6  ChAIRMAn’s REPoRt contains information in relation to a range of new business initiatives that  sit adjacent to our existing activities. I look forward to reporting on our  progress in developing these businesses in the future. While we have been busy transforming the operations of our business,  your Board has been mindful of the importance of maintaining balance  sheet strength and flexibility through this period of industry change.  Fairfax finished the 2013 year with net debt of $154 million, a reduction  of $760 million over the 12 month period. Significant contributors to the  strengthened balance sheet include the sale of the Company’s remaining  interest in Trade Me and our United States agricultural publishing  business, which delivered combined sale proceeds of $682.3 million net  of transaction fees. A further important project undertaken by the Board during the year was  a comprehensive review of remuneration arrangements. The Remuneration  Report contains detail of the outcomes of this review, which includes  implementation of a remuneration plan that reflects the evolution of our  business, and is appropriate for the current period of transformation and  consolidation.  As we reflect on this year of change, the importance of maintaining our  core editorial values of independence and integrity is foremost in protecting  our mastheads and providing us a unique position in the media space in  Australia and New Zealand. These editorial values are fundamental to the  way we do business, and ensure our continued relevance to our audiences. In closing, I would like to acknowledge the significant contribution of  my fellow Board members – and the contribution of our chief executive  Greg Hywood, who has done an outstanding job in leading our Company  through these challenging times. He has relentlessly and tenaciously  pursued a strategy to secure the future of our Company using to effect  his many years’ experience, editorial knowledge and standing in the  media industry. Your Board is committed to ensuring Fairfax Media is run in the best  interests of all shareholders and that we carry our legacy with pride into  a bright future. Roger Corbett, AO  Chairman neT deBT ReduCed By $760m TO $154m AT JUNE 30 2¢ FULLY FRANKED ToTAl diVidendS