Singapore Press Holdings1HFY2010 Financial Results

13 April 2010

2

1H FY2010S$’ 000

1H FY2009S$’ 000

Change

Operating Revenue 672,670 627,411 7.2%

Operating Profit # 286,830 221,670 29.4%

Investment Income 13,657 (33,781) NM

Net Profit attributable to shareholders

258,034 160,055 61.2%

# Recurring earnings of the media and property business, including profits from Sky@eleven development

NM: Not meaningful

Improvement in operating revenue driven by growth in print ad revenue and strong contribution from Property

Group 1HFY10 financial highlights

3

Operating Revenue Composition

(S$672.7m)

9.4%51.7%

15.2%

5.6%18.1%

Advertisements - PrintCirculation Rental & ServicesProperty DevelopmentOthers

Recovery in core business and sturdy Property performance

� Operating revenue of the Newspaper and Magazine segment improved by S$11.9m (2.6%) to S$465.9m in tandem with the economic recovery

� Higher percentage of completion for Sky@elevencontributed to the S$31.4m (20.5%) increase in Property revenue

4

Print Advertisement Revenue

Composition (S$347.8m)

8.2%

59.8%

32.0%

Display

Classif ied *

Magazines & Others

Improvements in display and recruitment ads

� Print advertisement revenue was S$13.7m (4.1%) higher y-o-y

� Improvements were seen across majority of the display ad sectors

� Despite a strong rebound in recruitment ads, Classified ads declined marginally mainly due to weakness in the vehicles sector

* Classified includes Recruitment and Notices

5 * Classified includes Recruitment and Notices

Ne wspape r Ad Re v e nue Y -O-Y Growth (%)

10.0%

20.2%

2.0%

-15.7%-13.2%

-17.8%

-0.5%

6.4%

-23.7%

-30.1%

-21.5%

-6.0%

6.0%

-1.0%

-23.0%

15.0%

-18.0% -17.5%

-35.0%

-30.0%

-25.0%

-20.0%

-15.0%

-10.0%

-5.0%

0.0%

5.0%

10.0%

15.0%

20.0%

25.0%

3QFY09 4QFY09 FY09 1QFY10 2QFY10 H YFY10

Display Class if ied* Total

Positive trend in 2Q newspaper ad revenue

6

Daily Average Circulation Copies

0

50

100

150

200

250

300

350

400

THE STRA ITS

TIM ES

THE SUNDA Y

TIM ES

THE B USINESS

TIM ES

THE NEW

PA PER/THE NEW

PA PER SUNDA Y

LIA NHE ZA O

B A O

LIA NHE W A N

B A O

SHIN M IN DA ILY

NEW S

B ERITA

HA RIA N/ B ERITA

M INGGU

TA M IL M URA SU

Th

ou

san

ds

1H FY2010 1H FY2009

Group circulation revenue decreased by 2% in line with lower circulation copies sold

7

Total costs declined by 4.8% largely due to lower newsprint costs

Cost Composition (S$391.0m)

6.1%

10.9%

12.3%

12.6%

8.8%

8.7%

40.6%

Staff Cost Newsprint Property Development Cost

Depreciation Other Production Cost Other Overheads

Others

8

Average Newsprint Charge-Out Price &

Monthly Consumption

779

531 521

612

9,298

9,8299,6839,644

400

450

500

550

600

650

700

750

800

850

3QFY09 4QFY09 1QFY10 2QFY10

8,000

9,000

10,000

11,000

12,000

13,000

LHS - Prices (US$)

RHS - Ave Mthly Consumption (MT)

Newsprint charge-out rates expected to increase at a moderate level

9

-1.5%4,016 3,955Headcount as at end Feb 10

-1.3%3,998 3,946 Average Headcount

8.4%146,328 158,585Total Staff Cost (S$'000)

Change1HFY091HFY10Staff Cost

Staff costs increased by 8.4% due to higher variable bonus provision in line with improved newspaper profits

10

# Profit before Investment Income

* Restated for retrospective accounting adjustments (FRS 40)

Recurring Earnings# and Operating Margin

0

50

100

150

200

250

300

350

1H FY06* 1H FY07* 1H FY08 1H FY09 1H FY10

22.0%

24.0%

26.0%

28.0%

30.0%

32.0%

34.0%

36.0%

38.0%

40.0%

42.0%

44.0%

Profit before investment income (S$'m) Operating Margin Operating Margin excluding Sky@eleven

Recovery of operating margin as a result of rebound in ad revenue and lower newsprint costs

11

Group Investible Fund (S$0.8b)

12.5%

30.2%

19.6%

37.7%

Equities

Bonds

Investment Funds

Cash and deposits

Group investible fund

� Net investment income of

S$13.7m, a turnaround of

S$47.4m compared to

1HFY09

� The Group will maintain a conservative stance for this financial year

(As at Feb 28, 2010)

12

� SPH set up a bond programme to raise up to S$1 billion

� The funds will be used to finance its general working capital, capital expenditure, corporate requirements (including acquisitions and investments) and/or refinancing its existing borrowings

� The first issue of S$600m (after the upsize option) will bear a fixed interest rate of 2.81% and mature in 2015

S$1b multicurrency medium term note programme

13

Sky@eleven

� Total project revenue in excess of S$650m, with S$573m recognised to-

date

� TOP will be obtained in the coming months

Paragon

� Continues to be at 100% occupancy, providing a steady recurrent income

stream.

Clementi Mall

� Expected handover from HDB in Aug 2010 and mall operations to begin in

the first half of 2011

Property

14

� In line with our dividend track record, the Board has declared an interim dividend of 7 cents per share

Interim dividend

15

NewspapersNewspapers

MagazinesMagazines

Book publishingBook publishing

Digital screensDigital screens

Static billboardsStatic billboards

Mobile marketing Mobile marketing

[SMS / LBA][SMS / LBA]

Mobile searchMobile search

RadioRadio

[English & Chinese][English & Chinese]

Events / Exhibitions Events / Exhibitions

/ Tradeshows/ Tradeshows

Ambient advertisingAmbient advertising

Installations Installations

Online display Online display

Online search Online search

Online classifiedsOnline classifieds

Database marketing Database marketing -- eDMeDM

SPH is on multiple platforms

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Maximising publicity for our valued partners

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17

� An Orchard Road annual key campaign aimed at presenting Fashion for Everyone

� A six-week campaign (2 April to 9 May 2010) comprising fashion shopping and lifestyle experiences - from fashion styling workshops to fashion shows, from fashion photography exhibitions to contests/shopping privileges

� SPH has the proven ability to engage Singaporeans and visitors en-masse

� Orchard Road Business Association (ORBA) has appointed SPH as the campaign manager and official media partner

Fashion Season @ Orchard

Thank you

Please visit www.sph.com.sg

for more information.