{"id":2203,"slug":"samro-royalty-accrual-vs-cash","title":"SAMRO licence revenue, royalties accrued and cash actually paid, FY2024 and FY2025","source":"SAMRO (Southern African Music Rights Organisation NPC) Integrated Report 2025, audited summary consolidated annual financial statements for the year ended 30 June 2025, audited by SizweNtsalubaGobodo Grant Thornton Inc.","source_url":"https:\/\/cdn.prod.website-files.com\/641d55c4d3455bd939321315\/69c3f930c5f11a7f982815d9_Samro_Annual_IR_2025_19472_20260324_V04a_LDV_12H42_Interactive.pdf","source_type":"official","method":"Every figure is transcribed from SAMRO's Integrated Report 2025, published at samro.org.za, covering the financial years ended 30 June 2024 and 30 June 2025. Company-level figures are used throughout rather than group-level, because licence revenue is a company line and mixing the two would not be comparable; the group also consolidates two property subsidiaries that do not license music. licence_revenue_zar is 'Total company licence revenue' from the Highlights and Key Indicators page and the audited statement of profit or loss (Revenue, company column: R680,350 thousand for 2025 and R683,843 thousand for 2024). accrued_zar is 'Royalties accrued to creators and publishers', also shown as 'Distribution expenses (Royalties)' in the audited income statement and as 'Music royalty distributions' in the value-added statement (R630,167 thousand and R622,215 thousand). cash_paid_zar is 'Royalty distribution cash payments to members and affiliated societies' as disclosed to the rand in the audited summary consolidated statement of cash flows and repeated in note 7 (distributions payable and in progress): R419,718 thousand for 2025 and R429,153 thousand for 2024, identical in the group and company columns. The Chief Financial Officer's review states the same amounts rounded, as R419.7 million and R429 million, and the audited figures are used here in preference to the rounded ones. This line covers payments to members and to affiliated (sister) societies abroad and the report does not split it between the two; no split has been assumed, so every rate derived from it is blended across domestic and foreign rightsholders. unpaid_in_year_zar is accrued_zar minus cash_paid_zar. unpaid_pct is unpaid_in_year_zar divided by accrued_zar. cash_conversion_pct is cash_paid_zar divided by accrued_zar, that is, the share of the year's allocation that left the organisation as cash in the same year; it is the complement of unpaid_pct and is carried as its own column so that it does not have to be computed in prose. payable_balance_zar is 'Distributions payable and in progress' from the audited statement of financial position (note 7), which is identical for group and company (R1,286,855 thousand and R1,150,569 thousand). cash_held_zar is 'Cash and cash equivalents', company column (R837,405 thousand and R762,841 thousand). payable_pct_of_revenue is payable_balance_zar divided by licence_revenue_zar. cash_cover_of_payable_pct is cash_held_zar divided by payable_balance_zar. local_licensing_revenue_zar and foreign_royalty_income_zar are the CFO review's stated local and foreign splits (R649.2m and R31.2m for 2025; R648.0m and R35.8m for 2024); these are rounded in the report to one decimal place of a million and together come to R680.4m against the audited R680,350 thousand, a R50,000 rounding difference which has not been adjusted. cost_to_income_pct is the report's stated cost-to-income ratio. Nothing here is estimated, projected or restated. This covers performing rights only: mechanical rights in South Africa are administered by CAPASSO and recorded-music neighbouring rights by SAMPRA, and neither is included.","unit":"zar","license":"Afrobeats Wire's compilation and analysis are licensed CC BY 4.0. Rights in the underlying source data remain with the source named above.","confidence":"high","retrieved":"2026-08-22 11:02:09","n":2,"first_party":0,"columns":[{"key":"fy","label":"Financial year to 30 June","type":"text"},{"key":"licence_revenue_zar","label":"Total company licence revenue, ZAR","type":"number"},{"key":"local_licensing_revenue_zar","label":"Local licensing revenue, ZAR","type":"number"},{"key":"foreign_royalty_income_zar","label":"Foreign royalty income, ZAR","type":"number"},{"key":"accrued_zar","label":"Royalties accrued to creators and publishers, ZAR","type":"number"},{"key":"cash_paid_zar","label":"Paid in cash to members and sister societies, ZAR","type":"number"},{"key":"unpaid_in_year_zar","label":"Accrued but not paid in cash that year, ZAR","type":"number"},{"key":"unpaid_pct","label":"Share of the year's accrual not paid in cash, %","type":"number"},{"key":"cash_conversion_pct","label":"Share of the year's accrual paid in cash that year, %","type":"number"},{"key":"payable_balance_zar","label":"Distributions payable and in progress, ZAR","type":"number"},{"key":"cash_held_zar","label":"Cash and cash equivalents, ZAR","type":"number"},{"key":"payable_pct_of_revenue","label":"Distributions payable as % of one year's licence revenue","type":"number"},{"key":"cash_cover_of_payable_pct","label":"Cash held as % of distributions payable, %","type":"number"},{"key":"cost_to_income_pct","label":"Cost-to-income ratio, %","type":"number"}],"rows":[{"fy":"FY2025","licence_revenue_zar":680350000,"local_licensing_revenue_zar":649200000,"foreign_royalty_income_zar":31200000,"accrued_zar":630167000,"cash_paid_zar":419718000,"unpaid_in_year_zar":210449000,"unpaid_pct":33.4,"cash_conversion_pct":66.6,"payable_balance_zar":1286855000,"cash_held_zar":837405000,"payable_pct_of_revenue":189.1,"cash_cover_of_payable_pct":65.1,"cost_to_income_pct":21.6},{"fy":"FY2024","licence_revenue_zar":683843000,"local_licensing_revenue_zar":648000000,"foreign_royalty_income_zar":35800000,"accrued_zar":622215000,"cash_paid_zar":429153000,"unpaid_in_year_zar":193062000,"unpaid_pct":31,"cash_conversion_pct":69,"payable_balance_zar":1150569000,"cash_held_zar":762841000,"payable_pct_of_revenue":168.3,"cash_cover_of_payable_pct":66.3,"cost_to_income_pct":22.9}]}