Medium Radio Markets – Radio AM / FM – Victoria

Commercial Radio – Financial Summary 2010-2014

Table of Contents

Reporting Units ($)
2010 2011 Var % 2012 Var % 2013 Var % 2014 Var % CAGR (%)
Reporting Units 6 6   6   6   6    

Revenue ($)
2010 2011 Var % 2012 Var % 2013 Var % 2014 Var % CAGR (%)
Local Time Sales 11,243,152 11,381,708 1.23 11,411,688 0.26 11,069,092 -3.00 10,577,786 -4.44 -1.5
National Time Sales 5,888,432 6,306,567 7.10 5,957,523 -5.53 6,316,154 6.02 5,701,921 -9.72 -0.8
Network Payments 0 0 n/a 0 n/a 0 n/a 0 n/a n/a
Syndication-Production 0 0 n/a 0 n/a 0 n/a 0 n/a n/a
Government Grants 0 0 n/a 0 n/a 0 n/a 0 n/a n/a
Other 82,420 67,521 -18.08 56,506 -16.31 66,830 18.27 53,744 -19.58 -10.1
Total Revenue 17,214,004 17,755,796 3.15 17,425,717 -1.86 17,452,076 0.15 16,333,451 -6.41 -1.3

Expenses ($)
2010 2011 Var % 2012 Var % 2013 Var % 2014 Var % CAGR (%)
Programming and Production 4,847,654 5,020,665 3.57 5,235,354 4.28 5,603,754 7.04 5,676,602 1.30 4.0
Technical 721,835 601,999 -16.60 611,902 1.65 622,759 1.77 708,663 13.79 -0.5
Sales and Promotion 5,014,743 5,113,449 1.97 4,697,433 -8.14 4,171,527 -11.20 4,363,840 4.61 -3.4
Administration and General 4,165,410 4,336,725 4.11 4,020,343 -7.30 3,567,040 -11.28 3,858,845 8.18 -1.9
Total Expenses 14,749,642 15,072,838 2.19 14,565,032 -3.37 13,965,080 -4.12 14,607,950 4.60 -0.2

Performance ($)
2010 2011 Var % 2012 Var % 2013 Var % 2014 Var % CAGR (%)
Operating Income 2,464,362 2,682,958   2,860,685   3,486,996   1,725,501    
Depreciation 489,156 468,808   483,310   466,017   516,880    
P.B.I.T. 1,975,206 2,214,150   2,377,375   3,020,979   1,208,621    
Interest Expense 749,306 280,516   20,849   7,235   11,344    
Adjustments - Gain (Loss) -542,130 -421,478   -532,042   -2,237,667   -498,074    
Pre-tax Profit 683,770 1,512,156   1,824,484   776,077   699,203    

Programming and Production (%)
2010 2011 Var % 2012 Var % 2013 Var % 2014 Var % CAGR (%)
Program and Production Expense/Total Expenses 32.9 33.3   35.9   40.1   38.9    
Program and Production Expense/Total Revenue 28.2 28.3   30.0   32.1   34.8    

Staff ($)
2010 2011 Var % 2012 Var % 2013 Var % 2014 Var % CAGR (%)
Total Remuneration ($) 7,848,044 8,337,240 6.23 7,920,944 -4.99 7,540,653 -4.80 7,912,692 4.93 0.2
Total Staff Count 108.7 109.3 0.54 102.8 -5.92 106.4 3.50 98.5 -7.41  
Avg Remuneration ($)  72,219 76,306 5.66 77,059 0.99 70,877 -8.02 80,324 13.33 2.7
Avg Remuneration excl. Benefits ($)  64,835 68,858 6.20 69,135 0.40 63,211 -8.57 72,341 14.44 2.8

Profitability (%)
2010 2011 Var % 2012 Var % 2013 Var % 2014 Var % CAGR (%)
Operating Margin 14.3 15.1   16.4   20.0   10.6    
P.B.I.T. Margin 11.5 12.5   13.6   17.3   7.4    
Pre-tax Margin 4.0 8.5   10.5   4.4   4.3    
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