Designated Markets - Radio AM - Vancouver

Commercial Radio - Financial Summary 2011-2015

Table of Contents

Reporting Units
2011 2012 Var % 2013 Var % 2014 Var % 2015 Var % CAGR (%)
Reporting Units 9 9   9   9   9    

Revenue ($)
2011 2012 Var % 2013 Var % 2014 Var % 2015 Var % CAGR (%)
Local Time Sales 32,108,831 32,963,194 2.66 30,468,295 -7.57 29,162,513 -4.29 28,195,582 -3.32 -3.2
National Time Sales 6,317,530 6,853,081 8.48 5,049,293 -26.32 5,417,169 7.29 6,296,492 16.23 -0.1
Syndication-Production 40,793 38,082 -6.65 23,976 -37.04 54,591 127.69 40,020 -26.69 -0.5
Government/Corporate Grants 0 0 n/a 0 n/a 0 n/a 0 n/a n/a
Other Revenue 2,620,343 2,423,941 -7.50 2,152,293 -11.21 2,330,508 8.28 2,227,830 -4.41 -4.0
Total Revenue 41,087,497 42,278,298 2.90 37,693,857 -10.84 36,964,781 -1.93 36,759,924 -0.55 -2.7

Expenses ($)
2011 2012 Var % 2013 Var % 2014 Var % 2015 Var % CAGR (%)
Programming 18,390,674 19,167,929 4.23 17,994,988 -6.12 19,349,453 7.53 19,305,628 -0.23 1.2
Technical 1,501,328 1,425,029 -5.08 1,496,552 5.02 1,575,885 5.30 1,333,038 -15.41 -2.9
Sales and Promotion 10,728,631 9,956,010 -7.20 8,884,847 -10.76 8,620,720 -2.97 8,697,113 0.89 -5.1
Administration and General 8,664,794 8,718,920 0.62 8,112,730 -6.95 7,741,562 -4.58 7,340,377 -5.18 -4.1
Total Expenses 39,285,427 39,267,888 -0.04 36,489,117 -7.08 37,287,620 2.19 36,676,156 -1.64 -1.7

Performance ($)
2011 2012 Var % 2013 Var % 2014 Var % 2015 Var % CAGR (%)
Operating Income 1,802,070 3,010,410   1,204,740   -322,839   83,768    
Depreciation 836,381 610,954 -26.95 528,623 -13.48 545,389 3.17 588,515 7.91 -8.4
P.B.I.T. 965,689 2,399,456   676,117   -868,228   -504,747    
Interest Expense 99,487 15,710   192,414   217,205   194,988    
Adjustments Gain(Loss) 3,302,757 3,730,932   1,378,828   4,718,232   2,881,659    
Pre-tax Profit 4,168,959 6,114,678   1,862,531   3,632,799   2,181,924    

Programming Expense (%)
2011 2012 Var % 2013 Var % 2014 Var % 2015 Var % CAGR (%)
Programming Expense / Expense Total 46.8 48.8   49.3   51.9   52.6    
Programming Expense / Revenue Total 44.8 45.3   47.7   52.3   52.5    

Staff ($)
2011 2012 Var % 2013 Var % 2014 Var % 2015 Var % CAGR (%)
Total Remuneration ($) 20,132,144 21,006,377 4.34 20,640,204 -1.74 19,657,501 -4.76 18,514,757 -5.81 -2.1
Avg Staff Count 296.7 288.1 -2.89 290.5 0.84 276.2 -4.93 251.9 -8.78  
Avg Remuneration ($) 67,865 72,919 7.45 71,053 -2.56 71,182 0.18 73,498 3.25 2.0
Avg Remuneration excl. Benefits ($) 60,987 64,918 6.45 64,548 -0.57 64,831 0.44 66,896 3.19 2.3

Profitability (%)
2011 2012 Var % 2013 Var % 2014 Var % 2015 Var % CAGR (%)
Operating Margin 4.4 7.1   3.2   -0.9   0.2    
P.B.I.T. Margin 2.4 5.7   1.8   -2.3   -1.4    
Pre-tax Margin 10.1 14.5   4.9   9.8   5.9    

CAGR = Compound Annual Growth Rate

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

Var = Variation

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