Southern Cross Austereo Reports $296m Loss, $79m Net Profit After Tax

Southern Cross Austereo Reports $296m Loss, $79m Net Profit After Tax
SHARE
THIS



Southern Cross Media Group Limited has announced its financial results for the full year to 30 June 2014.

Southern Cross Austereo CEO Rhys Holleran advised that the reported net loss after tax of $296.0m had been impacted by a number of significant items that primarily relate to the impairment of the group’s regional assets, the resolution of the tax dispute and the refinancing of the debt facility in January 2014. Net profit after tax (NPAT) excluding significant items is $79.7m and in line with guidance provided to the market in May 2014.

Key highlights include:

  • Revenue from continuing operations up 0.5%
  • Final fully franked dividend of 3.0 cents per share brings the full year payout ratio to 66%
  • Refinance of syndicated debt facility delivered a $4.0m saving in net finance costs in H2FY14
  • Net debt for the borrowing group reduced further to $594.4m
  • Strong underlying cashflows – 103.8% of EBITDA (excluding significant items) converted to cash
  • Radio brands remain dominant in key demographics
  • Significant growth in online and social media ratings
  • Leverage ratio at 2.93 and interest cover ratio at 4.61 well within covenant levels

Holleran said: “The FY14 results continue to show the resilience of our business. In what has been a challenging trading environment, and a challenging year for the group overall, I am pleased with the results and the direction in which the group is heading.”

The group remains within its leverage ratio covenants and maintains the stated objective of reaching a leverage ratio of 2.5x as soon as practical. Chairman, Max Moore-Wilton announced a final fully franked dividend of 3.0 cents per share and this brings the full year dividend to 7.5 cents per share, a payout ratio of 66% on NPAT excluding significant items. The group also announced that it has entered into a DRP Shortfall Placement Agreement with CBA Equities Limited for up to 100% of the DRP shortfall.

Latest News

Women In Media Profile: Aimee Buchanan
  • Media

Women In Media Profile: Aimee Buchanan

No Women in Media series would be complete without the irrepressible Aimee Buchanan. Read all her pressibles here.

by B&T Magazine

B&T Magazine
Burger King Go Full “Mad Max” In Cool New Ad For Chicken Fries
  • Campaigns

Burger King Go Full “Mad Max” In Cool New Ad For Chicken Fries

Aussie director George Miller should possibly expect a royalty cheque coming his way after Burger King hijacked his Mad Max franchise in a clever, big-budget new TVC. The ad’s the work of Burger King France and its agency Buzzman who continue to turn out some wonderfully innovative stuff for the fast-food chain. The campaign, called “Death Road”, sees a […]

by B&T Magazine

B&T Magazine
Natalie Joyce Tells Her Side In (Free) Interview With Bauer’s Women’s Weekly
  • Media

Natalie Joyce Tells Her Side In (Free) Interview With Bauer’s Women’s Weekly

Bauer Media’s July edition of The Australian Women’s Weekly (out today) carries an exclusive interview with Natalie Joyce, the former second lady, who opens up about the breakdown of her marriage and the events that have taken place in the past two years. It’s understood Joyce wasn’t paid for the interview and it was done before her husband’s now infamous […]

Intrepid Travel Go Back 30 Years, Posting Classified Adverts In Newspapers
  • Campaigns

Intrepid Travel Go Back 30 Years, Posting Classified Adverts In Newspapers

Intrepid Travel has gone back in time and is placing classified adverts for a new ‘mystery expedition’ to places that yet mapped by Google.  The adverts to be placed in Courier Mail, Herald Sun and Sunday Telegraph are calling for intrepid people to join a journey with “long travel days, intermittent electricity, no Wi-Fi, cold […]

Honey Birdette To Launch Instant Crush Campaign Via Live Stream From NYC
  • Campaigns

Honey Birdette To Launch Instant Crush Campaign Via Live Stream From NYC

Racy Australian lingerie label Honey Birdette has unveiled its new campaign, Instant Crush. Photographed on Hong Kong, the campaign stars model Miki Hamano, adorned in the labels latest and most provocative styles as she checks into a neon-lit hotel suite for a one-night affair. Featuring nine new collections in a decadent colour palette of deep purple, black […]

by B&T Magazine

B&T Magazine
SBS To Broadcast All Of The World Cup Group Stage, As Optus Agrees To Reimburse Customers
  • Media

SBS To Broadcast All Of The World Cup Group Stage, As Optus Agrees To Reimburse Customers

