digital advertising
25.8
25.6 1%
Print advertising
24.8
27.5 (9%)
Total advertising revenue
50.7
53.1 (5%)
Other
8.6
8.6 0%
Operating revenue
99.8
101.4 (2%)
People
(39.4)
(40.3) 2%
Print and distribution
(22.8)
(22.6) (1%)
Selling and marketing
(7.6)
(7.7) 1%
Content
(5.3)
(4.9) (8%)
Other expenses
(10.1)
(11.0) 8%
Operating expenses
(85.2)
(86.5) 1%
EBITDA (incl. NZ IFRS16)
1
14.6
14.9 (2%)
NZ IFRS16 adjustment
(4.0)
(4.1) 3%
EBITDA (pre NZ IFRS16)
1
10.6
10.8 (2%)
EBITDA
1
margin (pre NZ IFRS16)
11%
11% 0 ppt
1.EBITDA is a non-GAAP measure and excludes exceptional items.

32
$ million
Digital PublishingPrint Publishing
H1 2024
H1 2023% change
H1 2024
H1 2023% change
Digital subscriptions
11.1 9.8 13% - - -
Newspaper circulation
- - - 29.4 30.0 (2%)
Total reader revenue
11.1 9.8 13% 29.4 30.0 (2%)
Digital advertising
25.8 25.6 1% - - -
Print advertising
- - - 24.8 27.5 (9%)
Total advertising revenue
25.8 25.6 1% 24.8 27.5 (9%)
Other
4.2 5.0 (15%) 4.4 3.6 22%
Operating revenue
41.1 40.4 2% 58.7 61.0 (4%)
People
(22.3) (23.7) 6% (17.1) (16.6) (3%)
Print and distribution
- - - (22.8) (22.6) (1%)
Selling and marketing
(4.8) (4.7) (3%) (2.8) (3.0) 8%
Content
(4.7) (4.3) (8%) (0.6) (0.6) (3%)
Other expenses
(6.0) (6.9) 12% (4.1) (4.1) 0%
Operating expenses
(37.9) (39.5) 4% (47.4) (47.0) (1%)
EBITDA (incl. NZ IFRS16)
1
3.3 0.9 282% 11.3 14.1 (20%)
NZ IFRS16 adjustment
(1.2) (1.1) (13%) (2.7) (2.9) 7%
EBITDA (pre NZ IFRS16)
1
2.0 (0.1) 1693% 8.6 11.5 (25%)
EBITDA
1
margin (pre NZ IFRS16)
5% (0%) 5 ppt15% 19% (4 ppt)
1.EBITDA is a non-GAAP measure and excludes exceptional items.

33
Metric
2026
target
2023
actual
H1 2024
actual
2024 initiatives
progress update
Digital publishing
Subscription volume190,000
130,000
137,000
•Lift in depth and breadth of expert journalism, with increase in average session duration
in H1.
•Enhanced subscription platform to enable a dynamic experience and offers to maximise
subscriber lifetime value and open up new segments e.g. international.
Digital advertising revenue
percentage
60%
50%
51%
•User needs model rolled out in newsroom to optimise the mix of content in key verticals
to drive audience engagement and subscription conversions.
•NZH Redesign rolling out along side homepage variants and personalisation to increase
audience engagement and build deeper reader relationships.
•Enhanced advertising experience rolled out with new high impact ad units to improve
yield and effectiveness.
EBITDA
1
margin
(pre NZ IFRS16)
14-16%
7%
5%
•Developed and rolled out first iteration of First Look AI editorial tool to streamline and
automate parts of backend editorial processes.
•New truly digital first operating model has been embedded with a focus on leveraging
data and experiments to optimise story planning and selection.
Print publishing
Subscription volume>65,000
92,000
89,000
•Yield programme has delivered strong results, the removal of NZ Post Saturday Rural
delivery has impacted on volume in rural areas.
Print advertising revenue
percentage
40%
50%
49%
•Completed the acquisition and integration of Sun Media and Gisborne Herald.
EBITDA
1
margin
(pre NZ IFRS16)
13-15%
19%
15%
•Embedded print content hub and focus on streamlining of end to end processes.
•Expanded industry partnerships to drive strong growth in 3rd party print and distribution
revenues.
Source: NZME Analysis.
1. EBITDA is a non-GAAP measure and excludes exceptional items.
33

-
1.0%
2.0%
3.0%
4.0%
5.0%
6.0%
Mar-24Jun-24Sep-24Dec-24Mar-25Jun-25
forecast
-
1.0%
2.0%
3.0%
4.0%
5.0%
Mar-24Jun-24Sep-24Dec-24Mar-25Jun-25
forecast
(2.0%)
(1.0%)
-
1.0%
2.0%
3.0%
Mar-24Jun-24Sep-24Dec-24Mar-25Jun-25
forecast
1.ANZ Business Confidence and ANZ-Roy Morgan Consumer Confidence surveys
2.ANZ Bank forecasts
(30.0)
(20.0)
(10.0)
-
10.0
20.0
30.0
40.0
Jan-24Feb-24Mar-24Apr-24May-24Jun-24Jul-24
Business confidenceConsumer confidence
34

35
OPERATING ENVIRONMENT
NZME delivered growth in advertising revenue of 4% in the first quarter of the year, however this slowed in the second
quarter to 2%. Quarter three is currently tracking to 1% growth year on year. We have implemented initiatives to remove $6
million of annualised cost which will take effect in the second half.
The difficult trading conditions and reduced confidence levels within the business community have seen the advertising
market reduce year on year.
As we head into our largest quarter of the financial year, businesses are signalling their intention to spend as sentiment
improves. NZME remains well-positioned to take advantage of this growth.
OneRoof is continuing to deliver rapid audience, revenue and profitability growth.
The operating environment remains uncertain. Based on current performance, NZME confirms that it expects to be at the
lower end of the EBITDA range previously issued of $57 million to $61 million.
CAPITAL MANAGEMENT
We are pleased to have declared an interim dividend at the same level as last year.
Based on the seasonality of cash flow and the current outlook, net debt is forecast to reduce to the lower end of the target
leverage ratio at year end.
The Board regularly reviews the capital management position of the company and continues to have a desire to operate at
the lower end of the target leverage ratio given the uncertain market conditions.
35

36

3737

3838

39
$ million
H1 2024
H1 2023% change
Operating revenue
0.7
0.4 88%
People
(1.5)
(1.5) (3%)
Other expenses
(1.7)
(1.7) 1%
Operating expenses
(3.2)
(3.2) (1%)
EBITDA (incl. NZ IFRS16)
1
(2.5)
(2.8) 11%
NZ IFRS16 adjustment
-
- -
EBITDA (pre NZ IFRS16)
1
(2.5)
(2.8) 11%
1.EBITDA is a non-GAAP measure and excludes exceptional items.

