Designated Markets - Radio AM / FM - St. John's

Commercial Radio - Financial Summary 2011-2015

Table of Contents

Reporting Units
2011 2012 Var % 2013 Var % 2014 Var % 2015 Var % CAGR (%)
Reporting Units 6 6   6   6   6    

Revenue ($)
2011 2012 Var % 2013 Var % 2014 Var % 2015 Var % CAGR (%)
Local Time Sales 12,098,876 11,791,185 -2.54 11,766,153 -0.21 12,003,834 2.02 12,129,867 1.05 0.1
National Time Sales 2,621,649 2,759,306 5.25 2,714,474 -1.62 2,722,574 0.30 2,685,054 -1.38 0.6
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 0 0 n/a 0 n/a 0 n/a 0 n/a n/a
Total Revenue 14,720,525 14,550,491 -1.16 14,480,627 -0.48 14,726,408 1.70 14,814,921 0.60 0.2

Expenses ($)
2011 2012 Var % 2013 Var % 2014 Var % 2015 Var % CAGR (%)
Programming 4,256,206 4,595,659 7.98 4,752,123 3.40 4,486,800 -5.58 4,208,092 -6.21 -0.3
Technical 815,011 934,643 14.68 846,997 -9.38 871,202 2.86 893,023 2.50 2.3
Sales and Promotion 3,582,360 3,820,870 6.66 3,485,258 -8.78 3,517,702 0.93 3,179,254 -9.62 -2.9
Administration and General 4,653,915 4,618,712 -0.76 4,444,763 -3.77 5,099,739 14.74 5,348,755 4.88 3.5
Total Expenses 13,307,492 13,969,884 4.98 13,529,141 -3.15 13,975,443 3.30 13,629,124 -2.48 0.6

Performance ($)
2011 2012 Var % 2013 Var % 2014 Var % 2015 Var % CAGR (%)
Operating Income 1,413,033 580,607   951,486   750,965   1,185,797    
Depreciation 599,475 424,574 -29.18 454,806 7.12 459,680 1.07 492,560 7.15 -4.8
P.B.I.T. 813,558 156,033   496,680   291,285   693,237    
Interest Expense 607,293 466,307   335,088   553,805   639,185    
Adjustments Gain(Loss) 586,292 776,447   763,209   978,246   1,135,413    
Pre-tax Profit 792,557 466,173   924,801   715,726   1,189,465    

Programming Expense (%)
2011 2012 Var % 2013 Var % 2014 Var % 2015 Var % CAGR (%)
Programming Expense / Expense Total 32.0 32.9   35.1   32.1   30.9    
Programming Expense / Revenue Total 28.9 31.6   32.8   30.5   28.4    

Staff ($)
2011 2012 Var % 2013 Var % 2014 Var % 2015 Var % CAGR (%)
Total Remuneration ($) 7,237,963 7,354,457 1.61 7,285,193 -0.94 7,845,520 7.69 7,878,159 0.42 2.1
Avg Staff Count 124.5 124.5 0.00 121.8 -2.21 128.8 5.75 116.3 -9.69  
Avg Remuneration ($) 58,136 59,072 1.61 59,837 1.30 60,936 1.84 67,752 11.18 3.9
Avg Remuneration excl. Benefits ($) 50,854 51,044 0.37 51,557 1.00 53,482 3.73 59,885 11.97 4.2

Profitability (%)
2011 2012 Var % 2013 Var % 2014 Var % 2015 Var % CAGR (%)
Operating Margin 9.6 4.0   6.6   5.1   8.0    
P.B.I.T. Margin 5.5 1.1   3.4   2.0   4.7    
Pre-tax Margin 5.4 3.2   6.4   4.9   8.0    

CAGR = Compound Annual Growth Rate

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

Var = Variation

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