Designated Markets - Radio AM / FM - Winnipeg

Commercial Radio - Financial Summary 2011-2015

Table of Contents

Reporting Units
2011 2012 Var % 2013 Var % 2014 Var % 2015 Var % CAGR (%)
Reporting Units 14 15   15   15   15    

Revenue ($)
2011 2012 Var % 2013 Var % 2014 Var % 2015 Var % CAGR (%)
Local Time Sales 32,934,501 34,031,171 3.33 32,747,055 -3.77 33,031,781 0.87 33,948,164 2.77 0.8
National Time Sales 7,578,565 7,364,136 -2.83 8,365,790 13.60 7,799,029 -6.77 8,203,402 5.18 2.0
Syndication-Production 7,300 26,723 266.07 0 -100.00 30,300 n/a 132,556 337.48 106.4
Government/Corporate Grants 0 0 n/a 0 n/a 0 n/a 0 n/a n/a
Other Revenue 1,196,943 1,338,618 11.84 694,006 -48.16 663,783 -4.35 738,293 11.23 -11.4
Total Revenue 41,717,309 42,760,648 2.50 41,806,851 -2.23 41,524,893 -0.67 43,022,415 3.61 0.8

Expenses ($)
2011 2012 Var % 2013 Var % 2014 Var % 2015 Var % CAGR (%)
Programming 10,998,824 13,005,079 18.24 13,357,971 2.71 15,331,503 14.77 15,748,428 2.72 9.4
Technical 1,159,110 1,300,579 12.20 1,274,577 -2.00 1,432,896 12.42 1,559,471 8.83 7.7
Sales and Promotion 10,288,093 10,871,726 5.67 10,289,051 -5.36 10,229,339 -0.58 11,073,339 8.25 1.9
Administration and General 7,994,772 7,640,193 -4.44 7,630,174 -0.13 7,930,100 3.93 7,481,675 -5.65 -1.6
Total Expenses 30,440,799 32,817,577 7.81 32,551,773 -0.81 34,923,838 7.29 35,862,913 2.69 4.2

Performance ($)
2011 2012 Var % 2013 Var % 2014 Var % 2015 Var % CAGR (%)
Operating Income 11,276,510 9,943,071   9,255,078   6,601,055   7,159,502    
Depreciation 1,356,439 1,412,529 4.14 1,237,484 -12.39 1,415,317 14.37 1,330,268 -6.01 -0.5
P.B.I.T. 9,920,071 8,530,542   8,017,594   5,185,738   5,829,234    
Interest Expense 147,631 -9,211   84,202   200,434   140,003    
Adjustments Gain(Loss) 4,321,874 5,630,095   2,417,061   7,184,635   4,071,406    
Pre-tax Profit 14,094,314 14,169,848   10,350,453   12,169,939   9,760,637    

Programming Expense (%)
2011 2012 Var % 2013 Var % 2014 Var % 2015 Var % CAGR (%)
Programming Expense / Expense Total 36.1 39.6   41.0   43.9   43.9    
Programming Expense / Revenue Total 26.4 30.4   32.0   36.9   36.6    

Staff ($)
2011 2012 Var % 2013 Var % 2014 Var % 2015 Var % CAGR (%)
Total Remuneration ($) 16,618,631 17,527,839 5.47 17,771,173 1.39 18,536,807 4.31 18,263,744 -1.47 2.4
Avg Staff Count 230.4 273.5 18.72 263.7 -3.58 276.8 4.97 270.5 -2.28  
Avg Remuneration ($) 72,133 64,082 -11.16 67,387 5.16 66,959 -0.64 67,511 0.83 -1.6
Avg Remuneration excl. Benefits ($) 63,416 56,329 -11.17 59,141 4.99 61,046 3.22 60,992 -0.09 -1.0

Profitability (%)
2011 2012 Var % 2013 Var % 2014 Var % 2015 Var % CAGR (%)
Operating Margin 27.0 23.3   22.1   15.9   16.6    
P.B.I.T. Margin 23.8 19.9   19.2   12.5   13.5    
Pre-tax Margin 33.8 33.1   24.8   29.3   22.7    

CAGR = Compound Annual Growth Rate

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

Var = Variation

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