21 FAIRFAX MEDIA  LIMITED  2013 ACN  008 663 161  TABLE OF CONTENTs FAIRFAx MEDIA LIMITED AND CONTROLLED ENTITIES FOR THE PERIOD ENDED 30 JUNE 2013 Board of Directors ............................................................................................................................. 22 Directors’ Report ................................................................................................................................ 24 Auditor’s Independence Declaration  ........................................................................ 28 Remuneration Report  ................................................................................................................. 29 Remuneration Report (Audited)  ....................................................................................... 31 Corporate Governance .............................................................................................................. 45 Management Discussion and Analysis Report  ............................................. 54 Consolidated Income Statement  ................................................................................... 56 Consolidated Statement of Comprehensive Income  ............................ 57 Consolidated Balance Sheet ................................................................................................ 58 Consolidated Cash Flow Statement  ........................................................................... 59 Consolidated Statement of Changes in Equity  ............................................ 60 1.  Summary of significant accounting policies  ................................... 62 2. Revenues  .................................................................................................................................... 72 3. Expenses  ..................................................................................................................................... 73 4.  Significant items  ................................................................................................................. 74 5.  Discontinued operations  ......................................................................................... 75 6.  Income tax expense  ..................................................................................................... 76 7.  Dividends paid and proposed   ......................................................................... 77 8. Receivables  .............................................................................................................................. 78 9. Inventories  ............................................................................................................................... 79 10.  Assets and liabilities held for sale  ................................................................. 79 11.  Other financial assets  ................................................................................................. 80 12.  Investments accounted for using the equity method  ....... 80 13.  Available for sale investments .......................................................................... 82 14.  Intangible assets  ............................................................................................................... 82 15.  Property, plant and equipment  ....................................................................... 85 16.  Derivative financial instruments  ..................................................................... 87 17.  Deferred tax assets and liabilities  ................................................................. 89  18. Payables  ..................................................................................................................................... 90 19.  Interest bearing liabilities  ......................................................................................... 91  20.  Provisions  .................................................................................................................................. 92 21.  Pension assets and liabilities  .............................................................................. 94 22.  Contributed equity  ......................................................................................................... 96  23. Reserves  ..................................................................................................................................... 97 24.  Retained profits  .................................................................................................................. 99 25.  Earnings per share  ......................................................................................................... 99  26.  Commitments  .................................................................................................................. 100  27. Contingencies  .................................................................................................................... 101 28.  Controlled entities  ......................................................................................................... 101 29.  Acquisition and disposal of controlled entities .......................... 106 30.  Business combinations  .......................................................................................... 107 31.  Employee benefits ....................................................................................................... 108 32.  Remuneration of auditors  .................................................................................. 109 33.  Director and executive disclosures .......................................................... 110 34.  Related party transactions   ................................................................................. 112 35.  Notes to the cash flow statement  ............................................................... 113 36.  Financial and capital risk management  ............................................... 114 37.  Segment reporting  ....................................................................................................... 121 38.  Parent entity information  ..................................................................................... 124 39.  Events subsequent to reporting date  ................................................... 124 Directors’ Declaration  ................................................................................................................ 125 Independent Auditor’s Report  ....................................................................................... 126 Shareholder Information  ...................................................................................................... 128 Directory  .................................................................................................................................................. 129 Notes to the Financial Statements