Designated Markets - Radio AM / FM - Edmonton

Commercial Radio - Financial Summary 2011-2015

Table of Contents

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

Revenue ($)
2011 2012 Var % 2013 Var % 2014 Var % 2015 Var % CAGR (%)
Local Time Sales 62,600,302 62,842,671 0.39 63,121,264 0.44 62,907,330 -0.34 61,175,672 -2.75 -0.6
National Time Sales 23,595,917 26,072,807 10.50 29,685,274 13.86 28,761,574 -3.11 30,003,438 4.32 6.2
Syndication-Production 391,866 366,826 -6.39 19,871 -94.58 112,668 467.00 5,895 -94.77 -65.0
Government/Corporate Grants 0 0 n/a 0 n/a 0 n/a 0 n/a n/a
Other Revenue 1,457,382 1,755,035 20.42 1,252,385 -28.64 1,323,912 5.71 1,686,001 27.35 3.7
Total Revenue 88,045,467 91,037,339 3.40 94,078,794 3.34 93,105,484 -1.03 92,871,006 -0.25 1.3

Expenses ($)
2011 2012 Var % 2013 Var % 2014 Var % 2015 Var % CAGR (%)
Programming 25,894,755 27,700,602 6.97 27,532,395 -0.61 28,073,070 1.96 28,232,636 0.57 2.2
Technical 2,816,225 2,903,276 3.09 2,841,608 -2.12 2,875,063 1.18 2,810,512 -2.25 -0.1
Sales and Promotion 25,649,063 24,384,189 -4.93 23,211,598 -4.81 23,682,728 2.03 23,804,940 0.52 -1.9
Administration and General 15,614,568 13,850,846 -11.30 14,236,811 2.79 14,861,324 4.39 14,264,436 -4.02 -2.2
Total Expenses 69,974,611 68,838,913 -1.62 67,822,412 -1.48 69,492,185 2.46 69,112,524 -0.55 -0.3

Performance ($)
2011 2012 Var % 2013 Var % 2014 Var % 2015 Var % CAGR (%)
Operating Income 18,070,856 22,198,426   26,256,382   23,613,299   23,758,482    
Depreciation 2,507,892 2,514,529 0.26 2,143,666 -14.75 2,695,859 25.76 2,466,818 -8.50 -0.4
P.B.I.T. 15,562,964 19,683,897   24,112,716   20,917,440   21,291,664    
Interest Expense 1,192,974 1,060,240   1,010,268   1,126,805   3,397,187    
Adjustments Gain(Loss) 3,255,108 7,002,226   -1,093,516   4,766,271   3,605,223    
Pre-tax Profit 17,625,098 25,625,883   22,008,932   24,556,906   21,499,700    

Programming Expense (%)
2011 2012 Var % 2013 Var % 2014 Var % 2015 Var % CAGR (%)
Programming Expense / Expense Total 37.0 40.2   40.6   40.4   40.9    
Programming Expense / Revenue Total 29.4 30.4   29.3   30.2   30.4    

Staff ($)
2011 2012 Var % 2013 Var % 2014 Var % 2015 Var % CAGR (%)
Total Remuneration ($) 34,473,517 35,132,332 1.91 34,714,208 -1.19 35,146,438 1.25 34,100,326 -2.98 -0.3
Avg Staff Count 446.1 414.1 -7.17 419.3 1.26 402.1 -4.11 424.4 5.54  
Avg Remuneration ($) 77,283 84,840 9.78 82,785 -2.42 87,409 5.59 80,357 -8.07 1.0
Avg Remuneration excl. Benefits ($) 68,495 76,946 12.34 74,639 -3.00 79,216 6.13 73,547 -7.16 1.8

Profitability (%)
2011 2012 Var % 2013 Var % 2014 Var % 2015 Var % CAGR (%)
Operating Margin 20.5 24.4   27.9   25.4   25.6    
P.B.I.T. Margin 17.7 21.6   25.6   22.5   22.9    
Pre-tax Margin 20.0 28.1   23.4   26.4   23.2    

CAGR = Compound Annual Growth Rate

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

Var = Variation

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