Ann: Full Year Results Announcement, page-6

I am not a fan of the communication attitude of this mob.
Having said that - you are right - I find it quite amazing that PRT has managed to reduce debt from $65.6m down to $36.9m in just this year.

2014 - $106.9m
2015 - $78.9m
2016 - $65.6m
2017 - $36.9m

so their cashflow in 2017 was sufficient enough to reduce debt by about $29m, but still pay a dividend of $1.7c per share.

way back in about 2014 I think, they recognised the adverse impact of digital intrusion into the free-to-air space, and made the conscious decision to reduce debt as a priority. that's in the verbage somewhere.

so from $106.9m to $36.9m in about 3 yrs. impressive.

whilst I am frustrated that PRT has given no indication as to where it sees itself in this new digital landscape after the media reforms are passed --- what is abundantly clear is that they embarked on this debt reduction strategy to ensure that PRT is in the best position it can be, in order to participate in any re-ordering which occurs post-media reform.

a debt free (or debt-light) PRT will be at an advantage in the post media reform market.
As a target, a debt-light PRT will be attractive, because it will be profitable, it will carry no baggage, it will carry no adverse debt covenants/security restrictions, and be simple. Simpler = better price. It would be much easier for a non-TV entity to grab. Even a private equity player who is a "straw hats in winter" investor. A private equity player might see the post media reform market in a different light to traditional Aust media players.

on the acquisition front, a debt light PRT would be in a much better place to raise funding for acquisitions.
PRT has the people on board who know the media market.
I have no idea where PRT would go, but it WILL do something.

free to air is not dead - it just needs to change its dress.