40
$ 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 revenue
40.5
-
40.5
- -
40.5
Advertising revenue
120.3
-
120.3
- -
120.3
Other revenue
7.5
-
7.5
- -
7.5
Operating revenue168.3 - 168.3 - - 168.3
Other income
3.2
(0.4)
2.8
0.2 -
3.0
Operating revenue

and other income171.4 (0.4) 171.0 0.2 - 171.2
Expenses
(158.1)
8.5
(149.6)
- (0.9)
(150.5)
EBITDA13.3 8.1 21.4 0.2 (0.9) 20.7
Depreciation and amortisation
(8.5)
(5.5)
(14.0)
- -
(14.0)
EBIT4.8 2.6 7.5 0.2 (0.9) 6.7
Share of loss of JV's
-
-
-
- (0.2)
(0.2)
Net interest expense
(1.5)
(2.0)
(3.5)
(0.2) -
(3.7)
Net profit/(loss) before tax3.4 0.6 4.0 - (1.1) 2.8
Tax
(1.2)
-
(1.2)
- 0.2
(1.0)
Net profit/(loss) after tax2.2 0.6 2.8 - (0.9) 1.9

41
$ 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 revenue
39.8
-
39.8
- -
39.8
Advertising revenue
116.4
-
116.4
- -
116.4
Other revenue
7.1
-
7.1
- -
7.1
Operating revenue163.3 - 163.3 - - 163.3
Other income
3.1
(0.4)
2.7
0.2 -
2.9
Operating revenue

and other income166.4 (0.4) 166.0 0.2 - 166.2
Expenses
(153.4)
8.7
(144.7)
- (1.0)
(145.7)
EBITDA13.0 8.3 21.3 0.2 (1.0) 20.5
Depreciation and amortisation
(8.0)
(5.8)
(13.8)
- -
(13.8)
EBIT5.0 2.5 7.5 0.2 (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 tax3.8 0.3 4.0 - (1.2) 2.9
Tax
(1.1)
-
(1.1)
- 0.2
(0.9)
Net profit/(loss) after tax2.6 0.3 2.9 - (0.9) 2.0
41

42
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 Consolidated
Interim Financial Statements for the half year
ended 30 June 2024.
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
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 40-41 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
2024, 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.
42

43

---

BE SEEN. BE HEARD. EVERYONE'S HERE.
Keeping Kiwis
in the know
Consolidated Interim Financial Statements
for the six months ended 30 June 2024

* 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 accounting policy
information and other explanatory information that are necessary to
understand the basis on which these consolidated interim financial
statements have been prepared. A summary of the material judgments
and estimates is also included under the Basis of Preparation section
on pages 16 to 17.
Contents
Chairman and Chief Executive Officer's Report 4
Directors' Statement 10
Consolidated Interim Income Statement 11
Consolidated Interim Statement of Comprehensive Income 12
Consolidated Interim Balance Sheet 13
Consolidated Interim Statement of Changes in Equity 14
Consolidated Interim Statement of Cash Flows 15
Notes to the Consolidated Interim Financial Statements*
1.0 Basis of Preparation 16
2.0 Group Performance 18
3.0 Operating Assets and Liabilities 22
4.0 Capital Management 26
5.0 Group Structure and Investments in Other Entities 32
6.0 Other Notes 34
Independent Auditor's Review Report 35
2 NEW ZEALAND MEDIA AND ENTERTAINMENT

CONSOLIDATED INTERIM FINANCIAL STATEMENTS 2024 3

NZME has outperformed the market. We continue to
deliver for our shareholders, enhancing our digital
productivity. Our areas of strategic focus has led to us
reporting a $5.0 million increase in Operating Revenue1
to $171.0 million and significant growth in our digital
revenue from $44.2 million in H1 2023 to $50.1 million
this half.
OneRoof has been a standout performer in the first half
of the year, with its digital growth leading to a profit for
the half. We are also making excellent progress towards
the strategic targets for OneRoof. This has included
reducing the audience gap to the number one in
market to a mere 10%2 and we are quickly approaching
the number one position. Furthermore, OneRoof
listings enquiries increased by 29% year on year and
achieved a 63% increase in digital listings revenue over
the same period.
Business and consumer confidence has been at low
levels with high interest rates and cost inflation leading
to reduced consumer and advertiser marketing spend.
The challenges have led to a number of media industry
participants making large scale redundancies or, in
some cases, closing parts of their operation.
NZME has made excellent progress in key strategic
areas, with continued growth across our OneRoof
property platform, digital publishing and digital audio.
We also continue to engage with large audiences across
the country through multiple channels, be that through
Audio, Publishing or OneRoof. We reach 9 out of 10
Kiwis monthly3, with 2.6 million turning to our digital
platforms4, 1.9 million tuning into our radio stations5,
1 million reading a print publication4 and 1.3 million
choosing iHeartRadio as their digital audio platform6.
Chairman and
CEO Report
+13YOY
+33YOY
$171m
Consolidated Interim Financial Statements
for the six months ended 30 June 2024
OneRoof digital
listing revenue
Digital audio
revenue
Digital subscription
revenue
Total Revenue
up 3% YOY
%
%
+63YOY
%
4 NEW ZEALAND MEDIA AND ENTERTAINMENT

We remain focused on our
strategic priorities for the next
three years:
· OneRoof to be your essential
property platform
· To be number one in audio
· To be New Zealand’s leading
news destination
Financial Results
NZME’s Operating Revenue1 was
$171.0 million for the first half of
the year - up $5.0 million on the
previous corresponding period.
This was a pleasing result, given
the economic challenges facing
the market.
NZME’s Operating Earnings
Before Interest, Tax, Depreciation
and Amortisation (EBITDA)1
was $21.4 million for the half,
compared to $21.3 million in
the first six months of last year.
NZME’s Statutory Net Profit After
Tax (NPAT) was $1.9 million,
down slightly on the previous
corresponding period.
Net debt increased by
$12.0 million to $30.0 million
in the half due to a seasonal
increase in working capital
and payment of the 2023 final
dividend in March 2024.
OneRoof
OneRoof has demonstrated
significant growth in Auckland,
with total listings up 38% and
listings upgrades increasing
by 62% year on year for the
six months to 30 June 2024.
We’re also pleased to report a
20% growth in listings across
the rest of the country and
an increase of 82% in listings
upgrades. With the rest of the
country representing two thirds
of the total real estate market
nationwide, this continues to
be a growth opportunity for us.
We remain focused on other
key opportunities within the real
estate sector including rental,
retirement and commercial
property listings.
The recovery of the real estate
market has been slower than
anticipated. However, as
conditions improve in the
coming months with interest
rates expected to decrease, our
expectation is that OneRoof will
experience continued growth.
Audio
NZME continues to outperform
the market with our total share of
revenue outperforming our share
of audience. This demonstrates
our strength in providing excellent
customer advertising solutions
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 2023 and 2024 financial years. Please refer to pages 40-41 of the results
presentation for a detailed reconciliation. 2 Nielsen Online Ratings Apr 24 – Jun 24 monthly average (desktop and domestic
traffic only, does not include exclusive mobile app audience) % is the gap as a percentage of trademe.co.nz/property quarterly
average. 3 NZME Reach Study, n = 1000 nationally representative Jan 2024 (unduplicated audience across NZME print, digital,
radio & podcasts). 4 Nielsen CMI Q2 23 – Q1 24 June 24 Fused AP15+ (Publishing Print = weekly print excluding Real Estate.
OneRoof Print = Real Estate sections). 5 GfK Comm RAM, S1/24, Total NZ, Cume, M-S 12mn-12mn (unless otherwise stated).
6 Adswizz AudioMetrix June 2024. Total listening hours, 12 months to June 2024, compared to the prior period. 7 Triton Metrics
NZ, 12 months to June 2024, compared to the prior period. 8 GfK RAM, S1 2017 - 2024, Total NZ, M-S 12mn-12mn, AP10+, Share %
(historical data available upon request).
Scalable digital audience
and advertising news platform
Expert journalism that
grows subscriber
lifetime value
High quality and efficient
print business
New Zealand’s
leading news
destination
Create the most
listened to and
loved content
Deliver customer
solutions to grow
revenue shares
Grow podcast
engagement
and monetisation
Number One in Audio
with its digital growth leading to a profit for the half.
OneRoof has been a standout
performer in the first half of the year,
Superior listings 
experience
and performance
Grow
listings 
revenue
Accelerate
non-listings
product revenue
Your essential property platform
CONSOLIDATED INTERIM FINANCIAL STATEMENTS 2024 5

