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Consolidated income statement

 

	Half year 29 February 2008 $'000	Half year 28 February 2007 $'000
Revenue from ordinary activities	527,613	491,874
Expenses from ordinary activities	(379,023)	(348,019)
Finance costs A	(23,732)	(64,279)
Share of net profit of associates and joint ventures accounted for using the equity method	-	1,408
Profit from ordinary activities before income tax	124,858	80,984
Income tax benefit/(expense) B	146,224	(36,241)
Net profit from ordinary activities after income tax	271,082	44,743
Net profit attributable to minority interests	(535)	(7,027)
Net profit attributable to members of Ten Network Holdings Limited	270,547	37,716

^A:  2008 finance costs no longer include any subordinated debenture interest due to CanWest exchanging all their debentures previously issued by a subsidiary, The Ten Group Pty Limited, into equity in Ten Network Holdings Limited in August 2007. 2007 finance costs include $43.3m subordinated debenture interest.

^B:  2008 income tax benefit includes a non-recurring income tax benefit of $183.7m. This arises as a result of the creation of the Ten Network Holdings Limited tax consolidated group in February 2008 (see Note 2).

 

Earnings per share (EPS)	29 February 2008	28 February 2007
Reported Basic EPS (cents per share) Diluted EPS (cents per share)	29.33 cents 29.33 cents	9.46 cents 9.46 cents
Normalised C Basic EPS (cents per share) Diluted EPS (cents per share)	9.42 cents 9.42 cents	9.46 cents 9.46 cents

^C: 2008: excludes the income tax benefit of $183.7m resulting from tax consolidations.

    2007: the exclusion of subordinated debenture interest has no impact on the normalisation of EPS as CanWest debentures accrued benefits at the same rate as other shareholders.

Excluding the above income tax benefit and subordinated debenture interest (and associated minority interests), normalised net profit after tax for the 2008 half year was $87.4m (2007: $88.1m) and normalised net profit attributable to members for the 2008 half year was $86.9m (2007: $74.3m).

The above consolidated income statement should be read in conjunction with the accompanying notes.

Consolidated income statement

 

	Half year 29 February 2008 $'000	Half year 28 February 2007 $'000
Revenue from ordinary activities	527,613	491,874
Expenses from ordinary activities	(379,023)	(348,019)
Finance costs A	(23,732)	(64,279)
Share of net profit of associates and joint ventures accounted for using the equity method	-	1,408
Profit from ordinary activities before income tax	124,858	80,984
Income tax benefit/(expense) B	146,224	(36,241)
Net profit from ordinary activities after income tax	271,082	44,743
Net profit attributable to minority interests	(535)	(7,027)
Net profit attributable to members of Ten Network Holdings Limited	270,547	37,716

^A:  2008 finance costs no longer include any subordinated debenture interest due to CanWest exchanging all their debentures previously issued by a subsidiary, The Ten Group Pty Limited, into equity in Ten Network Holdings Limited in August 2007. 2007 finance costs include $43.3m subordinated debenture interest.

^B:  2008 income tax benefit includes a non-recurring income tax benefit of $183.7m. This arises as a result of the creation of the Ten Network Holdings Limited tax consolidated group in February 2008 (see Note 2).

 

Earnings per share (EPS)	29 February 2008	28 February 2007
Reported Basic EPS (cents per share) Diluted EPS (cents per share)	29.33 cents 29.33 cents	9.46 cents 9.46 cents
Normalised C Basic EPS (cents per share) Diluted EPS (cents per share)	9.42 cents 9.42 cents	9.46 cents 9.46 cents

^C: 2008: excludes the income tax benefit of $183.7m resulting from tax consolidations.

    2007: the exclusion of subordinated debenture interest has no impact on the normalisation of EPS as CanWest debentures accrued benefits at the same rate as other shareholders.

Excluding the above income tax benefit and subordinated debenture interest (and associated minority interests), normalised net profit after tax for the 2008 half year was $87.4m (2007: $88.1m) and normalised net profit attributable to members for the 2008 half year was $86.9m (2007: $74.3m).

The above consolidated income statement should be read in conjunction with the accompanying notes.