Good morning, everyone? Welcome to the full year 2021 financial results for Seven West Media. Thank you for taking the time to join us today. I'm James Warburton, Managing Director and Chief Executive Officer of Seven West Media. Joining me today is our Chief Financial Officer, Jeff Howard. Jeff and I will take you through our results, the progress of our strategy, and our focus for the next 12 months, as well as provide a trading update. For those of you joining us via video, this presentation covers a summary of the key points included in the results presentation lodged with the ASX this morning. After the presentation, we'll take questions from investors and analysts. Page two is our normal disclaimer. The results announced today are at the upper end of the trading update provided in mid-June. They reflect the continuing progress and success of our transformation strategy and the recovery in advertising markets during the year from the pandemic-affected lows of 2020. The metropolitan television market grew 11.5% during FY 2021, including a 25.8% revenue increase in the second half. 7plus increased its revenue 78% in FY 2021 compared with a market that grew at 55%. During FY 2021, we saw a 4% increase in revenue across the group to $1.27 billion. A 7% reduction in operating expenses plus revenue growth contributed to 105% increase in underlying EBITDA to $ 254 million. Underlying EBIT increased 141% to $ 229 million, and underlying net profit after tax was $126 million. Seven Digital was a standout performer during the year, increasing its EBITDA 131% to $60.5 million. We recorded a gain on significant items before tax of $277 million, which included a partial reversal of impairments in onerous contracts. We've made excellent progress in improving our balance sheet over the past two years. In FY 2021, we achieved a 40% reduction in net debt to $ 240 million, and our leverage ratio now stands at 0.95x. During the year, we secured market-leading agreements with Google and Facebook that recognize the quality and value of our news content. This improved financial position gives us options in terms of capital management initiatives or industry consolidation. The Olympics were an outstanding success for the world, for Australia, for our fantastic athletes, and for Seven. Our sport production, sales, and digital teams did a remarkable job to present the highest quality and most innovative and integrated telecast, which was recognized by the IOC at the International Broadcasters meeting as best practice across the globe. The results for the Olympics are a great demonstration of the reach and scale that the Seven platform can be across television and digital. Across the 17 days of the Olympics, our television and digital coverage reached 20.2 million Australians. Our coverage on 7plus set extraordinary new records for streaming in Australia. Before the Olympics started, 7plus had 6.4 million registered users. Now it has 9.2 million, an increase of 44%. On July 25, 7plus achieved the biggest day of streaming in Australian television history with 376 million minutes, more than 4x the previous record. For the 17 days of the games, we streamed more than 4.7 billion minutes, generating an unparalleled amount of data for our 7REDiQ platform. Importantly, Seven has used the Olympics to extensively promote 7plus and our outstanding content schedule for the next six months. From a commercial point of view, we booked record advertising revenue for an Olympics and expect to hold a 40% revenue share for the first half of FY 2022. Importantly, the Olympics gave The Voice the best possible launch pad, and I'm pleased to say that we're clearly dominant in that Sunday to Tuesday slot, which is crucial for us to increase our revenue results. I'd now like to turn to the three pillars of our transformation strategy, content-led growth, transformation, and capital structure and M&A. We are two years into our three-year plan, and we've made very good progress. In terms of content-led growth, and I've said it before, you can't flick a switch and improve ratings overnight. However, we have revitalized our lineup of entertainment tentpole shows to complement our already dominant spine in record time. These new tentpole shows have changed our demographic profile, bringing more 25-54s and under 50s to our television and digital platforms and making our BVOD platform extremely competitive. Importantly, these shows are noisy and create strong social connections and rich environments for our clients and integrated sponsors. While we have revitalized the schedule in record time, it's worth remembering that revenue lags ratings improvement. These successes set us up to monetize in FY 2022 and beyond and get back the revenue share that we have lost. At the same time, we are and will continue to invest in dynamic trading platforms to make it easier for marketers and agencies to work with us and reach our growing audience. Our data offering has been completely rebuilt as 7REDiQ and SWMiD position us as best in market, delivering strong results for our clients and for us. The SVOD opportunity still represents significant upside for Seven. In a crowded market, the Olympics have shown the potential effectiveness and power of our platform, and we continue to look for content partnership opportunities in subscription and streaming with global players. Across the Group, we have simplified our operating structure and redefined work practices. The continued push to reset the company's cost base by $200 million and to keep the cost out permanent has been extremely important in ensuring we have a sustainable business over the long term. One of the major milestones achieved during FY 2021 was our negotiations with Google and Facebook