Major Radio Markets – Radio FM – Vancouver

Commercial Radio – Financial Summary 2010-2014

Table of Contents

Reporting Units ($)
2010 2011 Var % 2012 Var % 2013 Var % 2014 Var % CAGR (%)
Reporting Units 11 11   11   11   11    

Revenue ($)
2010 2011 Var % 2012 Var % 2013 Var % 2014 Var % CAGR (%)
Local Time Sales 53,071,589 52,701,462 -0.70 54,325,536 3.08 56,294,082 3.62 48,313,714 -14.18 -2.3
National Time Sales 23,783,319 26,031,232 9.45 28,395,727 9.08 29,413,772 3.59 32,603,173 10.84 8.2
Network Payments 0 0 n/a 0 n/a 0 n/a 0 n/a n/a
Syndication-Production 31,616 26,103 -17.44 51,784 98.38 11,206 -78.36 12,895 15.07 -20.1
Government Grants 0 0 n/a 0 n/a 0 n/a 0 n/a n/a
Other 1,017,082 974,376 -4.20 1,004,935 3.14 594,778 -40.81 932,980 56.86 -2.1
Total Revenue 77,903,606 79,733,173 2.35 83,777,982 5.07 86,313,838 3.03 81,862,762 -5.16 1.3

Expenses ($)
2010 2011 Var % 2012 Var % 2013 Var % 2014 Var % CAGR (%)
Programming and Production 21,926,502 21,613,651 -1.43 21,838,722 1.04 22,860,158 4.68 21,742,462 -4.89 -0.2
Technical 1,627,178 1,592,990 -2.10 1,566,913 -1.64 1,669,741 6.56 1,941,465 16.27 4.5
Sales and Promotion 19,507,326 19,332,329 -0.90 18,632,273 -3.62 17,881,755 -4.03 18,204,401 1.80 -1.7
Administration and General 11,895,293 12,565,062 5.63 13,833,635 10.10 13,506,080 -2.37 14,406,328 6.67 4.9
Total Expenses 54,956,299 55,104,032 0.27 55,871,543 1.39 55,917,734 0.08 56,294,656 0.67 0.6

Performance ($)
2010 2011 Var % 2012 Var % 2013 Var % 2014 Var % CAGR (%)
Operating Income 22,947,307 24,629,141   27,906,439   30,396,104   25,568,106    
Depreciation 1,526,638 1,636,411   1,551,346   1,220,422   1,384,700    
P.B.I.T. 21,420,669 22,992,730   26,355,093   29,175,682   24,183,406    
Interest Expense 35,184 263,049   585,761   24,061   439,452    
Adjustments - Gain (Loss) -21,981,114 80,815   -2,218,899   -11,670,519   1,114,611    
Pre-tax Profit -595,629 22,810,496   23,550,433   17,481,102   24,858,565    

Programming and Production (%)
2010 2011 Var % 2012 Var % 2013 Var % 2014 Var % CAGR (%)
Program and Production Expense/Total Expenses 39.9 39.2   39.1   40.9   38.6    
Program and Production Expense/Total Revenue 28.1 27.1   26.1   26.5   26.6    

Staff ($)
2010 2011 Var % 2012 Var % 2013 Var % 2014 Var % CAGR (%)
Total Remuneration ($) 26,178,751 26,273,464 0.36 27,324,773 4.00 27,435,856 0.41 23,529,158 -14.24 -2.6
Total Staff Count 309.5 303.0 -2.09 284.4 -6.14 298.1 4.80 269.0 -9.76  
Avg Remuneration ($)  84,595 86,714 2.50 96,079 10.80 92,051 -4.19 87,485 -4.96 0.8
Avg Remuneration excl. Benefits ($)  78,181 79,677 1.91 89,031 11.74 83,934 -5.73 79,689 -5.06 0.5

Profitability (%)
2010 2011 Var % 2012 Var % 2013 Var % 2014 Var % CAGR (%)
Operating Margin 29.5 30.9   33.3   35.2   31.2    
P.B.I.T. Margin 27.5 28.8   31.5   33.8   29.5    
Pre-tax Margin -0.8 28.6   28.1   20.3   30.4    
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