Designated Markets - Radio AM / FM - Timmins

Commercial Radio - Financial Summary 2011-2015

Table of Contents

Reporting Units
2011 2012 Var % 2013 Var % 2014 Var % 2015 Var % CAGR (%)
Reporting Units 5 5   5   5   5    

Revenue ($)
2011 2012 Var % 2013 Var % 2014 Var % 2015 Var % CAGR (%)
Local Time Sales 2,047,584 2,146,854 4.85 2,297,430 7.01 2,200,954 -4.20 2,112,526 -4.02 0.8
National Time Sales 1,100,687 740,713 -32.70 690,527 -6.78 839,803 21.62 1,069,740 27.38 -0.7
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 353 7,598 >999± 1,745 -77.03 0 -100.00 22,357 n/a 182.1
Total Revenue 3,148,624 2,895,165 -8.05 2,989,702 3.27 3,040,757 1.71 3,204,623 5.39 0.4

Expenses ($)
2011 2012 Var % 2013 Var % 2014 Var % 2015 Var % CAGR (%)
Programming 661,605 653,802 -1.18 686,750 5.04 811,670 18.19 803,743 -0.98 5.0
Technical 193,858 312,485 61.19 241,673 -22.66 234,752 -2.86 134,774 -42.59 -8.7
Sales and Promotion 937,309 864,497 -7.77 821,588 -4.96 762,220 -7.23 916,515 20.24 -0.6
Administration and General 711,365 734,441 3.24 788,580 7.37 782,370 -0.79 901,675 15.25 6.1
Total Expenses 2,504,137 2,565,225 2.44 2,538,591 -1.04 2,591,012 2.06 2,756,707 6.39 2.4

Performance ($)
2011 2012 Var % 2013 Var % 2014 Var % 2015 Var % CAGR (%)
Operating Income 644,487 329,940   451,111   449,745   447,916    
Depreciation 67,781 81,104 19.66 64,655 -20.28 68,048 5.25 65,184 -4.21 -1.0
P.B.I.T. 576,706 248,836   386,456   381,697   382,732    
Interest Expense 30,624 70,981   26,772   23,130   19,091    
Adjustments Gain(Loss) -4,963 -131   420,505   -209,519   -34,538    
Pre-tax Profit 541,119 177,724   780,189   149,048   329,103    

Programming Expense (%)
2011 2012 Var % 2013 Var % 2014 Var % 2015 Var % CAGR (%)
Programming Expense / Expense Total 26.4 25.5   27.1   31.3   29.2    
Programming Expense / Revenue Total 21.0 22.6   23.0   26.7   25.1    

Staff ($)
2011 2012 Var % 2013 Var % 2014 Var % 2015 Var % CAGR (%)
Total Remuneration ($) 1,468,649 1,493,346 1.68 1,527,236 2.27 1,585,679 3.83 1,556,416 -1.85 1.5
Avg Staff Count 38.6 25.2 -34.71 26.7 6.11 28.3 5.91 25.6 -9.50  
Avg Remuneration ($) 38,068 59,283 55.73 57,136 -3.62 56,011 -1.97 60,750 8.46 12.4
Avg Remuneration excl. Benefits ($) 33,234 51,213 54.10 49,031 -4.26 49,506 0.97 54,981 11.06 13.4

Profitability (%)
2011 2012 Var % 2013 Var % 2014 Var % 2015 Var % CAGR (%)
Operating Margin 20.5 11.4   15.1   14.8   14.0    
P.B.I.T. Margin 18.3 8.6   12.9   12.6   11.9    
Pre-tax Margin 17.2 6.1   26.1   4.9   10.3    

CAGR = Compound Annual Growth Rate

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

Var = Variation

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