Designated Markets - Radio AM - Edmonton

Commercial Radio - Financial Summary 2011-2015

Table of Contents

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

Revenue ($)
2011 2012 Var % 2013 Var % 2014 Var % 2015 Var % CAGR (%)
Local Time Sales 15,553,965 16,709,914 7.43 16,040,770 -4.00 15,573,261 -2.91 15,646,042 0.47 0.2
National Time Sales 3,176,688 3,136,002 -1.28 3,150,879 0.47 3,502,091 11.15 3,507,431 0.15 2.5
Syndication-Production 0 4,635 n/a 0 -100.00 0 n/a 3,414 n/a n/a
Government/Corporate Grants 0 0 n/a 0 n/a 0 n/a 0 n/a n/a
Other Revenue 682,180 832,527 22.04 646,082 -22.40 667,271 3.28 738,942 10.74 2.0
Total Revenue 19,412,833 20,683,078 6.54 19,837,731 -4.09 19,742,623 -0.48 19,895,829 0.78 0.6

Expenses ($)
2011 2012 Var % 2013 Var % 2014 Var % 2015 Var % CAGR (%)
Programming 6,443,569 6,888,436 6.90 6,438,640 -6.53 6,994,167 8.63 7,214,179 3.15 2.9
Technical 774,845 691,378 -10.77 723,220 4.61 746,993 3.29 721,534 -3.41 -1.8
Sales and Promotion 5,003,218 4,899,978 -2.06 4,692,654 -4.23 5,162,168 10.01 4,839,550 -6.25 -0.8
Administration and General 3,517,020 3,354,720 -4.61 3,308,687 -1.37 3,375,760 2.03 2,943,341 -12.81 -4.4
Total Expenses 15,738,652 15,834,512 0.61 15,163,201 -4.24 16,279,088 7.36 15,718,604 -3.44 0.0

Performance ($)
2011 2012 Var % 2013 Var % 2014 Var % 2015 Var % CAGR (%)
Operating Income 3,674,181 4,848,566   4,674,530   3,463,535   4,177,225    
Depreciation 502,769 556,270 10.64 614,394 10.45 893,467 45.42 1,003,892 12.36 18.9
P.B.I.T. 3,171,412 4,292,296   4,060,136   2,570,068   3,173,333    
Interest Expense 295,761 268,255   278,303   341,249   817,350    
Adjustments Gain(Loss) 3,117,623 4,261,955   4,138,332   5,367,436   4,560,455    
Pre-tax Profit 5,993,274 8,285,996   7,920,165   7,596,255   6,916,438    

Programming Expense (%)
2011 2012 Var % 2013 Var % 2014 Var % 2015 Var % CAGR (%)
Programming Expense / Expense Total 40.9 43.5   42.5   43.0   45.9    
Programming Expense / Revenue Total 33.2 33.3   32.5   35.4   36.3    

Staff ($)
2011 2012 Var % 2013 Var % 2014 Var % 2015 Var % CAGR (%)
Total Remuneration ($) 8,477,170 8,139,097 -3.99 8,023,196 -1.42 9,066,881 13.01 7,883,358 -13.05 -1.8
Avg Staff Count 113.7 103.6 -8.87 104.1 0.51 113.5 8.98 109.4 -3.61  
Avg Remuneration ($) 74,577 78,570 5.35 77,057 -1.93 79,906 3.70 72,080 -9.79 -0.9
Avg Remuneration excl. Benefits ($) 65,915 70,905 7.57 69,167 -2.45 72,100 4.24 64,280 -10.85 -0.6

Profitability (%)
2011 2012 Var % 2013 Var % 2014 Var % 2015 Var % CAGR (%)
Operating Margin 18.9 23.4   23.6   17.5   21.0    
P.B.I.T. Margin 16.3 20.8   20.5   13.0   15.9    
Pre-tax Margin 30.9 40.1   39.9   38.5   34.8    

CAGR = Compound Annual Growth Rate

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

Var = Variation

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