Non-designated Markets - Radio AM / FM - Manitoba

Commercial Radio - Financial Summary 2011-2015

Table of Contents

Reporting Units
2011 2012 Var % 2013 Var % 2014 Var % 2015 Var % CAGR (%)
Reporting Units 19 19   19   21   22    

Revenue ($)
2011 2012 Var % 2013 Var % 2014 Var % 2015 Var % CAGR (%)
Local Time Sales 12,707,639 12,960,490 1.99 12,935,761 -0.19 13,463,016 4.08 13,216,380 -1.83 1.0
National Time Sales 5,523,965 5,226,022 -5.39 5,878,216 12.48 6,146,706 4.57 5,584,769 -9.14 0.3
Syndication-Production 282,869 324,280 14.64 325,548 0.39 333,854 2.55 326,274 -2.27 3.6
Government/Corporate Grants 0 0 n/a 0 n/a 0 n/a 0 n/a n/a
Other Revenue 75,440 127,260 68.69 6,179 -95.14 13,988 126.38 29,456 110.58 -21.0
Total Revenue 18,589,913 18,638,052 0.26 19,145,704 2.72 19,957,564 4.24 19,156,879 -4.01 0.8

Expenses ($)
2011 2012 Var % 2013 Var % 2014 Var % 2015 Var % CAGR (%)
Programming 4,815,370 4,802,336 -0.27 4,882,170 1.66 5,163,558 5.76 5,128,623 -0.68 1.6
Technical 375,828 403,575 7.38 470,592 16.61 437,634 -7.00 441,052 0.78 4.1
Sales and Promotion 4,085,360 4,030,465 -1.34 4,233,003 5.03 4,411,334 4.21 4,173,061 -5.40 0.5
Administration and General 6,985,166 7,155,240 2.43 7,445,987 4.06 7,558,503 1.51 7,211,890 -4.59 0.8
Total Expenses 16,261,724 16,391,616 0.80 17,031,752 3.91 17,571,029 3.17 16,954,626 -3.51 1.1

Performance ($)
2011 2012 Var % 2013 Var % 2014 Var % 2015 Var % CAGR (%)
Operating Income 2,328,189 2,246,436   2,113,952   2,386,535   2,202,253    
Depreciation 546,144 459,915 -15.79 447,061 -2.79 697,041 55.92 589,847 -15.38 1.9
P.B.I.T. 1,782,045 1,786,521   1,666,891   1,689,494   1,612,406    
Interest Expense 68,205 35,901   33,769   45,761   22,631    
Adjustments Gain(Loss) -100,065 75,908   -883,679   -56,663   -3,998    
Pre-tax Profit 1,613,775 1,826,528   749,443   1,587,070   1,585,777    

Programming Expense (%)
2011 2012 Var % 2013 Var % 2014 Var % 2015 Var % CAGR (%)
Programming Expense / Expense Total 29.6 29.3   28.7   29.4   30.2    
Programming Expense / Revenue Total 25.9 25.8   25.5   25.9   26.8    

Staff ($)
2011 2012 Var % 2013 Var % 2014 Var % 2015 Var % CAGR (%)
Total Remuneration ($) 7,941,097 8,316,724 4.73 8,478,436 1.94 8,840,088 4.27 8,565,458 -3.11 1.9
Avg Staff Count 214.7 195.8 -8.84 200.8 2.55 209.0 4.11 205.3 -1.77  
Avg Remuneration ($) 36,980 42,486 14.89 42,234 -0.59 42,297 0.15 41,720 -1.37 3.1
Avg Remuneration excl. Benefits ($) 32,877 37,508 14.09 37,293 -0.57 37,506 0.57 37,163 -0.91 3.1

Profitability (%)
2011 2012 Var % 2013 Var % 2014 Var % 2015 Var % CAGR (%)
Operating Margin 12.5 12.1   11.0   12.0   11.5    
P.B.I.T. Margin 9.6 9.6   8.7   8.5   8.4    
Pre-tax Margin 8.7 9.8   3.9   8.0   8.3    

CAGR = Compound Annual Growth Rate

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

Var = Variation

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