over payment for our content. The result was an exceptional outcome for the business, generating a significant earnings contribution. This, combined with the strong growth from 7plus, gives us confidence that Seven's digital earnings will more than double during FY 2022 to over $120 million. Four years ago, our digital earnings were just $6 million. Our balance sheet is in substantially better shape than it was two years ago. The strong performance of the business and focus on right-sizing our cost base has seen us dramatically improve on the debt position in which we found ourselves two years ago. While net debt has reduced by more than $ 320 million over the past 18 months, we retired $ 250 million of debt during FY 2021 and are confident the balance sheet will sustainably support our strategies and plans going forward. We have identified several opportunities for new partnerships and industry consolidation, and we're actively looking at further scaling the business now that our balance sheet is in a much better place. Our stake in Airtasker was sold in April this year to help repair our balance sheet. Net proceeds of $ 45 million delivered a material return for the business. During FY 2021, the value of the rest of Seven West Ventures portfolio increased 11% to $56 million. The improved balance sheet in FY 2021 now enables us to expand the portfolio. We're very close to signing several new investments with the aim of finding the next big disruptors in the Australian digital landscape. The investment we have made in our content over the past year or so is paying dividends. Across FY 2021, Seven was the only network to increase its commercial audience shares across the key demographics. Across FY 2021, we were number one in 31 ratings weeks, with our closest rival winning 21 weeks. One week was a tie. In comparison, in FY 2020, we were number one in just 18 weeks. These results are driven by our tent-pole entertainment shows and our unmatched sport lineup, including the AFL, Supercars, Horse racing, the Cricket, and of course, the Olympics, on top of our dominant content spine. That spine of Sunrise, The Morning Show, The Chase, Seven News, Home and Away, and Better Homes and Gardens is what makes us and keeps us strong week in and week out. Looking ahead, we have two very clear content priorities. First, to continue to improve our prime time entertainment ratings Sunday to Tuesday with new content such as The Voice. Secondly, we are focused on building our Q3 ratings performance. We have a clear plan and will be investing into content and audience to achieve that. The Tokyo Olympics have given us an incredible start to FY 2022 and a powerful platform to promote our upcoming content on Seven and 7plus. The Voice launched on August 8 and easily beat the competition. Next up is the new season of SAS Australia, followed by Big Brother VIP. We also have the AFL final series, which will cement the AFL's position as the number one football code on television, a big summer of Cricket with the Ashes Test series, BBL, WBBL, and key Horse racing and Supercars events, including Bathurst, and then we launch into the Beijing Winter Olympics in February of next year. As I mentioned earlier, the television advertising market is recovering from the pandemic lows of 2020. The recent PwC Australia Entertainment and Media Outlook report predicts broadcast television ad revenue will rebound during calendar 2021 and then be largely stable to 2025. The launch last month of VOZ, the new audience measurement system that for the first time captures data across all television sets and connected devices, is a step change in the way Australian television is measured, evaluated, and reported. It clearly demonstrates the true reach of our medium. Seven has pushed the industry to think differently about the ratings information it releases publicly and to stop leading with overnight ratings, which are the smallest possible number, as we have done as an industry for more than 20 years. As a result, from next week, every morning at 9:05 A.M., all the networks will focus on total video numbers, which include BVOD and tell a more complete story of how our content is performing. The ratings momentum we have seen during FY 2021 with our tent-pole shows, content spine and sport will be reflected in an improved share of television advertising revenue. This graph shows what is possible. There is an $ 90 million upside opportunity when we return to our historical revenue share. Our share of 35.3% in FY 2021 was disappointing but reflected the content gaps we experienced in FY 2020 and a slow start to the calendar year, which was the riskiest period of our schedule. Our content has now significantly improved and so will our revenue. The BVOD market continues to grow rapidly, fueled by changes in how, where, and when Australians choose to consume video content. 7plus is performing very strongly in terms of growth in both audience and advertising revenue. 