Fairfax Media Limited has today announced the details of the creation of a Domain Group segment and significant items relating to non-cash impairments of publishing assets.
The adjustments to segment reporting and impairment charges outlined will be reflected in Fairfax’s full-year 2016 results to be reported on 10 August 2016.
Domain Group’s operating results will be shown as a separate reporting segment. Its results were previously included in the Australian Metro Media segment with additional disclosure provided.
The remaining Australian Metro Media segment comprises metropolitan and national newspapers and websites, Digital Ventures and Events.
Fairfax Media chief executive officer Greg Hywood said: “Domain has established itself as a genuine force and aggressive competitor in real estate media and services. Domain makes a significant earnings contribution and remains an integral and growing part of Fairfax. We have no plans for that to change.
“We continue to invest in Domain to make it stronger and extend its business model beyond listings to capture the immense opportunity in the broader real estate ecosystem.
“The new segment presentation for Metro provides a clearer picture of the operational performance of the business as it transitions to a new sustainable publishing model over time.”