Non-designated Markets - Radio AM / FM - Total

Radio - Financial Summary 2012-2016

Table of Contents

Reporting Units
2012 2013 Var % 2014 Var % 2015 Var % 2016 Var % CAGR (%)
Reporting Units 383 389 - 396 - 404 - 409 - -

Revenue ($)
2012 2013 Var % 2014 Var % 2015 Var % 2016 Var % CAGR (%)
Local Time Sales 304,188,799 308,260,317 1.34 310,919,248 0.86 310,182,072 -0.24 301,929,920 -2.66 -0.2
National Time Sales 79,941,931 89,555,100 12.03 91,062,663 1.68 87,195,354 -4.25 88,558,136 1.56 2.6
Syndication-Production 2,019,177 1,817,210 -10.00 3,275,567 80.25 3,298,036 0.69 3,426,369 3.89 14.1
Government/Corporate Grants 85,519 131,712 54.01 73,581 -44.13 124,746 69.54 112,999 -9.42 n/a
Other Revenue 8,469,663 6,171,843 -27.13 6,391,881 3.57 6,933,748 8.48 6,644,643 -4.17 -5.9
Total Revenue 394,705,089 405,936,182 2.85 411,722,940 1.43 407,733,956 -0.97 400,672,067 -1.73 0.4

Expenses ($)
2012 2013 Var % 2014 Var % 2015 Var % 2016 Var % CAGR (%)
Programming and Production 111,748,699 113,286,168 1.38 115,679,118 2.11 114,216,459 -1.26 109,667,854 -3.98 -0.5
Technical 18,460,631 18,754,734 1.59 18,603,042 -0.81 18,901,979 1.61 18,636,151 -1.41 0.2
Sales and Promotion 99,624,807 99,458,528 -0.17 101,360,102 1.91 101,462,703 0.10 100,418,849 -1.03 0.2
Administration and General 103,613,894 104,974,297 1.31 105,614,085 0.61 102,562,197 -2.89 100,783,954 -1.73 -0.7
Total Expenses 333,448,031 336,473,727 0.91 341,256,347 1.42 337,143,338 -1.21 329,506,808 -2.27 -0.3

Performance ($)
2012 2013 Var % 2014 Var % 2015 Var % 2016 Var % CAGR (%)
Operating Income 61,257,058 69,462,455 - 70,466,593 - 70,590,618 - 71,165,259 - -
Depreciation 14,536,891 14,675,036 0.95 16,134,175 9.94 15,261,837 -5.41 14,918,925 -2.25 0.7
P.B.I.T. 46,720,167 54,787,419 - 54,332,418 - 55,328,781 - 56,246,334 - -
Interest Expense 3,710,426 4,175,861 - 4,874,357 - 5,899,702 - 6,844,595 - -
Adjustments Gain(Loss) 11,463,194 5,917,427 - -20,057,505 - -3,620,874 - -3,553,399 - -
Pre-tax Profit 54,472,935 56,528,985 - 29,400,556 - 45,808,205 - 45,848,340 - -

Programming and Production (%)
2012 2013 Var % 2014 Var % 2015 Var % 2016 Var % CAGR (%)
Prog-Prod Expense / Expense Total 33.5 33.7 - 33.9 - 33.9 - 33.3 - -
Prog-Prod Expense / Revenue Total 28.3 27.9 - 28.1 - 28.0 - 27.4 - -

Staff
2012 2013 Var % 2014 Var % 2015 Var % 2016 Var % CAGR (%)
Total Remuneration ($) 192,196,871 191,935,132 -0.14 193,721,345 0.93 193,938,719 0.11 189,751,231 -2.16 -0.3
Total Staff Count 3,715.8 3,790.2 2.00 3,746.6 -1.15 3,688.3 -1.56 3,442.2 -6.67 -
Avg Remuneration ($) 51,725 50,640 -2.10 51,706 2.11 52,582 1.69 55,125 4.84 1.6
Avg Remuneration excl. Benefits ($) 40,096 44,879 11.93 46,268 3.09 47,258 2.14 49,472 4.68 5.4

Profitability (%)
2012 2013 Var % 2014 Var % 2015 Var % 2016 Var % CAGR (%)
Operating Margin 15.5 17.1 - 17.1 - 17.3 - 17.8 - -
P.B.I.T. Margin 11.8 13.5 - 13.2 - 13.6 - 14.0 - -
Pre-tax Margin 13.8 13.9 - 7.1 - 11.2 - 11.4 - -

CAGR = Compound Annual Growth Rate

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

Var = Variation

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