Businesses such as Domain continue to go from strength to strength.  Domain grew the number of real estate agents with listings by 21 per cent.  Digital growth was a highlight, with investment in mobile apps paying off in  strong performance. At Fairfax we have exposure to more than $300 million  of real estate-related revenue, and we have the brand, the expertise and the  commitment to build the Domain business. During the year we announced a new organisational structure, one element  of which is the consolidation of our core publishing activities into the new  Australian Publishing Media division. This division is led by Allen Williams, who  previously ran our New Zealand business and before that held several senior  positions in the Company’s regional operations. The formation of Australian  Publishing Media allows us to reduce duplication through a more ordered  grouping of our businesses and activities, and to drive additional revenue by  leveraging our core business – news, business media, lifestyle and community  media – and extensive portfolio of media assets. We have also formed a Digital Ventures unit, with a new management  structure that is empowered to deliver the full potential of our digital  transaction businesses such as Stayz and RSVP. These are both market-leading  transactions businesses that generate strong margins. We are confident our  strategy will deliver the  best outcomes for our  shareholders, customers  and our audiences. excluding businesses divested $315.7m $377m CASHFloW FRoM  TRAdinG  undeRlyinG  eBiTdA FAIRFAX MEDIA ANNUAL REPORT 2013 9 THE SYDNEY MORNING HERALD PHOTOS 1440 Parkour group in Parramatta. PHOTO: WOLTER PEETERS