Designated Markets - Radio AM - Winnipeg

Commercial Radio - Financial Summary 2011-2015

Table of Contents

Reporting Units
2011 2012 Var % 2013 Var % 2014 Var % 2015 Var % CAGR (%)
Reporting Units 3 3   3   3   3    

Revenue ($)
2011 2012 Var % 2013 Var % 2014 Var % 2015 Var % CAGR (%)
Local Time Sales 10,025,380 11,170,999 11.43 10,821,657 -3.13 11,345,959 4.84 11,135,052 -1.86 2.7
National Time Sales 1,121,406 796,779 -28.95 804,186 0.93 757,736 -5.78 1,037,598 36.93 -1.9
Syndication-Production 0 0 n/a 0 n/a 2,430 n/a 17,012 600.08 n/a
Government/Corporate Grants 0 0 n/a 0 n/a 0 n/a 0 n/a n/a
Other Revenue 626,007 770,763 23.12 502,386 -34.82 351,898 -29.95 306,190 -12.99 -16.4
Total Revenue 11,772,793 12,738,541 8.20 12,128,229 -4.79 12,458,023 2.72 12,495,852 0.30 1.5

Expenses ($)
2011 2012 Var % 2013 Var % 2014 Var % 2015 Var % CAGR (%)
Programming 2,934,003 5,035,626 71.63 4,682,916 -7.00 6,066,228 29.54 6,379,975 5.17 21.4
Technical 303,234 319,003 5.20 298,483 -6.43 359,911 20.58 376,031 4.48 5.5
Sales and Promotion 2,442,305 2,722,983 11.49 2,681,174 -1.54 3,479,144 29.76 3,047,916 -12.39 5.7
Administration and General 2,302,716 1,997,985 -13.23 1,622,487 -18.79 1,835,674 13.14 1,743,687 -5.01 -6.7
Total Expenses 7,982,258 10,075,597 26.22 9,285,060 -7.85 11,740,957 26.45 11,547,609 -1.65 9.7

Performance ($)
2011 2012 Var % 2013 Var % 2014 Var % 2015 Var % CAGR (%)
Operating Income 3,790,535 2,662,944   2,843,169   717,066   948,243    
Depreciation 477,521 654,604 37.08 629,937 -3.77 607,247 -3.60 631,443 3.98 7.2
P.B.I.T. 3,313,014 2,008,340   2,213,232   109,819   316,800    
Interest Expense 85,363 -5,420   64,787   60,670   58,201    
Adjustments Gain(Loss) 3,722,861 3,725,199   3,958,769   5,105,245   3,338,156    
Pre-tax Profit 6,950,512 5,738,959   6,107,214   5,154,394   3,596,755    

Programming Expense (%)
2011 2012 Var % 2013 Var % 2014 Var % 2015 Var % CAGR (%)
Programming Expense / Expense Total 36.8 50.0   50.4   51.7   55.2    
Programming Expense / Revenue Total 24.9 39.5   38.6   48.7   51.1    

Staff ($)
2011 2012 Var % 2013 Var % 2014 Var % 2015 Var % CAGR (%)
Total Remuneration ($) 4,628,868 5,147,278 11.20 5,262,696 2.24 6,600,890 25.43 6,114,709 -7.37 7.2
Avg Staff Count 75.5 89.8 19.00 85.7 -4.55 94.1 9.76 80.8 -14.12  
Avg Remuneration ($) 61,334 57,313 -6.56 61,394 7.12 70,155 14.27 75,677 7.87 5.4
Avg Remuneration excl. Benefits ($) 52,609 49,264 -6.36 52,733 7.04 63,909 21.19 67,426 5.50 6.4

Profitability (%)
2011 2012 Var % 2013 Var % 2014 Var % 2015 Var % CAGR (%)
Operating Margin 32.2 20.9   23.4   5.8   7.6    
P.B.I.T. Margin 28.1 15.8   18.2   0.9   2.5    
Pre-tax Margin 59.0 45.1   50.4   41.4   28.8    

CAGR = Compound Annual Growth Rate

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

Var = Variation

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