Non-designated Markets - AM / FM - Alberta

Commercial Radio - Financial Summary 2011-2015

Table of Contents

Reporting Units
2011 2012 Var % 2013 Var % 2014 Var % 2015 Var % CAGR (%)
Reporting Units 46 46   47   48   48    

Revenue ($)
2011 2012 Var % 2013 Var % 2014 Var % 2015 Var % CAGR (%)
Local Time Sales 31,375,928 31,887,577 1.63 33,858,770 6.18 35,620,303 5.20 38,071,011 6.88 5.0
National Time Sales 11,998,031 12,736,099 6.15 14,090,700 10.64 13,598,554 -3.49 10,321,664 -24.10 -3.7
Syndication-Production -3,341 9,870 -395.42 11,530 16.82 7,471 -35.20 13,768 84.29 n/a
Government/Corporate Grants 80,650 72,238 -10.43 126,097 74.56 67,000 -46.87 117,265 75.02 -7.4
Other Revenue 4,567,502 4,586,030 0.41 4,163,026 -9.22 4,499,470 8.08 4,564,850 1.45 0.0
Total Revenue 48,018,770 49,291,814 2.65 52,250,123 6.00 53,792,798 2.95 53,088,558 -1.31 2.5

Expenses ($)
2011 2012 Var % 2013 Var % 2014 Var % 2015 Var % CAGR (%)
Programming 11,123,110 11,779,914 5.90 12,166,775 3.28 13,004,051 6.88 12,648,083 -2.74 3.3
Technical 2,855,805 3,046,297 6.67 3,069,354 0.76 3,002,638 -2.17 3,038,197 1.18 1.6
Sales and Promotion 10,603,740 10,463,993 -1.32 10,945,468 4.60 10,892,074 -0.49 10,569,937 -2.96 -0.1
Administration and General 12,851,253 14,271,823 11.05 14,565,545 2.06 14,780,267 1.47 14,219,744 -3.79 2.6
Total Expenses 37,433,908 39,562,027 5.69 40,747,142 3.00 41,679,030 2.29 40,475,961 -2.89 2.0

Performance ($)
2011 2012 Var % 2013 Var % 2014 Var % 2015 Var % CAGR (%)
Operating Income 10,584,862 9,729,787   11,502,981   12,113,768   12,612,597    
Depreciation 2,331,502 2,217,081 -4.91 2,751,847 24.12 2,808,330 2.05 2,694,232 -4.06 3.7
P.B.I.T. 8,253,360 7,512,706   8,751,134   9,305,438   9,918,365    
Interest Expense 1,212,012 1,027,227   1,325,110   1,507,593   1,449,916    
Adjustments Gain(Loss) -290,487 1,759,314   -358,393   -2,940,951   1,012,873    
Pre-tax Profit 6,750,861 8,244,793   7,067,631   4,856,894   9,481,322    

Programming Expense (%)
2011 2012 Var % 2013 Var % 2014 Var % 2015 Var % CAGR (%)
Programming Expense / Expense Total 29.7 29.8   29.9   31.2   31.2    
Programming Expense / Revenue Total 23.2 23.9   23.3   24.2   23.8    

Staff ($)
2011 2012 Var % 2013 Var % 2014 Var % 2015 Var % CAGR (%)
Total Remuneration ($) 20,091,549 20,729,000 3.17 21,189,122 2.22 21,964,505 3.66 21,644,618 -1.46 1.9
Avg Staff Count 448.1 418.1 -6.68 415.4 -0.65 452.1 8.82 437.6 -3.21  
Avg Remuneration ($) 44,842 49,574 10.55 51,004 2.88 48,583 -4.75 49,463 1.81 2.5
Avg Remuneration excl. Benefits ($) 40,660 45,192 11.14 46,204 2.24 43,790 -5.23 45,062 2.90 2.6

Profitability (%)
2011 2012 Var % 2013 Var % 2014 Var % 2015 Var % CAGR (%)
Operating Margin 22.0 19.7   22.0   22.5   23.8    
P.B.I.T. Margin 17.2 15.2   16.7   17.3   18.7    
Pre-tax Margin 14.1 16.7   13.5   9.0   17.9    

CAGR = Compound Annual Growth Rate

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

Var = Variation

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