{"id":321676,"date":"2019-09-30T22:55:13","date_gmt":"2019-09-30T20:55:13","guid":{"rendered":"https:\/\/mybroadband.co.za\/news\/?p=321676"},"modified":"2019-09-30T22:57:41","modified_gmt":"2019-09-30T20:57:41","slug":"big-loss-for-the-sabc","status":"publish","type":"post","link":"https:\/\/mybroadband.co.za\/news\/broadcasting\/321676-big-loss-for-the-sabc.html","title":{"rendered":"Big loss for the SABC"},"content":{"rendered":"<p>The South African Broadcasting Corporation (SABC) tabled its <a href=\"http:\/\/www.sabc.co.za\/sabc\/wp-content\/plugins\/download-attachments\/includes\/download.php?id=4503\" target=\"_blank\" rel=\"noopener noreferrer\"><strong>2018\/19 annual report<\/strong><\/a> in Parliament which revealed a net loss of R482.4 million.<\/p>\n<p>The main contributors to this net loss, the SABC said, were losses incurred on sporting events and interest incurred as a result of the liquidity constraints.<\/p>\n<p>A further contributor to the loss is the decline in total revenue by 3% to R6.4 billion from that of the 2017\/18 financial year.<\/p>\n<p>Total expenses declined by 6% or R475 million to R7 billion from that of the 2017\/18 financial year.<\/p>\n<p>\u201cWhile the Corporation pursued cost containment measures actively, the decline was mainly as a result of cash flow constraints,\u201d the SABC said.<\/p>\n<p>Its cash flow problems resulted in a decline in investment in content, infrastructure, repairs and maintenance and marketing.<\/p>\n<p>The SABC\u2019s cash on hand as at 31 March 2019 amounted to R 72 million &#8211; a decline of R 58 million from the balance of the prior year.<\/p>\n<h3 class=\"my-4\">The SABC is technically insolvent<\/h3>\n<p>The SABC has revealed that <a href=\"https:\/\/mybroadband.co.za\/news\/broadcasting\/318027-the-sabc-is-technically-insolvent.html\"><strong>it is technically insolvent<\/strong><\/a> and is struggling to honour payments to service providers and contractual obligations.<\/p>\n<p>Some suppliers who have won bids at the SABC have indicated their unwillingness to take up the contracts due to their financial dire straits.<\/p>\n<p>SABC Group Chief Financial Officer Yolande van Biljon said that the SABC\u2019s financial position has worsened in recent months.<\/p>\n<p>\u201cThere are instances where we are unable to honour payments and even [unable] to adhere to committed contracts,\u201d she said.<\/p>\n<p>\u201cCurrently, the organisation is technically insolvent. We are also under tremendous strain towards being factually insolvent as a result of our liquidity issues.\u201d<\/p>\n<p>Van Biljon said the crisis is a matter of urgency and certain terrible scenarios like a complete blackout remains a possibility.<\/p>\n<h3 class=\"my-4\">Now read: <a href=\"https:\/\/mybroadband.co.za\/news\/broadcasting\/318027-the-sabc-is-technically-insolvent.html\">The SABC is technically insolvent<\/a><\/h3>\n","protected":false},"excerpt":{"rendered":"<p>The troubled SABC recorded another big loss caused by a decline in revenue and losses on sporting events.<\/p>\n","protected":false},"author":23,"featured_media":173738,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_sma_x_autopost_status":"idle","_sma_x_autopost_error":"","_sma_x_post_id":"","_sma_x_attempts":0,"footnotes":""},"categories":[24],"tags":[35,361],"class_list":["post-321676","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-broadcasting","tag-headline","tag-sabc"],"_links":{"self":[{"href":"https:\/\/mybroadband.co.za\/news\/wp-json\/wp\/v2\/posts\/321676"}],"collection":[{"href":"https:\/\/mybroadband.co.za\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/mybroadband.co.za\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/mybroadband.co.za\/news\/wp-json\/wp\/v2\/users\/23"}],"replies":[{"embeddable":true,"href":"https:\/\/mybroadband.co.za\/news\/wp-json\/wp\/v2\/comments?post=321676"}],"version-history":[{"count":0,"href":"https:\/\/mybroadband.co.za\/news\/wp-json\/wp\/v2\/posts\/321676\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/mybroadband.co.za\/news\/wp-json\/wp\/v2\/media\/173738"}],"wp:attachment":[{"href":"https:\/\/mybroadband.co.za\/news\/wp-json\/wp\/v2\/media?parent=321676"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/mybroadband.co.za\/news\/wp-json\/wp\/v2\/categories?post=321676"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/mybroadband.co.za\/news\/wp-json\/wp\/v2\/tags?post=321676"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}