Designated Markets - Radio AM / FM - Regina

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 21,187,844 21,762,587 2.71 23,055,065 5.94 23,015,565 -0.17 22,692,340 -1.40 1.7
National Time Sales 3,685,229 3,966,925 7.64 3,967,385 0.01 3,832,312 -3.40 3,842,105 0.26 1.1
Syndication-Production -58,149 -1,574 -97.29 -2,229 41.61 12,194 -647.06 149 -98.78 n/a
Government/Corporate Grants 0 0 n/a 0 n/a 0 n/a 0 n/a n/a
Other Revenue 571,285 586,956 2.74 358,876 -38.86 334,618 -6.76 280,146 -16.28 -16.3
Total Revenue 25,386,209 26,314,894 3.66 27,379,097 4.04 27,194,689 -0.67 26,814,740 -1.40 1.4

Expenses ($)
2011 2012 Var % 2013 Var % 2014 Var % 2015 Var % CAGR (%)
Programming 8,323,902 8,503,457 2.16 9,144,013 7.53 9,424,858 3.07 9,786,887 3.84 4.1
Technical 764,586 900,766 17.81 999,713 10.98 1,032,415 3.27 1,041,105 0.84 8.0
Sales and Promotion 8,715,464 8,675,758 -0.46 8,937,626 3.02 8,837,263 -1.12 8,785,120 -0.59 0.2
Administration and General 3,851,860 3,802,859 -1.27 3,894,415 2.41 3,489,309 -10.40 3,311,071 -5.11 -3.7
Total Expenses 21,655,812 21,882,840 1.05 22,975,767 4.99 22,783,845 -0.84 22,924,183 0.62 1.4

Performance ($)
2011 2012 Var % 2013 Var % 2014 Var % 2015 Var % CAGR (%)
Operating Income 3,730,397 4,432,054   4,403,330   4,410,844   3,890,557    
Depreciation 1,409,448 1,326,670 -5.87 1,188,277 -10.43 1,264,107 6.38 829,174 -34.41 -12.4
P.B.I.T. 2,320,949 3,105,384   3,215,053   3,146,737   3,061,383    
Interest Expense 255,820 260,110   371,489   138,201   102,262    
Adjustments Gain(Loss) -145,555 69,268   -999,058   -49,614   -352,117    
Pre-tax Profit 1,919,574 2,914,542   1,844,506   2,958,922   2,607,004    

Programming Expense (%)
2011 2012 Var % 2013 Var % 2014 Var % 2015 Var % CAGR (%)
Programming Expense / Expense Total 38.4 38.9   39.8   41.4   42.7    
Programming Expense / Revenue Total 32.8 32.3   33.4   34.7   36.5    

Staff ($)
2011 2012 Var % 2013 Var % 2014 Var % 2015 Var % CAGR (%)
Total Remuneration ($) 10,667,474 11,482,375 7.64 12,427,934 8.23 12,220,004 -1.67 12,611,004 3.20 4.3
Avg Staff Count 149.7 152.0 1.50 175.1 15.23 163.2 -6.81 157.6 -3.45  
Avg Remuneration ($) 71,240 75,552 6.05 70,968 -6.07 74,877 5.51 80,034 6.89 3.0
Avg Remuneration excl. Benefits ($) 67,259 70,557 4.90 66,230 -6.13 67,678 2.19 72,726 7.46 2.0

Profitability (%)
2011 2012 Var % 2013 Var % 2014 Var % 2015 Var % CAGR (%)
Operating Margin 14.7 16.8   16.1   16.2   14.5    
P.B.I.T. Margin 9.1 11.8   11.7   11.6   11.4    
Pre-tax Margin 7.6 11.1   6.7   10.9   9.7    

CAGR = Compound Annual Growth Rate

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

Var = Variation

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