SCA profits decline

Staff Writer

Southern Cross Media Group has today announced its financial results for the full year to 30 June 2014, reporting a net loss after tax of $296.0m.

The result was heavily influenced by impairment charges and other signficant (one-off) items, so it is largely a 'paper loss'. Excluding significant items, the NPAT for FY14 was $79.7m, nearly 8% down on the previous year.

CEO Rhys 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 has been impacted by a number of significant items that primarily relate to the impairment of the Group’s Regional assets (television), the resolution of the tax dispute and the refinancing of the debt facility in January 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 

You can view the full presentation here.

 

 

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