Non-designated Markets - AM / FM - Saskatchewan

Commercial Radio - Financial Summary 2011-2015

Table of Contents

Reporting Units
2011 2012 Var % 2013 Var % 2014 Var % 2015 Var % CAGR (%)
Reporting Units 27 28   30   30   30    

Revenue ($)
2011 2012 Var % 2013 Var % 2014 Var % 2015 Var % CAGR (%)
Local Time Sales 26,663,156 26,633,865 -0.11 27,089,780 1.71 26,439,866 -2.40 25,255,597 -4.48 -1.4
National Time Sales 6,989,994 6,504,227 -6.95 7,686,059 18.17 7,176,327 -6.63 6,519,777 -9.15 -1.7
Syndication-Production -46,430 -55,982 20.57 2,727 -104.87 32,988 >999± 105,014 218.34 n/a
Government/Corporate Grants 0 0 n/a 0 n/a 0 n/a 0 n/a n/a
Other Revenue 211,490 188,971 -10.65 214,041 13.27 227,121 6.11 121,559 -46.48 -12.9
Total Revenue 33,818,210 33,271,081 -1.62 34,992,607 5.17 33,876,302 -3.19 32,001,947 -5.53 -1.4

Expenses ($)
2011 2012 Var % 2013 Var % 2014 Var % 2015 Var % CAGR (%)
Programming 9,142,337 9,169,414 0.30 9,185,328 0.17 9,453,720 2.92 8,056,770 -14.78 -3.1
Technical 930,193 1,165,841 25.33 1,332,748 14.32 1,323,048 -0.73 1,341,632 1.40 9.6
Sales and Promotion 8,634,481 8,550,393 -0.97 8,680,029 1.52 8,441,244 -2.75 7,674,878 -9.08 -2.9
Administration and General 8,906,671 8,922,410 0.18 9,116,136 2.17 9,868,934 8.26 9,422,546 -4.52 1.4
Total Expenses 27,613,682 27,808,058 0.70 28,314,241 1.82 29,086,946 2.73 26,495,826 -8.91 -1.0

Performance ($)
2011 2012 Var % 2013 Var % 2014 Var % 2015 Var % CAGR (%)
Operating Income 6,204,528 5,463,023   6,678,366   4,789,356   5,506,121    
Depreciation 1,091,304 1,106,852 1.42 1,326,848 19.88 1,325,363 -0.11 1,210,207 -8.69 2.6
P.B.I.T. 5,113,224 4,356,171   5,351,518   3,463,993   4,295,914    
Interest Expense 73,005 58,756   49,670   48,503   1,103,871    
Adjustments Gain(Loss) 61,219 152,373   -1,538,737   154,399   -1,218,554    
Pre-tax Profit 5,101,438 4,449,788   3,763,111   3,569,889   1,973,489    

Programming Expense (%)
2011 2012 Var % 2013 Var % 2014 Var % 2015 Var % CAGR (%)
Programming Expense / Expense Total 33.1 33.0   32.4   32.5   30.4    
Programming Expense / Revenue Total 27.0 27.6   26.2   27.9   25.2    

Staff ($)
2011 2012 Var % 2013 Var % 2014 Var % 2015 Var % CAGR (%)
Total Remuneration ($) 12,599,132 13,322,421 5.74 13,897,799 4.32 13,882,565 -0.11 13,353,931 -3.81 1.5
Avg Staff Count 286.7 294.2 2.62 313.7 6.62 315.4 0.54 362.7 15.00  
Avg Remuneration ($) 43,945 45,284 3.05 44,304 -2.16 44,017 -0.65 36,817 -16.36 -4.3
Avg Remuneration excl. Benefits ($) 40,631 41,605 2.40 40,676 -2.23 39,363 -3.23 33,420 -15.10 -4.8

Profitability (%)
2011 2012 Var % 2013 Var % 2014 Var % 2015 Var % CAGR (%)
Operating Margin 18.3 16.4   19.1   14.1   17.2    
P.B.I.T. Margin 15.1 13.1   15.3   10.2   13.4    
Pre-tax Margin 15.1 13.4   10.8   10.5   6.2    

CAGR = Compound Annual Growth Rate

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

Var = Variation

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