Designated Markets - Radio AM / FM - Sudbury

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 7,665,220 7,675,109 0.13 8,075,177 5.21 7,999,148 -0.94 7,660,147 -4.24 0.0
National Time Sales 2,718,630 2,261,787 -16.80 2,379,152 5.19 2,406,175 1.14 2,612,743 8.58 -1.0
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 677 7,126 952.58 5,553 -22.07 0 -100.00 0 n/a -100.0
Total Revenue 10,384,527 9,944,022 -4.24 10,459,882 5.19 10,405,323 -0.52 10,272,890 -1.27 -0.3

Expenses ($)
2011 2012 Var % 2013 Var % 2014 Var % 2015 Var % CAGR (%)
Programming 2,782,901 2,693,777 -3.20 2,855,728 6.01 2,886,085 1.06 2,749,552 -4.73 -0.3
Technical 488,007 495,217 1.48 553,404 11.75 565,527 2.19 392,821 -30.54 -5.3
Sales and Promotion 3,139,896 2,743,873 -12.61 2,682,714 -2.23 2,754,837 2.69 2,621,594 -4.84 -4.4
Administration and General 2,395,144 2,624,639 9.58 2,627,949 0.13 3,119,331 18.70 3,305,042 5.95 8.4
Total Expenses 8,805,948 8,557,506 -2.82 8,719,795 1.90 9,325,780 6.95 9,069,009 -2.75 0.7

Performance ($)
2011 2012 Var % 2013 Var % 2014 Var % 2015 Var % CAGR (%)
Operating Income 1,578,579 1,386,516   1,740,087   1,079,543   1,203,881    
Depreciation 346,631 316,440 -8.71 342,395 8.20 332,445 -2.91 326,466 -1.80 -1.5
P.B.I.T. 1,231,948 1,070,076   1,397,692   747,098   877,415    
Interest Expense 218,940 160,185   112,822   173,131   170,784    
Adjustments Gain(Loss) 8,280 3,511   24,432   41,693   -66,506    
Pre-tax Profit 1,021,288 913,402   1,309,302   615,660   640,125    

Programming Expense (%)
2011 2012 Var % 2013 Var % 2014 Var % 2015 Var % CAGR (%)
Programming Expense / Expense Total 31.6 31.5   32.7   30.9   30.3    
Programming Expense / Revenue Total 26.8 27.1   27.3   27.7   26.8    

Staff ($)
2011 2012 Var % 2013 Var % 2014 Var % 2015 Var % CAGR (%)
Total Remuneration ($) 4,972,249 4,785,765 -3.75 4,949,855 3.43 5,152,271 4.09 4,873,330 -5.41 -0.5
Avg Staff Count 86.1 81.8 -4.94 85.5 4.44 84.0 -1.73 75.3 -10.38  
Avg Remuneration ($) 57,770 58,491 1.25 57,927 -0.97 61,358 5.92 64,762 5.55 2.9
Avg Remuneration excl. Benefits ($) 50,473 50,783 0.62 49,887 -1.77 53,815 7.87 57,958 7.70 3.5

Profitability (%)
2011 2012 Var % 2013 Var % 2014 Var % 2015 Var % CAGR (%)
Operating Margin 15.2 13.9   16.6   10.4   11.7    
P.B.I.T. Margin 11.9 10.8   13.4   7.2   8.5    
Pre-tax Margin 9.8 9.2   12.5   5.9   6.2    

CAGR = Compound Annual Growth Rate

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

Var = Variation

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