Small Radio Markets – Radio FM – Alberta

Commercial Radio – Financial Summary 2010-2014

Table of Contents

Reporting Units ($)
2010 2011 Var % 2012 Var % 2013 Var % 2014 Var % CAGR (%)
Reporting Units 55 59   61   64   65    

Revenue ($)
2010 2011 Var % 2012 Var % 2013 Var % 2014 Var % CAGR (%)
Local Time Sales 54,183,224 57,802,673 6.68 60,244,975 4.23 63,106,786 4.75 66,090,572 4.73 5.1
National Time Sales 19,784,230 19,357,563 -2.16 21,260,395 9.83 24,471,557 15.10 23,762,470 -2.90 4.7
Network Payments 0 0 n/a 0 n/a 0 n/a 0 n/a n/a
Syndication-Production 48,836 20,561 -57.90 22,600 9.92 26,261 16.20 10,534 -59.89 -31.9
Government Grants 66,624 80,650 21.05 72,238 -10.43 126,097 74.56 67,000 -46.87 0.1
Other 4,509,717 4,765,082 5.66 4,835,176 1.47 4,299,736 -11.07 4,650,914 8.17 0.8
Total Revenue 78,592,631 82,026,529 4.37 86,435,384 5.37 92,030,437 6.47 94,581,490 2.77 4.7

Expenses ($)
2010 2011 Var % 2012 Var % 2013 Var % 2014 Var % CAGR (%)
Programming and Production 21,432,650 20,665,258 -3.58 21,761,325 5.30 22,314,132 2.54 23,825,439 6.77 2.7
Technical 3,520,067 3,853,288 9.47 4,224,358 9.63 4,350,413 2.98 4,374,471 0.55 5.6
Sales and Promotion 17,014,367 18,213,722 7.05 19,102,848 4.88 20,047,495 4.95 19,916,002 -0.66 4.0
Administration and General 18,575,435 20,769,702 11.81 22,969,071 10.59 23,431,922 2.02 24,309,643 3.75 7.0
Total Expenses 60,542,519 63,501,970 4.89 68,057,602 7.17 70,143,962 3.07 72,425,555 3.25 4.6

Performance ($)
2010 2011 Var % 2012 Var % 2013 Var % 2014 Var % CAGR (%)
Operating Income 18,050,112 18,524,559   18,377,782   21,886,475   22,155,935    
Depreciation 2,981,256 3,218,499   3,220,058   3,727,514   3,719,819    
P.B.I.T. 15,068,856 15,306,060   15,157,724   18,158,961   18,436,116    
Interest Expense 1,056,849 1,263,487   1,184,463   1,496,176   1,673,688    
Adjustments - Gain (Loss) -543,415 -1,443,508   1,029,569   -1,102,069   -5,157,372    
Pre-tax Profit 13,468,592 12,599,065   15,002,830   15,560,716   11,605,056    

Programming and Production (%)
2010 2011 Var % 2012 Var % 2013 Var % 2014 Var % CAGR (%)
Program and Production Expense/Total Expenses 35.4 32.5   32.0   31.8   32.9    
Program and Production Expense/Total Revenue 27.3 25.2   25.2   24.2   25.2    

Staff ($)
2010 2011 Var % 2012 Var % 2013 Var % 2014 Var % CAGR (%)
Total Remuneration ($) 34,463,018 34,818,310 1.03 36,628,809 5.20 38,048,865 3.88 39,628,724 4.15 3.6
Total Staff Count 644.5 718.7 11.52 690.6 -3.92 737.3 6.76 740.8 0.48  
Avg Remuneration ($)  53,472 48,444 -9.40 53,040 9.49 51,608 -2.70 53,497 3.66 0.0
Avg Remuneration excl. Benefits ($)  48,932 43,910 -10.26 47,978 9.27 46,531 -3.02 48,366 3.94 -0.3

Profitability (%)
2010 2011 Var % 2012 Var % 2013 Var % 2014 Var % CAGR (%)
Operating Margin 23.0 22.6   21.3   23.8   23.4    
P.B.I.T. Margin 19.2 18.7   17.5   19.7   19.5    
Pre-tax Margin 17.1 15.4   17.4   16.9   12.3    
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