and driving monetisation across
both our terrestrial radio and
digital audio platforms, and that
our customers are valuing our
platforms for their advertising
needs.
Digital audio and podcasting
continues to achieve significant
growth for NZME, leading to a
digital audio revenue increase
of 33% year on year. For the last
12 months to 30 June 2024, podcast
downloads hit 48 million – up 12%
on the previous corresponding
period7. Total listening hours via our
iHeartRadio digital audio platform
was up 14% year on year6.
Newstalk ZB remains the number
one commercial radio network in
the country, a position it’s held
since 20089. NZME’s biggest
music radio brand, ZM, also
grew its audience to 537,400
and The Hits celebrated its
biggest ever audience5.
NZME also took out seven of the
ten premier awards at the 2024
NZ Radio and Podcast Awards
and winning a range of accolades
across radio, podcasting, sales,
digital, marketing, sponsorship
and integration.
Publishing
NZME’s digital publishing
business delivered an increase
in profitability in the half, with
digital subscription revenue up
13% and an 11% increase in digital
subscriptions on 30 June 2023.
This is an excellent achievement
against a backdrop of a very
challenging economic climate,
which has had a significant
impact on consumer confidence
and spend.
NZME took out a number of
supreme awards at the 2024
Voyager Media Awards including
Hawke’s Bay Today winning
the highly coveted Voyager
Newspaper of the Year and
Regional Newspaper of the Year,
the Weekend Herald taking out
the award for Weekly Newspaper
of the Year, and NZ Herald
winning Metropolitan Newspaper
of the Year.
Throughout the year NZME
expanded on its regional and
community portfolio, acquiring
the print and digital assets of the
Gisborne Herald and SunMedia
in Tauranga. Both acquisitions
complement our strong stable
of local mastheads and high-
performing digital platforms.
Capital management
Distributions to shareholders
during the first half were 6.0 cents
per share being the 2023 final
dividend paid on 20 March 2024.
This is the same as the prior year.
Net Debt at 30 June 2024 was
$30.0 million. This is a seasonal
increase from $18.0 million at
31 December 2023, however the
leverage ratio remains within
the target range of 0.5 – 1.0 times
EBITDA and is consistent with
the same period last year. We
project a reduction in net debt
by the end of 2024, with the
leverage ratio returning to the
low end of the target range.
The Board regularly reviews
the capital management
position of the company and
continues to have a desire to
operate at the lower end of the
target leverage ratio given the
uncertain market conditions.
The Board has declared a fully
imputed interim dividend of
3.0 cents per share, payable
on 25 September 2024.
Outlook
NZME delivered growth in
advertising revenue of 4% in the
first quarter of the year, however
this slowed in the second
quarter to 2%. Quarter three is
currently tracking to 1% growth
year on year.
The difficult trading conditions
and reduced confidence levels
within the business community
have seen the advertising
market reduce year on year.
As we head into our largest
quarter of the financial year,
businesses are signalling their
intention to spend as sentiment
improves. NZME remains well-
positioned to take advantage
of this growth.
6 NEW ZEALAND MEDIA AND ENTERTAINMENT

OneRoof is continuing to deliver
rapid audience, revenue and
profitability growth.
The operating environment
remains uncertain. Based on
current performance, NZME
confirms that it expects to be at
the lower end of the EBITDA range
previously issued of $57.0 million
to $61.0 million.
Conclusion
We will continue to drive
NZME’s digital transformation,
rapidly transforming customer
experiences and leveraging
emerging technologies to grow
our competitive advantage.
We will introduce market
leading innovative products
while streamlining business
processes to improve
productivity and efficiency
across the business.
Our team at NZME has worked
extremely hard to deliver these
pleasing results in a difficult
economic environment, so
we say a huge thank you to
each and every one of them
for their determination and
commitment.
Thanks also to the 9 in every 10
Kiwis who engage with NZME
through radio, iHeartRadio or
our podcast network, through
one of our many newspapers,
websites, or via our property
portal - OneRoof. Thank you for
choosing NZME.
Finally, thank you to our valued
shareholders for your support
of NZME’s strategic direction
and transformation.
Michael Boggs
Chief Executive Officer
Barbara Chapman
Chairman
CONSOLIDATED INTERIM FINANCIAL STATEMENTS 2024 7

Consolidated Interim
Financial Statements
For the six months ended 30 June 2024
8 NEW ZEALAND MEDIA AND ENTERTAINMENT

CONSOLIDATED INTERIM FINANCIAL STATEMENTS 2024 9

Directors'
Statement
The Directors are pleased to present the consolidated interim financial statements of NZME
Limited (the "Company") and its subsidiaries (together the "Group") for the six months ended
30 June 2024, 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,
International Accounting Standard 34: Interim Financial Reporting and the NZX Listing Rules.
The consolidated interim financial statements for the Group as presented on pages 11 to 34
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: 26 August 2024
10 NEW ZEALAND MEDIA AND ENTERTAINMENT

Note
June 2024
$’000
June 2023
$’000
Revenue2.1
168,294
163,296
Finance and other income2.1
2,959
2,925
Total revenue and other income
2.1
171,253
166,221
People costs
(74,498)
(73,961)
Print and distribution
(25,739)
(25,003)
Selling and marketing
(20,212)
(17,379)
Content
(10,146)
(9,825)
Property
(4,404)
(3,673)
Third party fulfilment costs
(2,707)
(3,413)
Technology and communication costs
(5,768)
(5,435)
Other costs
(7,064)
( 7,0 0 8)
Expenses from operations before finance costs, depreciation
and amortisation
(150,538)
(145,697)
Depreciation and amortisation
(13,968)
(13,809)
Finance costs
(3,707)
(3,697)
Share of joint ventures and associates net loss after tax5.2.2
(195)
(153)
Profit before income tax expense2,845
2,865
Income tax expense
(952)
(887)
Net profit after tax1,893
1,978
Profit for the period is attributable to:
Owners of the Company
1,893
2,455
Non-controlling interests
-
(477)
1,893
1,978
CentsCents
Earnings per share attributable to the ordinary shareholders
of the Company
Basic earnings per share2.2
1.01
1.33
Diluted earnings per share2.2
0.99
1.28
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 2024 (unaudited)
CONSOLIDATED INTERIM FINANCIAL STATEMENTS 2024 11

For the six months ended 30 June 2024 (unaudited)
Consolidated Interim Statement
of Comprehensive Income
June 2024
$’000
June 2023
$’000
Net profit after tax1,893
1,978
Other comprehensive income
Items that may be reclassified to profit or loss
Effective gain on hedging instruments
-
9
Hedging reclassification to profit or loss
-
(216)
Net loss on hedging instruments-
(207)
Net exchange differences on translation of foreign operations
2
4
Items that will not be reclassified to profit or loss
Revaluation of freehold land and buildings
353
-
Other comprehensive income / (loss) net of taxation355
(203)
Total comprehensive income2,248
1,775
Total comprehensive income attributable to:
Owners of the Company
2,248
2,252
Non-controlling interests
-
(477)
2,248
1,775
The above Consolidated Interim Statement of Comprehensive Income should be read in conjunction with
the accompanying notes.
12 NEW ZEALAND MEDIA AND ENTERTAINMENT

As at 30 June 2024
Consolidated Interim
Balance Sheet
Note
June 2024
(unaudited)
$’000
December 2023
Restated
A

