Designated Markets - Radio AM / FM - Windsor/Oshawa

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   10   10   10    

Revenue ($)
2011 2012 Var % 2013 Var % 2014 Var % 2015 Var % CAGR (%)
Local Time Sales 15,754,766 15,694,041 -0.39 15,909,965 1.38 14,460,218 -9.11 13,702,644 -5.24 -3.4
National Time Sales 6,203,183 5,877,106 -5.26 6,096,102 3.73 6,388,752 4.80 6,100,848 -4.51 -0.4
Syndication-Production 0 0 n/a 0 n/a 0 n/a 25,158 n/a n/a
Government/Corporate Grants 0 0 n/a 0 n/a 0 n/a 0 n/a n/a
Other Revenue 309,123 348,191 12.64 305,421 -12.28 350,674 14.82 116,783 -66.70 -21.6
Total Revenue 22,267,072 21,919,338 -1.56 22,311,488 1.79 21,199,644 -4.98 19,945,433 -5.92 -2.7

Expenses ($)
2011 2012 Var % 2013 Var % 2014 Var % 2015 Var % CAGR (%)
Programming 6,402,581 6,460,732 0.91 6,893,584 6.70 6,326,662 -8.22 6,533,072 3.26 0.5
Technical 702,335 712,077 1.39 686,849 -3.54 619,407 -9.82 677,516 9.38 -0.9
Sales and Promotion 7,634,736 7,531,895 -1.35 7,102,005 -5.71 7,388,185 4.03 6,521,932 -11.72 -3.9
Administration and General 4,279,067 4,117,146 -3.78 4,514,553 9.65 3,889,116 -13.85 3,885,531 -0.09 -2.4
Total Expenses 19,018,719 18,821,850 -1.04 19,196,991 1.99 18,223,370 -5.07 17,618,051 -3.32 -1.9

Performance ($)
2011 2012 Var % 2013 Var % 2014 Var % 2015 Var % CAGR (%)
Operating Income 3,248,353 3,097,488   3,114,497   2,976,274   2,327,382    
Depreciation 388,423 806,541 107.65 694,381 -13.91 552,109 -20.49 546,901 -0.94 8.9
P.B.I.T. 2,859,930 2,290,947   2,420,116   2,424,165   1,780,481    
Interest Expense 8,471 853   2,944   1,200   -179    
Adjustments Gain(Loss) -361,263 -687,525   -4,368,190   267,611   -197,936    
Pre-tax Profit 2,490,196 1,602,569   -1,951,018   2,690,576   1,582,724    

Programming Expense (%)
2011 2012 Var % 2013 Var % 2014 Var % 2015 Var % CAGR (%)
Programming Expense / Expense Total 33.7 34.3   35.9   34.7   37.1    
Programming Expense / Revenue Total 28.8 29.5   30.9   29.8   32.8    

Staff ($)
2011 2012 Var % 2013 Var % 2014 Var % 2015 Var % CAGR (%)
Total Remuneration ($) 11,139,274 10,026,084 -9.99 9,728,287 -2.97 9,152,999 -5.91 9,957,980 8.79 -2.8
Avg Staff Count 164.2 157.5 -4.05 149.6 -5.05 149.9 0.24 142.5 -4.95  
Avg Remuneration ($) 67,852 63,650 -6.19 65,046 2.19 61,053 -6.14 69,881 14.46 0.7
Avg Remuneration excl. Benefits ($) 61,908 57,359 -7.35 59,210 3.23 55,480 -6.30 63,546 14.54 0.7

Profitability (%)
2011 2012 Var % 2013 Var % 2014 Var % 2015 Var % CAGR (%)
Operating Margin 14.6 14.1   14.0   14.0   11.7    
P.B.I.T. Margin 12.8 10.5   10.8   11.4   8.9    
Pre-tax Margin 11.2 7.3   -8.7   12.7   7.9    

CAGR = Compound Annual Growth Rate

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

Var = Variation

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