Shareholders in PMP are unlikely to get a dividend in the short term as the printing and publishing business restructures and pays down debt.

PMP chairman Ian Fraser says the company is dealing with the structural changes in the media and print markets, with profits to be hit by “large significant items” in the current year.

“PMP, as the largest heatset printer in Australia and New Zealand is well placed to ride out the necessary changes and provide a return to shareholders,” Mr Fraser told shareholders in PMP’s annual report released on Monday.

“However, in the short-term it is unlikely that dividends will form part of that return as available cash is used to fund the restructure of the business and reduce debt.”

Mr Fraser said the changes to its Australian print business, designed to lower costs, would cost more than $33 million and be funded by the sale and lease back of the majority of PMP’s properties.

In August, PMP said the sale and leaseback of its Australian and New Zealand properties was expected to produce cash of at least $75 million, with the bulk of it used to retire debt.

PMP reported a net loss of $24.5 million in 2011/12, a worse result than the $11.3 million loss in the prior corresponding period.

It paid dividends of two cents per share last financial year.

Mr Fraser said the company would provide earnings guidance for the first half of 2012/13 at the November 22 annual general meeting.

The PMP annual report showed chief executive Richard Allely received total remeuneration of $1.1 million in 2011/12, compared with $1.3 million in the prior year.

Mr Allely was not paid any bonuses relating to short term incentives as targets for group earnings before interest and tax were not met in 2011/12.

At 1527 AEST, PMP was steady at 25 cents.