Cash flows from radio for APN
Overall the APN group reported revenue of $843m and EBITDA of $164m; up on the 2013 result.
Revenue for the Australian Radio Network improved 18% to $180.9m, with EBITDA growing to $66.5m. In New Zealand, radio revenue improved 5% to $127.0m with EBITDA up 7% to $25.1m.
APN CEO Michael Miller, pictured with Jane Hasting and Ciaran Davis, commented:
“One of the key drivers (of Group EBITDA) was the standout performance of our Australian radio division, ARN, with revenue up 18% for the year and 29% in the second half compared to growth in the radio market of 3% and 5% respectively”.
“ARN has had a positive start to 2015 and I am encouraged by the results we are achieving”
APN has declared no dividend, instead using earnings to pay down debt.
For ARN particularly it has been a stellar year, and CEO, Ciaran Davis, has led the business to a new level. The APN report illustrates how well compensated he has been for doing so; Davis’ received $1.014m for his work throughout 2014, with a base package of $500,000, and the remainder in bonuses. This reflects a little over 10-months salary, and is not a full-year package.
Whilst in New Zealand, Jane Hastings CEO of NZME (all business units) received a base package of $527,000, and with bonuses her income was $979,000; also for a little over 10-months, rather than the full year.
You can read the full report here.