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6 Managing Director%u2019sReport 20132013 was an exciting year For GML.We experienced our best financial performance for the past six years, our profitbefore tax was up 26% on prior year, with all divisions showing increases; PBT as a percentage of sales was the highest in the industry (28%). This was drivenby improved content across all our media divisions, allowing us to maximize ourshare of the available revenue in the market, driven mainly by thenumber of elections.Key Salient StatisticsIndustry OverviewToday more people are consuming news, and other media content, than ever before. This provides us with a significant opportunity to connect with audiences by being their first choice through the creation and delivery of the strongestcontent. In a world of free content, we have to continuously shift focus from a pure product strategy to a brand strategy, where we create meaningful relationships with our audiences. We must also monetize our content across these platforms, to allow us to continue investing in the infrastructure and talent, to keep us on the leading edge of the industry.While news is available on multiple platforms and through various social media properties, audiences look to professional media organizations to validate the news, and to also put it in context. Our focus in this new environment is to start a conversation, with our audiences, engage them, and ensure we remain relevant. We are the benchmark for systematic innovation which ensures we have more meaningful conversations with audiences that advertisers need to connect with.Media is one industry where you cannot chart the way forward by using arearview mirror, on the assumption that the future is going to be an extrapolation of the past.2012 2013 IncreaseKey Statistics Restated Income before taxation $000s 46,781 58,849 26%Cash generated from operations $000s 59,431 63,861 7%Cash and cash equivalents at end of year $000s 127,413 134,686 6%Total revenue $000s 186,562 209,759 12%Operating profit margin 25% 28% 12%Earning per share 0.88 1.12 27%Net assets $000s 280,712 311,833 11%