Non-designated Markets - Radio AM / FM - English

Commercial Radio - Financial Summary 2011-2015

Table of Contents

Reporting Units
2011 2012 Var % 2013 Var % 2014 Var % 2015 Var % CAGR (%)
Reporting Units 310 315   322   331   336    

Revenue ($)
2011 2012 Var % 2013 Var % 2014 Var % 2015 Var % CAGR (%)
Local Time Sales 241,688,068 241,404,725 -0.12 245,200,958 1.57 247,045,911 0.75 245,939,633 -0.45 0.4
National Time Sales 64,872,286 60,625,779 -6.55 69,669,549 14.92 71,038,285 1.96 66,429,349 -6.49 0.6
Syndication-Production 328,617 814,745 147.93 527,888 -35.21 596,112 12.92 606,089 1.67 16.5
Government/Corporate Grants 82,105 72,959 -11.14 126,097 72.83 69,135 -45.17 118,546 71.47 -7.4
Other Revenue 6,269,539 6,415,411 2.33 5,251,209 -18.15 5,852,527 11.45 6,535,442 11.67 1.0
Total Revenue 313,240,615 309,333,619 -1.25 320,775,701 3.70 324,601,970 1.19 319,629,059 -1.53 0.5

Expenses ($)
2011 2012 Var % 2013 Var % 2014 Var % 2015 Var % CAGR (%)
Programming 83,531,070 83,928,866 0.48 86,183,315 2.69 88,297,410 2.45 86,720,430 -1.79 0.9
Technical 14,045,496 14,667,175 4.43 15,447,346 5.32 15,440,594 -0.04 15,825,792 2.49 3.0
Sales and Promotion 76,926,102 76,228,856 -0.91 77,242,654 1.33 77,551,159 0.40 77,018,379 -0.69 0.0
Administration and General 81,816,215 83,596,844 2.18 84,667,747 1.28 84,794,401 0.15 83,026,953 -2.08 0.4
Total Expenses 256,318,883 258,421,741 0.82 263,541,062 1.98 266,083,564 0.96 262,591,554 -1.31 0.6

Performance ($)
2011 2012 Var % 2013 Var % 2014 Var % 2015 Var % CAGR (%)
Operating Income 56,921,732 50,911,878   57,234,639   58,518,406   57,037,505    
Depreciation 11,826,505 11,592,067 -1.98 11,397,893 -1.68 12,987,297 13.94 12,189,183 -6.15 0.8
P.B.I.T. 45,095,227 39,319,811   45,836,746   45,531,109   44,848,322    
Interest Expense 3,758,316 3,405,110   3,639,381   4,330,232   5,384,191    
Adjustments Gain(Loss) 1,704,914 288,694   -4,827,414   -20,937,444   -3,084,386    
Pre-tax Profit 43,041,825 36,203,395   37,369,951   20,263,433   36,379,745    

Programming Expense (%)
2011 2012 Var % 2013 Var % 2014 Var % 2015 Var % CAGR (%)
Programming Expense / Expense Total 32.6 32.5   32.7   33.2   33.0    
Programming Expense / Revenue Total 26.7 27.1   26.9   27.2   27.1    

Staff ($)
2011 2012 Var % 2013 Var % 2014 Var % 2015 Var % CAGR (%)
Total Remuneration ($) 142,329,437 145,149,580 1.98 148,200,534 2.10 147,746,975 -0.31 146,399,152 -0.91 0.7
Avg Staff Count 3,009.4 2,921.4 -2.93 3,022.8 3.47 2,987.6 -1.16 2,957.9 -0.99  
Avg Remuneration ($) 47,294 49,685 5.06 49,028 -1.32 49,454 0.87 49,494 0.08 1.1
Avg Remuneration excl. Benefits ($) 42,550 37,717 -11.36 43,931 16.48 44,289 0.81 44,551 0.59 1.2

Profitability (%)
2011 2012 Var % 2013 Var % 2014 Var % 2015 Var % CAGR (%)
Operating Margin 18.2 16.5   17.8   18.0   17.8    
P.B.I.T. Margin 14.4 12.7   14.3   14.0   14.0    
Pre-tax Margin 13.7 11.7   11.6   6.2   11.4    

CAGR = Compound Annual Growth Rate

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

Var = Variation

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