Small Radio Markets – Radio FM

Commercial Radio – Financial Summary 2010-2014

Table of Contents

Reporting Units ($)
2010 2011 Var % 2012 Var % 2013 Var % 2014 Var % CAGR (%)
Reporting Units 372 387   397   404   413    

Revenue ($)
2010 2011 Var % 2012 Var % 2013 Var % 2014 Var % CAGR (%)
Local Time Sales 352,717,478 364,715,889 3.40 369,304,042 1.26 374,648,405 1.45 378,404,690 1.00 1.8
National Time Sales 101,774,799 103,557,258 1.75 99,979,304 -3.46 111,556,417 11.58 113,514,215 1.75 2.8
Network Payments 0 0 n/a 0 n/a 678,179 n/a 200 -99.97 n/a
Syndication-Production 1,304,230 1,627,009 24.75 1,626,248 -0.05 1,616,505 -0.60 3,018,503 86.73 23.3
Government Grants 79,641 108,256 35.93 85,519 -21.00 131,712 54.01 73,581 -44.13 -2.0
Other 9,124,862 9,892,170 8.41 9,982,915 0.92 6,908,589 -30.80 7,590,510 9.87 -4.5
Total Revenue 465,001,010 479,900,582 3.20 480,978,028 0.22 495,539,807 3.03 502,601,699 1.43 2.0

Expenses ($)
2010 2011 Var % 2012 Var % 2013 Var % 2014 Var % CAGR (%)
Programming and Production 131,658,495 135,355,799 2.81 137,280,749 1.42 139,155,508 1.37 142,064,272 2.09 1.9
Technical 19,952,171 20,854,621 4.52 21,953,399 5.27 22,365,075 1.88 22,120,500 -1.09 2.6
Sales and Promotion 120,067,249 126,094,679 5.02 126,650,811 0.44 125,685,860 -0.76 127,531,591 1.47 1.5
Administration and General 110,438,372 115,471,813 4.56 116,574,147 0.95 118,511,498 1.66 121,144,309 2.22 2.3
Total Expenses 382,116,287 397,776,912 4.10 402,459,106 1.18 405,717,941 0.81 412,860,672 1.76 2.0

Performance ($)
2010 2011 Var % 2012 Var % 2013 Var % 2014 Var % CAGR (%)
Operating Income 82,884,723 82,123,670   78,518,922   89,821,866   89,741,027    
Depreciation 17,382,831 17,388,392   17,241,293   16,879,090   18,310,792    
P.B.I.T. 65,501,892 64,735,278   61,277,629   72,942,776   71,430,235    
Interest Expense 4,917,364 4,686,550   4,581,050   4,905,367   5,620,847    
Adjustments - Gain (Loss) -48,680,848 12,928,429   10,325,691   -5,646,953   -21,394,756    
Pre-tax Profit 11,903,680 72,977,157   67,022,270   62,390,456   44,414,632    

Programming and Production (%)
2010 2011 Var % 2012 Var % 2013 Var % 2014 Var % CAGR (%)
Program and Production Expense/Total Expenses 34.5 34.0   34.1   34.3   34.4    
Program and Production Expense/Total Revenue 28.3 28.2   28.5   28.1   28.3    

Staff ($)
2010 2011 Var % 2012 Var % 2013 Var % 2014 Var % CAGR (%)
Total Remuneration ($) 216,768,413 226,341,054 4.42 228,711,313 1.05 228,486,572 -0.10 231,528,354 1.33 1.7
Total Staff Count 4,151.4 4,342.3 4.60 4,207.6 -3.10 4,344.4 3.25 4,205.2 -3.20  
Avg Remuneration ($)  52,216 52,124 -0.18 54,357 4.28 52,594 -3.24 55,058 4.69 1.3
Avg Remuneration excl. Benefits ($)  46,661 46,382 -0.60 43,132 -7.01 46,575 7.98 49,256 5.76 1.4

Profitability (%)
2010 2011 Var % 2012 Var % 2013 Var % 2014 Var % CAGR (%)
Operating Margin 17.8 17.1   16.3   18.1   17.9    
P.B.I.T. Margin 14.1 13.5   12.7   14.7   14.2    
Pre-tax Margin 2.6 15.2   13.9   12.6   8.8    
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