SBS and Optus have “mutually agreed” that SBS will  broadcast the remainder of the World Cup group stage up until Friday 29 June. Optus had paid subscriber rights to many of the group stage games, yet technical faults have plagued its streaming service, infuriating viewers and forcing even the prime minister himself to intervene. SBS CEO, Michael Ebeid, said: “The FIFA World Cup is the absolute […]

by B&T Magazine

B&T Magazine
Watching tv and using remote control
  • Advertising
  • Media

GroupM Investment Forecast For Australia: TV On The Rise As Digital Slips

GroupM has updated its 2018 ad investment forecasts and released its initial 2019 outlook. GroupM predicts $24B in net new advertising investment this year, the best annual increment since the bounce back from the global recession in 2010 when $26B was added to investment. GroupM estimates total advertising investment will grow by 4.5 per cent this year […]

Indigenous Campaign Deemed Too Controversial By APN Media To Run
  • Advertising
  • Campaigns

Indigenous Campaign Deemed Too Controversial By APN Media To Run

Aboriginal Victoria’s campaign in support of Australia’s first-ever treaty legislation, Deadly Questions, has been deemed too controversial to run by one of Australia’s leading outdoor media providers, APN Media. Online platform Deadly Questions provides a safe space for people to ask questions and have them answered by Aboriginal Victorians, to learn more about their cultures, […]

Introducing: YouTube Music Australia
  • Technology

Introducing: YouTube Music Australia

The wait is over! Starting today, YouTube Music is available to everyone in Australia, New Zealand, the U.S, Mexico and South Korea in addition to 12 new countries including Austria, Canada, Finland, France, Germany, Ireland, Italy, Norway, Russia, Spain, Sweden, and the United Kingdom. Now fans around the world can find more of the music […]

Will PR Finally Earn Its Stripes At Cannes This Year?
  • Opinion

Will PR Finally Earn Its Stripes At Cannes This Year?

In this guest post, Haystac’s national general manager, Jason Carnew (pictured below), says with all this talk of Cannes at this time of year, it’s a kindly reminder that the PR business needs to get its act together in terms of awards, work and judging… All eyes on are Cannes as some of the best […]

Opinion

by B&T Magazine

B&T Magazine
Ex-DDBer Unveils Designer Headscarves For Cancer Survivors
  • Campaigns

Ex-DDBer Unveils Designer Headscarves For Cancer Survivors

Two-times cancer survivor, Frankie Good Stuff Award Winner, ex-DDBer and founder of Bravery Co. Emily Somers has collaborated with a range of top-notch illustrators to produce Australia’s first range of designer headscarves for young cancer warriors. She is now crowdfunding $40,000 to produce the scarves and donate one to all the young women in their 20’s […]

New Advertising Platform Launches Down Under
  • Advertising

New Advertising Platform Launches Down Under

Following its massive success in Europe, Asia and the UAE, the Polishoe concept, which brings a high-demand shoe polish service and HD digital advertising platform together, has landed in Australia.

Set for blue sky, different clouds icons, cloud shapes, labels, symbols, icons. Flat graphic vector elements
  • Technology

PubMatic Unveils Cloud for Publishers And Tech Companies

PubMatic has launched PubMatic Cloud for publishers and tech companies looking to implement and control their own programmatic technology. By accessing PubMatic’s technology, global infrastructure and demand connections on a platform-as-a-service (PaaS) basis, clients are able to achieve full transparency and achieve greater control over their programmatic monetization. As programmatic trading becomes mainstream, innovations such as […]

Women In Media Profile: Claudine Hall
  • Media

Women In Media Profile: Claudine Hall

The Women in Media Awards are back for 2018! To celebrate this wonderful fact, and to recognise some of the killer women in our industry, we’ve created a women in media series – and have profiled some pretty inspiring women so far. This week, we chat with Bauer Media head of trade marketing Claudine Hall. […]

by B&T Magazine

B&T Magazine
Cancer Council and Target Tradies Tackle On-The-Job Skin Cancer Risks
  • Campaigns

Cancer Council and Target Tradies Tackle On-The-Job Skin Cancer Risks

Workers on construction sites receive five to 10 times more UV exposure every year compared to indoor workers. Target Tradies and Cancer Council have announced the launch of a partnership to help educate Australian construction workers about the importance of being SunSmart at work. With evidence showing that outdoor workers receive five to 10 times […]

Arq Group Activates New Branding By Hulsbosch  
  • Media

Arq Group Activates New Branding By Hulsbosch  

Arq Group has launched a new identity created by award-winning agency Hulsbosch, with the business rebranding from Melbourne IT to Arq. Previously known as Melbourne IT, the company was founded in 1996 as one of Melbourne University’s commercial ventures with the sole rights to manage .au domains in the early days of the Internet. Melbourne IT […]

