Non-designated Markets - Radio FM - Total

Commercial Radio - Financial Summary 2011-2015

Table of Contents

Reporting Units
2011 2012 Var % 2013 Var % 2014 Var % 2015 Var % CAGR (%)
Reporting Units 309 319   327   336   347    

Revenue ($)
2011 2012 Var % 2013 Var % 2014 Var % 2015 Var % CAGR (%)
Local Time Sales 257,426,371 259,769,617 0.91 264,597,179 1.86 269,006,743 1.67 271,245,820 0.83 1.3
National Time Sales 70,181,806 66,218,067 -5.65 75,264,359 13.66 78,078,564 3.74 76,635,419 -1.85 2.2
Syndication-Production 1,575,413 1,580,270 0.31 1,586,148 0.37 3,009,193 89.72 3,013,622 0.15 17.6
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 8,205,619 8,223,612 0.22 5,930,006 -27.89 6,071,458 2.39 6,625,741 9.13 -5.2
Total Revenue 337,497,465 335,877,085 -0.48 347,509,404 3.46 356,239,539 2.51 357,645,348 0.39 1.5

Expenses ($)
2011 2012 Var % 2013 Var % 2014 Var % 2015 Var % CAGR (%)
Programming 93,013,070 94,316,900 1.40 95,895,960 1.67 98,486,875 2.70 98,666,006 0.18 1.5
Technical 15,307,698 16,051,459 4.86 16,348,692 1.85 16,227,242 -0.74 16,652,038 2.62 2.1
Sales and Promotion 86,284,205 85,433,163 -0.99 85,032,250 -0.47 87,882,360 3.35 89,185,144 1.48 0.8
Administration and General 83,569,743 83,760,126 0.23 86,155,266 2.86 87,697,389 1.79 85,978,886 -1.96 0.7
Total Expenses 278,174,716 279,561,648 0.50 283,432,168 1.38 290,293,866 2.42 290,482,074 0.06 1.1

Performance ($)
2011 2012 Var % 2013 Var % 2014 Var % 2015 Var % CAGR (%)
Operating Income 59,322,749 56,315,437   64,077,236   65,945,673   67,163,274    
Depreciation 12,693,674 12,686,920 -0.05 12,732,959 0.36 14,248,908 11.91 13,462,741 -5.52 1.5
P.B.I.T. 46,629,075 43,628,517   51,344,277   51,696,765   53,700,533    
Interest Expense 3,143,225 3,185,690   3,675,551   4,276,844   4,902,751    
Adjustments Gain(Loss) 15,057,982 11,395,129   7,212,873   -18,566,767   -3,526,881    
Pre-tax Profit 58,543,832 51,837,956   54,881,599   28,853,154   45,270,901    

Programming Expense (%)
2011 2012 Var % 2013 Var % 2014 Var % 2015 Var % CAGR (%)
Programming Expense / Expense Total 33.4 33.7   33.8   33.9   34.0    
Programming Expense / Revenue Total 27.6 28.1   27.6   27.6   27.6    

Staff ($)
2011 2012 Var % 2013 Var % 2014 Var % 2015 Var % CAGR (%)
Total Remuneration ($) 162,118,891 163,150,828 0.64 163,009,871 -0.09 166,115,366 1.91 167,961,095 1.11 0.9
Avg Staff Count 3,176.9 3,082.2 -2.98 3,220.8 4.50 3,158.0 -1.95 3,136.8 -0.67  
Avg Remuneration ($) 51,030 52,933 3.73 50,611 -4.39 52,602 3.93 53,546 1.79 1.2
Avg Remuneration excl. Benefits ($) 45,239 39,887 -11.83 44,740 12.17 47,132 5.35 48,168 2.20 1.6

Profitability (%)
2011 2012 Var % 2013 Var % 2014 Var % 2015 Var % CAGR (%)
Operating Margin 17.6 16.8   18.4   18.5   18.8    
P.B.I.T. Margin 13.8 13.0   14.8   14.5   15.0    
Pre-tax Margin 17.3 15.4   15.8   8.1   12.7    

CAGR = Compound Annual Growth Rate

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

Var = Variation

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