Non-designated Markets - Radio AM / FM - English/Ethnic

Radio - Financial Summary 2012-2016

Table of Contents

Reporting Units
2012 2013 Var % 2014 Var % 2015 Var % 2016 Var % CAGR (%)
Reporting Units 316 323 - 330 - 337 - 342 - -

Revenue ($)
2012 2013 Var % 2014 Var % 2015 Var % 2016 Var % CAGR (%)
Local Time Sales 242,620,123 246,448,432 1.58 248,047,790 0.65 247,696,894 -0.14 239,299,395 -3.39 -0.3
National Time Sales 60,538,825 69,593,028 14.96 70,515,331 1.33 66,187,371 -6.14 66,215,612 0.04 2.3
Syndication-Production 814,745 527,888 -35.21 596,112 12.92 606,089 1.67 1,025,443 69.19 5.9
Government/Corporate Grants 72,959 126,097 72.83 69,135 -45.17 118,546 71.47 108,704 -8.30 n/a
Other Revenue 6,424,511 5,261,209 -18.11 5,852,479 11.24 6,535,324 11.67 6,332,752 -3.10 -0.4
Total Revenue 310,471,163 321,956,654 3.70 325,080,847 0.97 321,144,224 -1.21 312,981,906 -2.54 0.2

Expenses ($)
2012 2013 Var % 2014 Var % 2015 Var % 2016 Var % CAGR (%)
Programming and Production 84,605,714 86,870,016 2.68 88,579,845 1.97 87,277,219 -1.47 83,559,936 -4.26 -0.3
Technical 14,568,963 15,342,796 5.31 15,345,581 0.02 15,703,112 2.33 15,353,179 -2.23 1.3
Sales and Promotion 76,711,422 77,898,834 1.55 77,821,057 -0.10 77,619,487 -0.26 77,415,071 -0.26 0.2
Administration and General 84,166,948 85,034,568 1.03 85,021,067 -0.02 83,640,722 -1.62 83,017,459 -0.75 -0.3
Total Expenses 260,053,047 265,146,214 1.96 266,767,550 0.61 264,240,540 -0.95 259,345,645 -1.85 -0.1

Performance ($)
2012 2013 Var % 2014 Var % 2015 Var % 2016 Var % CAGR (%)
Operating Income 50,418,116 56,810,440 - 58,313,297 - 56,903,684 - 53,636,261 - -
Depreciation 11,629,183 11,444,990 -1.58 12,980,799 13.42 12,179,433 -6.17 12,182,927 0.03 1.2
P.B.I.T. 38,788,933 45,365,450 - 45,332,498 - 44,724,251 - 41,453,334 - -
Interest Expense 3,388,306 3,635,455 - 4,321,911 - 5,366,323 - 6,354,683 - -
Adjustments Gain(Loss) 219,909 -4,886,730 - -20,959,910 - -3,108,293 - -2,293,063 - -
Pre-tax Profit 35,620,536 36,843,265 - 20,050,677 - 36,249,635 - 32,805,588 - -

Programming and Production (%)
2012 2013 Var % 2014 Var % 2015 Var % 2016 Var % CAGR (%)
Prog-Prod Expense / Expense Total 32.5 32.8 - 33.2 - 33.0 - 32.2 - -
Prog-Prod Expense / Revenue Total 27.3 27.0 - 27.2 - 27.2 - 26.7 - -

Staff
2012 2013 Var % 2014 Var % 2015 Var % 2016 Var % CAGR (%)
Total Remuneration ($) 145,650,963 149,120,205 2.38 147,809,897 -0.88 147,826,941 0.01 149,884,935 1.39 0.7
Total Staff Count 2,931.9 3,031.0 3.38 2,985.9 -1.49 2,969.7 -0.54 2,792.0 -5.99 -
Avg Remuneration ($) 49,679 49,198 -0.97 49,503 0.62 49,778 0.56 53,684 7.85 2.0
Avg Remuneration excl. Benefits ($) 37,738 44,092 16.84 44,327 0.53 44,823 1.12 48,408 8.00 6.4

Profitability (%)
2012 2013 Var % 2014 Var % 2015 Var % 2016 Var % CAGR (%)
Operating Margin 16.2 17.6 - 17.9 - 17.7 - 17.1 - -
P.B.I.T. Margin 12.5 14.1 - 13.9 - 13.9 - 13.2 - -
Pre-tax Margin 11.5 11.4 - 6.2 - 11.3 - 10.5 - -

CAGR = Compound Annual Growth Rate

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

Var = Variation

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