Designated Markets - Radio AM / FM - Red Deer

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 9,972,550 10,983,407 10.14 10,609,167 -3.41 10,848,884 2.26 11,949,537 10.15 4.6
National Time Sales 2,932,875 3,159,382 7.72 3,543,448 12.16 3,356,607 -5.27 2,478,438 -26.16 -4.1
Syndication-Production -4,270 -12,953 203.35 -5,002 -61.38 -8,165 63.23 -13,560 66.07 33.5
Government/Corporate Grants 0 0 n/a 0 n/a 0 n/a 0 n/a n/a
Other Revenue 80,819 76,651 -5.16 49,051 -36.01 44,713 -8.84 52,920 18.35 -10.0
Total Revenue 12,981,974 14,206,487 9.43 14,196,664 -0.07 14,242,039 0.32 14,467,335 1.58 2.8

Expenses ($)
2011 2012 Var % 2013 Var % 2014 Var % 2015 Var % CAGR (%)
Programming 3,726,921 4,016,284 7.76 3,995,794 -0.51 4,157,515 4.05 4,231,396 1.78 3.2
Technical 513,679 609,998 18.75 633,057 3.78 619,637 -2.12 572,720 -7.57 2.8
Sales and Promotion 3,152,821 3,661,757 16.14 3,546,005 -3.16 3,549,952 0.11 3,650,536 2.83 3.7
Administration and General 3,620,142 3,622,392 0.06 3,820,147 5.46 3,985,658 4.33 4,105,763 3.01 3.2
Total Expenses 11,013,563 11,910,431 8.14 11,995,003 0.71 12,312,762 2.65 12,560,415 2.01 3.3

Performance ($)
2011 2012 Var % 2013 Var % 2014 Var % 2015 Var % CAGR (%)
Operating Income 1,968,411 2,296,056   2,201,661   1,929,277   1,906,920    
Depreciation 364,994 433,475 18.76 380,793 -12.15 331,769 -12.87 434,798 31.05 4.5
P.B.I.T. 1,603,417 1,862,581   1,820,868   1,597,508   1,472,122    
Interest Expense 303,755 234,771   232,465   250,795   322,676    
Adjustments Gain(Loss) -107,704 -58,639   -180,254   -67,626   -222,103    
Pre-tax Profit 1,191,958 1,569,171   1,408,149   1,279,087   927,343    

Programming Expense (%)
2011 2012 Var % 2013 Var % 2014 Var % 2015 Var % CAGR (%)
Programming Expense / Expense Total 33.8 33.7   33.3   33.8   33.7    
Programming Expense / Revenue Total 28.7 28.3   28.1   29.2   29.2    

Staff ($)
2011 2012 Var % 2013 Var % 2014 Var % 2015 Var % CAGR (%)
Total Remuneration ($) 6,354,090 6,642,583 4.54 6,735,884 1.40 7,085,773 5.19 7,244,292 2.24 3.3
Avg Staff Count 128.6 120.5 -6.33 129.7 7.63 128.6 -0.89 119.1 -7.37  
Avg Remuneration ($) 49,394 55,125 11.60 51,934 -5.79 55,121 6.14 60,836 10.37 5.4
Avg Remuneration excl. Benefits ($) 45,234 50,507 11.66 47,213 -6.52 49,856 5.60 55,582 11.48 5.3

Profitability (%)
2011 2012 Var % 2013 Var % 2014 Var % 2015 Var % CAGR (%)
Operating Margin 15.2 16.2   15.5   13.5   13.2    
P.B.I.T. Margin 12.4 13.1   12.8   11.2   10.2    
Pre-tax Margin 9.2 11.0   9.9   9.0   6.4    

CAGR = Compound Annual Growth Rate

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

Var = Variation

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