Designated Markets - Radio AM / FM - Vancouver

Commercial Radio - Financial Summary 2011-2015

Table of Contents

Reporting Units
2011 2012 Var % 2013 Var % 2014 Var % 2015 Var % CAGR (%)
Reporting Units 20 20   20   20   20    

Revenue ($)
2011 2012 Var % 2013 Var % 2014 Var % 2015 Var % CAGR (%)
Local Time Sales 84,810,293 87,288,730 2.92 86,762,377 -0.60 77,476,227 -10.70 76,970,096 -0.65 -2.4
National Time Sales 32,348,762 35,248,808 8.96 34,463,065 -2.23 38,020,342 10.32 37,731,147 -0.76 3.9
Syndication-Production 66,896 89,866 34.34 35,182 -60.85 67,486 91.82 53,351 -20.95 -5.5
Government/Corporate Grants 0 0 n/a 0 n/a 0 n/a 0 n/a n/a
Other Revenue 3,594,719 3,428,876 -4.61 2,747,071 -19.88 3,263,488 18.80 3,049,517 -6.56 -4.0
Total Revenue 120,820,670 126,056,280 4.33 124,007,695 -1.63 118,827,543 -4.18 117,804,111 -0.86 -0.6

Expenses ($)
2011 2012 Var % 2013 Var % 2014 Var % 2015 Var % CAGR (%)
Programming 40,004,325 41,006,651 2.51 40,855,146 -0.37 41,091,915 0.58 41,994,874 2.20 1.2
Technical 3,094,318 2,991,942 -3.31 3,166,293 5.83 3,517,350 11.09 3,703,881 5.30 4.6
Sales and Promotion 30,060,960 28,588,283 -4.90 26,766,602 -6.37 26,825,121 0.22 27,398,021 2.14 -2.3
Administration and General 21,229,856 22,552,555 6.23 21,618,810 -4.14 22,147,890 2.45 19,803,842 -10.58 -1.7
Total Expenses 94,389,459 95,139,431 0.79 92,406,851 -2.87 93,582,276 1.27 92,900,618 -0.73 -0.4

Performance ($)
2011 2012 Var % 2013 Var % 2014 Var % 2015 Var % CAGR (%)
Operating Income 26,431,211 30,916,849   31,600,844   25,245,267   24,903,493    
Depreciation 2,472,792 2,162,300 -12.56 1,749,045 -19.11 1,930,089 10.35 1,907,041 -1.19 -6.3
P.B.I.T. 23,958,419 28,754,549   29,851,799   23,315,178   22,996,452    
Interest Expense 362,536 601,471   216,475   656,657   1,014,138    
Adjustments Gain(Loss) 3,383,572 1,512,033   -10,291,691   5,832,843   5,325,292    
Pre-tax Profit 26,979,455 29,665,111   19,343,633   28,491,364   27,307,606    

Programming Expense (%)
2011 2012 Var % 2013 Var % 2014 Var % 2015 Var % CAGR (%)
Programming Expense / Expense Total 42.4 43.1   44.2   43.9   45.2    
Programming Expense / Revenue Total 33.1 32.5   32.9   34.6   35.6    

Staff ($)
2011 2012 Var % 2013 Var % 2014 Var % 2015 Var % CAGR (%)
Total Remuneration ($) 46,405,608 48,331,150 4.15 48,076,060 -0.53 43,186,659 -10.17 44,970,190 4.13 -0.8
Avg Staff Count 599.6 572.5 -4.53 588.5 2.81 545.1 -7.38 519.1 -4.77  
Avg Remuneration ($) 77,389 84,424 9.09 81,687 -3.24 79,226 -3.01 86,628 9.34 2.9
Avg Remuneration excl. Benefits ($) 70,431 76,897 9.18 74,365 -3.29 72,162 -2.96 79,528 10.21 3.1

Profitability (%)
2011 2012 Var % 2013 Var % 2014 Var % 2015 Var % CAGR (%)
Operating Margin 21.9 24.5   25.5   21.2   21.1    
P.B.I.T. Margin 19.8 22.8   24.1   19.6   19.5    
Pre-tax Margin 22.3 23.5   15.6   24.0   23.2    

CAGR = Compound Annual Growth Rate

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

Var = Variation

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