Designated Markets - Radio AM / FM - Medicine Hat

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 4,912,918 4,349,809 -11.46 4,593,613 5.60 4,475,124 -2.58 4,173,192 -6.75 -4.0
National Time Sales 2,206,086 2,312,317 4.82 2,742,101 18.59 2,603,543 -5.05 2,512,875 -3.48 3.3
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 18,856 40,273 113.58 20,401 -49.34 21,422 5.00 82 -99.62 -74.3
Total Revenue 7,137,860 6,702,399 -6.10 7,356,115 9.75 7,100,089 -3.48 6,686,149 -5.83 -1.6

Expenses ($)
2011 2012 Var % 2013 Var % 2014 Var % 2015 Var % CAGR (%)
Programming 2,435,055 2,226,349 -8.57 2,207,196 -0.86 2,371,593 7.45 2,273,137 -4.15 -1.7
Technical 309,427 305,420 -1.29 303,908 -0.50 321,791 5.88 321,495 -0.09 1.0
Sales and Promotion 1,697,251 1,604,183 -5.48 1,741,162 8.54 1,773,979 1.88 1,557,511 -12.20 -2.1
Administration and General 1,673,495 1,739,627 3.95 1,668,226 -4.10 1,757,657 5.36 1,628,540 -7.35 -0.7
Total Expenses 6,115,228 5,875,579 -3.92 5,920,492 0.76 6,225,020 5.14 5,780,683 -7.14 -1.4

Performance ($)
2011 2012 Var % 2013 Var % 2014 Var % 2015 Var % CAGR (%)
Operating Income 1,022,632 826,820   1,435,623   875,069   905,466    
Depreciation 247,391 233,013 -5.81 237,024 1.72 205,065 -13.48 182,578 -10.97 -7.3
P.B.I.T. 775,241 593,807   1,198,599   670,004   722,888    
Interest Expense 33,273 23,329   12,233   21,205   9,064    
Adjustments Gain(Loss) -498,010 -96,493   -145,356   -311,043   -199,685    
Pre-tax Profit 243,958 473,985   1,041,010   337,756   514,139    

Programming Expense (%)
2011 2012 Var % 2013 Var % 2014 Var % 2015 Var % CAGR (%)
Programming Expense / Expense Total 39.8 37.9   37.3   38.1   39.3    
Programming Expense / Revenue Total 34.1 33.2   30.0   33.4   34.0    

Staff ($)
2011 2012 Var % 2013 Var % 2014 Var % 2015 Var % CAGR (%)
Total Remuneration ($) 3,529,485 3,463,073 -1.88 3,513,038 1.44 3,548,195 1.00 3,339,909 -5.87 -1.4
Avg Staff Count 78.6 75.9 -3.48 69.9 -7.87 66.6 -4.73 64.5 -3.26  
Avg Remuneration ($) 44,882 45,627 1.66 50,236 10.10 53,260 6.02 51,822 -2.70 3.7
Avg Remuneration excl. Benefits ($) 40,377 40,514 0.34 44,227 9.16 47,783 8.04 46,676 -2.32 3.7

Profitability (%)
2011 2012 Var % 2013 Var % 2014 Var % 2015 Var % CAGR (%)
Operating Margin 14.3 12.3   19.5   12.3   13.5    
P.B.I.T. Margin 10.9 8.9   16.3   9.4   10.8    
Pre-tax Margin 3.4 7.1   14.2   4.8   7.7    

CAGR = Compound Annual Growth Rate

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

Var = Variation

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