Small Radio Markets – Radio AM / FM - English

Commercial Radio – Financial Summary 2010-2014

Table of Contents

Reporting Units ($)
2010 2011 Var % 2012 Var % 2013 Var % 2014 Var % CAGR (%)
Reporting Units 385 394   399   405   413    

Revenue ($)
2010 2011 Var % 2012 Var % 2013 Var % 2014 Var % CAGR (%)
Local Time Sales 360,631,029 371,232,753 2.94 373,838,606 0.70 378,958,595 1.37 379,669,925 0.19 1.3
National Time Sales 100,008,708 99,909,378 -0.10 96,636,332 -3.28 107,581,049 11.33 108,185,438 0.56 2.0
Network Payments 0 0 n/a 0 n/a 0 n/a 0 n/a n/a
Syndication-Production 367,366 352,966 -3.92 857,472 142.93 556,562 -35.09 612,886 10.12 13.7
Government Grants 71,624 82,105 14.63 72,959 -11.14 126,097 72.83 69,135 -45.17 -0.9
Other 8,039,968 8,409,894 4.60 8,539,535 1.54 7,232,901 -15.30 7,664,971 5.97 -1.2
Total Revenue 469,118,695 479,987,096 2.32 479,944,904 -0.01 494,455,204 3.02 496,202,355 0.35 1.4

Expenses ($)
2010 2011 Var % 2012 Var % 2013 Var % 2014 Var % CAGR (%)
Programming and Production 132,992,773 134,979,480 1.49 136,509,645 1.13 139,862,271 2.46 142,642,632 1.99 1.8
Technical 20,152,597 20,371,677 1.09 21,409,335 5.09 22,094,829 3.20 22,195,706 0.46 2.4
Sales and Promotion 120,152,832 124,538,662 3.65 125,230,365 0.56 126,079,321 0.68 125,530,234 -0.44 1.1
Administration and General 116,909,417 118,158,785 1.07 121,358,363 2.71 122,021,991 0.55 123,028,931 0.83 1.3
Total Expenses 390,207,619 398,048,604 2.01 404,507,708 1.62 410,058,412 1.37 413,397,503 0.81 1.5

Performance ($)
2010 2011 Var % 2012 Var % 2013 Var % 2014 Var % CAGR (%)
Operating Income 78,911,076 81,938,492   75,437,196   84,396,792   82,804,852    
Depreciation 16,991,632 18,231,604   17,629,205   16,910,851   18,454,981    
P.B.I.T. 61,919,444 63,706,888   57,807,991   67,485,941   64,349,871    
Interest Expense 5,042,871 5,750,353   5,134,233   5,223,058   6,056,508    
Adjustments - Gain (Loss) -71,084,063 -108   -68,178   -17,325,229   -22,800,344    
Pre-tax Profit -14,207,490 57,956,427   52,605,580   44,937,654   35,493,019    

Programming and Production (%)
2010 2011 Var % 2012 Var % 2013 Var % 2014 Var % CAGR (%)
Program and Production Expense/Total Expenses 34.1 33.9   33.7   34.1   34.5    
Program and Production Expense/Total Revenue 28.3 28.1   28.4   28.3   28.7    

Staff ($)
2010 2011 Var % 2012 Var % 2013 Var % 2014 Var % CAGR (%)
Total Remuneration ($) 214,141,067 219,023,040 2.28 224,127,957 2.33 227,776,150 1.63 227,965,741 0.08 1.6
Total Staff Count 4,228.9 4,339.8 2.62 4,228.8 -2.56 4,343.6 2.71 4,234.5 -2.51  
Avg Remuneration ($)  50,638 50,469 -0.33 53,001 5.02 52,440 -1.06 53,836 2.66 1.5
Avg Remuneration excl. Benefits ($)  45,708 45,415 -0.64 42,775 -5.81 46,924 9.70 48,127 2.56 1.3

Profitability (%)
2010 2011 Var % 2012 Var % 2013 Var % 2014 Var % CAGR (%)
Operating Margin 16.8 17.1   15.7   17.1   16.7    
P.B.I.T. Margin 13.2 13.3   12.0   13.6   13.0    
Pre-tax Margin -3.0 12.1   11.0   9.1   7.2    
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