(audited)
$’000
Current assets
Cash and cash equivalents
7,6 52
5,524
Trade and other receivables3.4
47,271
45,057
Inventories3.5
3,277
5,084
Income tax receivable
4,204
-
Total current assets62,404
55,665
Non-current assets
Intangible assets3.1
141,894
142,445
Property, plant and equipment3.2
19,081
20,311
Right-of-use assets3.3
53,175
58,233
Other financial assets
815
815
Equity accounted investments5.2.2
2,573
2,768
Other receivables and prepayments3.4
4,042
4,453
Deferred tax assets
8,227
9,209
Total non-current assets229,807
238,234
Total assets292,211
293,899
Current liabilities
Trade and other payables
49,897
48,840
Current lease liabilities4.2.2
12,531
12,572
Current tax provision
-
269
Total current liabilities62,428
61,681
Non-current liabilities
Non-current lease liabilities4.2.2
66,211
72,105
Interest bearing liabilities4.2.1
37,6 0 9
23,490
Other payables
720
676
Total non-current liabilities104,540
96,271
Total liabilities166,968
157,9 52
Net assets125,243
135,947
Equity
Share capital
345,839
345,365
Reserves
3,546
5,416
Retained earnings
(224,142)
(214,834)
Total equity125,243
135,947
A
Refer to note 1.2.1 for details of the restatement.
The above Consolidated Interim Balance Sheet should be read in conjunction with the accompanying notes.
CONSOLIDATED INTERIM FINANCIAL STATEMENTS 2024 13

For the six months ended 30 June 2024 (unaudited)
Consolidated Interim Statement
of Changes in Equity
Attributable to owners of the Company
Note
Share
capital
$’000
Reserves
$’000
Retained
earnings
$’000
Tot a l
$’000
Non-
controlling
interest
$’000
Tot a l
equity
$’000
Balance at 1 January 2023
344,473 5,282 (211,188)
138,567
(789)
137,778
Opening balance correction1.2.1- - 3,500
3,500
-
3,500
Restated balance at
1 January 2023
344,473 5,282 (207,6 8 8)
142,067
(789)
141,278
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 paid4.1.1- - (11,034)
(11,034)
-
(11,034)
Supplementary dividends paid4.1.1- - (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
344,473 5,279 (216,267)
133,485
(1,266)
132,219
Balance at 1 January 2024
345,365 5,416 (214,834)
135,947
-
135,947
Profit for the period- - 1,893
1,893
-
1,893
Other comprehensive income- 355 -
355
-
355
Total comprehensive income
- 355 1,893
2,248
-
2,248
Dividends paid4.1.1- - (11,201)
(11,201)
-
(11,201)
Supplementary dividends paid4.1.1- - (1,494)
(1,494)
-
(1,494)
Tax credit on supplementary
dividends
- - 1,494
1,494
-
1,494
Share based payments474(2,225)-
(1,751)
-
(1,751)
Balance at 30 June 2024
345,839 3,546 (224,142)
125,243
-
125,243
The above Consolidated Interim Statement of Changes in Equity should be read in conjunction with
the accompanying notes.
14 NEW ZEALAND MEDIA AND ENTERTAINMENT

For the six months ended 30 June 2024 (unaudited)
Consolidated Interim Statement
of Cash Flows
Note
June 2024
$’000
June 2023
$’000
Cash flows from operating activities
Receipts from customers
166,827
166,696
Payments to suppliers and employees
(147,9 0 5)
(150,873)
Government grants
1,034
1,695
Dividends received
47
47
Interest received
198
229
Interest paid
(3,502)
(3,442)
Income taxes paid
(4,581)
(5,511)
Net cash inflows from operating activities
4.3
12 ,118
8,841
Cash flows from investing activities
Payments for intangible assets
(5,049)
(4,259)
Payments for property, plant and equipment
(1,360)
(1,172)
Proceeds from sale of property, plant and equipment
-
30
Net cash outflows from investing activities(6,409)
(5,401)
Cash flows from financing activities
Proceeds from borrowings
84,500
63,000
Repayments of borrowings
(70,500)
(49,000)
Dividends paid to Company's shareholders4.1.1
(11,201)
(11,034)
Payments for lease liability principal4.2.2
(6,380)
(6,330)
Net cash outflows from financing activities(3,581)
(3,364)
Net increase in cash and cash equivalents4.2.1
2 ,128
76
Cash and cash equivalents at beginning of the period
5,524
5,670
Cash and cash equivalents at end of the period7,6 52
5,746
The above Consolidated Interim Statement of Cash Flows should be read in conjunction with
the accompanying notes.
CONSOLIDATED INTERIM FINANCIAL STATEMENTS 2024 15

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 MATERIAL 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 2023. These
consolidated interim financial statements are
presented for the Group.
The material accounting policy information 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 2023.
Where there have been changes to accounting
policy information or the Directors consider it
necessary to disclose accounting policy information
in these consolidated interim financial statements,
accounting policy information has 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 26 August 2024.
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 2024 and 30 June 2023
figures and narrative are unaudited while those for
31 December 2023 are audited figures and narrative.
1.2.1 Comparatives
The December 2023 balance sheet and statement
of changes in equity have been restated as a result
of a correction to the deferred tax asset balance
in respect of the deferred taxation treatment of
lease incentives on adoption of NZ IFRS 16:
Leases.
The correction increases the deferred tax asset
balance and adjusts opening retained earnings by
$3.5 million and has no impact on the current year,
or prior year profit amounts or earnings per share.
Certain prior period information has been reclassified
to ensure consistency with current period disclosures
and to provide more meaningful comparison. The prior
period information that has been reclassified is:
• The expenses from operations before finance
costs, depreciation and amortisation has been
represented in the income statement based
on its nature.
• Capital work in progress has been represented
in the balance sheet, statement of cash flows,
the intangible assets note (note 3.1), the
property, plant and equipment note (note 3.2)
and the net tangible liabilities (note 3.6).
• The segment reporting has been consolidated
with all information now presented in note 2.1.
Notes to the Consolidated Interim
Financial Statements (unaudited)
16 NEW ZEALAND MEDIA AND ENTERTAINMENT

1.3 MATERIAL ACCOUNTING
ESTIMATES AND JUDGMENTS
The preparation of the consolidated interim
financial statements requires the use of certain
material 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. Material 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 2023
and are as follows:
Areas of material accounting
estimates or judgements
Note
Intangible assets with indefinite

useful lives
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.
CONSOLIDATED INTERIM FINANCIAL STATEMENTS 2024 17

2.0 GROUP PERFORMANCE
2.1 SEGMENT REPORTING
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 and comprises of three operating segments.
All significant operating decisions are based upon
analysis of the 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 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.

Audio
$’000
Publishing
$’000
OneRoof
$’000
Other
$’000
Tot a l
$’000
For the six months ended 30 June 2024
Advertising55,59950,68613,982-
120,267
Circulation and subscription-40,520--
40,520
External printing and distribution-3,895--
3,895
Other5312,421134-
3,086
Segment revenue from integrated
media and entertainment activities
56,130 97,52 214,116-
1 6 7,76 8
Revenue from shared services centre70122161
209
Events---317
317
Total revenue from external customers
56,200 97,6 4 4 14,132 318
168,294
Other income
A
150 2,181 - 430
2,761
Finance income- - - 198
198
Total finance and other income
150 2,181 - 628
2,959
Total revenue and other income
56,350 99,825 14,132 946
171,253
Audio
$’000
Publishing
$’000
OneRoof
$’000
Other
$’000
Tot a l
$’000
Timing of revenue recognition
Recognised at a point in time
50,581 61,407 5,808
1
117,797
Recognised over time
5,619 36,237 8,324
317
50,497
Total revenue from external customers
56,200 97,6 4 4 14,132
318
168,294

Continued
Notes to the Consolidated Interim
Financial Statements (unaudited)
18 NEW ZEALAND MEDIA AND ENTERTAINMENT

