Designated Markets - Radio AM / FM - Kingston

Commercial Radio - Financial Summary 2011-2015

Table of Contents

Reporting Units
2011 2012 Var % 2013 Var % 2014 Var % 2015 Var % CAGR (%)
Reporting Units 6 6   6   6   6    

Revenue ($)
2011 2012 Var % 2013 Var % 2014 Var % 2015 Var % CAGR (%)
Local Time Sales 6,489,925 6,533,707 0.67 6,489,884 -0.67 5,981,531 -7.83 4,625,845 -22.66 -8.1
National Time Sales 2,336,021 2,116,760 -9.39 2,222,297 4.99 2,261,418 1.76 2,569,992 13.65 2.4
Syndication-Production 0 0 n/a 0 n/a 0 n/a 1,365 n/a n/a
Government/Corporate Grants 0 0 n/a 0 n/a 0 n/a 0 n/a n/a
Other Revenue 342,282 281,058 -17.89 316,021 12.44 229,591 -27.35 59,602 -74.04 -35.4
Total Revenue 9,168,228 8,931,525 -2.58 9,028,202 1.08 8,472,540 -6.15 7,256,804 -14.35 -5.7

Expenses ($)
2011 2012 Var % 2013 Var % 2014 Var % 2015 Var % CAGR (%)
Programming 2,877,066 2,890,969 0.48 2,875,379 -0.54 2,768,973 -3.70 2,510,387 -9.34 -3.4
Technical 356,723 305,453 -14.37 306,894 0.47 326,558 6.41 300,789 -7.89 -4.2
Sales and Promotion 3,098,955 2,992,368 -3.44 2,806,606 -6.21 2,660,564 -5.20 1,985,681 -25.37 -10.5
Administration and General 1,816,604 1,782,646 -1.87 1,770,970 -0.65 1,941,236 9.61 1,961,944 1.07 1.9
Total Expenses 8,149,348 7,971,436 -2.18 7,759,849 -2.65 7,697,331 -0.81 6,758,801 -12.19 -4.6

Performance ($)
2011 2012 Var % 2013 Var % 2014 Var % 2015 Var % CAGR (%)
Operating Income 1,018,880 960,089   1,268,353   775,209   498,003    
Depreciation 357,706 304,534 -14.86 243,426 -20.07 231,944 -4.72 215,110 -7.26 -11.9
P.B.I.T. 661,174 655,555   1,024,927   543,265   282,893    
Interest Expense 20,144 15,174   5,139   12,404   2,420    
Adjustments Gain(Loss) -299,809 -287,364   -8,146,069   51,767   -145,011    
Pre-tax Profit 341,221 353,017   -7,126,281   582,628   135,462    

Programming Expense (%)
2011 2012 Var % 2013 Var % 2014 Var % 2015 Var % CAGR (%)
Programming Expense / Expense Total 35.3 36.3   37.1   36.0   37.1    
Programming Expense / Revenue Total 31.4 32.4   31.8   32.7   34.6    

Staff ($)
2011 2012 Var % 2013 Var % 2014 Var % 2015 Var % CAGR (%)
Total Remuneration ($) 4,378,441 4,326,112 -1.20 4,244,341 -1.89 4,060,218 -4.34 3,779,398 -6.92 -3.6
Avg Staff Count 73.0 67.3 -7.79 68.6 1.99 64.8 -5.57 55.8 -13.95  
Avg Remuneration ($) 60,012 64,300 7.15 61,853 -3.81 62,658 1.30 67,780 8.17 3.1
Avg Remuneration excl. Benefits ($) 51,999 55,854 7.41 53,343 -4.50 54,307 1.81 58,711 8.11 3.1

Profitability (%)
2011 2012 Var % 2013 Var % 2014 Var % 2015 Var % CAGR (%)
Operating Margin 11.1 10.7   14.0   9.1   6.9    
P.B.I.T. Margin 7.2 7.3   11.4   6.4   3.9    
Pre-tax Margin 3.7 4.0   -78.9   6.9   1.9    

CAGR = Compound Annual Growth Rate

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

Var = Variation

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