Page 8 - Demo

6REPORT OF THE MANAGING DIRECTOR%u201cToday, news, information and entertainment is in demand 24/7. People want what they want, when they want it %u2013 and that mood is transforming the media business. Guardian Media Limited meets that demand like noone else. Our audience reach across print, radio, television and digital %u2013 and our commitment to quality journalism and programming %u2013 makes us second to none.%u201dIn 2012 Guardian Media Limited continued to perform admirably. In the context of a relatively flat economy, our revenue grew by 1%.Our profit before tax was down marginally on prior year by 2.8%. The reduced profit was a result of higher operating expenses, driven by the investments we continue to make in our human and technological infrastructure.As we have noted in our recent annual reports, the company is focused on building on its capacity for growth, and over the past three years we have made the requisite investments to ensure we deliver on the mandate from our shareholders. The key salient statistics of our business continue to be strong: We have strong cashflows and we have a strong balance sheet which has allowed us to improve our dividend to our shareholders.Profit Before Tax (PBT) $47.49mNPBT as a % of gross revenue 25.46%Earnings Per Share $.090Cash and cash equivalents $127.41mNet Assets $284.21mGuardian Media Limited has recognized the shift to digital and how it strengthens and promotes our traditional media assets. Globally people are consuming news and entertainment now more than ever and we have seen this trend occurring right here in our own market. Digital access to our media properties continues to grow at double-digit rates and our consumer connections continue Guardian_Media_Annual_Report2012.indd 6 4/17/13 7:31 PM