Designated Markets - Radio AM / FM - Kitchener/Waterloo

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 18,549,520 17,110,047 -7.76 16,710,960 -2.33 16,466,976 -1.46 15,460,235 -6.11 -4.5
National Time Sales 7,320,046 6,927,321 -5.37 6,816,044 -1.61 6,812,140 -0.06 7,902,280 16.00 1.9
Syndication-Production 0 0 n/a 0 n/a 0 n/a 4,356 n/a n/a
Government/Corporate Grants 0 0 n/a 0 n/a 0 n/a 0 n/a n/a
Other Revenue 249,887 184,634 -26.11 153,250 -17.00 134,941 -11.95 98,265 -27.18 -20.8
Total Revenue 26,119,453 24,222,002 -7.26 23,680,254 -2.24 23,414,057 -1.12 23,465,136 0.22 -2.6

Expenses ($)
2011 2012 Var % 2013 Var % 2014 Var % 2015 Var % CAGR (%)
Programming 6,643,743 6,662,231 0.28 6,539,910 -1.84 6,618,126 1.20 6,635,734 0.27 0.0
Technical 673,169 720,091 6.97 775,437 7.69 656,630 -15.32 479,973 -26.90 -8.1
Sales and Promotion 5,570,774 5,015,553 -9.97 4,580,668 -8.67 4,549,101 -0.69 4,310,389 -5.25 -6.2
Administration and General 5,269,928 4,945,992 -6.15 5,100,122 3.12 4,615,472 -9.50 4,770,365 3.36 -2.5
Total Expenses 18,157,614 17,343,867 -4.48 16,996,137 -2.00 16,439,329 -3.28 16,196,461 -1.48 -2.8

Performance ($)
2011 2012 Var % 2013 Var % 2014 Var % 2015 Var % CAGR (%)
Operating Income 7,961,839 6,878,135   6,684,117   6,974,728   7,268,675    
Depreciation 626,600 684,400 9.22 607,006 -11.31 614,640 1.26 605,827 -1.43 -0.8
P.B.I.T. 7,335,239 6,193,735   6,077,111   6,360,088   6,662,848    
Interest Expense 45,719 7,454   18,570   34,110   2,703    
Adjustments Gain(Loss) -3,359,654 1,551,993   189,683   3,184,965   1,883,200    
Pre-tax Profit 3,929,866 7,738,274   6,248,224   9,510,943   8,543,345    

Programming Expense (%)
2011 2012 Var % 2013 Var % 2014 Var % 2015 Var % CAGR (%)
Programming Expense / Expense Total 36.6 38.4   38.5   40.3   41.0    
Programming Expense / Revenue Total 25.4 27.5   27.6   28.3   28.3    

Staff ($)
2011 2012 Var % 2013 Var % 2014 Var % 2015 Var % CAGR (%)
Total Remuneration ($) 9,384,238 9,323,568 -0.65 9,148,350 -1.88 9,020,246 -1.40 8,117,269 -10.01 -3.6
Avg Staff Count 126.7 118.4 -6.52 117.6 -0.64 104.3 -11.36 102.9 -1.30  
Avg Remuneration ($) 74,096 78,753 6.29 77,772 -1.25 86,509 11.23 78,877 -8.82 1.6
Avg Remuneration excl. Benefits ($) 64,953 68,735 5.82 67,648 -1.58 75,788 12.03 69,479 -8.32 1.7

Profitability (%)
2011 2012 Var % 2013 Var % 2014 Var % 2015 Var % CAGR (%)
Operating Margin 30.5 28.4   28.2   29.8   31.0    
P.B.I.T. Margin 28.1 25.6   25.7   27.2   28.4    
Pre-tax Margin 15.0 31.9   26.4   40.6   36.4    

CAGR = Compound Annual Growth Rate

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

Var = Variation

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