Designated Markets - Radio AM / FM - Hamilton

Radio - Financial Summary 2012-2016

Table of Contents

Reporting Units
2012 2013 Var % 2014 Var % 2015 Var % 2016 Var % CAGR (%)
Reporting Units 7 7 - 7 - 7 - 7 - -

Revenue ($)
2012 2013 Var % 2014 Var % 2015 Var % 2016 Var % CAGR (%)
Local Time Sales 14,106,580 11,984,150 -15.05 11,549,395 -3.63 11,729,226 1.56 11,199,989 -4.51 -5.6
National Time Sales 4,990,390 5,836,686 16.96 5,553,124 -4.86 5,633,811 1.45 5,599,996 -0.60 2.9
Syndication-Production 18,748 0 n/a 0 n/a 0 n/a 67,633 n/a 37.8
Government/Corporate Grants 0 0 n/a 0 n/a 0 n/a 0 n/a n/a
Other Revenue 716,813 294,584 -58.90 497,073 68.74 514,220 3.45 400,081 -22.20 -13.6
Total Revenue 19,832,531 18,115,420 -8.66 17,599,592 -2.85 17,877,257 1.58 17,267,699 -3.41 -3.4

Expenses ($)
2012 2013 Var % 2014 Var % 2015 Var % 2016 Var % CAGR (%)
Programming and Production 5,888,703 5,704,946 -3.12 5,525,466 -3.15 5,550,531 0.45 5,654,550 1.87 -1.0
Technical 997,610 986,602 -1.10 951,399 -3.57 1,119,114 17.63 1,224,821 9.45 5.3
Sales and Promotion 4,918,204 4,370,426 -11.14 4,417,891 1.09 4,651,718 5.29 4,084,979 -12.18 -4.5
Administration and General 3,895,309 3,821,441 -1.90 3,670,457 -3.95 3,290,083 -10.36 3,396,934 3.25 -3.4
Total Expenses 15,699,826 14,883,415 -5.20 14,565,213 -2.14 14,611,446 0.32 14,361,284 -1.71 -2.2

Performance ($)
2012 2013 Var % 2014 Var % 2015 Var % 2016 Var % CAGR (%)
Operating Income 4,132,705 3,232,005 - 3,034,379 - 3,265,811 - 2,906,415 - -
Depreciation 453,518 403,787 -10.97 686,956 70.13 465,597 -32.22 405,458 -12.92 -2.8
P.B.I.T. 3,679,187 2,828,218 - 2,347,423 - 2,800,214 - 2,500,957 - -
Interest Expense -37,655 6,249 - 51,563 - 4,742 - -45,654 - -
Adjustments Gain(Loss) 1,895,026 -581,939 - 2,228,204 - 1,541,866 - 13,302,441 - -
Pre-tax Profit 5,611,868 2,240,030 - 4,524,064 - 4,337,338 - 15,849,052 - -

Programming and Production (%)
2012 2013 Var % 2014 Var % 2015 Var % 2016 Var % CAGR (%)
Prog-Prod Expense / Expense Total 37.5 38.3 - 37.9 - 38.0 - 39.4 - -
Prog-Prod Expense / Revenue Total 29.7 31.5 - 31.4 - 31.0 - 32.7 - -

Staff
2012 2013 Var % 2014 Var % 2015 Var % 2016 Var % CAGR (%)
Total Remuneration ($) 8,527,318 8,198,483 -3.86 7,757,211 -5.38 7,935,617 2.30 7,490,199 -5.61 -3.2
Total Staff Count 124.4 129.4 4.02 107.0 -17.31 106.3 -0.64 95.1 -10.59 -
Avg Remuneration ($) 68,548 63,358 -7.57 72,497 14.43 74,639 2.95 78,794 5.57 3.5
Avg Remuneration excl. Benefits ($) 60,477 55,784 -7.76 64,722 16.02 66,815 3.23 70,996 6.26 4.1

Profitability (%)
2012 2013 Var % 2014 Var % 2015 Var % 2016 Var % CAGR (%)
Operating Margin 20.8 17.8 - 17.2 - 18.3 - 16.8 - -
P.B.I.T. Margin 18.6 15.6 - 13.3 - 15.7 - 14.5 - -
Pre-tax Margin 28.3 12.4 - 25.7 - 24.3 - 91.8 - -

CAGR = Compound Annual Growth Rate

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

Var = Variation

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