Australia revenue increased 24% compared to 1H FY21
Overview
1H FY22 results showed 14.5% revenue increase despite the ongoing impact of the COVID-19 pandemic
Key Highlights
1H22 revenue increased despite negative impact of ongoing COVID-19 pandemic
A$m(2)
1H22
1H21
% Difference
onlyMost markets reported revenue increase when compared to 1H FY21
•
Canada decreased less than 1% compared to 1H FY21
•
Brazil had the largest revenue increase (+37%) regaining status as fastest growing segment
Revenue
81.0
70.8
14.5%
Australia segment revenue growth significantly higher than overall Australian radio market
EBITDA(4)
6.1
3.1
96.1%
1H22 profitability grew strongly due to revenue increase
use
Adjusted EBITDA of $10.2 million (+43% on 1H FY21)
Adjusted
10.2
7.1
42.8%
EBITDA(1)
•
Network operations and station compensation increased $3.1 million (+6%)
- Largest portion of increase due station compensation ($2.3 million, +5%)
•
Selling, G&A increased $4.1 million (34%)
NPAT
2.7
0.4
629.7%
- Largest portion due to increase in sales costs ($2.1 million, +28%)
- Jobkeeper/CEWS benefit reduced $1.2 million (-65%) as programs have now ended
NPATA(3)
5.0
2.6
88.7%
Strong liquidity position with net debt (after cash) of $7.3 million
Cash balances of $32.5 million at 31 December 2021
NPATA per
$0.023
$0.012
88.5%
share ($)
• Repaid $23 million of debt facility since 31 December 2020
- Additional debt restrictions lifted with delivery of 31 December 2021 compliance certificate in February 2022
• No final FY21 or interim FY22 dividend declared
- Limitations on distributions return to previous threshold of 100% of NPATA
Not s: (1) Adjusted EBITDA is defined as EBITDA adjusted to include the non-cash interest income arising from the Southern Cross Austereo Affiliate Contract which is treated as a financing transaction and exclude transaction costs, foreign exchange gains/losses,
gains on lease forgiveness and losses on refinancing. (2) All figures in A$m unless otherwise stated. Amounts in tables may not add due to rounding. Percentage changes are based on actual amounts prior to rounding. (3) NPATA is defined as net profit after tax
4
adjusted for the tax effected amortisation arising from acquisition related intangible assets. (4) EBITDA is defined as net profit after tax (earnings) before the deduction of interest expense/income, income taxes, depreciation and amortisation.
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GTN Limited published this content on 23 February 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 23 February 2022 23:00:41 UTC.
GTN Limited is an Australia-based company, which is engaged in the sale of commercial advertising commercials adjacent to traffic and news information reports that are broadcast on radio and/or television stations in Australia and international markets, including Canada, the United Kingdom and Brazil. The Companyâs GTN is an advertising platform designed to enable advertisers, generally large national advertisers, to reach demographics. GTN offers advertising spots on television and radio networks, adjacent to information reports that listeners are typically engaged with, such as traffic and news. Advertisers purchase a schedule of radio spots on a national, regional or specific market basis. The schedule includes spots on all of GTN's radio affiliates in the relevant market.
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