Clear Media Announces Interim Results For the Six Months Ended 30 June 2013

HONG KONG, Aug. 1, 2013 /PRNewswire/ --

• Bus shelter advertising revenue increased by 9% to HK$778 million
• EBITDA increased by 8% to HK$294 million
• EBIT increased by 12% to HK$135 million
• Net profit increased by 3% to HK$87 million
• Basic earnings per share increased by 3% to HK16.41 cents
• The Directors proposed a special dividend of HK$1.32 per share.

Clear Media Limited ("Clear Media" or the "Company", together with its subsidiaries, the "Group"; SEHK Stock Code: 100), the leading outdoor advertising company in China listed on The Stock Exchange of Hong Kong, is pleased to announce its interim results for the six months ended 30 June 2013.

The Group's total turnover increased by 9% to HK$778 million for the first half of 2013. The Group's earnings before interest, tax, depreciation and amortisation ("EBITDA") for the six-month period increased by 8% to HK$294 million (1H2012: HK$272 million). Net profit for the period increased by 3% to HK$87 million (1H2012: HK$84 million) and earnings before interest and tax increased by 12% to HK$135 million (1H2012: HK$120 million). Basic earnings per share for the six months ended 30 June 2013 were HK16.41 cents, up 3% from the same period last year. The board of directors of the Company has proposed payment of a special dividend of HK$1.32 per share.

As at 30 June 2013, Clear Media operated the most extensive standardized bus shelter advertising network in Mainland China, with a total of 37,000 panels (1H2012: 36,000 panels) covering 28 cities. Revenue from the bus shelter advertising business increased by 9% to HK$778 million (1H2012: HK$715 million). The adjustment to the Group's 2013 advertising rate card was relatively modest when compared with that of the same time last year. The average selling price ("ASP") increased by 2% (1H2012: 9%) in the first half of 2013. The overall occupancy rate recovered to 59% (1H2012: 57%) .

For the six months ended 30 June 2013, revenue from the Group's bus shelter advertising operations in the key cities of Beijing, Guangzhou and Shanghai increased by 5% to HK$420 million (1H2012: HK$401 million). Among these three cities, the revenue performance was led by the operation in Guangzhou, followed by Shanghai and Beijing.

Revenue from Guangzhou increased by 20% for the first half of 2013 to HK$134 million (1H2012: HK$112 million), mainly due to a 6% increase in ASP, a 4% increase in average panel numbers and the higher occupancy rate at 51% (1H2012: 47%).

Revenue from Shanghai increased 3% to HK$93 million. The average number of bus shelter panels rose by 6% and the occupancy rate was higher at 51% (1H2012: 50%). However, the ASP declined by 5%.

Revenue from Beijing declined by 2% for the first half of 2013 to HK$193 million (1H2012: HK$198 million), mainly due to the 2% decline in ASP. There was no change in the average number of bus shelter panels and the occupancy rate was maintained at 64%.

Revenue from all mid-tier cities, where the Group has operations in, increased by 15% to HK$365 million (1H2012: HK$317 million) for the six months ended 30 June 2013. ASP increased by 5% and the occupancy rate increased to 62% (1H2012: 59%). The average number of bus shelter panels increased by 6%.

Among these mid-tier cities, Hangzhou, Nanjing, Xi'an, Wuhan, Changsha, Fuzhou, Nanchang, Haikou and Foshan performed well with more than 20% increase in revenue.

Mr. Mark Thewlis, the Executive Chairman said, "We expect the lower growth environment to continue, in line with the slower overall economy. We further envisage the current trading conditions featuring late sale to continue for the remainder of 2013. However, we consider that the Chinese government's plans to rebalance the country's economy towards consumption based growth give us good reasons to be optimistic for the future development of the advertising industry and our company."

"Looking forward, the Group will continue to develop and expand our bus shelter advertising network in ways that take into account the general economic environment, strategic opportunities. These should be able to help generate appropriate returns for our shareholders. We will continue to explore opportunities for mergers and acquisitions that are accretive and strategic to our business plans. We will also invest in new technologies to ensure we have the best products for our clients."

Financial Highlights

About Clear Media Limited

Clear Media is the leading outdoor media company in China listed on the main board of The Stock Exchange of Hong Kong, and derives 100% of its revenue from the China. One of the Company's unique strengths is its parentage -- Clear Channel (NYSE: CCO), one of the world's largest outdoor media company, which brings in global best practices in the industry to the Group. Clear Media has created a standardized bus shelter network that covers nearly 30 key cities and reaches the most affluent consumers in China. The Group enjoys leading market shares in key cities and serves leading international and local advertisers.

For more information on Clear Media please visit: www.clear-media.net.

SOURCE Clear Media Limited