Non-designated Markets - Radio AM - Total

Commercial Radio - Financial Summary 2011-2015

Table of Contents

Reporting Units
2011 2012 Var % 2013 Var % 2014 Var % 2015 Var % CAGR (%)
Reporting Units 69 64   62   61   56    

Revenue ($)
2011 2012 Var % 2013 Var % 2014 Var % 2015 Var % CAGR (%)
Local Time Sales 45,250,610 43,203,784 -4.52 42,415,664 -1.82 40,910,626 -3.55 37,178,991 -9.12 -4.8
National Time Sales 15,277,930 13,810,818 -9.60 14,367,262 4.03 13,507,053 -5.99 10,801,913 -20.03 -8.3
Syndication-Production 221,041 438,907 98.56 231,062 -47.36 266,374 15.28 284,414 6.77 6.5
Government/Corporate Grants 0 0 n/a 0 n/a 0 n/a 0 n/a n/a
Other Revenue 282,179 246,051 -12.80 241,837 -1.71 320,471 32.52 308,125 -3.85 2.2
Total Revenue 61,031,760 57,699,560 -5.46 57,255,825 -0.77 55,004,524 -3.93 48,573,443 -11.69 -5.6

Expenses ($)
2011 2012 Var % 2013 Var % 2014 Var % 2015 Var % CAGR (%)
Programming 17,670,171 16,762,451 -5.14 16,709,007 -0.32 16,909,808 1.20 14,993,664 -11.33 -4.0
Technical 2,560,759 2,507,384 -2.08 2,515,592 0.33 2,470,813 -1.78 2,372,621 -3.97 -1.9
Sales and Promotion 14,741,317 13,709,078 -7.00 13,770,098 0.45 13,207,844 -4.08 11,676,451 -11.59 -5.7
Administration and General 19,771,050 19,283,664 -2.47 18,452,210 -4.31 17,690,030 -4.13 15,969,542 -9.73 -5.2
Total Expenses 54,743,297 52,262,577 -4.53 51,446,907 -1.56 50,278,495 -2.27 45,012,278 -10.47 -4.8

Performance ($)
2011 2012 Var % 2013 Var % 2014 Var % 2015 Var % CAGR (%)
Operating Income 6,288,463 5,436,983   5,808,918   4,726,029   3,561,165    
Depreciation 2,157,448 1,814,455 -15.90 1,894,980 4.44 1,891,765 -0.17 1,808,846 -4.38 -4.3
P.B.I.T. 4,131,015 3,622,528   3,913,938   2,834,264   1,752,319    
Interest Expense 774,261 541,540   504,236   605,834   1,014,819    
Adjustments Gain(Loss) 1,815,027 136,850   -1,236,130   -1,468,272   -70,086    
Pre-tax Profit 5,171,781 3,217,838   2,173,572   760,158   667,414    

Programming Expense (%)
2011 2012 Var % 2013 Var % 2014 Var % 2015 Var % CAGR (%)
Programming Expense / Expense Total 32.3 32.1   32.5   33.6   33.3    
Programming Expense / Revenue Total 29.0 29.1   29.2   30.7   30.9    

Staff ($)
2011 2012 Var % 2013 Var % 2014 Var % 2015 Var % CAGR (%)
Total Remuneration ($) 29,303,049 28,544,660 -2.59 28,005,590 -1.89 27,543,057 -1.65 24,549,835 -10.87 -4.3
Avg Staff Count 687.1 623.1 -9.32 561.2 -9.93 590.4 5.20 539.8 -8.57  
Avg Remuneration ($) 42,650 45,814 7.42 49,907 8.93 46,655 -6.51 45,483 -2.51 1.6
Avg Remuneration excl. Benefits ($) 38,533 41,069 6.58 44,819 9.13 41,442 -7.54 40,530 -2.20 1.3

Profitability (%)
2011 2012 Var % 2013 Var % 2014 Var % 2015 Var % CAGR (%)
Operating Margin 10.3 9.4   10.1   8.6   7.3    
P.B.I.T. Margin 6.8 6.3   6.8   5.2   3.6    
Pre-tax Margin 8.5 5.6   3.8   1.4   1.4    

CAGR = Compound Annual Growth Rate

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

Var = Variation

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