Designated Markets - Radio AM / FM - Moncton

Commercial Radio - Financial Summary 2011-2015

Table of Contents

Reporting Units
2011 2012 Var % 2013 Var % 2014 Var % 2015 Var % CAGR (%)
Reporting Units 8 8   8   8   8    

Revenue ($)
2011 2012 Var % 2013 Var % 2014 Var % 2015 Var % CAGR (%)
Local Time Sales 7,093,450 7,332,711 3.37 7,049,949 -3.86 7,050,436 0.01 6,881,024 -2.40 -0.8
National Time Sales 2,273,773 2,487,343 9.39 2,892,645 16.29 2,769,579 -4.25 2,481,866 -10.39 2.2
Syndication-Production 0 0 n/a 0 n/a 0 n/a 0 n/a n/a
Government/Corporate Grants 1,667 0 -100.00 7,500 n/a 20,100 168.00 18,238 -9.26 n/a
Other Revenue 17,839 20,404 14.38 10,007 -50.96 7,020 -29.85 0 -100.00 -100.0
Total Revenue 9,386,729 9,840,458 4.83 9,960,101 1.22 9,847,135 -1.13 9,381,128 -4.73 0.0

Expenses ($)
2011 2012 Var % 2013 Var % 2014 Var % 2015 Var % CAGR (%)
Programming 2,619,953 2,555,781 -2.45 2,663,570 4.22 2,448,869 -8.06 2,309,144 -5.71 -3.1
Technical 373,953 334,161 -10.64 375,956 12.51 354,987 -5.58 342,189 -3.61 -2.2
Sales and Promotion 1,701,071 1,917,666 12.73 1,859,307 -3.04 1,956,277 5.22 1,941,920 -0.73 3.4
Administration and General 2,098,641 2,619,529 24.82 2,394,127 -8.60 2,439,690 1.90 2,460,941 0.87 4.1
Total Expenses 6,793,618 7,427,137 9.33 7,292,960 -1.81 7,199,823 -1.28 7,054,194 -2.02 1.0

Performance ($)
2011 2012 Var % 2013 Var % 2014 Var % 2015 Var % CAGR (%)
Operating Income 2,593,111 2,413,321   2,667,141   2,647,312   2,326,934    
Depreciation 279,286 249,429 -10.69 230,295 -7.67 189,635 -17.66 271,930 43.40 -0.7
P.B.I.T. 2,313,825 2,163,892   2,436,846   2,457,677   2,055,004    
Interest Expense 175,312 136,798   99,133   172,534   195,099    
Adjustments Gain(Loss) 15,684 64,268   76,173   55,826   31,191    
Pre-tax Profit 2,154,197 2,091,362   2,413,886   2,340,969   1,891,096    

Programming Expense (%)
2011 2012 Var % 2013 Var % 2014 Var % 2015 Var % CAGR (%)
Programming Expense / Expense Total 38.6 34.4   36.5   34.0   32.7    
Programming Expense / Revenue Total 27.9 26.0   26.7   24.9   24.6    

Staff ($)
2011 2012 Var % 2013 Var % 2014 Var % 2015 Var % CAGR (%)
Total Remuneration ($) 3,521,493 3,599,243 2.21 3,538,880 -1.68 3,474,567 -1.82 3,557,019 2.37 0.3
Avg Staff Count 87.5 84.0 -3.91 79.7 -5.19 85.3 7.03 71.0 -16.74  
Avg Remuneration ($) 40,269 42,833 6.37 44,419 3.70 40,748 -8.27 50,099 22.95 5.6
Avg Remuneration excl. Benefits ($) 35,534 37,577 5.75 38,925 3.59 35,988 -7.54 43,970 22.18 5.5

Profitability (%)
2011 2012 Var % 2013 Var % 2014 Var % 2015 Var % CAGR (%)
Operating Margin 27.6 24.5   26.8   26.9   24.8    
P.B.I.T. Margin 24.6 22.0   24.5   25.0   21.9    
Pre-tax Margin 22.9 21.3   24.2   23.8   20.2    

CAGR = Compound Annual Growth Rate

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

Var = Variation

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