Consolidated Media Holdings Limited

ABN 52 009 071 167

2011 HALF-YEAR Financial

report and appendix 4D

Consolidated Media Holdings Limited 2011 HALF-YEAR Financial report And APPENDIX 4D 01
Appendix 4D
Half-year ended 31 December 2010 (Previous corresponding period: Half-year ended 31 December 2009)

Results for announcement to the market

$’000

Revenue from continuing operations down 17.9% to 4,741

Profit from continuing operations after tax attributable to members up 21.6% to 45,313
Net profit for the period attributable to members down 86.9% to 45,313

Dividends Amount per security Franked amount

per security

Interim dividend 10.5 cents 0 cents

Previous corresponding period 10.5 cents 10.5 cents
Record date for determining entitlements to the dividend 5pm, Friday 1 April 2011
Dividend payment date Friday 15 April 2011

For an explanation of any of the figures reported above, refer to the commentary on the Consolidated Media Holdings Limited
(the Company) results contained in the accompanying media release.
This information should be read in conjunction with the annual financial report of the Company as at 30 June 2010.

02 Consolidated Media Holdings Limited 2011 HALF-YEAR Financial report And APPENDIX 4D
 Directors’ Report

Your directors submit their report for the half-year ended Review and results of operations
31 December 2010. The consolidated net profit after tax (NPAT) of the economic entity
for the half-year ended 31 December 2010 was $45,313,000
(2009: $346,199,000).
Directors
A review of the operations of the Company is provided on page 4.
The directors of the Company in office during the half-year,
and until the date of this Directors’ Report, are outlined
in the table below. The directors were in office for the entire Auditor’s Independence Declaration
period unless otherwise noted.
A statement of independence has been provided by our auditors,
Ernst & Young, and follows this Directors’ Report on page 5.
John Henry Alexander Executive Chairman

Rounding of amounts to nearest thousand dollars

James Douglas Packer 1 Deputy Chairman
The amounts contained in this Directors’ Report and in the
half-year financial reports have been rounded to the nearest
Christopher Darcy Corrigan Non-Executive Director
$1,000 (where rounding is applicable) under the option available
to the Company under ASIC Class Order 98/0100. The Company
Rowena Danziger Non-Executive Director is an entity to which this Class Order applies.

Geoffrey James Dixon Non-Executive Director

Signed in accordance with a resolution of the directors:
Peter Joshua Thomas Gammell Non-Executive Director

Ashok Jacob 1 Non-Executive Director

Guy Jalland 1 Non-Executive Director

Christopher John Mackay Non-Executive Director

J.H. Alexander G.J. Dixon

Ryan Kerry Stokes Non-Executive Director
Executive Chairman Non-Executive Director
1. Michael Roy Johnston is an alternate director to Mr Packer, Mr Jacob and Mr Jalland. Sydney, 18th day of February 2011

Consolidated Media Holdings Limited 2011 HALF-YEAR Financial report And APPENDIX 4D 03
REVIEW OF OPERATIONS

The Company’s Operating NPAT result of $45.3 million reflects
a 4 per cent increase on the previous corresponding period
(pcp) result of $43.7 million. The improved Operating NPAT result
includes the improved equity accounted contributions from the
Company’s associates, reduced expenditure on corporate costs,
reduced interest revenue and an income tax expense.
CASH FLOW
Net operating cash flow for the period was $51.6 million,
up 45 per cent on the pcp (1H10: $35.6 million). The increase
on the prior period reflects the increase in distributions received
by the Company from its associates.

As noted above, the contribution from the Company’s equity
accounted associates for the half-year improved by $3.6 million
to $45.4 million (1H10: $41.8 million).
The reported NPAT result of $45.3 million is down 87 per cent
on the pcp (1H10: $346.2 million). The reported NPAT result
in 1H10 includes the profits and equity contribution from the sale
of our SEEK shareholding in August 2009, and an impairment
charge upon the sale of the Park Street Investment Property.
During the half-year, the Company has returned $162.9 million to
shareholders, being $127.7 million paid pursuant to the Company’s
share buy-back program and $35.2 million in the form of dividends
on 15 October 2010.
At 31 December 2010, the Company had cash of $76.0 million,
down from $205.2 million at 30 June 2010.

