Non-designated Markets - Radio 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 9 9   9   11   16    

Revenue ($)
2011 2012 Var % 2013 Var % 2014 Var % 2015 Var % CAGR (%)
Local Time Sales 5,447,860 5,606,206 2.91 5,608,590 0.04 6,338,757 13.02 8,361,678 31.91 11.3
National Time Sales 1,421,346 1,278,314 -10.06 1,619,448 26.69 1,952,764 20.58 2,614,195 33.87 16.5
Syndication-Production 93,237 119,135 27.78 126,404 6.10 129,490 2.44 126,570 -2.26 7.9
Government/Corporate Grants 0 0 n/a 0 n/a 0 n/a 0 n/a n/a
Other Revenue 68,114 126,668 85.96 291 -99.77 5,887 >999± 22,671 285.10 -24.0
Total Revenue 7,030,557 7,130,323 1.42 7,354,733 3.15 8,426,898 14.58 11,125,114 32.02 12.2

Expenses ($)
2011 2012 Var % 2013 Var % 2014 Var % 2015 Var % CAGR (%)
Programming 1,296,607 1,232,157 -4.97 1,332,359 8.13 1,643,318 23.34 2,420,685 47.30 16.9
Technical 217,107 195,470 -9.97 216,427 10.72 173,008 -20.06 312,952 80.89 9.6
Sales and Promotion 1,693,491 1,787,628 5.56 1,754,953 -1.83 2,036,263 16.03 2,572,943 26.36 11.0
Administration and General 1,942,865 2,008,153 3.36 2,114,236 5.28 2,543,512 20.30 3,646,181 43.35 17.0
Total Expenses 5,150,070 5,223,408 1.42 5,417,975 3.72 6,396,101 18.05 8,952,761 39.97 14.8

Performance ($)
2011 2012 Var % 2013 Var % 2014 Var % 2015 Var % CAGR (%)
Operating Income 1,880,487 1,906,915   1,936,758   2,030,797   2,172,353    
Depreciation 235,749 169,141 -28.25 110,485 -34.68 339,954 207.69 406,046 19.44 14.6
P.B.I.T. 1,644,738 1,737,774   1,826,273   1,690,843   1,766,307    
Interest Expense 38,404 35,790   33,264   44,379   22,631    
Adjustments Gain(Loss) -179,005 44,727   -929,936   -118,548   -49,438    
Pre-tax Profit 1,427,329 1,746,711   863,073   1,527,916   1,694,238    

Programming Expense (%)
2011 2012 Var % 2013 Var % 2014 Var % 2015 Var % CAGR (%)
Programming Expense / Expense Total 25.2 23.6   24.6   25.7   27.0    
Programming Expense / Revenue Total 18.4 17.3   18.1   19.5   21.8    

Staff ($)
2011 2012 Var % 2013 Var % 2014 Var % 2015 Var % CAGR (%)
Total Remuneration ($) 2,267,714 2,494,518 10.00 2,489,568 -0.20 2,826,339 13.53 4,426,226 56.61 18.2
Avg Staff Count 57.8 51.8 -10.39 57.0 10.14 66.0 15.79 97.9 48.32  
Avg Remuneration ($) 39,268 48,203 22.76 43,677 -9.39 42,823 -1.95 45,216 5.59 3.6
Avg Remuneration excl. Benefits ($) 34,970 42,765 22.29 38,607 -9.72 38,309 -0.77 40,987 6.99 4.1

Profitability (%)
2011 2012 Var % 2013 Var % 2014 Var % 2015 Var % CAGR (%)
Operating Margin 26.7 26.7   26.3   24.1   19.5    
P.B.I.T. Margin 23.4 24.4   24.8   20.1   15.9    
Pre-tax Margin 20.3 24.5   11.7   18.1   15.2    

CAGR = Compound Annual Growth Rate

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

Var = Variation

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