Designated Markets - Radio AM / FM - Halifax

Commercial Radio - Financial Summary 2011-2015

Table of Contents

Reporting Units
2011 2012 Var % 2013 Var % 2014 Var % 2015 Var % CAGR (%)
Reporting Units 10 10   10   10   10    

Revenue ($)
2011 2012 Var % 2013 Var % 2014 Var % 2015 Var % CAGR (%)
Local Time Sales 13,727,444 13,421,379 -2.23 13,225,281 -1.46 12,938,959 -2.16 13,359,404 3.25 -0.7
National Time Sales 7,883,736 8,117,934 2.97 8,023,089 -1.17 8,047,247 0.30 7,799,789 -3.08 -0.3
Syndication-Production 0 0 n/a 0 n/a 0 n/a 0 n/a n/a
Government/Corporate Grants 0 0 n/a 0 n/a 0 n/a 0 n/a n/a
Other Revenue 148,675 161,285 8.48 141,368 -12.35 213,135 50.77 203,818 -4.37 8.2
Total Revenue 21,759,855 21,700,598 -0.27 21,389,738 -1.43 21,199,341 -0.89 21,363,011 0.77 -0.5

Expenses ($)
2011 2012 Var % 2013 Var % 2014 Var % 2015 Var % CAGR (%)
Programming 7,249,888 6,715,217 -7.37 6,683,984 -0.47 6,725,774 0.63 6,560,272 -2.46 -2.5
Technical 1,103,855 1,044,460 -5.38 982,714 -5.91 1,038,421 5.67 904,067 -12.94 -4.9
Sales and Promotion 7,159,020 6,476,726 -9.53 5,720,653 -11.67 6,172,587 7.90 5,716,521 -7.39 -5.5
Administration and General 4,760,457 4,859,384 2.08 5,156,219 6.11 4,945,036 -4.10 4,406,638 -10.89 -1.9
Total Expenses 20,273,220 19,095,787 -5.81 18,543,570 -2.89 18,881,818 1.82 17,587,498 -6.85 -3.5

Performance ($)
2011 2012 Var % 2013 Var % 2014 Var % 2015 Var % CAGR (%)
Operating Income 1,486,635 2,604,811   2,846,168   2,317,523   3,775,513    
Depreciation 943,385 1,321,347 40.06 896,025 -32.19 709,033 -20.87 689,939 -2.69 -7.5
P.B.I.T. 543,250 1,283,464   1,950,143   1,608,490   3,085,574    
Interest Expense 397,480 304,026   216,310   341,013   322,831    
Adjustments Gain(Loss) -5,699,111 -1,288,226   -2,197,841   210,233   -5,820,892    
Pre-tax Profit -5,553,341 -308,788   -464,008   1,477,710   -3,058,149    

Programming Expense (%)
2011 2012 Var % 2013 Var % 2014 Var % 2015 Var % CAGR (%)
Programming Expense / Expense Total 35.8 35.2   36.0   35.6   37.3    
Programming Expense / Revenue Total 33.3 30.9   31.2   31.7   30.7    

Staff ($)
2011 2012 Var % 2013 Var % 2014 Var % 2015 Var % CAGR (%)
Total Remuneration ($) 10,591,213 9,874,819 -6.76 9,542,993 -3.36 9,524,897 -0.19 8,843,071 -7.16 -4.4
Avg Staff Count 190.2 178.2 -6.28 163.6 -8.23 146.8 -10.23 129.0 -12.16  
Avg Remuneration ($) 55,693 55,408 -0.51 58,349 5.31 64,875 11.18 68,572 5.70 5.3
Avg Remuneration excl. Benefits ($) 49,379 49,093 -0.58 51,728 5.37 58,246 12.60 61,978 6.41 5.9

Profitability (%)
2011 2012 Var % 2013 Var % 2014 Var % 2015 Var % CAGR (%)
Operating Margin 6.8 12.0   13.3   10.9   17.7    
P.B.I.T. Margin 2.5 5.9   9.1   7.6   14.4    
Pre-tax Margin -25.5 -1.4   -2.2   7.0   -14.3    

CAGR = Compound Annual Growth Rate

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

Var = Variation

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