Audio
$’000
Publishing
$’000
OneRoof
$’000
Other
$’000
Tot a l
$’000
Operating adjusted EBITDA
B
7,9 18 14,582 1,436 (2,500)
21,436
Total assets111,790 154,964 9,546 15,911
292,211
Additions of property, plant and
equipment and intangible assets
827 4,630 944 8
6,409
Total liabilities60,892 91,536 7,70 0 6,840
166,968
Audio
$’000
Publishing
$’000
OneRoof
$’000
Other
$’000
Tot a l
$’000
For the six months ended 30 June 2023
Advertising53,917 53,080 9,403 -
116,400
Circulation and subscription- 39,761 - -
39,761
External printing and distribution- 3,193 - -
3,193
Other342 2,938 211 -
3,491
Segment revenue from integrated
media and entertainment activities
54,259 98,9729,614-
162,845
Revenue from shared services centre43 79 8 -
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
Audio
$’000
Publishing
$’000
OneRoof
$’000
Other
$’000
Tot a l
$’000
Timing of revenue recognition
Recognised at a point in time50,138 63,647 4,376 -
118,161
Recognised over time4,164 35,404 5,246 321
45,135
Total revenue from external customers
54,302 99,051 9,622
321
163,296
Audio
$’000
Publishing
$’000
OneRoof
$’000
Other
$’000
Tot a l
$’000
Operating adjusted EBITDA
B
10,499 14,911 (1,287)(2,822)
21,301
Total assets (restated)
C
114,805 158,667 8,718 11,709
293,899
Additions of property, plant and
equipment and intangible assets
1,503 3,376 550 2
5,431
Total liabilities
C
57,9 97 90,515 6,9462,494
1 57,9 52
A
Other income includes Government grants of $1,034,217 (2023: $1,694,649) received from the Ministry of Culture
and New Zealand On Air for the production of content, journalism training and 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. Other income also includes rental income of $58,414 (2023:
$70,011) relating to the to operating sub-leases of right-of-use assets. See note 3.4.1 for the income received from
the finance sub-leases on right-of-use assets.
B
Operating 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.
C
Total assets and liabilities as at 31 December 2023.
CONSOLIDATED INTERIM FINANCIAL STATEMENTS 2024 19

2.1.1 Revenue recognition
Revenue classified as generated at a point
in time comprises:
• Revenue generated from advertising placed
in print publications and broadcast on radio
stations.
• Circulation and subscription revenue derived
from the sale of print publications.
• External printing and distribution for
third parties.
Revenue classified as generated over time is:
• Subscriptions to digital publications.
• Revenue generated from the supply of online
advertising and other online services.
• Revenue generated by the supply of services
including organising and running events,
back-office services and the supply of content,
created by the Group, to third parties.
2.1.2 Reconciliation of operating adjusted EBITDA to net profit before income tax expense
Note
June 2024
$’000
June 2023
$’000
For the six months ended 30 June 2024
Operating adjusted EBITDA2.1
21,436
21,301
Finance income
198
229
Depreciation and amortisation
(13,968)
(13,809)
Finance costs
(3,707)
(3,697)
Share of joint ventures and associates net loss after tax5.2.2
(195)
(153)
Lease adjustments included in revenue
11
-
Exceptional items as included in the following expenses:
People costs
Redundancies and associated costs
A
(707)
(740)
BusinessDesk earn-out provision
-
(235)
Property costs
-
(93)
Technology and communication costs
(35)
-
Other costs
NZME Advisory Limited - Commerce Commission
-
62
Other - various
(188)
-
Net profit before income tax expense2,845
2,865
A
The redundancies and associated costs relate to the restructuring of the Group's operations.
Continued
Notes to the Consolidated Interim
Financial Statements (unaudited)
20 NEW ZEALAND MEDIA AND ENTERTAINMENT

2.2 EARNINGS PER SHARE
June 2024
$’000
June 2023
$’000
Reconciliation of earnings used in calculating basic / diluted earnings
per share (EPS)
Profit attributable to owners of the parent entity used in calculating EPS
1,893
2,455
June 2024
Number
June 2023
Number
Weighted average number of shares
Weighted average number of shares for calculating basic EPS
186,634,854
183,913,614
Adjusted for calculation of diluted EPS
4,063,462
7, 274,14 6
Weighted average number of shares in the denominator in calculating
diluted EPS
190,698,316
19 1,187,76 0
June 2024
Cents
June 2023
Cents
Basic / diluted earnings per share
Basic earnings per share
1.01
1.33
Diluted earnings per share
0.99
1.28
CONSOLIDATED INTERIM FINANCIAL STATEMENTS 2024 21

3.0 OPERATING ASSETS AND LIABILITIES
3.1 INTANGIBLE ASSETS
Material judgement: The Directors have determined that mastheads and brands have indefinite lives
and are therefore not amortised.
Goodwill
$’000
Software
$’000
Mastheads
and brands
$’000
Radio
licences
$’000
Capital
work in
progress
A

$’000
Tot a l
$’000
As at 31 December 2023
Cost2,69362,194202,22580,2531,354
348,719
Accumulated amortisation and
impairment
-(49,730)(99,813)(56,731)-
(206,274)
Net book value2,69312,464102,41223,5221,354142,445
For the six months ended 30 June 2024
Opening net book value2,69312,464102,41223,5221,354
142,445
Additions----5,049
5,049
Disposals-(90)---
(90)
Amortisation-(3,888)-(1,622)-
(5,510)
Transfers from capital work in progress-3,695--(3,695)
-
Net book value2,69312 ,181102,41221,9002,708141,894
As at 30 June 2024
Cost2,69365,779202,22580,2532,708
353,658
Accumulated amortisation and
impairment
-(53,598)(99,813)(58,353)-
(211,764)
Net book value2,69312 ,181102,41221,9002,708141,894
A
Capital work in progress is transferred to the relevant asset category once the project is completed.
Capital work in progress is not amortised prior to being transferred to the relevant asset category.
Intangible assets not yet available for use, that are included in capital work in progress, are subject to
annual impairment tests. Capital work in progress at 30 June 2024 and 31 December 2023 comprised
of expenditure on digital development projects.
Continued
Notes to the Consolidated Interim
Financial Statements (unaudited)
22 NEW ZEALAND MEDIA AND ENTERTAINMENT

3.1.1 Half year impairment review
Material judgement: As disclosed in note 2.1 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 2.1 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 2023
it was stated by Management that there were no reasonably possible changes to key assumptions
which could result in impairment of the Audio and OneRoof CGU's. For the Publishing CGU it was
stated that there were some reasonably possible adverse changes that would result in impairment
and management is of the view that this continues to be the case at 30 June 2024. Management
has conducted a review of possible impairment indicators as at 30 June 2024 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 2023 as well as the market
capitalisation of the Group at 30 June 2024.
3.2 PROPERTY, PLANT AND EQUIPMENT
Freehold
land
$’000
Buildings
$’000
Leasehold
improvements
$’000
Plant and
equipment
$’000
Capital
work in
progress
A
$’000
Tot a l
$’000
As at 31 December 2023
Cost or fair value265 67 14,784 247,173 852
263,141
Accumulated depreciation
and impairment
- (13)(11,958)(230,859)-
(242,830)
Net book value265 54 2,826 16,314 852 20,311
For the six months ended 30 June 2024
Opening net book value265 54 2,826 16,314 852
20,311
Additions- - - 4 1,356
1,360
Depreciation- (2)(467)(2,474)-
(2,943)
Revaluation315 38 - - -
353
Transfers from capital work
in progress
- - - 1,449 (1,449)
-
Net book value580 90 2,359 15,293 759 19,081
As at 30 June 2024
Cost or fair value58010314,784248,505759
264,731
Accumulated depreciation
and impairment
-(13)(12,425)(233,212)-
(245,650)
Net book value580902,35915,293759 19,081
A Capital work in progress is transferred to the relevant asset category once the project is completed.
Capital work in progress is not depreciated prior to being transferred to the relevant asset category.
Capital work in progress at 30 June 2024 and 31 December 2023 is primarily comprised of expenditure
on technology projects.
CONSOLIDATED INTERIM FINANCIAL STATEMENTS 2024 23

