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  • 1 TVNZ ANNUAL REPORT FY2011

  • 2 TVNZ ANNUAL REPORT FY2011

    Cover: Aftermath of the 22 February 2011 Christchurch earthquake

  • 3TVNZ ANNUAL REPORT FY2011

    Chairman’s Introduction 4

    Chief Executive’s Overview 6

    Financial Performance 9

    TVNZ in Society 11

    General Charter Measures 13

    Charter Performance Measurements 15

    Financial Statements 34

    Corporate Governance 85

    Directors’ Profiles 86

    Main Locations 87

    TAbLE OF CONTENTs

    ONE News’ Simon Dallow in Christchurch

  • 4 TVNZ ANNUAL REPORT FY2011

    ThEsE ARE ExCiTiNg TimEs. ThERE ARE ENORmOUs ChANgEs gOiNg ON wiThiN ThE iNdUsTRY ANd TVNZ is wELL POsiTiONEd TO REsPONd TO ThE ChALLENgEs ANd OPPORTUNiTiEs ThEY PREsENT.

    ChAiRmAN’s iNTROdUCTiON

    Sir John Anderson

  • 5TVNZ ANNUAL REPORT FY2011

    TVNZ has reported a positive performance this year. The Company delivered a net profit after tax of $2.1 million and underlying earnings of $31.8 million, up 164% from the previous year.

    The Board is pleased to declare a dividend to the Shareholder of $13.8 million, an increase on the previous year’s dividend of $4.9 million.

    Credit for this excellent result must go to TVNZ management and staff. The Board thanks them for their contribution and commitment to bringing to life the Company’s vision of Inspiring New Zealanders on Every Screen.

    Advertising-reliant media companies in New Zealand and abroad faced a challenging year. TVNZ took effective action to mitigate the impact of the global financial crisis on its business through disciplined cost management and an ongoing programme of business diversification and transformation.

    The performance of both TV ONE and TV2 has contributed to a lift in TVNZ’s advertising revenues and television market share. TVNZ secured 80.6% of all growth in television advertising for the year.

    The Company continued to expand its digital broadcasting horizons. During the year it completed the implementation of a multi-million dollar digital infrastructure and playout facility. This allows the Company to reach more New Zealanders in more ways as it expands its television and online services.

    The new digital facility enabled TVNZ to launch two new channels: channel U, a free-to-air youth channel aimed at 15 to 24-year-olds that uses a groundbreaking live interface with Facebook and; TVNZ Kidzone24, a new pay channel on Sky serving the needs of pre-schoolers and their parents.

    In July this year the Government’s amendment to the Television New Zealand Act 2003 was passed into law. The Act provides confirmation of TVNZ’s role as New Zealand’s national free- to-air television and digital media company. The legislation removed the TVNZ Charter but enshrined TVNZ’s obligation to provide high-quality content for New Zealand audiences and to maintain a strong commercial performance.

    These are exciting times. There are enormous changes going on within the industry and TVNZ is well positioned to respond to the challenges and opportunities they present.

    Kua puta te whakatau whai hua ā Te Reo Tātaki mo tēnei tau. Ko taua hua nō muri mai ō nga tākē, kā eke ki te $2.1 miriona, e whakāta āna, e $31.8 miriona te painga. Kotahi rau ono tekau ma wha ōrau te painga āke.

    E hari ana te rūnanga ki te pānui ki te kāwanatanga ngā hua mo te tau, kua eke nei ki te $13.8 miriona. He painga i kō noa ātu i te $4.9 miriona o tē tau kua hori.

    Ko ngā whakapainga mo tēnei ahuatanga na ngā kaiwhakahaere rātou me te hunga mahi i tāea ai. Na rātou, me tō rātou kaha, mē te tino ū ki te whakatau, Te Whakaaratanga o Aotearoa ki ngā Rīangi Whakaata Katoa.

    Na nga tikanga whakatahu o nga Whare Pakihi o Aotearoa, me rāwahi i uaua ai te ara. Na nga karo a Te Reo Tātaki me nga kaupare atu i nga taumahatanga o nga tikanga ā ao, me te kukuti anō o nga ahuatanga utu i pai ai. Nā te titiro whānui anō ki ngā huarahi i te wātea mai, i ū ai.

    Nā ngā taumata whakaritenga a TV ONE raua ko TV2 i eke ai nga hua o nga kaupapa whakawai me te wāhanga e tika āna mo nga pouaka whakaata, huri noa. E 80.6 ōrau te huanga ō nga tikanga whakawai ō ngā pouaka whakaata mo te tau.

    I Ākitia e Te Reo Tātaki ōna pae mamati. I tēnei wā i oti te whakatū i nga taputapu, e hia miriona nei te utu, e taea ai te pānui i aua mea mamati. Ma ēnei āhuatanga ē taea ai e mātou nga kaupapa whakaata, me ōna hononga ki nga ahuatanga maha ki nga rorohiko.