7plus increased its revenue 78% during FY 2021 and saw its share of the BVOD ad market increase by 4.8 points. Seven Digital EBITDA has soared since FY 2018 and is expected to more than double in FY 2022, thanks in part to our agreements with Google and Facebook. PwC predicts the strong performance of the BVOD market will continue with a compound annual growth rate of 33% between 2019 and 2025, making it one of the fastest-growing sectors in the entertainment and media industry. The evolution of the digital and data side of our business has been significant and is a core element of our transformation pillar. Digital earnings have grown from less than 7% of our group earnings in 2019 to more than 25% in FY 2021, and we expect this to continue to increase. Our data proposition is now highly sophisticated and competitive, with a wide range of commercial partnerships enriching the targeted advertising proposition across the group. As I mentioned earlier, the Tokyo Olympics provided a huge boost for 7plus, driving a large increase in its registered user base. We expect 7plus to reap the benefits of Tokyo 2020 for many years to come. On this slide, we've provided some clarity about our FY 2022 cost base, given a number of one-off and other changes compared to what we discussed six months ago. Our cost base, excluding D&A at the end of FY 2021, was $ 1.02 billion, and before one-off savings was $ 1.04 billion. Marginally higher than our expectations due to the recent Sydney COVID shutdown and costs associated with it. As previously discussed, we experienced inflation of 1%-2% in the business, and in FY 2022, as previously flagged, have a full survey year of content, some new sports rights, and increased content investment targeting Q3, which we expect to drive future revenue share gains. To partially offset these increases, we're targeting a further $ 15 million-$ 20 million in new cost savings. This should leave Seven West Media with a cost base of around $ 1.08 billion-$ 1.1 billion before one-off items. As we've previously outlined, there are a number of one-off costs in FY 2022, largely relating to sporting events. The Olympics in Tokyo and Beijing, including the onerous reversal and additional test matches this summer, will all fall into FY 2022, representing $ 72 million of one-off sporting costs. Other one-off items include $ 10 million of capitalized costs that have been reclassified as operating expenses due to new cloud computing accounting standards. In addition, there is a third-party production we believe is likely to be secured, which would add an additional $12 million offset by incremental revenue. Total one-off costs of approximately $ 94 million will be incurred in FY 2022, lifting the expected cost base to approximately $ 1.18 billion-$ 1.2 billion. This slide clearly demonstrates the progress we have made in fixing Seven's balance sheet. Net debt has reduced from $ 726 million in FY 2017 to $ 240 million in FY 2021. Our net debt EBITDA ratio now stands at less than 1x, down from a consistent 2x or worse since FY 2017. This is our group's lowest level of leverage since 2004. I'd now like to hand over to Jeff to talk you through our financial results in more detail. Hey, James, and good morning, everyone. On slide 14, we outline the income statement on a continuing operations basis, which excludes the financial contributions of Pacific Magazines in the 2020 financial year, given its divestment in May 2020. Total group revenue and other income of $1.27 billion for the year was $ 43 million higher or 4% up year-on-year. This reflected the market recovery across all parts of our business and ongoing strong growth in digital. Cost out initiatives and $ 18 million of temporary savings delivered a reduction in operating costs of more than $ 86 million to $ 1.047 billion. EBIT before significant items was up 141% to $ 229 million, which is reflective of the operating leverage within our business. Underlying net profit after tax before significant items was $ 126 million, nearly 2.5x higher than the same period last year. Significant items provided a net benefit to our statutory profit after tax during the year. There were $277 million of significant items before tax, which primarily related to the partial reversal of the TV license impairment and the second-half reversal of $ 21 million of onerous contracts relating to the Tokyo Olympics. This delivered a statutory net profit after tax of $318 million, compared to a loss of $ 201 million in the prior year. On Slide 15, we outline the breakdown of Seven's performance across broadcast, digital, and Studios. As outlined earlier, there was a strong market recovery following the COVID impacted period in the 2020 financial year. Metro Broadcast TV was up 11.5% for the year and 25.8% in the June half. This year, we increased our rating share across all key demographics and importantly in peak time and the entertainment schedule slots from Sunday to Thursday. Seven secured a 35.3% revenue share in the financial year. We expect a material improvement in our revenue share in the 2022 financial year, given the lag effect from improved ratings translating into revenue share. The BVOD market continues to grow strongly, up 54.6% in the financial year with 7plus growing share. Seven's digital revenue increased 67%, including contributions from Social and 7NEWS.com.au. Operating costs declined $ 60 million in the financial year, including $ 9 million of net temporary savings, driven by the cost out initiatives actioned across the business. Seven's EBITDA grew 112% during the financial year to $ 236 million, which included $ 60.5 million of digital EBITDA, up 131%, and $ 45 million contribution from Seven Studios, which was predominantly program sales. We turn to the West and other business on Slide 16. The West Australian newspaper business also performed strongly in the financial year as management continued to execute on their transformation strategy and growing digital subscriptions. Print and digital audiences grew in the period with readership at the West and The Sunday Times up 19%, based on Roy Morgan's March 2021 survey. PerthNow and the West increased unique audiences by 34% and 20% respectively. Circulation revenue, which includes digital subscriptions, grew 5% for the year and now represents approximately 35% of total revenue. Digital subscription revenue grew 90% in the year. Advertising revenue declined 2.1% in the year with softness in travel, auto, and real estate offsetting the strong retail advertising