Designated Markets - Radio AM / FM - Hamilton

Commercial Radio - Financial Summary 2011-2015

Table of Contents

Reporting Units
2011 2012 Var % 2013 Var % 2014 Var % 2015 Var % CAGR (%)
Reporting Units 7 7   7   7   7    

Revenue ($)
2011 2012 Var % 2013 Var % 2014 Var % 2015 Var % CAGR (%)
Local Time Sales 15,607,081 14,106,580 -9.61 11,984,150 -15.05 11,549,395 -3.63 11,729,226 1.56 -6.9
National Time Sales 5,480,697 4,990,390 -8.95 5,836,686 16.96 5,553,124 -4.86 5,633,811 1.45 0.7
Syndication-Production 0 18,748 n/a 0 -100.00 0 n/a 0 n/a n/a
Government/Corporate Grants 0 0 n/a 0 n/a 0 n/a 0 n/a n/a
Other Revenue 757,450 716,813 -5.36 294,584 -58.90 497,073 68.74 514,220 3.45 -9.2
Total Revenue 21,845,228 19,832,531 -9.21 18,115,420 -8.66 17,599,592 -2.85 17,877,257 1.58 -4.9

Expenses ($)
2011 2012 Var % 2013 Var % 2014 Var % 2015 Var % CAGR (%)
Programming 6,450,585 5,888,703 -8.71 5,704,946 -3.12 5,525,466 -3.15 5,550,531 0.45 -3.7
Technical 1,011,991 997,610 -1.42 986,602 -1.10 951,399 -3.57 1,119,114 17.63 2.6
Sales and Promotion 5,978,816 4,918,204 -17.74 4,370,426 -11.14 4,417,891 1.09 4,651,718 5.29 -6.1
Administration and General 4,472,884 3,895,309 -12.91 3,821,441 -1.90 3,670,457 -3.95 3,290,083 -10.36 -7.4
Total Expenses 17,914,276 15,699,826 -12.36 14,883,415 -5.20 14,565,213 -2.14 14,611,446 0.32 -5.0

Performance ($)
2011 2012 Var % 2013 Var % 2014 Var % 2015 Var % CAGR (%)
Operating Income 3,930,952 4,132,705   3,232,005   3,034,379   3,265,811    
Depreciation 605,713 453,518 -25.13 403,787 -10.97 686,956 70.13 465,597 -32.22 -6.4
P.B.I.T. 3,325,239 3,679,187   2,828,218   2,347,423   2,800,214    
Interest Expense -38,531 -37,655   6,249   51,563   4,742    
Adjustments Gain(Loss) 1,252,234 1,895,026   -581,939   2,228,204   1,541,866    
Pre-tax Profit 4,616,004 5,611,868   2,240,030   4,524,064   4,337,338    

Programming Expense (%)
2011 2012 Var % 2013 Var % 2014 Var % 2015 Var % CAGR (%)
Programming Expense / Expense Total 36.0 37.5   38.3   37.9   38.0    
Programming Expense / Revenue Total 29.5 29.7   31.5   31.4   31.0    

Staff ($)
2011 2012 Var % 2013 Var % 2014 Var % 2015 Var % CAGR (%)
Total Remuneration ($) 9,699,986 8,527,318 -12.09 8,198,483 -3.86 7,757,211 -5.38 7,935,617 2.30 -4.9
Avg Staff Count 133.5 124.4 -6.82 129.4 4.02 107.0 -17.31 106.3 -0.64  
Avg Remuneration ($) 72,654 68,548 -5.65 63,358 -7.57 72,497 14.43 74,639 2.95 0.7
Avg Remuneration excl. Benefits ($) 64,203 60,477 -5.80 55,784 -7.76 64,722 16.02 66,815 3.23 1.0

Profitability (%)
2011 2012 Var % 2013 Var % 2014 Var % 2015 Var % CAGR (%)
Operating Margin 18.0 20.8   17.8   17.2   18.3    
P.B.I.T. Margin 15.2 18.6   15.6   13.3   15.7    
Pre-tax Margin 21.1 28.3   12.4   25.7   24.3    

CAGR = Compound Annual Growth Rate

P.B.I.T. = Profit Before Interest and Tax

Var = Variation

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