Sentech, the state owned signal distributor for the South African broadcasting sector, has announced a 20% rise in operating profit from continuing operations to R177 million for the financial year 2012\/2013.<\/p>\n
As a statement of commitment to clean administration and corporate governance, Sentech said it received a clean audit for the 2012\/2013 financial year by independent external auditors.<\/p>\n
The company noted that this clean audit represents a first for the company in well over 10 years.<\/p>\n
The group also noted that it exceeded a service delivery target for the 2012\/2013 financial year to achieve 80% population coverage of the Digital Terrestrial Television (DTT) network.<\/p>\n
The group said it recorded 80.4% population coverage using the DVB-T2 standard, four days before the end of the financial year, namely March 2013.<\/p>\n
“Moving forward, the company is confident that the entire network migration program will be completed by the end of March 2014,” Sentech said.<\/p>\n
Sentech said that revenue from continuing operations (excluding dual illumination) increased by 7% to R831 million, while cash generation improved with cash generated from operations increasing from R277 million to R299 million.<\/p>\n
The state entity said that it spent R457 million on “additions to property plant and equipment in 2013 for DTT and other projects”.<\/p>\n
During the period, Sentech said it also cleared a number of legacy issues, with some dating back to 1997.<\/p>\n
These included final clarity from National Treasury on the treatment of interest earned on government grant funds.<\/p>\n
The determination from National Treasury, received in November 2012, means that the interest that was previously recognized as income in previous years will be refunded to National Treasury.<\/p>\n
The total amount is R173 million, net of taxation, and includes R21 million for the current year.<\/p>\n
It also pointed to a settlement with Independent Communications Authority of South Africa (Icasa) of prior year licence fees of R43 million. R8 million was recognized in the 2011\/2012 financial year and an additional R35 million was recognized in in the current financial year.<\/p>\n
Sentech said in August that it would will rebrand Vivid as a universal access direct-to-home satellite platform, \u201cFreevision\u201d, from 30 September 2013.<\/p>\n
According to Sentech, the launch of Freevision is a \u201cgap-filler\u201d while the migration from analogue to digital terrestrial television (DTT) is ongoing.<\/p>\n
In its press statement, the state-owned signal distributor explained that a direct-to-home satellite service was envisioned as part of the DTT migration for those few who would not be able to receive terrestrial TV signals.<\/p>\n
All licensed DTT broadcasters will be able to use the Freevision platform, Sentech said.<\/p>\n
Sentech is expected to announce the retail pricing and channel line-up at an event on September 30.<\/p>\n
Article courtesy of BusinessTech – First clean audit in a decade for Sentech<\/a><\/strong><\/em><\/p>\n Sentech confirms new satellite TV service Freevision<\/strong><\/a><\/p>\n Sentech blocks Zim from viewing SABC<\/strong><\/a><\/p>\n Sentech clarifies R584 million misconception<\/a><\/strong><\/p>\nMore on Sentech<\/h3>\n