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- The Corporation ended the 2019-20 financial year with a surplus of $4.716 million.
- The Corporation’s total assets increased during the financial year from $281.996 million to $366.312 million.
- The level of contributed equity by Government remained constant at $110.403 million.
- SBS generated 28.9 per cent of its total operating revenue from the sale of goods and services, predominantly advertising revenues across the SBS platforms, in 2019-20.
In 2019-20, SBS received a total appropriation of $290.054 million from the Australian Government.
The Federal Government delayed delivery of the FY21 budget from May, to October 2020, due to COVID-19.
The Federal Budget 2019 was announced on 2 April 2019. SBS’s budget was confirmed for the 2019-20 to 2021-22 financial years, following completion of the triennial funding process.
Major Investing and Financing Activities
SBS actively and responsibly manages its finances. This involves preparation of estimates for appropriation and equity injection funding, taking into account movements in the inflation parameter applicable to SBS. Cash holdings are monitored throughout the year and, where funds are not immediately required for operational activities, investments are made.
All investments have been made in accordance with the investing requirements of the Special Broadcasting Service Act 1991 and the Public Governance, Performance and Accountability Act 2013.
Level of Overhead
SBS regularly conducts benchmarking exercises to ensure it is meeting or exceeding industry standards regarding expenditure on corporate overheads. In 2019-20, the percentage of SBS’s total expenditure spent on administrative overheads remains at a low 7.8 per cent. This reflects the concerted effort by SBS to improve efficiencies in this area to deliver more funds to content creation.
In October 2009 SBS formed, with the ABC, the National DAB Licence Company Ltd. The company was formed in order to obtain a category 3 digital radio multiplex transmitter licence as provided for by section 102E of the Radiocommunications Act 1992. SBS and the ABC are the only shareholders in the company.
Related Entity Transactions
SBS has procedures in place to identify and report on any related party transactions. These are set out in note 3.3 to the SBS Financial Statements that follow.