Large Radio Markets – Radio AM / FM – Winnipeg

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   15   15   15    

Revenue ($)
2010 2011 Var % 2012 Var % 2013 Var % 2014 Var % CAGR (%)
Local Time Sales 32,929,025 32,934,501 0.02 34,031,171 3.33 32,747,055 -3.77 33,031,781 0.87 0.1
National Time Sales 6,908,226 7,578,565 9.70 7,364,136 -2.83 8,365,790 13.60 7,799,029 -6.77 3.1
Network Payments 0 0 n/a 0 n/a 0 n/a 0 n/a n/a
Syndication-Production 10,300 7,300 -29.13 26,723 266.07 0 -100.00 30,300 n/a 31.0
Government Grants 0 0 n/a 0 n/a 0 n/a 0 n/a n/a
Other 1,088,278 1,196,943 9.99 1,338,618 11.84 694,006 -48.16 663,783 -4.35 -11.6
Total Revenue 40,935,829 41,717,309 1.91 42,760,648 2.50 41,806,851 -2.23 41,524,893 -0.67 0.4

Expenses ($)
2010 2011 Var % 2012 Var % 2013 Var % 2014 Var % CAGR (%)
Programming and Production 11,230,142 10,998,824 -2.06 13,005,079 18.24 13,357,971 2.71 15,331,503 14.77 8.1
Technical 1,132,696 1,159,110 2.33 1,300,579 12.20 1,274,577 -2.00 1,432,896 12.42 6.1
Sales and Promotion 10,020,506 10,288,093 2.67 10,871,726 5.67 10,289,051 -5.36 10,229,339 -0.58 0.5
Administration and General 7,648,803 7,994,772 4.52 7,640,193 -4.44 7,630,174 -0.13 7,930,100 3.93 0.9
Total Expenses 30,032,147 30,440,799 1.36 32,817,577 7.81 32,551,773 -0.81 34,923,838 7.29 3.8

Performance ($)
2010 2011 Var % 2012 Var % 2013 Var % 2014 Var % CAGR (%)
Operating Income 10,903,682 11,276,510   9,943,071   9,255,078   6,601,055    
Depreciation 1,121,742 1,356,439   1,412,529   1,237,484   1,415,317    
P.B.I.T. 9,781,940 9,920,071   8,530,542   8,017,594   5,185,738    
Interest Expense 151,678 147,631   -9,211   84,202   200,434    
Adjustments - Gain (Loss) -16,331,597 4,321,874   5,630,095   2,417,061   7,184,635    
Pre-tax Profit -6,701,335 14,094,314   14,169,848   10,350,453   12,169,939    

Programming and Production (%)
2010 2011 Var % 2012 Var % 2013 Var % 2014 Var % CAGR (%)
Program and Production Expense/Total Expenses 37.4 36.1   39.6   41.0   43.9    
Program and Production Expense/Total Revenue 27.4 26.4   30.4   32.0   36.9    

Staff ($)
2010 2011 Var % 2012 Var % 2013 Var % 2014 Var % CAGR (%)
Total Remuneration ($) 16,293,826 16,618,631 1.99 17,527,839 5.47 17,771,173 1.39 18,536,807 4.31 3.3
Total Staff Count 242.0 230.4 -4.79 273.5 18.72 263.7 -3.58 276.8 4.97  
Avg Remuneration ($)  67,335 72,133 7.12 64,082 -11.16 67,387 5.16 66,959 -0.64 -0.1
Avg Remuneration excl. Benefits ($)  59,815 63,416 6.02 56,329 -11.17 59,141 4.99 61,046 3.22 0.5

Profitability (%)
2010 2011 Var % 2012 Var % 2013 Var % 2014 Var % CAGR (%)
Operating Margin 26.6 27.0   23.3   22.1   15.9    
P.B.I.T. Margin 23.9 23.8   19.9   19.2   12.5    
Pre-tax Margin -16.4 33.8   33.1   24.8   29.3    
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