Designated Markets - Radio AM / FM - London

Commercial Radio - Financial Summary 2011-2015

Table of Contents

Reporting Units
2011 2012 Var % 2013 Var % 2014 Var % 2015 Var % CAGR (%)
Reporting Units 11 11   11   11   11    

Revenue ($)
2011 2012 Var % 2013 Var % 2014 Var % 2015 Var % CAGR (%)
Local Time Sales 18,407,503 19,469,515 5.77 18,364,857 -5.67 17,192,885 -6.38 16,723,400 -2.73 -2.4
National Time Sales 6,163,198 5,816,975 -5.62 6,101,489 4.89 5,996,603 -1.72 6,326,021 5.49 0.7
Syndication-Production 0 16,477 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 422,239 378,146 -10.44 72,484 -80.83 76,059 4.93 162,188 113.24 -21.3
Total Revenue 24,992,940 25,681,113 2.75 24,538,830 -4.45 23,265,547 -5.19 23,211,609 -0.23 -1.8

Expenses ($)
2011 2012 Var % 2013 Var % 2014 Var % 2015 Var % CAGR (%)
Programming 6,286,987 6,939,469 10.38 7,090,738 2.18 6,842,841 -3.50 6,582,960 -3.80 1.2
Technical 955,273 929,931 -2.65 929,961 0.00 884,644 -4.87 939,869 6.24 -0.4
Sales and Promotion 6,335,999 6,768,820 6.83 6,581,994 -2.76 6,205,486 -5.72 6,142,755 -1.01 -0.8
Administration and General 4,824,929 5,132,134 6.37 5,144,105 0.23 4,511,694 -12.29 4,643,989 2.93 -1.0
Total Expenses 18,403,188 19,770,354 7.43 19,746,798 -0.12 18,444,665 -6.59 18,309,573 -0.73 -0.1

Performance ($)
2011 2012 Var % 2013 Var % 2014 Var % 2015 Var % CAGR (%)
Operating Income 6,589,752 5,910,759   4,792,032   4,820,882   4,902,036    
Depreciation 741,918 661,683 -10.81 584,139 -11.72 1,212,089 107.50 639,456 -47.24 -3.7
P.B.I.T. 5,847,834 5,249,076   4,207,893   3,608,793   4,262,580    
Interest Expense -51,252 13,876   36,306   94,764   7,347    
Adjustments Gain(Loss) -949,195 214,530   -11,842,306   -2,078,987   -5,423,553    
Pre-tax Profit 4,949,891 5,449,730   -7,670,719   1,435,042   -1,168,320    

Programming Expense (%)
2011 2012 Var % 2013 Var % 2014 Var % 2015 Var % CAGR (%)
Programming Expense / Expense Total 34.2 35.1   35.9   37.1   36.0    
Programming Expense / Revenue Total 25.2 27.0   28.9   29.4   28.4    

Staff ($)
2011 2012 Var % 2013 Var % 2014 Var % 2015 Var % CAGR (%)
Total Remuneration ($) 10,524,396 12,011,465 14.13 11,678,277 -2.77 10,809,193 -7.44 10,083,135 -6.72 -1.1
Avg Staff Count 176.2 170.8 -3.10 169.9 -0.50 163.2 -3.98 134.9 -17.30  
Avg Remuneration ($) 59,716 70,337 17.79 68,732 -2.28 66,253 -3.61 74,729 12.79 5.8
Avg Remuneration excl. Benefits ($) 52,430 61,472 17.25 59,900 -2.56 58,837 -1.78 66,595 13.18 6.2

Profitability (%)
2011 2012 Var % 2013 Var % 2014 Var % 2015 Var % CAGR (%)
Operating Margin 26.4 23.0   19.5   20.7   21.1    
P.B.I.T. Margin 23.4 20.4   17.1   15.5   18.4    
Pre-tax Margin 19.8 21.2   -31.3   6.2   -5.0    

CAGR = Compound Annual Growth Rate

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

Var = Variation

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