DIVIDEND

Investments in Associates The directors have declared an unfranked interim dividend

(a) FOXTEL
The Company has recorded a $19.2 million post-tax equity
accounted profit on its 25 per cent investment in FOXTEL
for the half, up 13 per cent on the pcp (1H10: $17.0 million).
of 10.5 cents per ordinary share (the Interim Dividend). The Interim
Dividend will be paid on Friday 15 April 2010 to those shareholders
on the Company’s register at 5pm, Friday 1 April 2010.
There is no conduit foreign income (CFI) component to the Interim
Dividend and no shareholder dividend plans are in operation.

The Company received total cash distributions and advances of

$30 million from FOXTEL in 1H11 (1H10: $25 million). An additional
$10 million distribution was received in February 2011 and will be
reflected in our 2011 full-year results.
Further information on the Company’s investment in FOXTEL
is provided in the accompanying media release.

(b) Premier Media Group (PMG)

The Company has recorded a $26.2 million post-tax equity
accounted profit on its 50 per cent investment in PMG for the half,
up 6 per cent on the pcp (1H10: $24.8 million).
The Company received total cash distributions and advances
of $20 million from PMG in 1H11 (1H10: $10 million).
Further information on the Company’s investment in PMG
is provided in the accompanying media release.

04 Consolidated Media Holdings Limited 2011 HALF-YEAR Financial report And APPENDIX 4D
Auditor’s Independence Declaration to the Directors of Consolidated
Media Holdings Limited

In relation to our review of the financial report of Consolidated Media Holdings Limited for the half-year
ended 31 December 2010, to the best of my knowledge and belief, there have been no contraventions of
the auditor independence requirements of the Corporations Act 2001 or any applicable code of
professional conduct.

Ernst & Young

Douglas Bain
Partner
Sydney
18 February 2011

Consolidated Media Holdings Limited 2011 HALF-YEAR Financial report And APPENDIX 4D 05
Statement of comprehensive income
For the half-year ended 31 December 2010

Consolidated
31 December 31 December
2010 2009
Note $’000 $’000

Continuing operations
Revenues 3 4,741 5,773
Expenses 3 (3,592) (10,254)
Share of net profits of associates and joint venture 13 45,394 41,759

Profit from continuing operations before tax and finance costs 46,543 37,278
Finance costs 3 (7) (4)

Profit from continuing operations before income tax 46,536 37,274

Income tax (expense)/benefit (1,223) –

Profit from continuing operations after income tax 45,313 37,274

Discontinued operations
Profit from discontinued operations after income tax – 308,925

Net profit for the period 45,313 346,199

Other comprehensive income

Movement in associates’ reserve (5,832) (3,834)

Other comprehensive income for the period, net of tax (5,832) (3,834)

Total comprehensive income for the period 39,481 342,365

Earnings per share (EPS)

Basic EPS 9(c) 7.82 cents 52.30 cents
Diluted EPS 9(c) 7.82 cents 52.30 cents
Basic EPS from continuing operations 9(c) 7.82 cents 5.63 cents
Diluted EPS from continuing operations 9(c) 7.82 cents 5.63 cents

Dividends per share

Current year interim dividend proposed 6 10.5 cents 10.5 cents
Prior year final dividend paid 6 6.0 cents 6.0 cents

06 Consolidated Media Holdings Limited 2011 HALF-YEAR Financial report And APPENDIX 4D
Statement of financial position
As at 31 December 2010

Consolidated
31 December 30 June
2010 2010
Note $’000 $’000

Current assets
Cash and cash equivalents 5 76,014 205,238
Trade and other receivables 1,808 2,607
Current income tax receivable 705 347
Prepayments 73 666

Total current assets 78,600 208,858

Non-current assets
Investments in associates accounted for using the equity method 13 307,910 273,929
Other financial assets 14 25,959 –
Plant and equipment 448 201
Deferred income tax asset 2,206 3,761

Total non-current assets 336,523 277,891

Total assets 415,123 486,749

Current liabilities
Trade and other payables 83,079 42,193
Interest bearing liabilities 7 26 25
Provisions 384 431

Total current liabilities 83,489 42,649

Non-current liabilities
Interest bearing liabilities 7 192 206
Provisions 85 60

Total non-current liabilities 277 266

Total liabilities 83,766 42,915

Net assets 331,357 443,834

Equity
Issued capital 9 55,082 55,082
Reserves (417,922) (295,337)
Retained earnings 694,197 684,089

