2012 Key Financials

• Operating profit before non-recurring and IAS 21/39 items of £57.0m, down 4.7% after adjusting for News International changes
• Net debt reduced to £319.4m down £32.3m in 2012 despite refinancing costs of £11.8m and redundancy costs of £21.6m
• Operating margin increase to 17.4% (2011: 17.3%)
• Cost savings year-on-year of £37.6m
• Total revenue* of £328.7m (down 12.1% on 2011)
• Total advertising revenue down 12.7% but digital advertising grew 12.0%
• Newspaper sales revenue relatively stable at 1.1% down (excluding D2W)

* Before non-recurring and IAS21/39 items