Designated Markets - Radio AM / FM - Kelowna

Commercial Radio - Financial Summary 2011-2015

Table of Contents

Reporting Units
2011 2012 Var % 2013 Var % 2014 Var % 2015 Var % CAGR (%)
Reporting Units 7 7   7   7   7    

Revenue ($)
2011 2012 Var % 2013 Var % 2014 Var % 2015 Var % CAGR (%)
Local Time Sales 9,537,819 9,005,388 -5.58 8,439,708 -6.28 7,778,396 -7.84 7,706,662 -0.92 -5.2
National Time Sales 2,025,769 2,058,889 1.63 2,249,930 9.28 2,024,857 -10.00 1,901,478 -6.09 -1.6
Syndication-Production 28,509 16,711 -41.38 3,821 -77.13 2,851 -25.39 624 -78.11 -61.5
Government/Corporate Grants 0 0 n/a 0 n/a 0 n/a 0 n/a n/a
Other Revenue 85,646 158,180 84.69 0 -100.00 -5 n/a 84,161 n/a -0.4
Total Revenue 11,677,743 11,239,168 -3.76 10,693,459 -4.86 9,806,099 -8.30 9,692,925 -1.15 -4.6

Expenses ($)
2011 2012 Var % 2013 Var % 2014 Var % 2015 Var % CAGR (%)
Programming 4,057,923 3,879,292 -4.40 3,516,382 -9.36 3,673,630 4.47 3,619,295 -1.48 -2.8
Technical 511,643 566,934 10.81 348,101 -38.60 405,708 16.55 424,272 4.58 -4.6
Sales and Promotion 4,029,704 4,159,400 3.22 3,723,635 -10.48 3,512,698 -5.66 3,854,216 9.72 -1.1
Administration and General 3,083,529 3,307,098 7.25 3,053,824 -7.66 2,932,104 -3.99 2,385,019 -18.66 -6.2
Total Expenses 11,682,799 11,912,724 1.97 10,641,942 -10.67 10,524,140 -1.11 10,282,802 -2.29 -3.1

Performance ($)
2011 2012 Var % 2013 Var % 2014 Var % 2015 Var % CAGR (%)
Operating Income -5,056 -673,556   51,517   -718,041   -589,877    
Depreciation 408,643 413,216 1.12 308,338 -25.38 427,120 38.52 374,115 -12.41 -2.2
P.B.I.T. -413,699 -1,086,772   -256,821   -1,145,161   -963,992    
Interest Expense 39,982 85,839   89,037   138,423   110,616    
Adjustments Gain(Loss) -673,515 143,753   -2,148,938   -610,794   -158,316    
Pre-tax Profit -1,127,196 -1,028,858   -2,494,796   -1,894,378   -1,232,924    

Programming Expense (%)
2011 2012 Var % 2013 Var % 2014 Var % 2015 Var % CAGR (%)
Programming Expense / Expense Total 34.7 32.6   33.0   34.9   35.2    
Programming Expense / Revenue Total 34.7 34.5   32.9   37.5   37.3    

Staff ($)
2011 2012 Var % 2013 Var % 2014 Var % 2015 Var % CAGR (%)
Total Remuneration ($) 6,787,663 7,446,828 9.71 6,408,535 -13.94 6,263,587 -2.26 5,895,517 -5.88 -3.5
Avg Staff Count 104.0 123.9 19.14 111.1 -10.29 95.3 -14.20 89.0 -6.62  
Avg Remuneration ($) 65,297 60,128 -7.92 57,683 -4.07 65,711 13.92 66,234 0.80 0.4
Avg Remuneration excl. Benefits ($) 59,070 53,821 -8.89 50,827 -5.56 57,861 13.84 57,717 -0.25 -0.6

Profitability (%)
2011 2012 Var % 2013 Var % 2014 Var % 2015 Var % CAGR (%)
Operating Margin 0.0 -6.0   0.5   -7.3   -6.1    
P.B.I.T. Margin -3.5 -9.7   -2.4   -11.7   -9.9    
Pre-tax Margin -9.7 -9.2   -23.3   -19.3   -12.7    

CAGR = Compound Annual Growth Rate

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

Var = Variation

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