Designated Markets - Radio 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 11 11   11   11   11    

Revenue ($)
2011 2012 Var % 2013 Var % 2014 Var % 2015 Var % CAGR (%)
Local Time Sales 52,701,462 54,325,536 3.08 56,294,082 3.62 48,313,714 -14.18 48,774,514 0.95 -1.9
National Time Sales 26,031,232 28,395,727 9.08 29,413,772 3.59 32,603,173 10.84 31,434,655 -3.58 4.8
Syndication-Production 26,103 51,784 98.38 11,206 -78.36 12,895 15.07 13,331 3.38 -15.5
Government/Corporate Grants 0 0 n/a 0 n/a 0 n/a 0 n/a n/a
Other Revenue 974,376 1,004,935 3.14 594,778 -40.81 932,980 56.86 821,687 -11.93 -4.2
Total Revenue 79,733,173 83,777,982 5.07 86,313,838 3.03 81,862,762 -5.16 81,044,187 -1.00 0.4

Expenses ($)
2011 2012 Var % 2013 Var % 2014 Var % 2015 Var % CAGR (%)
Programming 21,613,651 21,838,722 1.04 22,860,158 4.68 21,742,462 -4.89 22,689,246 4.35 1.2
Technical 1,592,990 1,566,913 -1.64 1,669,741 6.56 1,941,465 16.27 2,370,843 22.12 10.5
Sales and Promotion 19,332,329 18,632,273 -3.62 17,881,755 -4.03 18,204,401 1.80 18,700,908 2.73 -0.8
Administration and General 12,565,062 13,833,635 10.10 13,506,080 -2.37 14,406,328 6.67 12,463,465 -13.49 -0.2
Total Expenses 55,104,032 55,871,543 1.39 55,917,734 0.08 56,294,656 0.67 56,224,462 -0.12 0.5

Performance ($)
2011 2012 Var % 2013 Var % 2014 Var % 2015 Var % CAGR (%)
Operating Income 24,629,141 27,906,439   30,396,104   25,568,106   24,819,725    
Depreciation 1,636,411 1,551,346 -5.20 1,220,422 -21.33 1,384,700 13.46 1,318,526 -4.78 -5.3
P.B.I.T. 22,992,730 26,355,093   29,175,682   24,183,406   23,501,199    
Interest Expense 263,049 585,761   24,061   439,452   819,150    
Adjustments Gain(Loss) 80,815 -2,218,899   -11,670,519   1,114,611   2,443,633    
Pre-tax Profit 22,810,496 23,550,433   17,481,102   24,858,565   25,125,682    

Programming Expense (%)
2011 2012 Var % 2013 Var % 2014 Var % 2015 Var % CAGR (%)
Programming Expense / Expense Total 39.2 39.1   40.9   38.6   40.4    
Programming Expense / Revenue Total 27.1 26.1   26.5   26.6   28.0    

Staff ($)
2011 2012 Var % 2013 Var % 2014 Var % 2015 Var % CAGR (%)
Total Remuneration ($) 26,273,464 27,324,773 4.00 27,435,856 0.41 23,529,158 -14.24 26,455,433 12.44 0.2
Avg Staff Count 303.0 284.4 -6.14 298.1 4.80 269.0 -9.76 267.2 -0.65  
Avg Remuneration ($) 86,714 96,079 10.80 92,051 -4.19 87,485 -4.96 99,006 13.17 3.4
Avg Remuneration excl. Benefits ($) 79,677 89,031 11.74 83,934 -5.73 79,689 -5.06 91,436 14.74 3.5

Profitability (%)
2011 2012 Var % 2013 Var % 2014 Var % 2015 Var % CAGR (%)
Operating Margin 30.9 33.3   35.2   31.2   30.6    
P.B.I.T. Margin 28.8 31.5   33.8   29.5   29.0    
Pre-tax Margin 28.6 28.1   20.3   30.4   31.0    

CAGR = Compound Annual Growth Rate

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

Var = Variation

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