Non-designated Markets - Radio AM - Ontario

Commercial Radio - Financial Summary 2011-2015

Table of Contents

Reporting Units
2011 2012 Var % 2013 Var % 2014 Var % 2015 Var % CAGR (%)
Reporting Units 9 9   9   9   9    

Revenue ($)
2011 2012 Var % 2013 Var % 2014 Var % 2015 Var % CAGR (%)
Local Time Sales 6,573,116 6,423,048 -2.28 6,291,488 -2.05 6,569,562 4.42 6,500,397 -1.05 -0.3
National Time Sales 764,846 486,121 -36.44 470,401 -3.23 721,077 53.29 694,930 -3.63 -2.4
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 6,140 21,474 249.74 24,920 16.05 70,652 183.52 167,664 137.31 128.6
Total Revenue 7,344,102 6,930,643 -5.63 6,786,809 -2.08 7,361,291 8.46 7,362,991 0.02 0.1

Expenses ($)
2011 2012 Var % 2013 Var % 2014 Var % 2015 Var % CAGR (%)
Programming 2,956,826 2,908,239 -1.64 2,723,285 -6.36 2,773,055 1.83 2,680,781 -3.33 -2.4
Technical 577,309 592,010 2.55 595,868 0.65 671,858 12.75 696,802 3.71 4.8
Sales and Promotion 2,268,412 2,056,113 -9.36 2,026,812 -1.43 2,205,081 8.80 2,125,589 -3.60 -1.6
Administration and General 2,206,164 1,919,418 -13.00 1,754,618 -8.59 1,892,779 7.87 1,947,323 2.88 -3.1
Total Expenses 8,008,711 7,475,780 -6.65 7,100,583 -5.02 7,542,773 6.23 7,450,495 -1.22 -1.8

Performance ($)
2011 2012 Var % 2013 Var % 2014 Var % 2015 Var % CAGR (%)
Operating Income -664,609 -545,137   -313,774   -181,482   -87,504    
Depreciation 471,111 427,923 -9.17 425,028 -0.68 415,557 -2.23 426,825 2.71 -2.4
P.B.I.T. -1,135,720 -973,060   -738,802   -597,039   -514,329    
Interest Expense 93,011 86,026   67,307   65,375   45,727    
Adjustments Gain(Loss) 1,617,489 -59,251   326,142   -299,769   63,857    
Pre-tax Profit 388,758 -1,118,337   -479,967   -962,183   -496,199    

Programming Expense (%)
2011 2012 Var % 2013 Var % 2014 Var % 2015 Var % CAGR (%)
Programming Expense / Expense Total 36.9 38.9   38.4   36.8   36.0    
Programming Expense / Revenue Total 40.3 42.0   40.1   37.7   36.4    

Staff ($)
2011 2012 Var % 2013 Var % 2014 Var % 2015 Var % CAGR (%)
Total Remuneration ($) 5,037,202 4,797,231 -4.76 4,597,352 -4.17 4,843,889 5.36 4,680,731 -3.37 -1.8
Avg Staff Count 112.0 104.2 -7.02 86.7 -16.78 86.8 0.12 79.2 -8.76  
Avg Remuneration ($) 44,959 46,052 2.43 53,032 15.16 55,812 5.24 59,108 5.91 7.1
Avg Remuneration excl. Benefits ($) 40,550 41,292 1.83 47,636 15.36 50,234 5.45 53,292 6.09 7.1

Profitability (%)
2011 2012 Var % 2013 Var % 2014 Var % 2015 Var % CAGR (%)
Operating Margin -9.0 -7.9   -4.6   -2.5   -1.2    
P.B.I.T. Margin -15.5 -14.0   -10.9   -8.1   -7.0    
Pre-tax Margin 5.3 -16.1   -7.1   -13.1   -6.7    

CAGR = Compound Annual Growth Rate

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

Var = Variation

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