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.

Please login with linkedin to comment

Online Community Management Swarm Ten

Latest News

Torrens University Australia Launches ‘Career Crush’ Via VCCP Sydney & Lash
  • Campaigns

Torrens University Australia Launches ‘Career Crush’ Via VCCP Sydney & Lash

Torrens University Australia has launched ‘Career Crush’ via VCCP Sydney and Lash, to help match students with a career they’ll love. Career Crush is an online quiz that determines prospective students’ personal strengths, passions and aspirations to match them with the careers and courses they’re most compatible with. One of the toughest decisions young people […]

Pedestrian Partners With With NZ’s Mi9 To Expand Commercial Offering
  • Media

Pedestrian Partners With With NZ’s Mi9 To Expand Commercial Offering

Pedestrian Group has partnered with Nine subsidiary Mi9 New Zealand to offer NZ brands the opportunity to partner with the likes of Business Insider Australia, Pedestrian.tv and Gizmodo Australia. Next month, Mi9 New Zealand will be representing Pedestrian Group in the NZ market, offering clients the opportunity to work with leading youth publications including Lifehacker […]