Non-designated Markets - Radio FM

Radio - Financial Summary 2012-2016

Table of Contents

Reporting Units
2012 2013 Var % 2014 Var % 2015 Var % 2016 Var % CAGR (%)
Reporting Units 319 327 - 336 - 348 - 353 - -

Revenue ($)
2012 2013 Var % 2014 Var % 2015 Var % 2016 Var % CAGR (%)
Local Time Sales 261,284,346 266,100,188 1.84 270,696,583 1.73 273,273,462 0.95 265,513,428 -2.84 0.4
National Time Sales 66,208,821 75,249,339 13.65 77,892,220 3.51 76,484,188 -1.81 78,152,362 2.18 4.2
Syndication-Production 1,580,270 1,586,148 0.37 3,009,193 89.72 3,013,622 0.15 3,113,026 3.30 18.5
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 8,223,612 5,930,006 -27.89 6,071,458 2.39 6,625,623 9.13 6,301,052 -4.90 -6.4
Total Revenue 337,382,568 348,997,393 3.44 357,743,035 2.51 359,521,641 0.50 353,192,867 -1.76 1.2

Expenses ($)
2012 2013 Var % 2014 Var % 2015 Var % 2016 Var % CAGR (%)
Programming and Production 94,866,777 96,458,384 1.68 98,935,441 2.57 99,115,555 0.18 95,299,015 -3.85 0.1
Technical 16,021,078 16,293,203 1.70 16,190,027 -0.63 16,600,851 2.54 16,346,788 -1.53 0.5
Sales and Promotion 85,888,008 85,674,277 -0.25 88,340,766 3.11 89,736,985 1.58 88,729,018 -1.12 0.8
Administration and General 84,284,754 86,472,784 2.60 88,228,018 2.03 86,522,622 -1.93 84,974,984 -1.79 0.2
Total Expenses 281,060,617 284,898,648 1.37 291,694,252 2.39 291,976,013 0.10 285,349,805 -2.27 0.4

Performance ($)
2012 2013 Var % 2014 Var % 2015 Var % 2016 Var % CAGR (%)
Operating Income 56,321,951 64,098,745 - 66,048,783 - 67,545,628 - 67,843,062 - -
Depreciation 12,710,186 12,764,657 0.43 14,310,147 12.11 13,434,689 -6.12 12,887,093 -4.08 0.4
P.B.I.T. 43,611,765 51,334,088 - 51,738,636 - 54,110,939 - 54,955,969 - -
Interest Expense 3,168,886 3,671,625 - 4,268,523 - 4,884,883 - 5,555,582 - -
Adjustments Gain(Loss) 11,359,023 7,160,685 - -18,580,529 - -3,547,308 - -3,101,964 - -
Pre-tax Profit 51,801,902 54,823,148 - 28,889,584 - 45,678,748 - 46,298,423 - -

Programming and Production (%)
2012 2013 Var % 2014 Var % 2015 Var % 2016 Var % CAGR (%)
Prog-Prod Expense / Expense Total 33.8 33.9 - 33.9 - 33.9 - 33.4 - -
Prog-Prod Expense / Revenue Total 28.1 27.6 - 27.7 - 27.6 - 27.0 - -

Staff
2012 2013 Var % 2014 Var % 2015 Var % 2016 Var % CAGR (%)
Total Remuneration ($) 163,590,905 163,785,947 0.12 166,677,485 1.77 169,229,059 1.53 162,347,600 -4.07 -0.2
Total Staff Count 3,086.9 3,224.9 4.47 3,164.8 -1.86 3,143.2 -0.68 2,946.6 -6.26 -
Avg Remuneration ($) 52,996 50,789 -4.16 52,666 3.70 53,840 2.23 55,097 2.33 1.0
Avg Remuneration excl. Benefits ($) 39,952 44,904 12.39 47,183 5.07 48,445 2.68 49,385 1.94 5.4

Profitability (%)
2012 2013 Var % 2014 Var % 2015 Var % 2016 Var % CAGR (%)
Operating Margin 16.7 18.4 - 18.5 - 18.8 - 19.2 - -
P.B.I.T. Margin 12.9 14.7 - 14.5 - 15.1 - 15.6 - -
Pre-tax Margin 15.4 15.7 - 8.1 - 12.7 - 13.1 - -

CAGR = Compound Annual Growth Rate

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

Var = Variation

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