Designated Markets - Radio AM - Calgary

Commercial Radio - Financial Summary 2011-2015

Table of Contents

Reporting Units
2011 2012 Var % 2013 Var % 2014 Var % 2015 Var % CAGR (%)
Reporting Units 4 4   4   4   5    

Revenue ($)
2011 2012 Var % 2013 Var % 2014 Var % 2015 Var % CAGR (%)
Local Time Sales 13,887,308 13,250,757 -4.58 13,231,279 -0.15 12,063,615 -8.83 11,652,923 -3.40 -4.3
National Time Sales 2,223,811 2,268,977 2.03 2,384,271 5.08 2,795,395 17.24 3,780,839 35.25 14.2
Syndication-Production 0 1,835 n/a 0 -100.00 0 n/a 0 n/a n/a
Government/Corporate Grants 0 0 n/a 0 n/a 0 n/a 0 n/a n/a
Other Revenue 606,696 598,477 -1.35 545,425 -8.86 337,965 -38.04 363,211 7.47 -12.0
Total Revenue 16,717,815 16,120,046 -3.58 16,160,975 0.25 15,196,975 -5.96 15,796,973 3.95 -1.4

Expenses ($)
2011 2012 Var % 2013 Var % 2014 Var % 2015 Var % CAGR (%)
Programming 6,668,116 6,901,043 3.49 7,269,353 5.34 7,135,806 -1.84 7,418,543 3.96 2.7
Technical 665,871 680,918 2.26 713,302 4.76 737,697 3.42 616,646 -16.41 -1.9
Sales and Promotion 4,639,976 4,204,738 -9.38 4,052,428 -3.62 3,689,990 -8.94 3,507,639 -4.94 -6.8
Administration and General 3,031,584 3,028,372 -0.11 2,726,491 -9.97 3,411,276 25.12 3,255,859 -4.56 1.8
Total Expenses 15,005,547 14,815,071 -1.27 14,761,574 -0.36 14,974,769 1.44 14,798,687 -1.18 -0.4

Performance ($)
2011 2012 Var % 2013 Var % 2014 Var % 2015 Var % CAGR (%)
Operating Income 1,712,268 1,304,975   1,399,401   222,206   998,286    
Depreciation 168,700 154,603 -8.36 162,153 4.88 217,073 33.87 432,616 99.30 26.6
P.B.I.T. 1,543,568 1,150,372   1,237,248   5,133   565,670    
Interest Expense 86,288 177,734   145,263   116,278   76,353    
Adjustments Gain(Loss) 132,760 -77,832   -421,861   -121,327   -105,054    
Pre-tax Profit 1,590,040 894,806   670,124   -232,472   384,263    

Programming Expense (%)
2011 2012 Var % 2013 Var % 2014 Var % 2015 Var % CAGR (%)
Programming Expense / Expense Total 44.4 46.6   49.2   47.7   50.1    
Programming Expense / Revenue Total 39.9 42.8   45.0   47.0   47.0    

Staff ($)
2011 2012 Var % 2013 Var % 2014 Var % 2015 Var % CAGR (%)
Total Remuneration ($) 9,256,145 8,859,122 -4.29 9,129,012 3.05 9,030,893 -1.07 8,600,400 -4.77 -1.8
Avg Staff Count 118.6 102.2 -13.86 112.1 9.76 104.6 -6.72 107.9 3.12  
Avg Remuneration ($) 78,045 86,718 11.11 81,415 -6.12 86,337 6.05 79,737 -7.65 0.5
Avg Remuneration excl. Benefits ($) 69,613 76,368 9.70 71,593 -6.25 75,622 5.63 70,197 -7.17 0.2

Profitability (%)
2011 2012 Var % 2013 Var % 2014 Var % 2015 Var % CAGR (%)
Operating Margin 10.2 8.1   8.7   1.5   6.3    
P.B.I.T. Margin 9.2 7.1   7.7   0.0   3.6    
Pre-tax Margin 9.5 5.6   4.1   -1.5   2.4    

CAGR = Compound Annual Growth Rate

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

Var = Variation

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