Total equity 331,357 443,834

Consolidated Media Holdings Limited 2011 HALF-YEAR Financial report And APPENDIX 4D 07
Cash flow statement
For the half-year ended 31 December 2010

Consolidated
31 December 31 December
2010 2009
Note $’000 $’000

Cash flows from operating activities

Receipts from customers (inclusive of goods and services tax) 745 2,811
Payments to suppliers and employees (inclusive of goods and services tax) (3,797) (7,304)
Distributions and advances received from associates 50,000 35,000
Interest received 4,669 5,093
Financing costs including interest and cost of finance paid (7) (4)
Income tax paid (26) –

Net cash inflows from operating activities 51,584 35,596

Cash flows from investing activities

Purchase of property, plant and equipment (313) –
Purchase of investment in SEEKAsia 14 (17,564) –
Net proceeds from sale of Investment Property – 49,136
Net proceeds from sale of investments – 436,119

Net cash inflows/(outflows) from investing activities (17,877) 485,255

Cash flows related to financing activities

Share buy-back 9 (127,713) (210,936)
Dividends paid 6 (35,205) (40,265)
Payment of lease liabilities (13) (32)

Net cash outflows from financing activities (162,931) (251,233)

Net increase/(decrease) in cash and cash equivalents held (129,224) 269,618

Cash and cash equivalents at beginning of year 205,238 37,451

Cash and cash equivalents at end of financial period 5 76,014 307,069

08 Consolidated Media Holdings Limited 2011 HALF-YEAR Financial report And APPENDIX 4D
Statement of changes in equity
For the half-year ended 31 December 2010

Consolidated
Share Capital Associates’ Share Buy- Retained Total
Reserve Back Reserve Earnings
$’000 $’000 $’000 $’000 $’000

At 1 July 2010 55,082 (6,226) (289,111) 684,089 443,834

Profit for the period – – – 45,313 45,313
Other comprehensive income – (5,832) – – (5,832)
Total comprehensive income for the period – (5,832) – 45,313 39,481
Transactions with owners in their capacity as owners
Share buy-back – – (116,753) – (116,753)

Dividend paid – – – (35,205) (35,205)

At 31 December 2010 55,082 (12,058) (405,864) 694,197 331,357

At 1 July 2009 55,082 3,834 – 397,491 456,407

Profit for the period – – – 346,199 346,199
Other comprehensive income – (3,834) – – (3,834)
Total comprehensive income for the period – (3,834) – 346,199 342,365
Transactions with owners in their capacity as owners
Share buy-back – – (210,936) – (210,936)
Dividend paid – – – (40,265) (40,265)

At 31 December 2009 55,082 – (210,936) 703,425 547,571

Consolidated Media Holdings Limited 2011 HALF-YEAR Financial report And APPENDIX 4D 09
Notes to the financial statements
For the half-year ended 31 December 2010
1. CORPORATE INFORMATION (a) Basis of preparation
The financial report of the Company for the half-year ended
31 December 2010 was authorised for issue in accordance with
a resolution of the directors on 18 February 2011. The Company
is a company incorporated in Australia and limited by shares, which
are publicly traded on the Australian Stock Exchange (ASX: CMJ).
2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
The half-year financial report does not include all notes of the type
normally included within the annual financial report and therefore
cannot be expected to provide as full an understanding of the
financial performance, financial position and financing and investing
activities of the consolidated entity as the annual financial report.
The half-year financial report should be read in conjunction with
the annual financial report of the Company as at 30 June 2010.
It is also recommended the half-year financial report be considered
together with any public announcements made by the Company
and its controlled entities during the half-year ended 31 December
2010 in accordance with its continuous disclosure obligations
arising under the ASX listing rules. recently been issued or amended but are not yet effective have not
10 Consolidated Media Holdings Limited 2011 HALF-YEAR Financial report And APPENDIX 4D
The half-year financial report is a general-purpose financial report,
which has been prepared in accordance with the requirements
of the Corporations Act 2001 (Cth), AASB 134 “Interim Financial
Reporting”, applicable Accounting Standards and other mandatory
professional reporting requirements.
The half-year financial report has been prepared on an historical
cost basis, except for other financial assets that have been
measured at fair value and investments in associates accounted
for using the equity method.
The half-year financial report is presented in Australian dollars.
For the purpose of preparing the half-year financial report,
the half-year has been treated as a discrete reporting period.
(b) Changes in accounting policies
The accounting policies adopted in the preparation of the half-year
report are consistent with those applied and disclosed in the 2010
annual financial report.
The Australian Accounting Standards and Interpretations that have
been adopted by the Company for the half-year reporting period
ended 31 December 2010.
(c) Use of estimates
In conforming with generally accepted accounting principles,
the preparation of financial statements for the Company requires
management to make estimates and assumptions that affect the
reported amounts of assets, liabilities, revenues and expenses,
and the disclosure of contingent assets and liabilities in the financial
statements and accompanying notes. Although these estimates are
based on management’s knowledge of current events and actions
that may be undertaken in the future, actual results may ultimately
differ from estimates.
Notes to the financial statements
For the half-year ended 31 December 2010

