Designated Markets - Radio 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 14 14   14   14   14    

Revenue ($)
2011 2012 Var % 2013 Var % 2014 Var % 2015 Var % CAGR (%)
Local Time Sales 47,046,337 46,132,757 -1.94 47,080,494 2.05 47,334,069 0.54 45,529,630 -3.81 -0.8
National Time Sales 20,419,229 22,936,805 12.33 26,534,395 15.68 25,259,483 -4.80 26,496,007 4.90 6.7
Syndication-Production 391,866 362,191 -7.57 19,871 -94.51 112,668 467.00 2,481 -97.80 -71.8
Government/Corporate Grants 0 0 n/a 0 n/a 0 n/a 0 n/a n/a
Other Revenue 775,202 922,508 19.00 606,303 -34.28 656,641 8.30 947,059 44.23 5.1
Total Revenue 68,632,634 70,354,261 2.51 74,241,063 5.52 73,362,861 -1.18 72,975,177 -0.53 1.6

Expenses ($)
2011 2012 Var % 2013 Var % 2014 Var % 2015 Var % CAGR (%)
Programming 19,451,186 20,812,166 7.00 21,093,755 1.35 21,078,903 -0.07 21,018,457 -0.29 2.0
Technical 2,041,380 2,211,898 8.35 2,118,388 -4.23 2,128,070 0.46 2,088,978 -1.84 0.6
Sales and Promotion 20,645,845 19,484,211 -5.63 18,518,944 -4.95 18,520,560 0.01 18,965,390 2.40 -2.1
Administration and General 12,097,548 10,496,126 -13.24 10,928,124 4.12 11,485,564 5.10 11,321,095 -1.43 -1.6
Total Expenses 54,235,959 53,004,401 -2.27 52,659,211 -0.65 53,213,097 1.05 53,393,920 0.34 -0.4

Performance ($)
2011 2012 Var % 2013 Var % 2014 Var % 2015 Var % CAGR (%)
Operating Income 14,396,675 17,349,860   21,581,852   20,149,764   19,581,257    
Depreciation 2,005,123 1,958,259 -2.34 1,529,272 -21.91 1,802,392 17.86 1,462,926 -18.83 -7.6
P.B.I.T. 12,391,552 15,391,601   20,052,580   18,347,372   18,118,331    
Interest Expense 897,213 791,985   731,965   785,556   2,579,837    
Adjustments Gain(Loss) 137,485 2,740,271   -5,231,848   -601,165   -955,232    
Pre-tax Profit 11,631,824 17,339,887   14,088,767   16,960,651   14,583,262    

Programming Expense (%)
2011 2012 Var % 2013 Var % 2014 Var % 2015 Var % CAGR (%)
Programming Expense / Expense Total 35.9 39.3   40.1   39.6   39.4    
Programming Expense / Revenue Total 28.3 29.6   28.4   28.7   28.8    

Staff ($)
2011 2012 Var % 2013 Var % 2014 Var % 2015 Var % CAGR (%)
Total Remuneration ($) 25,996,347 26,993,235 3.83 26,691,012 -1.12 26,079,557 -2.29 26,216,968 0.53 0.2
Avg Staff Count 332.4 310.5 -6.59 315.2 1.51 288.6 -8.44 315.0 9.14  
Avg Remuneration ($) 78,208 86,932 11.15 84,677 -2.59 90,359 6.71 83,231 -7.89 1.6
Avg Remuneration excl. Benefits ($) 69,377 78,962 13.81 76,446 -3.19 82,013 7.28 76,765 -6.40 2.6

Profitability (%)
2011 2012 Var % 2013 Var % 2014 Var % 2015 Var % CAGR (%)
Operating Margin 21.0 24.7   29.1   27.5   26.8    
P.B.I.T. Margin 18.1 21.9   27.0   25.0   24.8    
Pre-tax Margin 16.9 24.6   19.0   23.1   20.0    

CAGR = Compound Annual Growth Rate

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

Var = Variation

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