Designated Markets - Radio AM / FM - Calgary

Commercial Radio - Financial Summary 2011-2015

Table of Contents

Reporting Units
2011 2012 Var % 2013 Var % 2014 Var % 2015 Var % CAGR (%)
Reporting Units 17 17   18   19   20    

Revenue ($)
2011 2012 Var % 2013 Var % 2014 Var % 2015 Var % CAGR (%)
Local Time Sales 66,612,257 66,659,375 0.07 66,373,254 -0.43 65,562,723 -1.22 62,826,974 -4.17 -1.5
National Time Sales 25,137,230 27,244,756 8.38 30,389,674 11.54 29,270,166 -3.68 34,753,701 18.73 8.4
Syndication-Production 526 64,205 >999± 5,121 -92.02 38,313 648.15 10,903 -71.54 113.4
Government/Corporate Grants 0 0 n/a 0 n/a 0 n/a 0 n/a n/a
Other Revenue 1,442,674 1,821,189 26.24 1,014,600 -44.29 961,192 -5.26 1,058,738 10.15 -7.4
Total Revenue 93,192,687 95,789,525 2.79 97,782,649 2.08 95,832,394 -1.99 98,650,316 2.94 1.4

Expenses ($)
2011 2012 Var % 2013 Var % 2014 Var % 2015 Var % CAGR (%)
Programming 28,586,997 27,495,098 -3.82 28,892,232 5.08 28,253,195 -2.21 28,631,075 1.34 0.0
Technical 2,758,202 2,724,153 -1.23 2,769,579 1.67 2,939,076 6.12 2,772,681 -5.66 0.1
Sales and Promotion 25,064,041 24,613,317 -1.80 22,262,011 -9.55 22,304,686 0.19 22,965,431 2.96 -2.2
Administration and General 15,270,835 15,918,857 4.24 15,768,034 -0.95 17,395,383 10.32 17,576,033 1.04 3.6
Total Expenses 71,680,075 70,751,425 -1.30 69,691,856 -1.50 70,892,340 1.72 71,945,220 1.49 0.1

Performance ($)
2011 2012 Var % 2013 Var % 2014 Var % 2015 Var % CAGR (%)
Operating Income 21,512,612 25,038,100   28,090,793   24,940,054   26,705,096    
Depreciation 2,047,146 1,617,943 -20.97 1,351,785 -16.45 1,908,932 41.22 2,476,371 29.73 4.9
P.B.I.T. 19,465,466 23,420,157   26,739,008   23,031,122   24,228,725    
Interest Expense 878,010 909,657   678,871   876,071   952,337    
Adjustments Gain(Loss) -528,373 -315,929   -8,357,933   -4,786,685   2,367,595    
Pre-tax Profit 18,059,083 22,194,571   17,702,204   17,368,366   25,643,983    

Programming Expense (%)
2011 2012 Var % 2013 Var % 2014 Var % 2015 Var % CAGR (%)
Programming Expense / Expense Total 39.9 38.9   41.5   39.9   39.8    
Programming Expense / Revenue Total 30.7 28.7   29.5   29.5   29.0    

Staff ($)
2011 2012 Var % 2013 Var % 2014 Var % 2015 Var % CAGR (%)
Total Remuneration ($) 36,046,788 35,729,663 -0.88 35,759,490 0.08 35,832,796 0.20 35,557,281 -0.77 -0.3
Avg Staff Count 413.3 390.4 -5.54 411.1 5.31 432.6 5.22 413.5 -4.42  
Avg Remuneration ($) 87,217 91,518 4.93 86,976 -4.96 82,827 -4.77 85,991 3.82 -0.4
Avg Remuneration excl. Benefits ($) 79,233 82,719 4.40 78,287 -5.36 75,059 -4.12 78,350 4.39 -0.3

Profitability (%)
2011 2012 Var % 2013 Var % 2014 Var % 2015 Var % CAGR (%)
Operating Margin 23.1 26.1   28.7   26.0   27.1    
P.B.I.T. Margin 20.9 24.4   27.3   24.0   24.6    
Pre-tax Margin 19.4 23.2   18.1   18.1   26.0    

CAGR = Compound Annual Growth Rate

P.B.I.T. = Profit Before Interest and Tax

Var = Variation

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