In 2010, SRTv saw losses of RON161.9 million, reads the report.
Its revenues amounted to RON583 million last year and its total expenses reached RON743.8 million. The company’s net turnover stood at RON544.4 million.
Losses were caused mainly by several disadvantageous contracts signed between 2004 and 2010, a low TV services fee (the main financing source of the public TV broadcaster) and the significant contraction of the advertizing market, SRTv said in a press release.
According to the report, public television TVR has signed a EUR40 million contract, valid between 2009 and 2012, for rights to broadcast the UEFA Champions League. The contract has been generating losses of over EUR38 million, as revenues from advertizing have been overestimated at EUR22 million.
The total value of contracts signed by the former management of the company between 2004 and 2009 for film broadcasting rights amount to EUR18 million. The financial obligations were due to be paid in 2010 and 2011.
The company’s advertizing revenues have dropped by over 50% since the second half of 2010 compared to 2006-2008, which triggered a decline in revenues of over EUR10 million per year.
The collective work contract signed by the company in April 2010 states employees will receive vacation bonuses amounting to 85% of their wages, regardless of the institution’s financial situation.
On the other hand, the report says the sum saved after vacation bonuses were cut in 2011 and eliminated in 2012 stands at RON12,043,000 (about EUR3 million).
The TV services fee was reduced from RON4.5 to RON4 lei in 2003 and has never been hiked. (EUR1=RON4.3741)