3.3 RIGHT-OF-USE ASSETS
Buildings
$’000
Transmission
$’000
Vehicles
$’000
Other
$’000
Tot a l
$’000
As at 31 December 2023
Net book value35,71821,5249573458,233
For the six months ended 30 June 2024
Additions447-793-
1,240
Depreciation(3,513)(1,685)(312)(5)
(5,515)
Changes in lease payments or lease terms(809)1115-
(783)
Net book value31,84319,8501,4532953,175
3.4 TRADE AND OTHER RECEIVABLES
Note
June 2024
$’000
December 2023
$’000
Trade receivables net of provisions
38,299
36,664
Amounts due from related companies6.1
375
330
Finance lease receivables3.4.1
533
545
Other receivables and prepayments
8,064
7,518
Total current trade and other receivables47,271
45,057
Other receivables and prepayments
419
561
Finance lease receivables3.4.1
3,623
3,892
Total non-current other receivables and prepayments4,042
4,453
Continued
Notes to the Consolidated Interim
Financial Statements (unaudited)
24 NEW ZEALAND MEDIA AND ENTERTAINMENT

3.4.1 Finance lease receivables
$’000
As at 31 December 2023
Current assets
545
Non-current assets
3,892
Net investment in lease receivables at 31 December 20234,437
Interest on lease receivables
108
Total lease receivables before cash payments4,545
Interest received
(108)
Principal received
(281)
Net investment in lease receivables at 30 June 20244,156
Current assets
533
Non-current assets
3,623
Net investment in lease receivables at 30 June 20244,156
3.5 INVENTORIES
Inventories are predominantly the stock of
newsprint held at the Ellerslie print plant and is
valued at cost. 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.
During the six months ended 30 June 2024
inventories totalling $6,769,805 were expensed
through production and distribution expenses
(2023: $6,503,013).
3.6 NET TANGIBLE LIABILITIES
Net tangible liabilities 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 liabilities
per share and its reconciliation to the consolidated
balance sheet is presented below:
June 2024
$’000
December 2023
Restated
A
$’000
Total assets
292,211
293,899
Deferred tax asset
(8,227)
(9,209)
Intangible assets
(141,894)
(142,445)
Total liabilities
(166,968)
(157,9 52)
Net tangible liabilities
(24,878)
(15,707)
Number of shares issued (in thousands)
186,680
183,914
Net tangible liabilities per share (in $)($0.13)
($0.09)
A
Refer to note 1.2.1 for details of the restatement.
CONSOLIDATED INTERIM FINANCIAL STATEMENTS 2024 25

4.0 CAPITAL MANAGEMENT
4 .1 DIVIDENDS
4.1.1 Dividends paid and declared
June 2024
Cents per
Share
June 2023
Cents per
Share
June 2024
$’000
June 2023
$’000
Final dividend declared 20 February 2024,
paid 20 March 2024
6.0
6.0
11,201
11,034
Total dividends declared during the period11,201
11,034
Supplementary final dividend for 2023
paid 20 March 2024
1.06
1.06
1,494
1,514
Total supplementary dividends declared
during the period
1,494
1,514
Proposed interim dividend for the year ended
31 December 2024
3.0
3.0
5,600
5,517
The dividends in the above table were unfranked.
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 26 August 2024, is to be paid on
25 September 2024 to registered shareholders
as at 13 September 2024.
4.1.2 Imputation credits
June 2024
$’000
December 2023
$’000
Imputation credits available for subsequent reporting periods based
on the New Zealand 28% tax rate for the Group
NZ$ 24,140
NZ$ 24,205
4.2 INTEREST BEARING LIABILITIES
The following table details the Group’s combined net debt at 30 June 2024.
The movements in these balances during the period are provided in notes 4.2.1 Secured bank loans
and note 4.2.2 Lease liabilities.
$’000
Bank loans
37,6 0 9
Cash and cash equivalents
( 7,6 52)
Net bank debt 29,957
Lease liabilities
78,742
Net debt at 30 June 2024108,699
Continued
Notes to the Consolidated Interim
Financial Statements (unaudited)
26 NEW ZEALAND MEDIA AND ENTERTAINMENT

4.2.1 Secured bank loans
$’000
Bank loans
As at 31 December 2023
23,490
Net cash flows
14,000
Gain on loan modification release
70
Amortisation of borrowing costs
49
As at 30 June 202437,6 0 9
Cash and cash equivalents
As at 31 December 2023
(5,524)
Net cash flows
(2 ,128)
Net bank debt at 30 June 202429,957
The Group is funded from a combination of its
own cash reserves and NZ$50 million bilateral
bank loan facilities, which NZME refinanced on
9 December 2022, of which $38.0 million
(31 December 2023: $24.0 million) is drawn
and $12.0 million (31 December 2023: $26.0 million)
is undrawn as at 30 June 2024. 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.

CONSOLIDATED INTERIM FINANCIAL STATEMENTS 2024 27

4.2.2 Lease liabilities
$’000
As at 31 December 2023
Current lease liabilities
12,572
Non-current lease liabilities
72 ,105
Total lease liabilities at 31 December 202384,677
Interest on lease liabilities
2 ,143
New leases
1,240
Changes in scope, lease terms and other adjustments
(795)
Total lease liabilities before cash payments87, 2 6 5
Interest paid on leases
(2 ,143)
Principal payments
(6,380)
Total cash payments(8,523)
Total lease liabilities at 30 June 202478,742
Current lease liabilities
12,531
Non-current lease liabilities
66,211
Total lease liabilities at 30 June 202478,742
Continued
Notes to the Consolidated Interim
Financial Statements (unaudited)
28 NEW ZEALAND MEDIA AND ENTERTAINMENT

4.3 CASH FLOW INFORMATION
June 2024
$’000
June 2023
$’000
Reconciliation of net cash inflows from
operating activities to profit for the period:
Profit for the period
1,893
1,978
Depreciation and amortisation expense
13,968
13,809
Borrowing cost amortisation
49
49
Fair value movement on over hedged swaps
-
13
Gain on loan modification unwinding
70
188
Net loss on sale of non-current assets
90
-
Change in current / deferred tax payable
(3,629)
(4,623)
Lease adjustments
(12)
71
BusinessDesk earn-out-provision
-
235
Group's share of retained losses in joint ventures and associates net
of distributions received
195
200
Share based payment expense
90
200
Changes in assets and liabilities:
Trade and other receivables
(2,224)
2,784
Inventories
1,807
(257)
Prepayments
421
1,367
Trade and other payables and employee benefits
(600)
( 7,173)
Net cash inflows from operating activities12 ,118
8,841
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).
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).
CONSOLIDATED INTERIM FINANCIAL STATEMENTS 2024 29

