Non-designated Markets - Radio AM / FM - Nova Scotia

Commercial Radio - Financial Summary 2011-2015

Table of Contents

Reporting Units
2011 2012 Var % 2013 Var % 2014 Var % 2015 Var % CAGR (%)
Reporting Units 20 21   21   22   22    

Revenue ($)
2011 2012 Var % 2013 Var % 2014 Var % 2015 Var % CAGR (%)
Local Time Sales 16,375,641 16,298,493 -0.47 15,203,969 -6.72 14,323,746 -5.79 13,905,728 -2.92 -4.0
National Time Sales 3,296,024 3,868,830 17.38 4,379,552 13.20 4,493,420 2.60 4,093,586 -8.90 5.6
Syndication-Production 0 26,647 n/a 1,494 -94.39 10,763 620.41 4,228 -60.72 n/a
Government/Corporate Grants 0 0 n/a 0 n/a 0 n/a 0 n/a n/a
Other Revenue 139,559 132,284 -5.21 100,203 -24.25 67,110 -33.03 101,082 50.62 -7.8
Total Revenue 19,811,224 20,326,254 2.60 19,685,218 -3.15 18,895,039 -4.01 18,104,624 -4.18 -2.2

Expenses ($)
2011 2012 Var % 2013 Var % 2014 Var % 2015 Var % CAGR (%)
Programming 5,471,406 5,401,011 -1.29 5,333,388 -1.25 5,170,391 -3.06 4,975,900 -3.76 -2.4
Technical 753,560 784,766 4.14 762,481 -2.84 762,538 0.01 735,012 -3.61 -0.6
Sales and Promotion 3,757,404 3,940,795 4.88 3,790,985 -3.80 3,774,460 -0.44 3,660,886 -3.01 -0.7
Administration and General 5,701,556 6,098,308 6.96 5,760,185 -5.54 5,465,479 -5.12 5,211,839 -4.64 -2.2
Total Expenses 15,683,926 16,224,880 3.45 15,647,039 -3.56 15,172,868 -3.03 14,583,637 -3.88 -1.8

Performance ($)
2011 2012 Var % 2013 Var % 2014 Var % 2015 Var % CAGR (%)
Operating Income 4,127,298 4,101,374   4,038,179   3,722,171   3,520,987    
Depreciation 1,024,385 964,905 -5.81 913,698 -5.31 1,043,618 14.22 1,120,521 7.37 2.3
P.B.I.T. 3,102,913 3,136,469   3,124,481   2,678,553   2,400,466    
Interest Expense 285,884 229,508   215,674   317,544   340,888    
Adjustments Gain(Loss) -113,258 220,471   -913,597   -22,134   502,181    
Pre-tax Profit 2,703,771 3,127,432   1,995,210   2,338,875   2,561,759    

Programming Expense (%)
2011 2012 Var % 2013 Var % 2014 Var % 2015 Var % CAGR (%)
Programming Expense / Expense Total 34.9 33.3   34.1   34.1   34.1    
Programming Expense / Revenue Total 27.6 26.6   27.1   27.4   27.5    

Staff ($)
2011 2012 Var % 2013 Var % 2014 Var % 2015 Var % CAGR (%)
Total Remuneration ($) 8,684,908 9,102,948 4.81 9,097,043 -0.06 8,601,420 -5.45 8,188,763 -4.80 -1.5
Avg Staff Count 210.1 206.3 -1.80 198.4 -3.83 189.4 -4.53 184.4 -2.61  
Avg Remuneration ($) 41,347 44,131 6.73 45,859 3.92 45,419 -0.96 44,400 -2.24 1.8
Avg Remuneration excl. Benefits ($) 37,443 39,722 6.08 41,453 4.36 40,620 -2.01 39,897 -1.78 1.6

Profitability (%)
2011 2012 Var % 2013 Var % 2014 Var % 2015 Var % CAGR (%)
Operating Margin 20.8 20.2   20.5   19.7   19.4    
P.B.I.T. Margin 15.7 15.4   15.9   14.2   13.3    
Pre-tax Margin 13.6 15.4   10.1   12.4   14.1    

CAGR = Compound Annual Growth Rate

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

Var = Variation

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