3.
REVENUE AND EXPENSES

Profit before income tax expense from continuing operations includes the following revenues and expenses whose disclosure is relevant
in explaining the performance of the entity:

Consolidated

31 December 31 December
2010 2009
$’000 $’000

(i) Revenue
Revenue from services 607 680
Interest received 4,134 5,093

4,741 5,773

(ii) Expenses
Corporate and administration 2,992 3,124
Other 600 7,130

3,592 10,254

Depreciation of non–current assets

(included above)
Plant and equipment 50 208

50 208

Amortisation of non–current assets

(included above)
Plant and equipment under finance lease 16 20

16 20

Total depreciation and amortisation expense 66 228

(iii) Specific Items

Continuing operations
Property related write–offs and impairments (included in other expenses) – (6,400)

– (6,400)

Discontinued operations
Net profit on disposal of investment (a) – 305,079

– 305,079

– 298,679

(a) In the prior year the profit from discontinued operations after tax also included an equity accounted profit from SEEK Limited of
$2,494,000, a loss on the disposal of the Investment Property of $149,000 and a profit after tax from operating the Investment
Property of $1,501,000.

(iv) Other income and expense disclosures

Finance costs expensed:
Finance leases 7 4

7 4

Consolidated Media Holdings Limited 2011 HALF-YEAR Financial report And APPENDIX 4D 11
Notes to the financial statements
For the half-year ended 31 December 2010

4. Operating Segments

One operating segment, being investment in pay television, was identified by the Group based on the internal reporting used
by the Executive Chairman and the Board in assessing performance and in determining the allocation of resources.
Information about the performance of the segment is generally reported to the Executive Chairman weekly in the following form.

Consolidated

31 December 31 December
2010 2009
$’000 $’000

Revenue 607 680

Expenses (3,526) (3,630)
EBITDA (2,919) (2,950)

Depreciation (66) (228)

EBIT (2,985) (3,178)

Equity Results
FOXTEL 19,191 16,961
Premier Media Group 26,203 24,798
Total Equity Results 45,394 41,759

Net Interest 4,127 5,093

Profit before tax 46,536 43,674

Tax Expense (1,223) –

Operating NPAT 45,313 43,674

SEEK – 307,573
Property (including related impairment) – (5,048)

Statutory NPAT 45,313 346,199

12 Consolidated Media Holdings Limited 2011 HALF-YEAR Financial report And APPENDIX 4D
Notes to the financial statements
For the half-year ended 31 December 2010

5. CASH AND CASH EQUIVALENTS

Consolidated

31 December 31 December
2010 2009
$’000 $’000

For the purpose of the cash flow statement, cash and cash equivalents are comprised of the following:
Cash on hand and at bank 76,014 307,069

6. DIVIDENDS PAID AND PROPOSED

Consolidated

31 December 31 December
2010 2009
$’000 $’000

Equity dividends on ordinary shares:

(a) Dividends paid during the half-year 35,205 40,265
Final unfranked dividend for the financial year 30 June 2010: 6 cents per share paid
on 15 October 2010 (2009: 6 cents per share unfranked)

(b) Dividends proposed and not recognised as a liability 58,993 65,174

Interim unfranked dividend for the half-year 31 December 2010: 10.5 cents per share expected
to be paid on 15 April 2011 (2009: 10.5 cents per share fully franked based on tax paid at 30%)

No shareholder dividend plans are in operation, and there is no foreign sourced income component (CFI) to the above dividends.

