Directors Report
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The Directors present their report together with the consolidated financial report of Ten Network Holdings Limited and its controlled entities for the half-year ended 28 February 2007.
Directors
The Directors who have been in office during the half-year and since the half-year end are:
Mr NG Falloon (Chairman)
Mr JJ Cowin (Alternate Mr JB Studdy)
Mr LS Freedman (Alternate Mr NG Falloon)
Mr PV Gleeson (Alternate Mr NG Falloon)
Mr PPA Harris
Ms IYL Lee (Alternate Mr JB Studdy)
Mr GH Levy (Alternate Mr PV Gleeson)
Mr R Magid (Alternate Mr NG Falloon)
Mr BM Sherman (Alternate Mr EP Sherman)A
Mr JB Studdy (Alternates Mr JJ Cowin and Mr AJ Peschar)
Mr PD Viner (Alternates Mr LJ Asper, Mr TC Strike and Mr JE Maguire)
A: Mr EP Sherman resigned as Alternate Director and Mr PV Gleeson was appointed Alternate Director for Mr BM Sherman on 10 November 2006.
Mr PV Gleeson resigned as Alternate Director for Mr BM Sherman on 4 December 2006.
Mr EP Sherman was appointed Alternate Director for Mr BM Sherman on 5 December 2006.
Profit
The consolidated profit after income tax for the half-year ended 28 February 2007 is:
| | 28/02/07
$’000 | 28/02/06
$’000 |
| Earnings before interest, tax, depreciation and amortisation | 156,390 | 169,877 |
| Depreciation | 11,089 | 10,568 |
| Amortisation | 1,278 | 548 |
| Earnings before interest and tax | 144,023 | 158,761 |
| Subordinated debenture interest | 43,323 | 49,464 |
| Earnings after debenture interest before other interest & tax | 100,700 | 109,297 |
| Net interest expense – other | 19,716 | 14,642 |
| Operating profit before income tax | 80,984 | 94,655 |
| Income tax expense | 36,241 | 43,743 |
| Operating profit after income tax | 44,743 | 50,912 |
| Profit attributable to outside equity interests | 7,027 | 8,046 |
| Profit attributable to members of Ten Network Holdings Ltd | 37,716 | 42,866 |
Review of Operations A summation of the operations for the period is attached in the commentary prefacing this financial report.
Auditors Independence Declaration
A copy of the Auditors Independence Declaration as required under s307 of the Corporation Act 2001 is set out on page 3.
Rounding of amounts
The company is of a kind referred to in Class order 98/0100, issued by the Australian Securities and Investments Commission, relating to the ''rounding off'' of amounts in the financial report. Amounts in the financial report have been rounded off in accordance with that Class Order to the nearest thousand dollars, or in certain cases, the nearest dollar.
Signed at Sydney on 28 March 2007 in accordance with a resolution of the Directors.
N Falloon Chairman The Directors present their report together with the consolidated financial report of Ten Network Holdings Limited and its controlled entities for the half-year ended 28 February 2007.
Directors
The Directors who have been in office during the half-year and since the half-year end are:
Mr NG Falloon (Chairman)
Mr JJ Cowin (Alternate Mr JB Studdy)
Mr LS Freedman (Alternate Mr NG Falloon)
Mr PV Gleeson (Alternate Mr NG Falloon)
Mr PPA Harris
Ms IYL Lee (Alternate Mr JB Studdy)
Mr GH Levy (Alternate Mr PV Gleeson)
Mr R Magid (Alternate Mr NG Falloon)
Mr BM Sherman (Alternate Mr EP Sherman)A
Mr JB Studdy (Alternates Mr JJ Cowin and Mr AJ Peschar)
Mr PD Viner (Alternates Mr LJ Asper, Mr TC Strike and Mr JE Maguire)
A: Mr EP Sherman resigned as Alternate Director and Mr PV Gleeson was appointed Alternate Director for Mr BM Sherman on 10 November 2006.
Mr PV Gleeson resigned as Alternate Director for Mr BM Sherman on 4 December 2006.
Mr EP Sherman was appointed Alternate Director for Mr BM Sherman on 5 December 2006.
Profit
The consolidated profit after income tax for the half-year ended 28 February 2007 is:
| | 28/02/07
$’000 | 28/02/06
$’000 |
| Earnings before interest, tax, depreciation and amortisation | 156,390 | 169,877 |
| Depreciation | 11,089 | 10,568 |
| Amortisation | 1,278 | 548 |
| Earnings before interest and tax | 144,023 | 158,761 |
| Subordinated debenture interest | 43,323 | 49,464 |
| Earnings after debenture interest before other interest & tax | 100,700 | 109,297 |
| Net interest expense – other | 19,716 | 14,642 |
| Operating profit before income tax | 80,984 | 94,655 |
| Income tax expense | 36,241 | 43,743 |
| Operating profit after income tax | 44,743 | 50,912 |
| Profit attributable to outside equity interests | 7,027 | 8,046 |
| Profit attributable to members of Ten Network Holdings Ltd | 37,716 | 42,866 |
Review of Operations A summation of the operations for the period is attached in the commentary prefacing this financial report.
Auditors Independence Declaration
A copy of the Auditors Independence Declaration as required under s307 of the Corporation Act 2001 is set out on page 3.
Rounding of amounts
The company is of a kind referred to in Class order 98/0100, issued by the Australian Securities and Investments Commission, relating to the ''rounding off'' of amounts in the financial report. Amounts in the financial report have been rounded off in accordance with that Class Order to the nearest thousand dollars, or in certain cases, the nearest dollar.
Signed at Sydney on 28 March 2007 in accordance with a resolution of the Directors.
N Falloon Chairman