Page 1
Page 2
Page 3
Page 4
Page 5
Page 6
Page 7
Page 8
Page 9
Page 10
Page 11
Page 12
Page 13
Page 14
Page 15
Page 16
Page 17
Page 18
Page 19
Page 20
Page 21
Page 22
Page 23
Page 24
Page 25
Page 26
Page 27
Page 28
Page 29
Page 30
Page 31
Page 32
Page 33
Page 34
Page 35
Page 36
Page 37
Page 38
Page 39
Page 40
Page 41
Page 42
Page 43
Page 44
Page 45
Page 46
Page 47
Page 48
Page 49
Page 50
Page 51
Page 52
Page 53
Page 54
Page 55
Page 56
Page 57
Page 58
Page 59
Page 60
Page 61
Page 62
Page 63
Page 64
Page 65
Page 66
Page 67
Page 68
Page 69
Page 70
Page 71
Page 72
Page 73
Page 74
Page 75
Page 76
The Board and Leadership team have gone through significant change during the year. We have had five new independent Non-Executive Directors join the Board during the year being Glen Boreham Peter Bush as Chairman Kathy Gramp Rob Murray and Helen Nash. We would like to thank the outgoing Chairman Max Moore- Wilton and Director Michael Carapiet for their contribution to the Board over a number of years. After 18 years with the Group Rhys Holleran stepped down from the role of CEO. Rhys played a strategic role in bringing together the Group as it is today and the Board and staff thank him for his significant contribution. The appointment of Grant Blackley as CEO and Managing Director who has come with a wealth of media experience will lead the Group into the next phase of its development. The Board is confident that the executive group is well placed to develop and implement the strategic agenda for the Group over the coming years. The Board of Directors would like to thank the Groups absolutely engaging staff who continue to live our values every day and would also like to thank the shareholders for their continuing support for the Group. Dear Shareholders The Group reported revenues of 611.1 million a fall of 4.6 on prior year revenues of 640.8million with reported Earnings before Interest Taxes Depreciation and Amortisation EBITDA of 163.3 million down 9.2 on prior year EBITDA of 179.7 million. Net Profit After Tax NPAT of the Group was up 3.7 to a loss of 284.9 million compared to the prior year loss of 296.0 million. The Group was impacted by significant items in 2015 and 2014 primarily impairment losses recorded in both years. Excluding significant items EBITDA was down from 187.8 million to 163.2 million a fall of 13.1. NPAT was down 18.6 from 79.6million to 64.8 million. It has been a difficult year for the Group with our Metro Radio business reporting a decline in advertising revenues of 11.1 and a reduction in market share from 32.9 in 2014 to 27.8 in 2015. Total Metro EBITDA was down 21. Triple M continues its rise and the Group is focused on improving yield to keep improving market share on the network. The Hit Network remains the primary focus of the Group and we are pleased that we have seen improvements in ratings in the first four surveys of calendar year 2015. Regional Radio continues to be a solid and consistent performer with advertising revenue up 3.5. Television markets were down in 2015 and our advertising revenues were down 2.7 against a market decline of 4.5. However we are pleased to see that television audience share and market share are improving across the Channel 10 offering. Total regional EBITDA was up 1.9. CHAIRMAN AND CEOS REPORTWe are pleased to present the Southern Cross Austereo the Group Annual Report for the 2015 financial year. GRANT BLACKLEYPETER BUSH 10 SOUTHERN CROSS AUSTEREO ANNUAL REPORT 2015