4.4.2 Recognised fair value measurements
June 2024
$’000
December 2023
$’000
Financial assets (Level 3)
There are no financial assets carried at fair value. Other financial assets of
$815,000
A
(31 December 2023: $815,000) are measured at amortised cost
and therefore have been excluded from this table.
Total financial assets-
-
Non-financial assets (Level 3)
Freehold land and buildings
Freehold land
580
265
Buildings (excluding leasehold improvements)
90
54
Total non-financial assets670
319
A
Other financial assets comprise of a loan to Eventfinda NZ Ltd. The loan is interest bearing and is repayable
under certain conditions.
All fair value measurements referred to above are
level 3 of the fair value hierarchy and there were
no transfers between levels.
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 six months ending
30 June 2024, the borrowing rates were determined
to be between 7.6% and 7.9% (31 December 2023:
between 6.1% and 7.9%), 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).
Continued
Notes to the Consolidated Interim
Financial Statements (unaudited)
30 NEW ZEALAND MEDIA AND ENTERTAINMENT

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 valuation, supported by an
independent valuation performed in February 2024,
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.
CONSOLIDATED INTERIM FINANCIAL STATEMENTS 2024 31

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 and the ownership interest is 100%
unless otherwise stated. There were no changes in control during the six months ended 30 June 2024.
Name of entityName of entity
NZME Advisory LimitedNZME Radio Investments Limited
NZME Australia Pty Limited
A
NZME Radio Limited
B
NZME Educational Media LimitedNZME Specialist Limited
NZME Holdings LimitedThe Hive Online Limited
NZME Investments Limited New Zealand Radio Network Limited
NZME Print Limited The Radio Bureau Limited
NZME Publishing LimitedOneRoof Limited
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.
Continued
Notes to the Consolidated Interim
Financial Statements (unaudited)
32 NEW ZEALAND MEDIA AND ENTERTAINMENT

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 2024
Ownership
Interest
December 2023
Ownership
Interest
Name of entity
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 20232,768
Share of losses in joint ventures and associates
(195)
As at 30 June 20242,573
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.
CONSOLIDATED INTERIM FINANCIAL STATEMENTS 2024 33

6.0 OTHER NOTES
6 .1 RELATED PARTIES
The following table details the period end balances between the Group and its associates.
June 2024
$’000
December 2023
$’000
Balances with associates
Receivables
375
330
Payables
-
-
In March 2024 the Group acquired the print business of The Gisborne Herald Company Limited for a nominal
amount. The above table includes $0.3 million owed to the Group in relation to transactions of the acquired
print business.
The following table details the transactions between the Group and its associates during the six months
ended 30 June 2024 and 30 June 2023.
June 2024
$’000
June 2023
$’000
Transactions with associates
Advertising revenue earned
10
18
Services provided by the Group
273
67
Paper usage reimbursed
-
110
Services received by the Group
(1)
(1)
The above table includes $0.2 million of services provided to The Gisborne Herald Company Limited
prior the Group acquiring the print business in March 2024.
6.2 COMMITMENTS AND CONTINGENT LIABILITIES
The Group is subject to litigation incidental to the business, none of which is expected to be material.
No provision has been made in the consolidated financial statements in relation to its current litigation
and the directors believe that such litigation will not have a significant effect on the Group's financial position,
results of operations or cash flows.
6.3 SUBSEQUENT EVENTS
The Directors are not aware of any other material events subsequent to the reporting date.
Continued
Notes to the Consolidated Interim
Financial Statements (unaudited)
34 NEW ZEALAND MEDIA AND ENTERTAINMENT

Independen t auditor’s rev iewreport
To the shareholdersof NZMELimited
Reportontheconsolidatedinterimfinancialstatements
Ourconclusion
We havereviewedthe consolidatedinterimfinancialstatementsof NZMELimited(the Company)and
its subsidiaries(the Group),whichcomprisethe consolidatedinterimbalancesheetas at 30 June
2024,and the consolidatedinterimincomestatement,the consolidatedinterimstatementof
comprehensiveincome,the consolidatedinterimstatementof changesin equityand th
e consolidated
interimstatementof cashflowsfor the six monthsendedon that date,and notes,comprisingmaterial
accountingpolicyinformationand otherexplanatoryinformation.
Basedon our review, nothinghas cometo our attentionthat causesus to believethat the
accompanyingconsolidatedinterimfinancialstatementsof the Groupdo not presentfairly , in all
materialrespects,the financialpositionof the Groupas at 30 June2024,and its financialperformanc
e
and cashflowsfor the six monthsthen ended,in accordancewith InternationalAccountingStandard
34InterimFinancialReporting(IAS 34) and NewZealandEquivalentto InternationalAccounting
Standard34InterimFinancialReporting(NZ IAS 34).
Basisforconclusion
We conductedour reviewin accordancewith the NewZealandStandardon ReviewEngagements
2410(Revised)ReviewofFinancialStatementsPerformedbytheIndependentAuditoroftheEntity
(NZ SRE2410(
Revised)).Our responsibilitiesare furtherdescribedin theAuditor’s responsibilitiesfor
thereviewoftheconsolidatedinterimfinancialstatementssectionof our report.
We are independentof the Groupin accordancewith the relevantethicalrequirementsin New
Zealandrelatingto the auditof the annualfinancialstatements,and we havefulfilledour otherethical
responsibilitiesin accordancewith theseethicalrequirements.In additionto our role as audi
tor , our
firm carriedout otherservicesfor the Groupin the areaof non-auditassuranceservicesrelatingto
greenhousegas emissions.In addition,our firm, certainpartnersand employeesmay deal with the
Groupon normaltermswithinthe ordinarycourseof tradingactivitiesof the Group.The provisionof
theseotherservicesand relationshipshavenot impairedour independence.
ResponsibilitiesofDirectorsfortheconsolidatedinterimfinancialstatements
The D
irectorsof the Companyare responsibleon behalfof the Companyfor the preparationand fair
presentationof theseconsolidatedinterimfinancialstatementsin accordancewith IAS 34 and NZ IAS
34 and for suchinternalcontrolas the Directorsdetermineis necessaryto enablethe preparationand
fair presentationof the consolidatedinterimfinancialstatementsthat are free frommaterial
misstatement,whetherdue to fraudor error .
Auditor’s responsibilitiesforth
e reviewoftheconsolidatedinterimfinancialstatements
Our responsibilityis to expressa conclusionon the consolidatedinterimfinancialstatementsbasedon
our review. NZ SRE2410(Revised)requiresus to concludewhetheranythinghas cometo our
attentionthat causesus to believethat the consolidatedinterimfinancialstatements,takenas a whole,
are not preparedin all materialrespects,in accordancewith IAS 34 and NZ IAS 34.
A reviewof consolidatedinterim
financialstatementsin accordancewith NZ SRE2410(Revised)is a
limitedassuranceengagement.We performprocedures,primarilyconsistingof makingenquiries,
primarilyof personsresponsiblefor financialand accountingmatters,and applyinganalyticaland other
reviewprocedures.
PricewaterhouseCoopers,PwCTower,15 CustomsStreetWest,PrivateBag92162,Auckland1142,NewZealand
T: +649 3558000,www.pwc.co.nz
Independen t auditor’s rev iewreport
To the shareholdersof NZMELimited
Reportontheconsolidatedinterimfinancialstatements
Ourconclusion
We havereviewedthe consolidatedinterimfinancialstatementsof NZMELimited(the Company)and
its subsidiaries(the Group),whichcomprisethe consolidatedinterimbalancesheetas at 30 June
2024,and the consolidatedinterimincomestatement,the consolidatedinterimstatementof
comprehensiveincome,the consolidatedinterimstatementof changesin equityand th
e consolidated
interimstatementof cashflowsfor the six monthsendedon that date,and notes,comprisingmaterial
accountingpolicyinformationand otherexplanatoryinformation.
Basedon our review, nothinghas cometo our attentionthat causesus to believethat the
accompanyingconsolidatedinterimfinancialstatementsof the Groupdo not presentfairly , in all
materialrespects,the financialpositionof the Groupas at 30 June2024,and its financialperformanc
e
and cashflowsfor the six monthsthen ended,in accordancewith InternationalAccountingStandard
34InterimFinancialReporting(IAS 34) and NewZealandEquivalentto InternationalAccounting
Standard34InterimFinancialReporting(NZ IAS 34).
Basisforconclusion
We conductedour reviewin accordancewith the NewZealandStandardon ReviewEngagements
2410(Revised)ReviewofFinancialStatementsPerformedbytheIndependentAuditoroftheEntity
(NZ SRE2410(
Revised)).Our responsibilitiesare furtherdescribedin theAuditor’s responsibilitiesfor
thereviewoftheconsolidatedinterimfinancialstatementssectionof our report.
We are independentof the Groupin accordancewith the relevantethicalrequirementsin New
Zealandrelatingto the auditof the annualfinancialstatements,and we havefulfilledour otherethical
responsibilitiesin accordancewith theseethicalrequirements.In additionto our role as audi
tor , our
firm carriedout otherservicesfor the Groupin the areaof non-auditassuranceservicesrelatingto
greenhousegas emissions.In addition,our firm, certainpartnersand employeesmay deal with the
Groupon normaltermswithinthe ordinarycourseof tradingactivitiesof the Group.The provisionof
theseotherservicesand relationshipshavenot impairedour independence.
ResponsibilitiesofDirectorsfortheconsolidatedinterimfinancialstatements
The D
irectorsof the Companyare responsibleon behalfof the Companyfor the preparationand fair
presentationof theseconsolidatedinterimfinancialstatementsin accordancewith IAS 34 and NZ IAS
34 and for suchinternalcontrolas the Directorsdetermineis necessaryto enablethe preparationand
fair presentationof the consolidatedinterimfinancialstatementsthat are free frommaterial
misstatement,whetherdue to fraudor error .
Auditor’s responsibilitiesforth
e reviewoftheconsolidatedinterimfinancialstatements
Our responsibilityis to expressa conclusionon the consolidatedinterimfinancialstatementsbasedon
our review. NZ SRE2410(Revised)requiresus to concludewhetheranythinghas cometo our
attentionthat causesus to believethat the consolidatedinterimfinancialstatements,takenas a whole,
are not preparedin all materialrespects,in accordancewith IAS 34 and NZ IAS 34.
A reviewof consolidatedinterim
financialstatementsin accordancewith NZ SRE2410(Revised)is a
limitedassuranceengagement.We performprocedures,primarilyconsistingof makingenquiries,
primarilyof personsresponsiblefor financialand accountingmatters,and applyinganalyticaland other
reviewprocedures.
PricewaterhouseCoopers,PwCTower,15 CustomsStreetWest,PrivateBag92162,Auckland1142,NewZealand
T: +649 3558000,www.pwc.co.nz
CONSOLIDATED INTERIM FINANCIAL STATEMENTS 2024 35