7. INTEREST BEARING LIABILITIES

Consolidated

31 December 30 June
2010 2010
$’000 $’000

Current
Lease liabilities 26 25

26 25

Non-current
Lease liabilities 192 206

192 206

Total interest bearing liabilities 218 231

Consolidated Media Holdings Limited 2011 HALF-YEAR Financial report And APPENDIX 4D 13
Notes to the financial statements
For the half-year ended 31 December 2010

8. EVENTS AFTER THE BALANCE SHEET DATE

There are no matters that have arisen since balance date that have significantly affected or may significantly affect the consolidated entity’s
operation in future years, results of operations in the future or state of affairs in the future.

9. CONTRIBUTED EQUITY AND RESERVES

Consolidated

31 December 30 June
2010 2010
$’000 $’000

ISSUED SHARE CAPITAL

Ordinary shares fully paid 55,082 55,082

MOVEMENTS IN ISSUED SHARE CAPITAL No of shares $’000

At 30 June 2010 612,009,233 55,082

Share buy-back pre 30 June 2010 cancelled post 30 June 2010 (15,250,762) –
Share buy-back (a) (34,923,475) –

At 31 December 2010 561,834,996 55,082

(a) On-market purchases of shares under the Company’s announced share buy-back ($116,753,000) were recorded in the Share
Buy-Back Reserve.

(b) Ordinary shares entitle the holder to participate in dividends and the proceeds on winding-up of the Company in proportion
to the number of shares held.

Consolidated

31 December 31 December
2010 2009
$’000 $’000

(c) Weighted average number of ordinary shares used in the denominator in calculating basic 579,104,367 661,973,108
and diluted earnings per share:

10. NET TANGIBLE ASSETS BACKING

Consolidated

31 December 30 June
2010 2010
$’000 $’000

Net tangible asset backing per ordinary security $0.59 $0.73

14 Consolidated Media Holdings Limited 2011 HALF-YEAR Financial report And APPENDIX 4D
Notes to the financial statements
For the half-year ended 31 December 2010

11. IMPAIRMENT OF PLANT AND EQUIPMENT

There has been no impairment of plant and equipment during the period ended 31 December 2010.
During the period ended 31 December 2009, an impairment charge of $6,331,000 was recognised in relation to certain plant and
equipment and leasehold improvements that were retained subsequent to the property sale. These assets were no longer expected
to generate a positive return, and as such were written down to $nil.

12.
CONTINGENT LIABILITIES

In certain circumstances, the Company has committed to inject additional funding of up to HK$149.8 million (c. A$18.8 million)
for further securities in SEEKAsia Limited (SEEKAsia). Any additional funding will be in proportion with the Company’s equity share
in SEEKAsia (12.1%), will occur after 30 June 2011 and will be for the purpose of SEEKAsia acquiring additional equity in Jobs DB Inc.

There are no other contingent assets and liabilities at 31 December 2010.

13. EQUITY ACCOUNTED ASSOCIATES AND JOINT VENTURE ENTITIES

Ownership interest Contribution to net profit Carrying value

31 Dec 30 Jun 31 Dec 31 Dec 31 Dec 31 Dec 30 Jun
2010 2010 2009 2010 2009 2010 2010
Name of entity % % % $’000 $’000 $’000 $’000

Continuing operations
Sky Cable Pty Limited (FOXTEL) 50.0 50.0 50.0 19,191 16,961 117,745 104,386
Premier Media Group Pty Limited 50.0 50.0 50.0 26,203 24,798 190,165 169,543

45,394 41,759

Discontinued operations
SEEK Limited – – – – 2,494 – –

– 2,494

45,394 44,253 307,910 273,929

Consolidated Media Holdings Limited 2011 HALF-YEAR Financial report And APPENDIX 4D 15
Notes to the financial statements
For the half-year ended 31 December 2010

14. OTHER FINANCIAL ASSETS

Consolidated
31 December 30 June
2010 2010
Note $’000 $’000

Non-current
Investment at fair value through profit or loss (a) – –
Available-for-sale investment (b) 25,959 –
25,959 –

(a) Investment at fair value through profit or loss

The Company’s 0.07 per cent investment in Nine Entertainment Co Holdings Pty Limited and the Nine Entertainment Co Group
(formerly PBL Media) is designated as an investment at fair value through profit or loss. At 31 December 2010 the fair value was
considered to be $nil (30 June 2010: $nil).