performance. WAN delivered on its savings targets with costs down $ 13 million in the year, or 9% lower. This cost base includes $ 9 million of net temporary savings, which will unwind in FY 2022. This will be partially offset by an incremental $ 7 million cost savings target in FY 2022. Other and corporate costs includes TXA, OzTAM, and corporate costs. FY 2020 included one-off live events and the one-half contribution from Redwave Media, which was divested in December 2019. Going forward, we expect this segment will predominantly reflect corporate costs and would expect the revenue contribution to be low single digits with slightly higher operating costs. On slide 17, we have the statutory group financial results and a reconciliation from EBIT before significant items. This financial year, we have reported a gain on significant items before tax of $ 277 million, compared to a loss of $ 350 million in FY 2020. This predominantly reflects three adjustments, which include, firstly, $ 208 million from the reversal of TV license impairments, reflecting our improved confidence in the sustainability of TV trading conditions, a reversal we haven't taken lightly. Secondly, $ 45.5 million reversal of an onerous contract provision taken in the first half, which reflected the successful exit from a life of series content deal. Thirdly, the reversal of the Olympics onerous provisions of $ 20.6 million, which we touched on earlier. This reflects better revenue outcomes than we were expecting, while it drives an absolute better cash outcome, the P&L benefit comes through as a significant item gain in FY 2021 and lifts operating costs in FY 2022 by the same amount. Seven West Media reported a statutory profit after tax of $ 318.1 million and basic earnings per share of $ 0.207. Excluding significant items, earnings per share was $ 0.082. The board has determined that it will retain the suspension of the dividend for this period and review at the next result period once the company has completed the refinancing of its debt facilities. On slide 18, we outline cash flow for the group, which includes contributions from discontinued operations in FY 2020. There was a significant improvement in operating cash flow for the year, with $ 201 million before interest and tax, up 147% on the prior year. This is equivalent cash conversion of 79%. CapEx was lower in the year at $ 20 million, with some projects deferred until the 2022 financial year. CapEx in 2022 is expected to be approximately $ 40 million, which includes the capital cost from relocating news from Martin Place in Sydney to our head office in Eveleigh. Net debt of $ 240 million decreased by nearly $ 160 million in FY 2021. During the year, $ 250 million of debt has been repaid. Our leverage ratio is up 0.95x at the end of June 2021, with interest cover of 8.7x. Reaching this position is a major milestone for the company and provides us with a balance sheet with the flexibility to pursue growth opportunities. We will be seeking to renegotiate our debt facilities later this year, which should deliver improved terms given our stronger financial position. I will now hand back to James to finish with a trading update. Thanks, Jeff. On slide 20 is our trading update. Advertising markets have bounced back well from the depths of the pandemic, and 7plus is generating strong advertising revenue growth. We've seen positive market momentum flow through into the first half of FY 2022. This half, we're targeting a 40% revenue share buoyed by the Olympics. First quarter revenue bookings are up 60% compared to the first quarter of 2021, where the market was down 12%. Normalizing this for the timing of the AFL, the quarter would be up 50%. The second quarter bookings, excluding the AFL, are currently tracking ahead by low to mid-single digits versus second quarter 2021, which was a strong growth quarter in the prior year, up 19%. As outlined earlier, Seven Digital is expected to more than double its EBITA in FY 2022 to generate more than $120 million of EBITA. WAN's revenue is also tracking ahead, up 7% in July versus the prior corresponding period. Operating expenses in FY 2022 are tracking in line with guidance despite lockdown challenges. Our company has seen many changes over the past 12 months, and the results have been very encouraging. The improved performance has been driven by the relentless pursuit of three strategic priorities we included in the second half of calendar 2019. Those priorities, content-led growth, transformation, and capital structure, and M&A, sit at the core of the three-year plan and they remain our focus. Seven West Media is unashamedly a content company. Our content-led growth strategic pillar underpins our plan to return to market leadership across linear and digital television with a focus on younger demographics. Our strategy will also be reinforced by the recovery in the capital city and regional television advertising markets. We expect our schedule to normalize to deliver our target of 38% broadcast revenue share. Cost discipline and addressing onerous content contracts are ongoing as a focus for us. 7plus is also a key focus as we expand its offering and examine SVOD options that are viable and make financial sense. This year, we'll renegotiate our debt facilities to secure an improved financial position. All of this, particularly the improvement in our balance sheet, puts us in an excellent position to work with new partners and/or towards consolidating the media sector. We are pursuing several options in these areas. That almost concludes the presentation, but before we take questions, have a look at the next installment of the fantastic SAS Australia. [Presentation]
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