Medium Radio Markets – Radio AM / FM – Halifax

Commercial Radio – Financial Summary 2010-2014

Table of Contents

Reporting Units ($)
2010 2011 Var % 2012 Var % 2013 Var % 2014 Var % CAGR (%)
Reporting Units 9 10   10   10   10    

Revenue ($)
2010 2011 Var % 2012 Var % 2013 Var % 2014 Var % CAGR (%)
Local Time Sales 13,925,239 13,727,444 -1.42 13,421,379 -2.23 13,225,281 -1.46 12,938,959 -2.16 -1.8
National Time Sales 7,693,711 7,883,736 2.47 8,117,934 2.97 8,023,089 -1.17 8,047,247 0.30 1.1
Network Payments 0 0 n/a 0 n/a 0 n/a 0 n/a n/a
Syndication-Production 0 0 n/a 0 n/a 0 n/a 0 n/a n/a
Government Grants 0 0 n/a 0 n/a 0 n/a 0 n/a n/a
Other 285,276 148,675 -47.88 161,285 8.48 141,368 -12.35 213,135 50.77 -7.0
Total Revenue 21,904,226 21,759,855 -0.66 21,700,598 -0.27 21,389,738 -1.43 21,199,341 -0.89 -0.8

Expenses ($)
2010 2011 Var % 2012 Var % 2013 Var % 2014 Var % CAGR (%)
Programming and Production 7,045,808 7,249,888 2.90 6,715,217 -7.37 6,683,984 -0.47 6,725,774 0.63 -1.2
Technical 1,023,005 1,103,855 7.90 1,044,460 -5.38 982,714 -5.91 1,038,421 5.67 0.4
Sales and Promotion 6,974,168 7,159,020 2.65 6,476,726 -9.53 5,720,653 -11.67 6,172,587 7.90 -3.0
Administration and General 4,716,856 4,760,457 0.92 4,859,384 2.08 5,156,219 6.11 4,945,036 -4.10 1.2
Total Expenses 19,759,837 20,273,220 2.60 19,095,787 -5.81 18,543,570 -2.89 18,881,818 1.82 -1.1

Performance ($)
2010 2011 Var % 2012 Var % 2013 Var % 2014 Var % CAGR (%)
Operating Income 2,144,389 1,486,635   2,604,811   2,846,168   2,317,523    
Depreciation 757,123 943,385   1,321,347   896,025   709,033    
P.B.I.T. 1,387,266 543,250   1,283,464   1,950,143   1,608,490    
Interest Expense 270,266 397,480   304,026   216,310   341,013    
Adjustments - Gain (Loss) -273,388 -5,699,111   -1,288,226   -2,197,841   210,233    
Pre-tax Profit 843,612 -5,553,341   -308,788   -464,008   1,477,710    

Programming and Production (%)
2010 2011 Var % 2012 Var % 2013 Var % 2014 Var % CAGR (%)
Program and Production Expense/Total Expenses 35.7 35.8   35.2   36.0   35.6    
Program and Production Expense/Total Revenue 32.2 33.3   30.9   31.2   31.7    

Staff ($)
2010 2011 Var % 2012 Var % 2013 Var % 2014 Var % CAGR (%)
Total Remuneration ($) 10,224,702 10,591,213 3.58 9,874,819 -6.76 9,542,993 -3.36 9,524,897 -0.19 -1.8
Total Staff Count 181.4 190.2 4.84 178.2 -6.28 163.6 -8.23 146.8 -10.23  
Avg Remuneration ($)  56,369 55,693 -1.20 55,408 -0.51 58,349 5.31 64,875 11.18 3.6
Avg Remuneration excl. Benefits ($)  50,164 49,379 -1.57 49,093 -0.58 51,728 5.37 58,246 12.60 3.8

Profitability (%)
2010 2011 Var % 2012 Var % 2013 Var % 2014 Var % CAGR (%)
Operating Margin 9.8 6.8   12.0   13.3   10.9    
P.B.I.T. Margin 6.3 2.5   5.9   9.1   7.6    
Pre-tax Margin 3.9 -25.5   -1.4   -2.2   7.0    
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