Designated Markets - Radio AM / FM - Grande Prairie

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 9,775,064 10,200,784 4.36 10,812,192 5.99 11,009,451 1.82 11,016,802 0.07 3.0
National Time Sales 2,715,891 2,841,162 4.61 3,378,861 18.93 3,285,387 -2.77 3,271,335 -0.43 4.8
Syndication-Production 0 0 n/a 0 n/a 0 n/a 11,801 n/a n/a
Government/Corporate Grants 0 0 n/a 0 n/a 0 n/a 0 n/a n/a
Other Revenue 57,302 77,683 35.57 64,602 -16.84 52,143 -19.29 98,066 88.07 14.4
Total Revenue 12,548,257 13,119,629 4.55 14,255,655 8.66 14,346,981 0.64 14,398,004 0.36 3.5

Expenses ($)
2011 2012 Var % 2013 Var % 2014 Var % 2015 Var % CAGR (%)
Programming 2,896,344 3,059,069 5.62 3,085,331 0.86 3,168,602 2.70 3,209,923 1.30 2.6
Technical 374,721 397,027 5.95 405,966 2.25 441,244 8.69 370,708 -15.99 -0.3
Sales and Promotion 2,545,305 2,695,656 5.91 2,997,568 11.20 2,718,505 -9.31 2,932,392 7.87 3.6
Administration and General 2,942,843 2,885,539 -1.95 2,894,895 0.32 3,074,946 6.22 3,185,433 3.59 2.0
Total Expenses 8,759,213 9,037,291 3.17 9,383,760 3.83 9,403,297 0.21 9,698,456 3.14 2.6

Performance ($)
2011 2012 Var % 2013 Var % 2014 Var % 2015 Var % CAGR (%)
Operating Income 3,789,044 4,082,338   4,871,895   4,943,684   4,699,548    
Depreciation 259,916 268,198 3.19 254,536 -5.09 259,393 1.91 288,532 11.23 2.7
P.B.I.T. 3,529,128 3,814,140   4,617,359   4,684,291   4,411,016    
Interest Expense 78,399 94,786   135,802   144,020   157,537    
Adjustments Gain(Loss) -400,964 -424,403   -384,117   -1,831,753   -206,198    
Pre-tax Profit 3,049,765 3,294,951   4,097,440   2,708,518   4,047,281    

Programming Expense (%)
2011 2012 Var % 2013 Var % 2014 Var % 2015 Var % CAGR (%)
Programming Expense / Expense Total 33.1 33.8   32.9   33.7   33.1    
Programming Expense / Revenue Total 23.1 23.3   21.6   22.1   22.3    

Staff ($)
2011 2012 Var % 2013 Var % 2014 Var % 2015 Var % CAGR (%)
Total Remuneration ($) 4,751,988 5,021,695 5.68 5,290,341 5.35 5,085,215 -3.88 5,144,065 1.16 2.0
Avg Staff Count 80.4 81.5 1.29 80.8 -0.82 73.6 -8.95 74.8 1.66  
Avg Remuneration ($) 59,097 61,654 4.33 65,491 6.22 69,140 5.57 68,799 -0.49 3.9
Avg Remuneration excl. Benefits ($) 53,814 55,929 3.93 60,343 7.89 62,877 4.20 63,569 1.10 4.3

Profitability (%)
2011 2012 Var % 2013 Var % 2014 Var % 2015 Var % CAGR (%)
Operating Margin 30.2 31.1   34.2   34.5   32.6    
P.B.I.T. Margin 28.1 29.1   32.4   32.7   30.6    
Pre-tax Margin 24.3 25.1   28.7   18.9   28.1    

CAGR = Compound Annual Growth Rate

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

Var = Variation

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