apr-11.pdf (2.07 MB) - Crown Ownership Monitoring Unit

Learning Media LimitedCHAIR » Sandy MaierBOARD » Lindsay Corban,Margaret Bendall, Ben Irving, TimLivingstone, Taria Tahana, KimWicksteedCHIEF EXECUTIVE »David GloverActivitiesLearning Media’s core businessis the publication, production,marketing and sale of educationalmaterials, particularly to theMinistry of Education, in both printand digital media. Learning Mediaalso services a variety of customerswithin New Zealand and overseas.Financial performance measures2007 2008 2009 2010 2011ReturnsTotal shareholder return (4.7%) (36.3%) 61.8% 90.9% 58.1%Dividend yield 0.0% 0.0% 0.0% 0.0% 0.7%Dividend payout 0.0% 0.0% 0.0% 0.0% (3.7%)Adjusted ROE 3.1% (80.6%) 46.3% 32.4% 9.7%EfficiencyROCE 6.4% (95.9%) 66.8% 42.4% 13.1%Operating margin 6.8% 7.0% 12.2% 10.0% 5.1%Generator efficiency N/A N/A N/A N/A N/ALeverageNet gearing 20.5% 0.0% 0.0% 0.0% 0.0%Interest cover 50.24 14.68 131.00 115.76 50.33Current ratio 1.13 0.94 1.25 1.50 1.41OtherFive-year averageDividend growth 56.5%Revenue growth 13.7%Income statement$m 2007 2008 2009 2010 2011Revenue 25 24 24 24 23EBITDAF 2 2 3 2 1NPAT 0 (3) 1 2 1Balance sheet$m 2007 2008 2009 2010 2011Total assets 17 7 12 13 15Total liabilities 11 4 8 7 9Commercial value* 5 3 6 11 17Cash flow statement$m 2007 2008 2009 2010 2011Operating activities (net) (2) 3 5 2 (2)Purchase of fixed assets 1 1 0 0 0Dividends paid - - - - 0Net cash flow (1) 0 4 (1) (3)Note:* Commercial valuation from the SCIpage | 80