Non-designated Markets - 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 16 17   19   19   19    

Revenue ($)
2011 2012 Var % 2013 Var % 2014 Var % 2015 Var % CAGR (%)
Local Time Sales 13,277,223 13,651,358 2.82 14,481,147 6.08 14,381,691 -0.69 14,303,535 -0.54 1.9
National Time Sales 2,825,895 2,534,724 -10.30 3,299,594 30.18 3,331,988 0.98 3,058,894 -8.20 2.0
Syndication-Production -17,085 -22,045 29.03 -2,036 -90.76 0 -100.00 41,761 n/a n/a
Government/Corporate Grants 0 0 n/a 0 n/a 0 n/a 0 n/a n/a
Other Revenue 79,411 57,865 -27.13 80,760 39.57 97,643 20.91 47,926 -50.92 -11.9
Total Revenue 16,165,444 16,221,902 0.35 17,859,465 10.09 17,811,322 -0.27 17,452,116 -2.02 1.9

Expenses ($)
2011 2012 Var % 2013 Var % 2014 Var % 2015 Var % CAGR (%)
Programming 4,150,707 4,321,984 4.13 4,308,198 -0.32 4,419,441 2.58 3,868,652 -12.46 -1.7
Technical 560,906 654,416 16.67 825,491 26.14 834,915 1.14 839,811 0.59 10.6
Sales and Promotion 3,979,363 4,062,668 2.09 4,227,454 4.06 4,210,392 -0.40 3,882,918 -7.78 -0.6
Administration and General 3,685,950 3,882,858 5.34 4,243,408 9.29 4,875,884 14.90 4,770,154 -2.17 6.7
Total Expenses 12,376,926 12,921,926 4.40 13,604,551 5.28 14,340,632 5.41 13,361,535 -6.83 1.9

Performance ($)
2011 2012 Var % 2013 Var % 2014 Var % 2015 Var % CAGR (%)
Operating Income 3,788,518 3,299,976   4,254,914   3,470,690   4,090,581    
Depreciation 686,612 759,846 10.67 895,350 17.83 910,274 1.67 648,691 -28.74 -1.4
P.B.I.T. 3,101,906 2,540,130   3,359,564   2,560,416   3,441,890    
Interest Expense 21,606 15,775   16,264   19,233   687,764    
Adjustments Gain(Loss) 64,263 93,465   -945,467   26,078   -846,948    
Pre-tax Profit 3,144,563 2,617,820   2,397,833   2,567,261   1,907,178    

Programming Expense (%)
2011 2012 Var % 2013 Var % 2014 Var % 2015 Var % CAGR (%)
Programming Expense / Expense Total 33.5 33.4   31.7   30.8   29.0    
Programming Expense / Revenue Total 25.7 26.6   24.1   24.8   22.2    

Staff ($)
2011 2012 Var % 2013 Var % 2014 Var % 2015 Var % CAGR (%)
Total Remuneration ($) 5,467,214 6,041,871 10.51 6,617,486 9.53 6,487,845 -1.96 6,296,187 -2.95 3.6
Avg Staff Count 133.6 138.1 3.35 161.0 16.62 155.9 -3.20 185.5 18.97  
Avg Remuneration ($) 40,919 43,753 6.93 41,092 -6.08 41,618 1.28 33,949 -18.43 -4.6
Avg Remuneration excl. Benefits ($) 37,641 39,959 6.16 37,542 -6.05 36,893 -1.73 30,861 -16.35 -4.8

Profitability (%)
2011 2012 Var % 2013 Var % 2014 Var % 2015 Var % CAGR (%)
Operating Margin 23.4 20.3   23.8   19.5   23.4    
P.B.I.T. Margin 19.2 15.7   18.8   14.4   19.7    
Pre-tax Margin 19.5 16.1   13.4   14.4   10.9    

CAGR = Compound Annual Growth Rate

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

Var = Variation

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