What's New March 16, 2015

Cash flows from radio for APN

APN News and Media has released it’s annual report overnight for CY2014 with radio, both in Australia and New Zealand, a stand-out performer.

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”

The report went on to note that NZME Radio has achieved “strong year on year growth” even allowing for the cash flow impact of acquiring new radio licenses in New Zealand for $7.8m.

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.