Adshel Unveils ANZ Takeover Via PHD
  • Campaigns
  • Media

Adshel Unveils ANZ Takeover Via PHD

ANZ, in partnership with PHD and Adshel, have taken to the streets with a total take-over of the entire Adshel Live network. For one hour, between 8am and 9am on Tuesday 19 June, ANZ is inviting commuters to download the new ANZ app by showing six different ways the app can help them manage their […]

Carat & Initiative Share The Spoils In WA Government’s $65 Million Media Business
  • Media

Carat & Initiative Share The Spoils In WA Government’s $65 Million Media Business

IPG’s Initiative and Dentsu’s Carat have both been awarded a slice of the West Australian government’s $65 million spend. The government account is broken into two entities – campaign and non-campaign – each with its own agency roster. Carat has retained its long-standing position on the agency panel for all campaign work, which accounts for […]

A Golden Opportunity! Lucky Numbers For Sale!
  • Marketing

A Golden Opportunity! Lucky Numbers For Sale!

In case you missed it last week, a very lucky phone number – 1800 80 80 80 – is up for sale. And it could be yours!

Partner Content

by Customer Connect

The AppNexus Marketplace Launches Guaranteed Views
  • Technology

The AppNexus Marketplace Launches Guaranteed Views

AppNexus, the world’s leading independent advertising technology company, today announced the launch of Guaranteed Views, a marketplace product that changes the way advertising is bought and sold on the open internet. Guaranteed Views enables marketers and agencies to pay only for ads that are measured as viewable and is the first programmatic product that enables 100% viewable buying at scale outside of Facebook and Google.

Women In Media Profile: Kirsty Bloore
  • Media

Women In Media Profile: Kirsty Bloore

Bereft of any Monday motivation? Let today's Women in Media profile be like low-current electric waves to the brain.

by B&T Magazine

B&T Magazine
Dentsu Aegis Network Predicts Australian Ad Spend Growth Of 2.8%
  • Marketing

Dentsu Aegis Network Predicts Australian Ad Spend Growth Of 2.8%

• Ad spend in Australia forecast to grow by 2.8% in 2018 , with main drivers of growth in Government, Retail, Finance and Gambling sectors. • Global advertising spend to grow by 3.9%, revised up from 3.6% in January 2018. • Digital to overtake TV for the first time, to reach 38.4% of global share (TV 35.5%). In 21 out of the 59 markets tracked, digital will be the leading advertising channel in 2018. • One quarter (25.2%) of global ad spend will be delivered through mobile devices for the first time.

Pac Mags Appoints New Client Strategy Director For Victoria
  • Media

Pac Mags Appoints New Client Strategy Director For Victoria

Seven West Media’s Pacific Magazines has announced the appointment of Emma Baston as client strategy director for Victoria. Baston has worked in senior digital media buying and planning roles at various agencies including UM Australia, Cummins&Partners and MindShare, with exposure across the strategy, communications and creative process. She has also worked at Facebook in a […]

Seamless pattern of a crowd of many different people profile heads. Vector background.
  • Media

SBS Launches Diverse Communities Content Initiative

SBS has launched the Short-Form Content Initiative, a commitment to providing increased opportunities for Australian creatives from diverse communities through the commissioning and production of content for SBS On Demand. SBS has partnered with five of Australia’s screen agencies, including Film Victoria, Create NSW, Screen Queensland, Screenwest and South Australian Film Corporation. The initiative aims […]

BIG W Unveils Toy Mania Via M&C Saatchi
  • Campaigns

BIG W Unveils Toy Mania Via M&C Saatchi

BIG W, the home for families, fun and entertainment, has today launched its annual toy sale campaign – Toy Mania. Running until 11 July, the campaign showcases the frenzy and hysteria that comes with the BIG W toy sale. It also highlights that buying toys can be just as fun as playing with them and […]

Datorama Launches AI-Supported Data Visualisation Tool ‘Data Canvas’
  • Technology

Datorama Launches AI-Supported Data Visualisation Tool ‘Data Canvas’

Datorama, a global technology company, today announced the launch of Data Canvas, a suite of new data visualisation capabilities within its Marketing Intelligence platform. Datorama Data Canvas leverages the power of artificial intelligence (AI) in a brand new way — to help marketers create expert-designed dashboards to tell compelling, data-driven stories. Datorama’s previous AI releases have […]