Non-designated Markets - AM - Saskatchewan

Commercial Radio - Financial Summary 2011-2015

Table of Contents

Reporting Units
2011 2012 Var % 2013 Var % 2014 Var % 2015 Var % CAGR (%)
Reporting Units 11 11   11   11   11    

Revenue ($)
2011 2012 Var % 2013 Var % 2014 Var % 2015 Var % CAGR (%)
Local Time Sales 13,385,933 12,982,507 -3.01 12,608,633 -2.88 12,058,175 -4.37 10,952,062 -9.17 -4.9
National Time Sales 4,164,099 3,969,503 -4.67 4,386,465 10.50 3,844,339 -12.36 3,460,883 -9.97 -4.5
Syndication-Production -29,345 -33,937 15.65 4,763 -114.03 32,988 592.59 63,253 91.75 n/a
Government/Corporate Grants 0 0 n/a 0 n/a 0 n/a 0 n/a n/a
Other Revenue 132,079 131,106 -0.74 133,281 1.66 129,478 -2.85 73,633 -43.13 -13.6
Total Revenue 17,652,766 17,049,179 -3.42 17,133,142 0.49 16,064,980 -6.23 14,549,831 -9.43 -4.7

Expenses ($)
2011 2012 Var % 2013 Var % 2014 Var % 2015 Var % CAGR (%)
Programming 4,991,630 4,847,430 -2.89 4,877,130 0.61 5,034,279 3.22 4,188,118 -16.81 -4.3
Technical 369,287 511,425 38.49 507,257 -0.81 488,133 -3.77 501,821 2.80 8.0
Sales and Promotion 4,655,118 4,487,725 -3.60 4,452,575 -0.78 4,230,852 -4.98 3,791,960 -10.37 -5.0
Administration and General 5,220,721 5,039,552 -3.47 4,872,728 -3.31 4,993,050 2.47 4,652,392 -6.82 -2.8
Total Expenses 15,236,756 14,886,132 -2.30 14,709,690 -1.19 14,746,314 0.25 13,134,291 -10.93 -3.6

Performance ($)
2011 2012 Var % 2013 Var % 2014 Var % 2015 Var % CAGR (%)
Operating Income 2,416,010 2,163,047   2,423,452   1,318,666   1,415,540    
Depreciation 404,692 347,006 -14.25 431,498 24.35 415,089 -3.80 561,516 35.28 8.5
P.B.I.T. 2,011,318 1,816,041   1,991,954   903,577   854,024    
Interest Expense 51,399 42,981   33,406   29,270   416,107    
Adjustments Gain(Loss) -3,044 58,908   -593,270   128,321   -371,606    
Pre-tax Profit 1,956,875 1,831,968   1,365,278   1,002,628   66,311    

Programming Expense (%)
2011 2012 Var % 2013 Var % 2014 Var % 2015 Var % CAGR (%)
Programming Expense / Expense Total 32.8 32.6   33.2   34.1   31.9    
Programming Expense / Revenue Total 28.3 28.4   28.5   31.3   28.8    

Staff ($)
2011 2012 Var % 2013 Var % 2014 Var % 2015 Var % CAGR (%)
Total Remuneration ($) 7,131,918 7,280,550 2.08 7,280,313 0.00 7,394,720 1.57 7,057,744 -4.56 -0.3
Avg Staff Count 153.1 156.1 1.97 152.7 -2.22 159.5 4.49 177.3 11.13  
Avg Remuneration ($) 46,586 46,637 0.11 47,693 2.26 46,362 -2.79 39,818 -14.11 -3.9
Avg Remuneration excl. Benefits ($) 43,241 43,061 -0.42 43,983 2.14 41,778 -5.01 36,098 -13.60 -4.4

Profitability (%)
2011 2012 Var % 2013 Var % 2014 Var % 2015 Var % CAGR (%)
Operating Margin 13.7 12.7   14.1   8.2   9.7    
P.B.I.T. Margin 11.4 10.7   11.6   5.6   5.9    
Pre-tax Margin 11.1 10.7   8.0   6.2   0.5    

CAGR = Compound Annual Growth Rate

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

Var = Variation

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