Non-designated Markets - Radio AM - Manitoba

Commercial Radio - Financial Summary 2011-2015

Table of Contents

Reporting Units
2011 2012 Var % 2013 Var % 2014 Var % 2015 Var % CAGR (%)
Reporting Units 10 10   10   10   6    

Revenue ($)
2011 2012 Var % 2013 Var % 2014 Var % 2015 Var % CAGR (%)
Local Time Sales 7,259,779 7,354,284 1.30 7,327,171 -0.37 7,124,259 -2.77 4,854,702 -31.86 -9.6
National Time Sales 4,102,619 3,947,708 -3.78 4,258,768 7.88 4,193,942 -1.52 2,970,574 -29.17 -7.8
Syndication-Production 189,632 205,145 8.18 199,144 -2.93 204,364 2.62 199,704 -2.28 1.3
Government/Corporate Grants 0 0 n/a 0 n/a 0 n/a 0 n/a n/a
Other Revenue 7,326 592 -91.92 5,888 894.59 8,101 37.58 6,785 -16.24 -1.9
Total Revenue 11,559,356 11,507,729 -0.45 11,790,971 2.46 11,530,666 -2.21 8,031,765 -30.34 -8.7

Expenses ($)
2011 2012 Var % 2013 Var % 2014 Var % 2015 Var % CAGR (%)
Programming 3,518,763 3,570,179 1.46 3,549,811 -0.57 3,520,240 -0.83 2,707,938 -23.08 -6.3
Technical 158,721 208,105 31.11 254,165 22.13 264,626 4.12 128,100 -51.59 -5.2
Sales and Promotion 2,391,869 2,242,837 -6.23 2,478,050 10.49 2,375,071 -4.16 1,600,118 -32.63 -9.6
Administration and General 5,042,301 5,147,087 2.08 5,331,751 3.59 5,014,991 -5.94 3,565,709 -28.90 -8.3
Total Expenses 11,111,654 11,168,208 0.51 11,613,777 3.99 11,174,928 -3.78 8,001,865 -28.39 -7.9

Performance ($)
2011 2012 Var % 2013 Var % 2014 Var % 2015 Var % CAGR (%)
Operating Income 447,702 339,521   177,194   355,738   29,900    
Depreciation 310,395 290,774 -6.32 336,576 15.75 357,087 6.09 183,801 -48.53 -12.3
P.B.I.T. 137,307 48,747   -159,382   -1,349   -153,901    
Interest Expense 29,801 111   505   1,382   0    
Adjustments Gain(Loss) 78,940 31,181   46,257   61,885   45,440    
Pre-tax Profit 186,446 79,817   -113,630   59,154   -108,461    

Programming Expense (%)
2011 2012 Var % 2013 Var % 2014 Var % 2015 Var % CAGR (%)
Programming Expense / Expense Total 31.7 32.0   30.6   31.5   33.8    
Programming Expense / Revenue Total 30.4 31.0   30.1   30.5   33.7    

Staff ($)
2011 2012 Var % 2013 Var % 2014 Var % 2015 Var % CAGR (%)
Total Remuneration ($) 5,673,383 5,822,206 2.62 5,988,868 2.86 6,013,749 0.42 4,139,232 -31.17 -7.6
Avg Staff Count 157.0 144.0 -8.27 143.8 -0.17 143.0 -0.52 107.4 -24.88  
Avg Remuneration ($) 36,138 40,432 11.88 41,662 3.04 42,054 0.94 38,533 -8.37 1.6
Avg Remuneration excl. Benefits ($) 32,107 35,619 10.94 36,772 3.24 37,136 0.99 33,679 -9.31 1.2

Profitability (%)
2011 2012 Var % 2013 Var % 2014 Var % 2015 Var % CAGR (%)
Operating Margin 3.9 3.0   1.5   3.1   0.4    
P.B.I.T. Margin 1.2 0.4   -1.4   0.0   -1.9    
Pre-tax Margin 1.6 0.7   -1.0   0.5   -1.4    

CAGR = Compound Annual Growth Rate

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

Var = Variation

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