Non-designated Markets - Radio AM / FM - Newfoundland and Prince Edward Island

Commercial Radio - Financial Summary 2011-2015

Table of Contents

Reporting Units
2011 2012 Var % 2013 Var % 2014 Var % 2015 Var % CAGR (%)
Reporting Units 16 16   16   16   16    

Revenue ($)
2011 2012 Var % 2013 Var % 2014 Var % 2015 Var % CAGR (%)
Local Time Sales 13,778,600 13,839,702 0.44 13,636,168 -1.47 13,962,428 2.39 13,691,928 -1.94 -0.2
National Time Sales 1,925,476 2,293,681 19.12 2,753,133 20.03 2,751,810 -0.05 2,606,013 -5.30 7.9
Syndication-Production 0 0 n/a 0 n/a 0 n/a 0 n/a n/a
Government/Corporate Grants 0 0 n/a 0 n/a 0 n/a 0 n/a n/a
Other Revenue 0 0 n/a 0 n/a 0 n/a 0 n/a n/a
Total Revenue 15,704,076 16,133,383 2.73 16,389,301 1.59 16,714,238 1.98 16,297,941 -2.49 0.9

Expenses ($)
2011 2012 Var % 2013 Var % 2014 Var % 2015 Var % CAGR (%)
Programming 2,841,725 2,848,699 0.25 2,946,439 3.43 3,206,442 8.82 3,111,133 -2.97 2.3
Technical 724,703 695,519 -4.03 695,534 0.00 714,683 2.75 664,453 -7.03 -2.2
Sales and Promotion 2,572,247 2,701,287 5.02 2,633,030 -2.53 2,638,965 0.23 2,647,563 0.33 0.7
Administration and General 4,091,136 4,689,772 14.63 4,660,071 -0.63 4,021,989 -13.69 3,510,933 -12.71 -3.8
Total Expenses 10,229,811 10,935,277 6.90 10,935,074 0.00 10,582,079 -3.23 9,934,082 -6.12 -0.7

Performance ($)
2011 2012 Var % 2013 Var % 2014 Var % 2015 Var % CAGR (%)
Operating Income 5,474,265 5,198,106   5,454,227   6,132,159   6,363,859    
Depreciation 447,181 435,849 -2.53 454,621 4.31 470,779 3.55 483,769 2.76 2.0
P.B.I.T. 5,027,084 4,762,257   4,999,606   5,661,380   5,880,090    
Interest Expense 405,608 299,131   215,276   382,495   497,700    
Adjustments Gain(Loss) 44,322 71,242   200,193   99,650   57,071    
Pre-tax Profit 4,665,798 4,534,368   4,984,523   5,378,535   5,439,461    

Programming Expense (%)
2011 2012 Var % 2013 Var % 2014 Var % 2015 Var % CAGR (%)
Programming Expense / Expense Total 27.8 26.1   26.9   30.3   31.3    
Programming Expense / Revenue Total 18.1 17.7   18.0   19.2   19.1    

Staff ($)
2011 2012 Var % 2013 Var % 2014 Var % 2015 Var % CAGR (%)
Total Remuneration ($) 5,992,730 6,450,622 7.64 6,484,931 0.53 6,241,229 -3.76 5,578,286 -10.62 -1.8
Avg Staff Count 127.5 111.0 -12.94 111.0 0.00 126.5 13.96 111.6 -11.78  
Avg Remuneration ($) 47,002 58,114 23.64 58,423 0.53 49,338 -15.55 49,985 1.31 1.6
Avg Remuneration excl. Benefits ($) 42,296 52,512 24.15 52,547 0.07 44,093 -16.09 44,191 0.22 1.1

Profitability (%)
2011 2012 Var % 2013 Var % 2014 Var % 2015 Var % CAGR (%)
Operating Margin 34.9 32.2   33.3   36.7   39.0    
P.B.I.T. Margin 32.0 29.5   30.5   33.9   36.1    
Pre-tax Margin 29.7 28.1   30.4   32.2   33.4    

CAGR = Compound Annual Growth Rate

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

Var = Variation

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