    Na ēnei ahuatanga i māunu ai i Te Reo Tātaki nga whakāturanga hou, kō U tera, ma te hunga taitamariki, me te hono atu ki era o nga tikanga e whāia nei e te rangatahi, a Facebook me TVNZ KIDZone24. He tino hou ēnei tikanga. He teihana ā utu anō kua timata ma nga tamariki nohinohi me ō rātou mātua kua kanapa mai ki te ao i runga i a Sky.

    I te marama o Hurae i tenei tau i puta he wāhanga hou ki te ture o te tau 2003, e pa ana ki ngā Pouaka Whakaata. Kua mana te rangatiratanga o Te Reo Tātaki me ōna kārangatanga maha hei Pouaka Whakaata Matua mo Aotearoa. I whakakoretia te TVNZ Charter, engari kua ūhia ātu te whakahau kia puta i a ia nga taonga mā ngā iwi o Aotearoa, me tōnā kore anō e wareware ki te taha whai hua.

    Ko te wā tēnei hei whakakorikori, hei whakaohooho mo nga mea hou kei mua i ā tātou. Kei te tū matāra ā Te Reo Tātaki ki ngā wero me ngā angitu ka pupū mai ki tōna aroaro i tēnei wā.

    Sir John Anderson

  • 6 TVNZ ANNUAL REPORT FY2011

    ChiEF ExECUTiVE's OVERViEw

    Rick Ellis

    wE ARE CONTiNUiNg TO bUiLd mOmENTUm. A NUmbER OF kEY TRANsFORmATiONAL PROjECTs wERE COmPLETEd This YEAR whiCh iNCREAsEd PROdUCTiViTY ANd EFFiCiENCY ANd shARPENEd OUR CONsUmER ANd CUsTOmER FOCUs.

  • 7TVNZ ANNUAL REPORT FY2011

    TVNZ has produced an excellent annual result that confirms its position as New Zealand’s leading free-to-air television and digital media company.

    The Company rationalised operating costs, increased advertising market share and recorded excellent on screen performances. We’ve succeeded by continuing to be agile, and by pushing ahead with our strategy to grow our business.

    Despite a challenging economic climate, TVNZ maintained its leadership position in the New Zealand advertising media sector by keeping customer focus and innovation at the forefront of its business.

    TVNZ has evolved from an analogue two channel television network into a multi-channel, multi-platform digital broadcaster in the space of a few short years.

    A number of key transformational projects were completed this year which increased productivity and efficiency and sharpened our consumer and customer focus. Our goal is to do even better in the year ahead.

    The Company’s progress against the business priorities contained in our 2011 Statement of Intent is set out below.

    Adapt TV ONE’s brand and content strategies to meet commercial performance expectations and maintain the performance of TV2.

    TV ONE and TV2 are at the heart of TVNZ’s business. Our two flagship channels dominate New Zealand primetime; between them, they broadcast 19 out of the 20 most watched programmes.

    Both channels exceeded all their commercial audience and yield targets for the year. They were the only free-to-air channels to grow audience share over the year – up 2.4% – a pleasing achievement in today’s increasingly fragmented and competitive media market.

    TV ONE is TV’s answer to the Kiwi backyard. This authentic, confident and passionate brand positioning reflects contemporary New Zealand life and has clearly resonated with viewers throughout the year.

    TV ONE’s commercial performance was fuelled by strong local content in the form of MasterChef New Zealand, North, The Politically Incorrect Guide to Teenagers, Intrepid Journeys and Country Calendar.

    The channel’s stable of news and current affairs programming continues to outperform the competition. ONE News again won the coveted Qantas Award for Best News in recognition of outstanding journalism.

    TV2 is second to none in its demographic. At the close of the financial year, TV2 boasted an unbroken 32-month run as the country’s most watched channel in its target demographic of all people 18-39. The channel’s success is underpinned by a compelling mix of local and international drama and comedy. Our homegrown hit, Shortland Street, anchored the channel’s weeknight performance, and another New Zealand

    commission, Go Girls, finished its third season as the country’s most popular local weekly drama.

    Complete the current transformation projects and deliver a more efficient and lower operating cost structure across the Company.

    The Company completed the implementation of its new multi- million dollar digital infrastructure, on time and under budget. This marks a major milestone in our evolution as a modern, well-equipped television and digital media company.

    The new digital playout facility has reduced costs, streamlined operations and fundamentally changed the way we work. It provides high definition capability and will continue to improve how we produce, manage and deliver content to screens in the years to come.

    At the same time, news and current affairs operations have been restructured to fit the Company’s multi-media strategy. The transformation involved the introduction of new technology, training to develop multi-s

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