Designated Markets - Radio AM / FM - Saint John

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 5,014,194 4,676,623 -6.73 3,991,374 -14.65 4,133,593 3.56 4,775,591 15.53 -1.2
National Time Sales 1,773,196 1,651,684 -6.85 1,719,839 4.13 1,610,024 -6.39 1,657,562 2.95 -1.7
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 11,982 9,937 -17.07 8,387 -15.60 8,198 -2.25 5,444 -33.59 -17.9
Total Revenue 6,799,372 6,338,244 -6.78 5,719,600 -9.76 5,751,815 0.56 6,438,597 11.94 -1.4

Expenses ($)
2011 2012 Var % 2013 Var % 2014 Var % 2015 Var % CAGR (%)
Programming 1,948,093 1,970,344 1.14 2,009,891 2.01 1,671,925 -16.82 1,700,154 1.69 -3.4
Technical 308,336 280,905 -8.90 238,459 -15.11 257,119 7.83 245,733 -4.43 -5.5
Sales and Promotion 1,567,258 1,553,965 -0.85 1,556,133 0.14 1,519,591 -2.35 1,630,329 7.29 1.0
Administration and General 1,793,927 1,638,239 -8.68 1,532,229 -6.47 1,318,672 -13.94 1,517,479 15.08 -4.1
Total Expenses 5,617,614 5,443,453 -3.10 5,336,712 -1.96 4,767,307 -10.67 5,093,695 6.85 -2.4

Performance ($)
2011 2012 Var % 2013 Var % 2014 Var % 2015 Var % CAGR (%)
Operating Income 1,181,758 894,791   382,888   984,508   1,344,902    
Depreciation 270,244 252,140 -6.70 227,623 -9.72 201,753 -11.37 228,090 13.05 -4.2
P.B.I.T. 911,514 642,651   155,265   782,755   1,116,812    
Interest Expense 83,921 50,034   35,019   27,799   82,909    
Adjustments Gain(Loss) -8,004 26,600   19,087   -15,532   19,724    
Pre-tax Profit 819,589 619,217   139,333   739,424   1,053,627    

Programming Expense (%)
2011 2012 Var % 2013 Var % 2014 Var % 2015 Var % CAGR (%)
Programming Expense / Expense Total 34.7 36.2   37.7   35.1   33.4    
Programming Expense / Revenue Total 28.7 31.1   35.1   29.1   26.4    

Staff ($)
2011 2012 Var % 2013 Var % 2014 Var % 2015 Var % CAGR (%)
Total Remuneration ($) 2,948,526 2,777,771 -5.79 2,596,686 -6.52 2,501,555 -3.66 2,648,857 5.89 -2.6
Avg Staff Count 66.6 63.1 -5.14 52.2 -17.28 45.6 -12.60 47.0 2.98  
Avg Remuneration ($) 44,305 44,001 -0.69 49,726 13.01 54,811 10.23 56,359 2.82 6.2
Avg Remuneration excl. Benefits ($) 39,447 38,897 -1.39 43,501 11.84 48,583 11.68 50,823 4.61 6.5

Profitability (%)
2011 2012 Var % 2013 Var % 2014 Var % 2015 Var % CAGR (%)
Operating Margin 17.4 14.1   6.7   17.1   20.9    
P.B.I.T. Margin 13.4 10.1   2.7   13.6   17.3    
Pre-tax Margin 12.1 9.8   2.4   12.9   16.4    

CAGR = Compound Annual Growth Rate

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

Var = Variation

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