Non-designated Markets - Radio AM / FM

Commercial Radio - Financial Summary 2011-2015

Table of Contents

Reporting Units
2011 2012 Var % 2013 Var % 2014 Var % 2015 Var % CAGR (%)
Reporting Units 378 383   389   397   403    

Revenue ($)
2011 2012 Var % 2013 Var % 2014 Var % 2015 Var % CAGR (%)
Local Time Sales 302,676,981 302,973,401 0.10 307,012,843 1.33 309,917,369 0.95 308,424,811 -0.48 0.5
National Time Sales 85,459,736 80,028,885 -6.35 89,631,621 12.00 91,585,617 2.18 87,437,332 -4.53 0.6
Syndication-Production 1,796,454 2,019,177 12.40 1,817,210 -10.00 3,275,567 80.25 3,298,036 0.69 16.4
Government/Corporate Grants 108,256 85,519 -21.00 131,712 54.01 73,581 -44.13 124,746 69.54 -7.4
Other Revenue 8,487,798 8,469,663 -0.21 6,171,843 -27.13 6,391,929 3.57 6,933,866 8.48 -4.9
Total Revenue 398,529,225 393,576,645 -1.24 404,765,229 2.84 411,244,063 1.60 406,218,791 -1.22 0.5

Expenses ($)
2011 2012 Var % 2013 Var % 2014 Var % 2015 Var % CAGR (%)
Programming 110,683,241 111,079,351 0.36 112,604,967 1.37 115,396,683 2.48 113,659,670 -1.51 0.7
Technical 17,868,457 18,558,843 3.86 18,864,284 1.65 18,698,055 -0.88 19,024,659 1.75 1.6
Sales and Promotion 101,025,522 99,142,241 -1.86 98,802,348 -0.34 101,090,204 2.32 100,861,595 -0.23 0.0
Administration and General 103,340,793 103,043,790 -0.29 104,607,476 1.52 105,387,419 0.75 101,948,428 -3.26 -0.3
Total Expenses 332,918,013 331,824,225 -0.33 334,879,075 0.92 340,572,361 1.70 335,494,352 -1.49 0.2

Performance ($)
2011 2012 Var % 2013 Var % 2014 Var % 2015 Var % CAGR (%)
Operating Income 65,611,212 61,752,420   69,886,154   70,671,702   70,724,439    
Depreciation 14,851,122 14,501,375 -2.36 14,627,939 0.87 16,140,673 10.34 15,271,587 -5.38 0.7
P.B.I.T. 50,760,090 47,251,045   55,258,215   54,531,029   55,452,852    
Interest Expense 3,917,486 3,727,230   4,179,787   4,882,678   5,917,570    
Adjustments Gain(Loss) 16,873,009 11,531,979   5,976,743   -20,035,039   -3,596,967    
Pre-tax Profit 63,715,613 55,055,794   57,055,171   29,613,312   45,938,315    

Programming Expense (%)
2011 2012 Var % 2013 Var % 2014 Var % 2015 Var % CAGR (%)
Programming Expense / Expense Total 33.2 33.5   33.6   33.9   33.9    
Programming Expense / Revenue Total 27.8 28.2   27.8   28.1   28.0    

Staff ($)
2011 2012 Var % 2013 Var % 2014 Var % 2015 Var % CAGR (%)
Total Remuneration ($) 191,421,940 191,695,488 0.14 191,015,461 -0.35 193,658,423 1.38 192,510,930 -0.59 0.1
Avg Staff Count 3,864.0 3,705.3 -4.11 3,782.0 2.07 3,748.3 -0.89 3,676.5 -1.91  
Avg Remuneration ($) 49,540 51,736 4.43 50,507 -2.38 51,666 2.29 52,362 1.35 1.4
Avg Remuneration excl. Benefits ($) 44,047 40,086 -8.99 44,752 11.64 46,236 3.32 47,047 1.75 1.7

Profitability (%)
2011 2012 Var % 2013 Var % 2014 Var % 2015 Var % CAGR (%)
Operating Margin 16.5 15.7   17.3   17.2   17.4    
P.B.I.T. Margin 12.7 12.0   13.7   13.3   13.7    
Pre-tax Margin 16.0 14.0   14.1   7.2   11.3    

CAGR = Compound Annual Growth Rate

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

Var = Variation

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