Canwest's Australian Operations Report Full Year Fiscal 2008 Results

    WINNIPEG, Oct. 15 /CNW/ - Canwest Global Communications Corp. ("Canwest")
announced today that Ten Network Holdings Limited ("Ten Holdings"), which owns
and operates the TEN Television Network ("TEN Television") in Australia and
EYE Corp.'s ("EYE") growing multi-national out-of-home ("OOH") advertising
business, reported its full year fiscal 2008 results. Canwest owns
approximately 56% of Ten Holdings.
    For the fiscal year ended August 31 2008 Ten Holdings reported
consolidated revenues of A$1,004.0 million and consolidated EBITDA of
A$215.0 million, in line with what was previously indicated in the third
quarter. These annual fiscal results represent an increase in consolidated
revenues of 1% and a decrease in consolidated EBITDA of 10% compared to
normalized annual results of the last fiscal year. Normalized results for 2007
exclude an A$8.9 million one-time gain from EYE's sale of its investment in
Big Tree Outdoor Malaysia reported last year in its revenue and EBITDA
results. (In accordance with Canadian GAAP, this one-time gain was not
included in Canwest's previously reported revenue and EBITDA results.)
    Ten Holdings reported fiscal 2008 fourth quarter consolidated results of
A$227.3 million in revenue and EBITDA of A$13.1 million. These results
represent decreases in consolidated revenues of 17% and consolidated EBITDA of
79% compared to fourth quarter fiscal results last year. The fourth quarter
results reflect the impact of the sharp deterioration of the advertising
market, as reported in June, and the impact of the Beijing Olympic Games. For
the first nine months of fiscal 2008, TEN Television had an excellent earnings
performance, with EBITDA growth of 13% achieved on 7% revenue growth.
    "The results demonstrate the underlying strengths of the businesses,
despite the deterioration in trading conditions in the final quarter of the
year that ultimately impacted the bottom line," Ten Holdings' executive
chairman, Nick Falloon said.
    Mr Falloon said the Company is prudently positioned to weather the
current difficult cycle and to capitalise on an eventual market upturn. "Ten
Holdings has a strong balance sheet and is conservatively geared. Its business
units strictly observe the operational and financial disciplines that have
established Ten Holdings as a leading Australian media business," Mr Falloon
    Mr Falloon said that TEN Television remains focused on maintaining highly
competitive audience shares in key advertiser demographics across all day
parts and capitalising on the network's strong pipeline of program inventory
which includes long-term deals with U.S. studios as well as Australian sports
and drama franchises. He said that TEN Television will benefit from the
investment it has made in digital television infrastructure over coming years,
providing new revenue streams and numerous cost efficiencies for TEN
    Mr Falloon added that in the out-of-home advertising sector, EYE,
provides a long term value model in a growth sector. "Despite the current
tough trading conditions, out-of-home advertising remains amongst the
fastest-growing media forms in all territories where EYE operates," Mr Falloon
said. "Through its multi-format campaigns directed to drivers, flyers,
shoppers and students, EYE is well placed to continually expand its offering,
market penetration and value."

                         TEN NETWORK HOLDINGS LIMITED
                             DIVISIONAL RESULTS
                     For the year ended August 31, 2008

                            2008               2007            (Unfavourable)
                             A$m                A$m                   %
      Television           826.2              831.3                    (0.6%)
      Out of Home(*)       177.8              164.2                     8.3%
                         1,004.0              995.5                     0.9%
      Television           617.2              594.3                    (3.9%)
      Out of Home          170.7              160.9                    (6.1%)
      Unallocated            1.1                0.9                   (22.2%)
                           789.0              756.1                    (4.4%)
      Television           209.0              237.0                   (11.8%)
      Out of Home(*)         7.1                3.3                   115.2%
      Unallocated(xx)       (1.1)              (0.9)                  (22.2%)
                           215.0              239.4                   (10.2%)

    (*) Comparative adjusted to exclude the one-off gain of A$8.9m in Out of
        Home in 2007 from the sale of Big Tree Outdoor Malaysia
    (xx)Unallocated costs refer to the corporate costs relating to the
        operation of Ten Holdings.


    Ten Holdings declared two dividends for the year which were A$0.10 per
share paid in January and A$0.035 per share paid in July, providing an
aggregate annual return of A$0.135 per share for the year to June 2008.


    On July 3, 2008 Ten Holdings announced its intention to undertake a share
buyback program of up to approximately 10% of its issued shares over the next
12 months. At the time of the announcement, Canwest advised that it would not
participate in the share buyback. At August 31, 2008, 2,348,280 shares had
been purchased by Ten Holdings at an aggregate value of A$3,608,042.
    Ten Holdings' financial results are recorded in accordance with
Australian Equivalents to International Financial Reporting Standards and will
be subject to foreign currency translation and adjustment to Canadian GAAP
upon consolidation with Canwest's other operations.

    Forward Looking Statements:

    This news release contains certain comments or forward-looking statements
about the objectives, strategies, financial conditions, results of operations
and businesses of Canwest. Statements that are not historical facts are
forward-looking and are subject to important risks, uncertainties and
assumptions. These statements are based on our current expectations about our
business and the markets in which we operate, and upon various estimates and
assumptions. The results or events predicted in these forward-looking
statements may differ materially from actual results or events if known or
unknown risks, trends or uncertainties affect our business, or if our
estimates or assumptions turn out to be inaccurate. As a result, there is no
assurance that the circumstances described in any forward-looking statement
will materialize. Significant and reasonably foreseeable factors that could
cause our results to differ materially from our current expectations are
discussed in the section entitled "Risk Factors" contained in our Annual
Information Form for the year ended August 31, 2007 dated November 20, 2007
filed by Canwest Global Communications Corp. with the Canadian securities
commissions (available on SEDAR at, as updated in our most
recent Management's Discussion and Analysis for the nine months ended May 31,
2008. We disclaim any intention or obligation to update any forward-looking
statement even if new information becomes available, as a result of future
events or for any other reason.

    About Canwest Global Communications Corp.

    Canwest Global Communications Corp. (, (TSX: CGS and
CGS.A,) is an international media company, is Canada's largest media company.
In addition to owning the Global Television Network, Canwest is Canada's
largest publisher of English language daily newspapers and owns, operates
and/or holds substantial interests in conventional television, out-of-home
advertising, specialty cable channels, web sites and radio stations and
networks in Canada, New Zealand, Australia, Turkey, Indonesia, Singapore, the
United Kingdom and the United States.

For further information:

For further information: Media Contact: John Douglas, Vice President,
Public Affairs, Tel: (204) 953-7737,; Investor Contact:
Hugh Harley, Director, Investor Relations, Tel: (204) 953-7731,

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