Non-designated Markets - Radio AM

Radio - Financial Summary 2012-2016

Table of Contents

Reporting Units
2012 2013 Var % 2014 Var % 2015 Var % 2016 Var % CAGR (%)
Reporting Units 64 62 - 60 - 56 - 56 - -

Revenue ($)
2012 2013 Var % 2014 Var % 2015 Var % 2016 Var % CAGR (%)
Local Time Sales 42,904,453 42,160,129 -1.73 40,222,665 -4.60 36,908,610 -8.24 36,416,492 -1.33 -4.0
National Time Sales 13,733,110 14,305,761 4.17 13,170,443 -7.94 10,711,166 -18.67 10,405,774 -2.85 -6.7
Syndication-Production 438,907 231,062 -47.36 266,374 15.28 284,414 6.77 313,343 10.17 -8.1
Government/Corporate Grants 0 0 n/a 0 n/a 0 n/a 0 n/a n/a
Other Revenue 246,051 241,837 -1.71 320,423 32.50 308,125 -3.84 343,591 11.51 8.7
Total Revenue 57,322,521 56,938,789 -0.67 53,979,905 -5.20 48,212,315 -10.68 47,479,200 -1.52 -4.6

Expenses ($)
2012 2013 Var % 2014 Var % 2015 Var % 2016 Var % CAGR (%)
Programming and Production 16,881,922 16,827,784 -0.32 16,743,677 -0.50 15,100,904 -9.81 14,368,839 -4.85 -4.0
Technical 2,439,553 2,461,531 0.90 2,413,015 -1.97 2,301,128 -4.64 2,289,363 -0.51 -1.6
Sales and Promotion 13,736,799 13,784,251 0.35 13,019,336 -5.55 11,725,718 -9.94 11,689,831 -0.31 -4.0
Administration and General 19,329,140 18,501,513 -4.28 17,386,067 -6.03 16,039,575 -7.74 15,808,970 -1.44 -4.9
Total Expenses 52,387,414 51,575,079 -1.55 49,562,095 -3.90 45,167,325 -8.87 44,157,003 -2.24 -4.2

Performance ($)
2012 2013 Var % 2014 Var % 2015 Var % 2016 Var % CAGR (%)
Operating Income 4,935,107 5,363,710 - 4,417,810 - 3,044,990 - 3,322,197 - -
Depreciation 1,826,705 1,910,379 4.58 1,824,028 -4.52 1,827,148 0.17 2,031,832 11.20 2.7
P.B.I.T. 3,108,402 3,453,331 - 2,593,782 - 1,217,842 - 1,290,365 - -
Interest Expense 541,540 504,236 - 605,834 - 1,014,819 - 1,289,013 - -
Adjustments Gain(Loss) 104,171 -1,243,258 - -1,476,976 - -73,566 - -451,435 - -
Pre-tax Profit 2,671,033 1,705,837 - 510,972 - 129,457 - -450,083 - -

Programming and Production (%)
2012 2013 Var % 2014 Var % 2015 Var % 2016 Var % CAGR (%)
Prog-Prod Expense / Expense Total 32.2 32.6 - 33.8 - 33.4 - 32.5 - -
Prog-Prod Expense / Revenue Total 29.5 29.6 - 31.0 - 31.3 - 30.3 - -

Staff
2012 2013 Var % 2014 Var % 2015 Var % 2016 Var % CAGR (%)
Total Remuneration ($) 28,605,966 28,149,185 -1.60 27,043,860 -3.93 24,709,660 -8.63 27,403,631 10.90 -1.1
Total Staff Count 628.9 565.4 -10.10 581.8 2.91 545.2 -6.30 495.6 -9.09 -
Avg Remuneration ($) 45,486 49,789 9.46 46,480 -6.65 45,326 -2.48 55,292 21.99 5.0
Avg Remuneration excl. Benefits ($) 40,803 44,736 9.64 41,293 -7.70 40,414 -2.13 49,985 23.68 5.2

Profitability (%)
2012 2013 Var % 2014 Var % 2015 Var % 2016 Var % CAGR (%)
Operating Margin 8.6 9.4 - 8.2 - 6.3 - 7.0 - -
P.B.I.T. Margin 5.4 6.1 - 4.8 - 2.5 - 2.7 - -
Pre-tax Margin 4.7 3.0 - 0.9 - 0.3 - -0.9 - -

CAGR = Compound Annual Growth Rate

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

Var = Variation

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