Designated Markets - Radio 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 13 13   14   15   15    

Revenue ($)
2011 2012 Var % 2013 Var % 2014 Var % 2015 Var % CAGR (%)
Local Time Sales 52,724,949 53,408,618 1.30 53,141,975 -0.50 53,499,108 0.67 51,174,051 -4.35 -0.7
National Time Sales 22,913,419 24,975,779 9.00 28,005,403 12.13 26,474,771 -5.47 30,972,862 16.99 7.8
Syndication-Production 526 62,370 >999± 5,121 -91.79 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 835,978 1,222,712 46.26 469,175 -61.63 623,227 32.83 695,527 11.60 -4.5
Total Revenue 76,474,872 79,669,479 4.18 81,621,674 2.45 80,635,419 -1.21 82,853,343 2.75 2.0

Expenses ($)
2011 2012 Var % 2013 Var % 2014 Var % 2015 Var % CAGR (%)
Programming 21,918,881 20,594,055 -6.04 21,622,879 5.00 21,117,389 -2.34 21,212,532 0.45 -0.8
Technical 2,092,331 2,043,235 -2.35 2,056,277 0.64 2,201,379 7.06 2,156,035 -2.06 0.8
Sales and Promotion 20,424,065 20,408,579 -0.08 18,209,583 -10.77 18,614,696 2.22 19,457,792 4.53 -1.2
Administration and General 12,239,251 12,890,485 5.32 13,041,543 1.17 13,984,107 7.23 14,320,174 2.40 4.0
Total Expenses 56,674,528 55,936,354 -1.30 54,930,282 -1.80 55,917,571 1.80 57,146,533 2.20 0.2

Performance ($)
2011 2012 Var % 2013 Var % 2014 Var % 2015 Var % CAGR (%)
Operating Income 19,800,344 23,733,125   26,691,392   24,717,848   25,706,810    
Depreciation 1,878,446 1,463,340 -22.10 1,189,632 -18.70 1,691,859 42.22 2,043,755 20.80 2.1
P.B.I.T. 17,921,898 22,269,785   25,501,760   23,025,989   23,663,055    
Interest Expense 791,722 731,923   533,608   759,793   875,984    
Adjustments Gain(Loss) -661,133 -238,097   -7,936,072   -4,665,358   2,472,649    
Pre-tax Profit 16,469,043 21,299,765   17,032,080   17,600,838   25,259,720    

Programming Expense (%)
2011 2012 Var % 2013 Var % 2014 Var % 2015 Var % CAGR (%)
Programming Expense / Expense Total 38.7 36.8   39.4   37.8   37.1    
Programming Expense / Revenue Total 28.7 25.8   26.5   26.2   25.6    

Staff ($)
2011 2012 Var % 2013 Var % 2014 Var % 2015 Var % CAGR (%)
Total Remuneration ($) 26,790,643 26,870,541 0.30 26,630,478 -0.89 26,801,903 0.64 26,956,881 0.58 0.2
Avg Staff Count 294.7 288.3 -2.19 299.0 3.73 328.0 9.70 305.6 -6.82  
Avg Remuneration ($) 90,908 93,220 2.54 89,062 -4.46 81,708 -8.26 88,198 7.94 -0.8
Avg Remuneration excl. Benefits ($) 83,105 84,970 2.24 80,797 -4.91 74,879 -7.32 81,227 8.48 -0.6

Profitability (%)
2011 2012 Var % 2013 Var % 2014 Var % 2015 Var % CAGR (%)
Operating Margin 25.9 29.8   32.7   30.7   31.0    
P.B.I.T. Margin 23.4 28.0   31.2   28.6   28.6    
Pre-tax Margin 21.5 26.7   20.9   21.8   30.5    

CAGR = Compound Annual Growth Rate

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

Var = Variation

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