Large Radio Markets – Radio AM / FM – Hamilton

Commercial Radio – Financial Summary 2010-2014

Table of Contents

Reporting Units ($)
2010 2011 Var % 2012 Var % 2013 Var % 2014 Var % CAGR (%)
Reporting Units 7 7   7   7   7    

Revenue ($)
2010 2011 Var % 2012 Var % 2013 Var % 2014 Var % CAGR (%)
Local Time Sales 16,236,571 15,607,081 -3.88 14,106,580 -9.61 11,984,150 -15.05 11,549,395 -3.63 -8.2
National Time Sales 4,156,019 5,480,697 31.87 4,990,390 -8.95 5,836,686 16.96 5,553,124 -4.86 7.5
Network Payments 0 0 n/a 0 n/a 0 n/a 0 n/a n/a
Syndication-Production 37,117 0 -100.00 18,748 n/a 0 -100.00 0 n/a -100.0
Government Grants 0 0 n/a 0 n/a 0 n/a 0 n/a n/a
Other 731,272 757,450 3.58 716,813 -5.36 294,584 -58.90 497,073 68.74 -9.2
Total Revenue 21,160,979 21,845,228 3.23 19,832,531 -9.21 18,115,420 -8.66 17,599,592 -2.85 -4.5

Expenses ($)
2010 2011 Var % 2012 Var % 2013 Var % 2014 Var % CAGR (%)
Programming and Production 6,320,641 6,450,585 2.06 5,888,703 -8.71 5,704,946 -3.12 5,525,466 -3.15 -3.3
Technical 1,033,546 1,011,991 -2.09 997,610 -1.42 986,602 -1.10 951,399 -3.57 -2.1
Sales and Promotion 6,367,368 5,978,816 -6.10 4,918,204 -17.74 4,370,426 -11.14 4,417,891 1.09 -8.7
Administration and General 4,196,749 4,472,884 6.58 3,895,309 -12.91 3,821,441 -1.90 3,670,457 -3.95 -3.3
Total Expenses 17,918,304 17,914,276 -0.02 15,699,826 -12.36 14,883,415 -5.20 14,565,213 -2.14 -5.1

Performance ($)
2010 2011 Var % 2012 Var % 2013 Var % 2014 Var % CAGR (%)
Operating Income 3,242,675 3,930,952   4,132,705   3,232,005   3,034,379    
Depreciation 637,340 605,713   453,518   403,787   686,956    
P.B.I.T. 2,605,335 3,325,239   3,679,187   2,828,218   2,347,423    
Interest Expense -17,725 -38,531   -37,655   6,249   51,563    
Adjustments - Gain (Loss) -15,539,641 1,252,234   1,895,026   -581,939   2,228,204    
Pre-tax Profit -12,916,581 4,616,004   5,611,868   2,240,030   4,524,064    

Programming and Production (%)
2010 2011 Var % 2012 Var % 2013 Var % 2014 Var % CAGR (%)
Program and Production Expense/Total Expenses 35.3 36.0   37.5   38.3   37.9    
Program and Production Expense/Total Revenue 29.9 29.5   29.7   31.5   31.4    

Staff ($)
2010 2011 Var % 2012 Var % 2013 Var % 2014 Var % CAGR (%)
Total Remuneration ($) 9,485,572 9,699,986 2.26 8,527,318 -12.09 8,198,483 -3.86 7,757,211 -5.38 -4.9
Total Staff Count 134.9 133.5 -1.05 124.4 -6.82 129.4 4.02 107.0 -17.31  
Avg Remuneration ($)  70,300 72,654 3.35 68,548 -5.65 63,358 -7.57 72,497 14.43 0.8
Avg Remuneration excl. Benefits ($)  63,312 64,203 1.41 60,477 -5.80 55,784 -7.76 64,722 16.02 0.6

Profitability (%)
2010 2011 Var % 2012 Var % 2013 Var % 2014 Var % CAGR (%)
Operating Margin 15.3 18.0   20.8   17.8   17.2    
P.B.I.T. Margin 12.3 15.2   18.6   15.6   13.3    
Pre-tax Margin -61.0 21.1   28.3   12.4   25.7    
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