Large Radio Markets – Radio FM – Edmonton

Commercial Radio – Financial Summary 2010-2014

Table of Contents

Reporting Units ($)
2010 2011 Var % 2012 Var % 2013 Var % 2014 Var % CAGR (%)
Reporting Units 13 14   14   14   14    

Revenue ($)
2010 2011 Var % 2012 Var % 2013 Var % 2014 Var % CAGR (%)
Local Time Sales 46,102,866 47,046,337 2.05 46,132,757 -1.94 47,080,494 2.05 47,334,069 0.54 0.7
National Time Sales 15,562,364 20,419,229 31.21 22,936,805 12.33 26,534,395 15.68 25,259,483 -4.80 12.9
Network Payments 0 0 n/a 0 n/a 0 n/a 0 n/a n/a
Syndication-Production 37,217 391,866 952.92 362,191 -7.57 19,871 -94.51 112,668 467.00 31.9
Government Grants 0 0 n/a 0 n/a 0 n/a 0 n/a n/a
Other 804,284 775,202 -3.62 922,508 19.00 606,303 -34.28 656,641 8.30 -4.9
Total Revenue 62,506,731 68,632,634 9.80 70,354,261 2.51 74,241,063 5.52 73,362,861 -1.18 4.1

Expenses ($)
2010 2011 Var % 2012 Var % 2013 Var % 2014 Var % CAGR (%)
Programming and Production 17,961,448 19,451,186 8.29 20,812,166 7.00 21,093,755 1.35 21,078,903 -0.07 4.1
Technical 1,510,035 2,041,380 35.19 2,211,898 8.35 2,118,388 -4.23 2,128,070 0.46 9.0
Sales and Promotion 17,281,350 20,645,845 19.47 19,484,211 -5.63 18,518,944 -4.95 18,514,946 -0.02 1.7
Administration and General 10,999,760 12,097,548 9.98 10,496,126 -13.24 10,928,124 4.12 11,491,178 5.15 1.1
Total Expenses 47,752,593 54,235,959 13.58 53,004,401 -2.27 52,659,211 -0.65 53,213,097 1.05 2.7

Performance ($)
2010 2011 Var % 2012 Var % 2013 Var % 2014 Var % CAGR (%)
Operating Income 14,754,138 14,396,675   17,349,860   21,581,852   20,149,764    
Depreciation 2,549,379 2,005,123   1,958,259   1,529,272   1,802,392    
P.B.I.T. 12,204,759 12,391,552   15,391,601   20,052,580   18,347,372    
Interest Expense 342,939 897,213   791,985   731,965   785,556    
Adjustments - Gain (Loss) -32,294,490 137,485   2,740,271   -5,231,848   -601,165    
Pre-tax Profit -20,432,670 11,631,824   17,339,887   14,088,767   16,960,651    

Programming and Production (%)
2010 2011 Var % 2012 Var % 2013 Var % 2014 Var % CAGR (%)
Program and Production Expense/Total Expenses 37.6 35.9   39.3   40.1   39.6    
Program and Production Expense/Total Revenue 28.7 28.3   29.6   28.4   28.7    

Staff ($)
2010 2011 Var % 2012 Var % 2013 Var % 2014 Var % CAGR (%)
Total Remuneration ($) 23,125,993 25,996,347 12.41 26,993,235 3.83 26,691,012 -1.12 26,079,557 -2.29 3.1
Total Staff Count 293.8 332.4 13.13 310.5 -6.59 315.2 1.51 288.6 -8.44  
Avg Remuneration ($)  78,711 78,208 -0.64 86,932 11.15 84,677 -2.59 90,359 6.71 3.5
Avg Remuneration excl. Benefits ($)  71,895 69,377 -3.50 78,962 13.81 76,446 -3.19 82,013 7.28 3.4

Profitability (%)
2010 2011 Var % 2012 Var % 2013 Var % 2014 Var % CAGR (%)
Operating Margin 23.6 21.0   24.7   29.1   27.5    
P.B.I.T. Margin 19.5 18.1   21.9   27.0   25.0    
Pre-tax Margin -32.7 16.9   24.6   19.0   23.1    
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