Q2 Conf Call presentation April 25th Web Version

CanWest Global Communications Corp: 

CanWest Global Communications Corp Q2 Financial Results Conference Call April 25, 2002

Slide2: 

Certain statements in this presentation may constitute forward looking statements. Such statements involve risks, uncertainties and other factors which may cause actual results, performance or achievements to be materially different from those expressed or implied. TRADING SYMBOL: NYSE: CWG TSE: CGS.S, CGS.A Safe Harbor

Q2 highlights and Q3 trends indicate improving performance in difficult markets: 

Q2 highlights and Q3 trends indicate improving performance in difficult markets Challenging market conditions improved late in quarter Operating results compare well to industry performance Overall revenues unchanged over last year’s pro forma Segmented EBITDA* up 5% over Q2 2001 pro forma results Q3 operating performance confirms positive trends Solid ratings growth at Global and TEN are helping Q3 and will help Q4 results Suspension of TEN dividend will have no impact until F2003 * Before corporate and development costs and non-recurring items

Slide4: 

($ millions, except per-share amounts) Q2 2002 Q2 2001 Q2 2001 Actual Pro forma* Actual Combined Revenue 592 591 571 Segmented EBITDA** 115 110 135 Cash flow from operations 63 49 Adjusted net EPS ($0.12) $0.18 Cash flow per share $0.35 $0.28 Resilience to weakened economy evident in year-over-year Q2 results * Pro forma information assumes the acquisitions of RadioWorks, Southam, 100% of the National Post, and the divestiture of CKVU and the reorganization of TV3 Ireland, all occurred on September 1, 2000 ** Before Corporate and development costs and non- recurring items

Slide5: 

Q2 2002 Q2 2001 ( Pro forma* ) Rev. EBITDA Rev. EBITDA Southam 297 64 323 48 Canadian TV 156 32 151 49 Fireworks Entertainment 41 2 25 1 Network TEN TV- (Australia) 54 17 50 17 Out-of-home (Australia) 9 0 6 1 New Zealand Television 13 (3) 12 (3) New Zealand Radio 15 4 15 4 TV3 Ireland 6 1 4 0 Canadian Online Operations 2 (2) 2 (7) Q2 combined segmented results ($ millions) * Pro forma segment information assumes the acquisitions of RadioWorks, Southam and 100% of the National Post and the divestiture of CKVU and the reorganization of TV3 Ireland, all occurred on September 1, 2000

Slide6: 

($ millions, except per-share amounts) YTD YTD YTD 2002 2001 2001 Actual Pro forma* Actual Revenue 1,319 1,285 976 Segmented EBITDA** 320 313 269 Cash flow from operations 163 117 Adjusted net EPS $ 0.49 $ 0.53 Cash flow per share $ 0.92 $ 0.70 Six months results confirm resistance to effects of economic slowdown * Pro forma information assumes the acquisitions of RadioWorks, Southam, 100% of the National Post, and the divestiture of CKVU and the reorganization of TV3 Ireland, all occurred on September 1, 2000 ** Before Corporate and development costs and non- recurring items

Slide7: 

YTD F2002 YTD F2001 (Pro forma*) Rev. EBITDA Rev. EBITDA Canadian Publications 640 154 693 150 Canadian TV 356 108 336 122 Fireworks Entertainment 99 6 59 3 Network TEN TV (Australia) 129 45 119 42 Out-of-home (Australia) 19 1 6 1 New Zealand Television TV3/4 31 (2) 29 (3) New Zealand Radio 30 8 29 8 TV3 Ireland 15 5 10 1 Canadian Online Operations 4 (4 ) 5 (12) Six months segmented results stable or improved ($ millions) * Pro forma segment information assumes the acquisitions of RadioWorks, Southam and 100% of the National Post and divestiture of CKVU and the reorganization of TV3 Ireland, all occurred on September 1, 2000

Solid ratings at Global will improve results as market recovers : 

Solid ratings at Global will improve results as market recovers YTD Television revenues up 6% on same station basis Q2 revenue up 2% despite impact of Winter Olympics March revenues up 7 %, EBITDA up 3% over last year Accelerated improvement continuing with April revenue pacing 12% over last year 6 of top 10 shows in Toronto, 8 of top 10 in Vancouver. Led Vancouver market for 13 out of 13 weeks in Fall Season. Led Toronto 8 out of 15 weeks

Higher circulation revenues, lower costs offset advertising decline at Southam in Q2: 

Higher circulation revenues, lower costs offset advertising decline at Southam in Q2 Ad revenue down 8% due to weak market (travel, financial services and recruiting) offset by 6% growth in circulation revenue Lower operating costs, year-over-year reduction of 400 FTEs and significantly lower newsprint prices mitigated revenue decline Significant EBITDA improvement on a pro forma basis (33%) reflects improvement at National Post Southam, excluding the National Post, posted slight year-over-year EBITDA increase. Improving ad market and further cut in newsprint price effective April 1 will help Q3 and Q4 EBITDA

Year-over-year improvements at international and entertainment units : 

Year-over-year improvements at international and entertainment units TEN leads ratings among 16-39 demographic TEN recently took 2nd place in “Total Market” demo TEN’s YTD EBITDA up 7% EBITDA for New Zealand TV and Radio slightly ahead TV3 Ireland EBITDA up over 200% Fireworks EBIDTA up over 60%

CanWest leads in convergence ad sales: 

CanWest leads in convergence ad sales Multi-media sales $18.4 million Sept 1/01to March 31/02 compared to $3.1 last year New multimedia campaigns Believe BC – Promotes BC business and social organizations Health Canada – Organ and Tissue Donor campaign, and Fidelity Investment - Getting Good Advice campaign AuctionMart added $8 million in revenues, $5 million EBITDA $30 million to date in cross promotion value

CanWest Global consolidated debt: 

CanWest Global consolidated debt Feb 28 Nov 30 2002 2001 Senior debt 2,138 2,180 Subordinated debt 705 705 Hollinger 894 868 Other 78 92 Total debt 3,815 3,845 Total debt/cash flow 5.35 5.18 Senior debt/cash flow 4.03 3.95

Suspension of TEN’s dividend will have no impact until F2003: 

Suspension of TEN’s dividend will have no impact until F2003 Dividend suspension triggered by write down of TEN’s investment in Eye Corp Does not affect TEN’s cash or EBITDA CanWest’s F2002 distribution from TEN received in December 2001 and included in F2002 cash flow Expect interim distribution of approx $30 million in Q2 F2003 Improved operating results should help offset shortfall

Debt reduction remains highest priority: 

Debt reduction remains highest priority Engaged investment advisors in Canada and New Zealand to define options Options include divestiture of non-strategic assets Community papers identified as non-strategic Looking at additional financing options

Other priorities focus on bottom-line performance, revenue diversification: 

Other priorities focus on bottom-line performance, revenue diversification Operating improvements to maintain financial performance Press ahead on multi-media sales and other convergence projects Develop new revenue streams Subscriptions to digital TV and online services Expanded merchandise sales Third party services at Customer Contact Centre Data/research services Corporate services projects in Winnipeg to capture cost savings in F2003 are on track and on budget

Operating outlook: improved bottom line performance: 

Operating outlook: improved bottom line performance Market recovery bringing improved Q3 operating results Revenues at Global pacing 11% ahead of last year in Q3 Q3 EBITDA pacing higher at Southam due mainly to lower costs International operations show significant year-over year revenue improvement: TEN revenues in March up over 20% ahead of F2001 result with April revenues pacing double digit gains TV3 Ireland revenues up 32% in March TV3/4 New Zealand, revenues for March up 21% from last year