Significant milestones were achieved during the year that contributed  to our objective of simplifying our business and reducing the costs of  our business. Projects successfully executed included: • Publication of weekday editions of The Age and The Sydney Morning  Herald in a compact format from March 2013. The convenience of the  new format has been welcomed by many of our readers and positions  us for the planned closure of the Chullora and Tullamarine printing plants,  scheduled for June 2014. We continue to expect annual cost savings of  $44 million from the consolidation of our printing activity as we more  efficiently utilise our network of smaller, more flexible, printing plants. • Achieving significant cost reductions through the outsourcing of contact  centres, and reducing the real-estate footprint of our main Sydney and  Melbourne offices. • Establishing the Australian Publishing Media division, which consolidates  our core publishing activities – spanning metropolitan, regional and  community titles – resulting in lower costs and timely content delivery  to our audiences across the day.  • Establishing our digital transaction businesses, which include Stayz  and RSVP, as freestanding units that have the support, resources and  autonomy needed to deliver on their potential. • Establishing Domain on a standalone basis, providing investors with  transparency around the financial performance of the high-growth digital  elements of the business.  • Introducing digital subscriptions for smh.com.au and theage.com.au with  a metered model that allows a base level of free access. At our Investor Day held in June we shared insights into a number of our  divisions with investors. We also announced a product review. In early 2013,  we published 431 publications and 337 websites, had seven radio stations  and almost 100 apps. One element of a Board-led review of the Company’s  products and strategy is to thoroughly review each of our products and  the contribution made to our overall business. This is one area of a strategy  review which has also involved the development of plans for the pursuit of  significant new revenue opportunities. The Chief Executive Officer’s Report  FAIRFAX MEDIA ANNUAL REPORT 2013 5 THE SYDNEY MORNING HERALD PHOTOS 1440 5 A Manly ferry approaches Circular Quay. PHOTO: BEN RUSHTON STATuToRy neT loSS  AFTeR TAx $16.4m undeRlyinG neT  PRoFiT AFTeR TAx $128m