Designated Markets - Radio AM / FM - London

Radio - Financial Summary 2012-2016

Table of Contents

Reporting Units
2012 2013 Var % 2014 Var % 2015 Var % 2016 Var % CAGR (%)
Reporting Units 11 11 - 11 - 11 - 11 - -

Revenue ($)
2012 2013 Var % 2014 Var % 2015 Var % 2016 Var % CAGR (%)
Local Time Sales 19,469,515 18,364,857 -5.67 17,192,885 -6.38 16,723,400 -2.73 15,667,925 -6.31 -5.3
National Time Sales 5,816,975 6,101,489 4.89 5,996,603 -1.72 6,326,021 5.49 6,169,942 -2.47 1.5
Syndication-Production 16,477 0 n/a 0 n/a 0 n/a 120,012 n/a 64.3
Government/Corporate Grants 0 0 n/a 0 n/a 0 n/a 0 n/a n/a
Other Revenue 378,146 72,484 -80.83 76,059 4.93 162,188 113.24 19,137 -88.20 -52.6
Total Revenue 25,681,113 24,538,830 -4.45 23,265,547 -5.19 23,211,609 -0.23 21,977,016 -5.32 -3.8

Expenses ($)
2012 2013 Var % 2014 Var % 2015 Var % 2016 Var % CAGR (%)
Programming and Production 6,939,469 7,090,738 2.18 6,842,841 -3.50 6,582,960 -3.80 6,582,693 0.00 -1.3
Technical 929,931 929,961 0.00 884,644 -4.87 939,869 6.24 832,495 -11.42 -2.7
Sales and Promotion 6,768,820 6,581,994 -2.76 6,205,486 -5.72 6,142,755 -1.01 5,189,728 -15.51 -6.4
Administration and General 5,132,134 5,144,105 0.23 4,511,694 -12.29 4,643,989 2.93 3,961,065 -14.71 -6.3
Total Expenses 19,770,354 19,746,798 -0.12 18,444,665 -6.59 18,309,573 -0.73 16,565,981 -9.52 -4.3

Performance ($)
2012 2013 Var % 2014 Var % 2015 Var % 2016 Var % CAGR (%)
Operating Income 5,910,759 4,792,032 - 4,820,882 - 4,902,036 - 5,411,035 - -
Depreciation 661,683 584,139 -11.72 1,212,089 107.50 639,456 -47.24 505,895 -20.89 -6.5
P.B.I.T. 5,249,076 4,207,893 - 3,608,793 - 4,262,580 - 4,905,140 - -
Interest Expense 13,876 36,306 - 94,764 - 7,347 - -3,403 - -
Adjustments Gain(Loss) 214,530 -11,842,306 - -2,078,987 - -5,423,553 - -558,088 - -
Pre-tax Profit 5,449,730 -7,670,719 - 1,435,042 - -1,168,320 - 4,350,455 - -

Programming and Production (%)
2012 2013 Var % 2014 Var % 2015 Var % 2016 Var % CAGR (%)
Prog-Prod Expense / Expense Total 35.1 35.9 - 37.1 - 36.0 - 39.7 - -
Prog-Prod Expense / Revenue Total 27.0 28.9 - 29.4 - 28.4 - 30.0 - -

Staff
2012 2013 Var % 2014 Var % 2015 Var % 2016 Var % CAGR (%)
Total Remuneration ($) 12,011,465 11,678,277 -2.77 10,809,193 -7.44 10,083,135 -6.72 9,057,483 -10.17 -6.8
Total Staff Count 170.8 169.9 -0.50 163.2 -3.98 134.9 -17.30 120.1 -10.98 -
Avg Remuneration ($) 70,337 68,732 -2.28 66,253 -3.61 74,729 12.79 75,404 0.90 1.8
Avg Remuneration excl. Benefits ($) 61,472 59,900 -2.56 58,837 -1.78 66,595 13.18 67,401 1.21 2.3

Profitability (%)
2012 2013 Var % 2014 Var % 2015 Var % 2016 Var % CAGR (%)
Operating Margin 23.0 19.5 - 20.7 - 21.1 - 24.6 - -
P.B.I.T. Margin 20.4 17.1 - 15.5 - 18.4 - 22.3 - -
Pre-tax Margin 21.2 -31.3 - 6.2 - -5.0 - 19.8 - -

CAGR = Compound Annual Growth Rate

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

Var = Variation

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