Theproceduresperformedina reviewaresubstantiallylessthanthoseperformedinanaudit
conductedinaccordancewithInternationalStandardsonAuditingandInternationalStandardson
Auditing(NewZealand)andconsequentlydoesnotenableustoobtainassurancethatwemight
identifyinanaudit.Accordingly, wedonotexpressanauditopinionontheseconsolidatedinterim
financialstatements.
Whowereportto
ThisreportismadesolelytotheCompany’s Shareho
lders,asa body. Ourreviewworkhasbeen
undertakensothatwemightstatethosematterswhichwearerequiredtostatetotheminourreview
reportandfornootherpurpose.To thefullestextentpermittedbylaw, wedonotacceptorassume
responsibilitytoanyoneotherthantheShareholders,asa body, forourreviewprocedures,forthis
report,orfortheconclusionwehaveformed.
Theengagementpartneronthereviewresultinginthisindependentauditor’s reviewreportis
Lisa
Crooke.
Forandonbehalfof:
CharteredAccountantsAuckland
26August2024
36 NEW ZEALAND MEDIA AND ENTERTAINMENT

CONSOLIDATED INTERIM FINANCIAL STATEMENTS 2024 37

Directory
Registered Address
NZME Limited
2 Graham St
Auckland 1010
New Zealand
Registred Office Contact Details
Phone: +64 9 379 5050
Website: www.nzme.co.nz
Email: Investor_Relations@nzme.co.nz
Auditors
PricewaterhouseCoopers
Principal Bankers
Westpac
Principal Solicitors
Bell Gully
Share Registry
MUFG Pension & Market Services
Share Registry Contact Details
Postal Address: PO Box 91976
Auckland 1142
Street Address: Level 30 PwC Tower
15 Customs Street West
Auckland
Phone: +64 9 375 5998
Website: www.linkmarketservices.co.nz
Email: enquiries@linkmarketservices.co.nz
38 NEW ZEALAND MEDIA AND ENTERTAINMENT

CONSOLIDATED INTERIM FINANCIAL STATEMENTS 2024 39

---

Distribution Notice




Please note: all cash amounts in this form should be provided to 8 decimal places

Section 1: Issuer information
Name of issuer NZME Limited
Financial product name/description Ordinary shares
NZX ticker code NZM
ISIN (If unknown, check on NZX
website)
NZNZME0001S0
Type of distribution
(Please mark with an X in the
relevant box/es)
Full Year Quarterly
Half Year X Special
DRP applies
Record date 13 September 2024
Ex-Date (one business day before the
Record Date)
12 September 2024
Payment date (and allotment date for
DRP)
25 September 2024
Total monies associated with the
distribution
1

$ 5,600,413.83000000
Source of distribution (for example,
retained earnings)
Retained earnings
Currency NZD
Section 2: Distribution amounts per financial product
Gross distribution
2
$0.04166667
Gross taxable amount
3
$0.04166667
Total cash distribution
4
$0.03000000
Excluded amount (applicable to listed
PIEs)
$
Supplementary distribution amount $0.00529412
Section 3: Imputation credits and Resident Withholding Tax
5

Is the distribution imputed Fully imputed X
Partial imputation
No imputation

1
Continuous issuers should indicate that this is based on the number of units on issue at the date of the form
2
“Gross distribution” is the total cash distribution plus the amount of imputation credits, per financial product, before the deduction of
Resident Withholding Tax (RWT).
3
“Gross taxable amount” is the gross distribution minus any excluded income.
4
“Total cash distribution” is the cash distribution excluding imputation credits, per financial product, before the deduction of RWT.
This should include any excluded amounts, where applicable to listed PIEs.
5
The imputation credits plus the RWT amount is 33% of the gross taxable amount for the purposes of this form. If the distribution is
fully imputed the imputation credits will be 28% of the gross taxable amount with remaining 5% being RWT. This does not constitute
advice as to whether or not RWT needs to be withheld.

If fully or partially imputed, please
state imputation rate as % applied
6

28%
Imputation tax credits per financial
product
$0.01166667
Resident Withholding Tax per
financial product
$0.00208333
Section 4: Distribution re-investment plan (if applicable)
DRP % discount (if any)
%
Start date and end date for
determining market price for DRP

Date strike price to be announced (if
not available at this time)

Specify source of financial products to
be issued under DRP programme
(new issue or to be bought on market)

DRP strike price per financial product
$
Last date to submit a participation
notice for this distribution in
accordance with DRP participation
terms

Section 5: Authority for this announcement
Name of person authorised to make
this announcement
Michael Boggs
Contact person for this
announcement
David Mackrell
Contact phone number 021 311 911
Contact email address david.mackrell@nzme.co.nz
Date of release through MAP 27/08/24





6
Calculated as (imputation credits/gross taxable amount) x 100. Fully imputed dividends will be 28% as a % rate applied.