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Company finance http://annualreports.com/HostedData/AnnualReportArchive/j/LSE_JPR_2013.pdf

pp. 4-5 Chairman’s Statement (annual report)

2013 was the year that we started to see signs of an improving economic climate and positive results from our strategy. Strategy 2013 was another year of considerable change and innovation at Johnston Press, during which we made progress towards achieving our strategic aims and our longer-term vision to build a truly multimedia business. For our business, it remains essential that we increase our profitability. We must embrace the changes and innovations we are undertaking to increase our audience size and the revenue we generate as a result. Our digital business is key to this strategy, both in terms of new services and reaching new audiences in different demographics than our print business. However, our established print business has an essential role to play as we look to stabilise our print circulation and advertising revenues. We have incurred significant restructuring costs in the year as we implement changes to ensure our cost base is appropriate for our multimedia future. In parallel with our operating strategy, we are making good progress towards refinancing our debt. A successful refinancing would bring a level of financial stability that would allow us to invest more in delivering our short, medium and longer-term strategic objectives and would fast-track Johnston Press into an organisation that is fit for a truly multimedia future. 1

Results Our results for 2013 were affected by the difficult trading environment in the first half of the year. Nevertheless, there were strong results in some of our key advertising categories. Total statutory revenues were affected by the termination of the News International contract and conversion of titles from daily to weekly and closure of certain titles. Total underlying revenues ended the year down 5.5% from £308.8 million to £291.9 million, with underlying print advertising down 9.5% from £173.5 million to £157.1 million. The combined underlying print and digital advertising revenue was down 6.4% at £181.7 million. However, the rate of decline in our advertising revenues is narrowing and in the final quarter of 2013 the decline had narrowed to 5.3%. Underlying newspaper sales revenue, supported by cover price increases, was down 2.1% from £89.6 million to £87.7 million. Digital revenues again grew strongly in the year by 19.4% from £20.6 million to £24.6 million, with the second half of the year experiencing year-on-year digital revenue growth of 25.3%. The key digital categories of employment, property, motors and local display all

showed strong year-on-year growth. Despite this, our digital performance was not sufficient in preventing a decline in our total advertising revenue.

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COMPANY FINANCE 1 To achieve a goal/aim Advertising revenues audience business print circulation=the total number of copies that they actually print Cost base Cover price debt Demographic (AL SINGOLARE) digital business To fast-track INTO To implement a change In parallel with print advertising print business profitability quarter revenue statutory Trading environment underlying To undertake year-on-year growth To incur

The Group’s cost management was extremely impressive once again. Adjusted operating costs were reduced by £33.8 million from £271.7 million to £237.9 million which represents a year-on-year decline of 12.4%. The resulting underlying operating profit was up 2.5% from £53.0 million to £54.3 million with underlying operating profit margins up from 17.2% to 18.6% year-onyear. Earnings per share were 2.65p, compared to 3.42p in 2012. Underlying net profit after tax was £16.7 million (2012: £17.4 million). 3

raggiungere un obiettivo raccolta pubblicitaria utenza azienda, impresa, settore, attività tiratura tetto di spesa prezzo di copertina debito contesto demografico settore / attività digitale trasformare rapidamente attuare cambiamento parallelamente a pubblicità su carta settore della carta stampata redditività trimestre reddito, proventi, entrate, raccolta statutario contesto di mercato sottostante, tendenziale, fondamentale intraprendere crescita comparativa su base annuale sostenere

Cash flow performance was again strong, with net debt at the end of the year of £302.0 million, a reduction of £17.3 million from the start of 2013. Total net exceptional items before tax were £300.5 million (2012: £16.6 million). These included £10.0 million revenue from the termination of a long-term printing contract with News International, a £68.4 million write-down in the value of print press assets and property assets brought about as a result of structural rationalisations and closure of specific operations. This resulted in a statutory operating loss of £245.7 million.

Dividend We continue to use excess cash to reduce the Group’s debt and, as required under our financing arrangements, no dividend is proposed for the year. Board Geoff Iddison, who served as a NonExecutive Director from January 2010, stepped down from his role in June 2013. I would like to thank Geoff for his commitment and contribution to the Group over the past three-and-a-half years. He made a considerable contribution to the development of our digital strategy over this period and we wish him all the best for the future. Stephen van Rooyen joined the Board as a Non-Executive Director of the Company with effect from 1 June 2013. Stephen has held a number of senior roles at Sky since joining in 2006, and is currently Managing Director, Sales and Marketing. There was also significant change amongst our Executive Directors this year. As we announced at the end of 2012, Danny Cammiade stepped down as Chief Operating Officer at the end of March 2013. During May 2013, we announced that Grant Murray had stepped down as Chief Financial Officer and was succeeded by David King at the beginning of June 2013. David is a former Chief Executive Officer of Time Out Group. Outlook The last several years have been impacted by the longest, and at times the deepest, recession in memory. However, the economic outlook in the markets in which we operate is more positive. This, coupled with the changes and innovations that we have made at Johnston Press, give the Board 4

greater confidence in our future than any time in recent years.

Ian Russell Chairman

COMPANY FINANCE 2 Net (netto), after tax (al netto), before tax (al lordo) Gross income Net income Asset (“esset”) Administrative board Cash flow CEO (Chief Executive Officer) CFO (Chief Financial Officer) COO (Chief Operating Officer) committment Cost management dividend Earnings per share SHARE STOCK Extraordinary cost/income Executive director significant change ceo debt/net debt Net profit Non-Executive officer operating cost Operating profit, operating income outlook Income/profit margin Property, real estate, asset (“esset”) Senior roles step down (contesto aziendale), to resign (normalmente) take over from, to be succeeded by somebody (normalmente è usato nella forma passive) with effect from Write-down

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al netto / lordo delle tasse Reddito lordo Reddito netto bene, cespite, elemento patrimoniale consiglio di amministrazione flusso di cassa, autofinanziamento direttore generale direttore finanziario direttore operativo impegno gestione dei costi dividendo utile per azione azione More general oneri/proventi straordinari amministratore influire significativamente amministratore delegato debito / indebitamento netto utile netto membro del consiglio non-esecutivo costo di esercizio utile di gestione / d’esercizio prospettive utile / margine di profitto bene immobiliare incarico di rilievo / di responsabilità dimettersi (da un incarico di rilievo) subentrare a / prendere il posto a far data da / con effetto dal svalutazione / deprezzamento...