Designated Markets - Radio 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 11 12   12   12   12    

Revenue ($)
2011 2012 Var % 2013 Var % 2014 Var % 2015 Var % CAGR (%)
Local Time Sales 22,909,121 22,860,172 -0.21 21,925,398 -4.09 21,685,822 -1.09 22,813,112 5.20 -0.1
National Time Sales 6,457,159 6,567,357 1.71 7,561,604 15.14 7,041,293 -6.88 7,165,804 1.77 2.6
Syndication-Production 7,300 26,723 266.07 0 -100.00 27,870 n/a 115,544 314.58 99.5
Government/Corporate Grants 0 0 n/a 0 n/a 0 n/a 0 n/a n/a
Other Revenue 570,936 567,855 -0.54 191,620 -66.26 311,885 62.76 432,103 38.55 -6.7
Total Revenue 29,944,516 30,022,107 0.26 29,678,622 -1.14 29,066,870 -2.06 30,526,563 5.02 0.5

Expenses ($)
2011 2012 Var % 2013 Var % 2014 Var % 2015 Var % CAGR (%)
Programming 8,064,821 7,969,453 -1.18 8,675,055 8.85 9,265,275 6.80 9,368,453 1.11 3.8
Technical 855,876 981,576 14.69 976,094 -0.56 1,072,985 9.93 1,183,440 10.29 8.4
Sales and Promotion 7,845,788 8,148,743 3.86 7,607,877 -6.64 6,750,195 -11.27 8,025,423 18.89 0.6
Administration and General 5,692,056 5,642,208 -0.88 6,007,687 6.48 6,094,426 1.44 5,737,988 -5.85 0.2
Total Expenses 22,458,541 22,741,980 1.26 23,266,713 2.31 23,182,881 -0.36 24,315,304 4.88 2.0

Performance ($)
2011 2012 Var % 2013 Var % 2014 Var % 2015 Var % CAGR (%)
Operating Income 7,485,975 7,280,127   6,411,909   5,883,989   6,211,259    
Depreciation 878,918 757,925 -13.77 607,547 -19.84 808,070 33.01 698,825 -13.52 -5.6
P.B.I.T. 6,607,057 6,522,202   5,804,362   5,075,919   5,512,434    
Interest Expense 62,268 -3,791   19,415   139,764   81,802    
Adjustments Gain(Loss) 599,013 1,904,896   -1,541,708   2,079,390   733,250    
Pre-tax Profit 7,143,802 8,430,889   4,243,239   7,015,545   6,163,882    

Programming Expense (%)
2011 2012 Var % 2013 Var % 2014 Var % 2015 Var % CAGR (%)
Programming Expense / Expense Total 35.9 35.0   37.3   40.0   38.5    
Programming Expense / Revenue Total 26.9 26.5   29.2   31.9   30.7    

Staff ($)
2011 2012 Var % 2013 Var % 2014 Var % 2015 Var % CAGR (%)
Total Remuneration ($) 11,989,763 12,380,561 3.26 12,508,477 1.03 11,935,917 -4.58 12,149,035 1.79 0.3
Avg Staff Count 154.9 183.7 18.58 178.0 -3.11 182.8 2.67 189.7 3.82  
Avg Remuneration ($) 77,393 67,392 -12.92 70,272 4.27 65,313 -7.06 64,033 -1.96 -4.6
Avg Remuneration excl. Benefits ($) 68,681 59,784 -12.95 62,226 4.09 59,572 -4.27 58,252 -2.22 -4.0

Profitability (%)
2011 2012 Var % 2013 Var % 2014 Var % 2015 Var % CAGR (%)
Operating Margin 25.0 24.2   21.6   20.2   20.3    
P.B.I.T. Margin 22.1 21.7   19.6   17.5   18.1    
Pre-tax Margin 23.9 28.1   14.3   24.1   20.2    

CAGR = Compound Annual Growth Rate

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

Var = Variation

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