(b) Available-for-sale investment

In December 2010, the Company committed to invest $25.959 million in SEEKAsia (representing a 12.1 per cent interest).
SEEKAsia then agreed to purchase a 60 per cent stake in Jobs DB Inc. The Company’s investment in SEEKAsia was treated
as an Available-for-sale investment.
Of the $25.959 million, $17.564 million was paid in December 2010, with the remaining $8.395 million paid subsequent
to 31 December 2010 and included in payables at 31 December 2010.
At 31 December 2010 the investment was valued at the recent transaction price of $25.959 million.

16 Consolidated Media Holdings Limited 2011 HALF-YEAR Financial report And APPENDIX 4D
Directors’ Declaration
For the half-year ended 31 December 2010

In the opinion of the directors:

(a) the financial statements and notes of the consolidated entity are in accordance with the Corporations Act 2001 (Cth), and:
(i) give a true and fair view of the consolidated entity’s financial position as at 31 December 2010 and performance for the half-year
ended 31 December 2010;
and

(ii) comply with Accounting Standard AASB 134 “Interim Financial Reporting” and the Corporations Regulations 2001; and
(b) there are reasonable grounds to believe that the Company will be able to pay its debts as and when they become due and payable.

On behalf of the Board:

J.H. Alexander G.J. Dixon

Executive Chairman Non-Executive Director
Sydney, 18th day of February 2011

Consolidated Media Holdings Limited 2011 HALF-YEAR Financial report And APPENDIX 4D 17
 To the members of Consolidated Media Holdings Limited

Report on the Half-Year Financial Report

We have reviewed the accompanying half-year financial report of Consolidated Media Holdings Limited,
which comprises the statement of financial position as at 31 December 2010, the statement of
comprehensive income, statement of changes in equity and statement of cash flows for the half-year
ended on that date, notes comprising a summary of significant accounting and other explanatory
information, and the directors’ declaration of the consolidated entity comprising the company and the
entities it controlled at the half-year end or from time to time during the half-year.

Directors’ Responsibility for the Half Year Financial Report

The directors of the company are responsible for the preparation of the half-year financial report that
gives a true and fair view in accordance with Australian Accounting Standards and the Corporations Act
2001 and for such internal controls as the directors determine are necessary to enable the preparation of
the period e.g. half-year financial report that is free from material misstatement, whether due to fraud or
error.

Auditor’s Responsibility
Our responsibility is to express a conclusion on the half-year financial report based on our review. We
conducted our review in accordance with Auditing Standard on Review Engagements ASRE 2410 Review
of Interim and Other Financial Reports Performed by the Independent Auditor of the Entity, in order to
state whether, on the basis of the procedures described, we have become aware of any matter that makes
us believe that the financial report is not in accordance with the Corporations Act 2001 including giving a
true and fair view of the consolidated entity’s financial position as at 31 December 2010 and its
performance for the half-year ended on that date; and complying with Accounting Standard AASB 134
Interim Financial Reporting and the Corporations Regulations 2001. As the auditor of Consolidated Media
Holdings Limited and the entities it controlled during the half-year, ASRE 2410 requires that we comply
with the ethical requirements relevant to the audit of the annual financial report.

A review of a half-year financial report consists of making enquiries, primarily of persons responsible for
financial and accounting matters, and applying analytical and other review procedures. A review is
substantially less in scope than an audit conducted in accordance with Australian Auditing Standards and
consequently does not enable us to obtain assurance that we would become aware of all significant
matters that might be identified in an audit. Accordingly, we do not express an audit opinion.

Independence
In conducting our review, we have complied with the independence requirements of the Corporations Act
2001. We have given to the directors of the company a written Auditor’s Independence Declaration, a
copy of which is included by reference in the Directors’ Report.

16

18 Consolidated Media Holdings Limited 2011 HALF-YEAR Financial report And APPENDIX 4D
Conclusion
Based on our review, which is not an audit, we have not become aware of any matter that makes us
believe that the half-year financial report of Consolidated Media Holdings Limited is not in accordance with
the Corporations Act 2001, including:

a) giving a true and fair view of the consolidated entity’s financial position as at 31 December 2010 and
of its performance for the half-year ended on that date; and

b) complying with Accounting Standard AASB 134 Interim Financial Reporting and the Corporations
Regulations 2001.

Ernst & Young

Douglas Bain
Partner
Sydney
18 February 2011

17

Consolidated Media Holdings Limited 2011 HALF-YEAR Financial report And APPENDIX 4D 19
20 Consolidated Media Holdings Limited Annual Report 2010