Non-designated Markets - AM - Alberta

Commercial Radio - Financial Summary 2011-2015

Table of Contents

Reporting Units
2011 2012 Var % 2013 Var % 2014 Var % 2015 Var % CAGR (%)
Reporting Units 9 7   5   5   4    

Revenue ($)
2011 2012 Var % 2013 Var % 2014 Var % 2015 Var % CAGR (%)
Local Time Sales 3,888,854 3,062,731 -21.24 2,738,280 -10.59 2,122,216 -22.50 2,522,773 18.87 -10.3
National Time Sales 3,330,341 2,906,639 -12.72 2,567,075 -11.68 2,277,736 -11.27 1,485,682 -34.77 -18.3
Syndication-Production 6,410 6,650 3.74 6,765 1.73 3,060 -54.77 7,095 131.86 2.6
Government/Corporate Grants 0 0 n/a 0 n/a 0 n/a 0 n/a n/a
Other Revenue 5,510 5,467 -0.78 47,374 766.54 9,371 -80.22 16,251 73.42 31.1
Total Revenue 7,231,115 5,981,487 -17.28 5,359,494 -10.40 4,412,383 -17.67 4,031,801 -8.63 -13.6

Expenses ($)
2011 2012 Var % 2013 Var % 2014 Var % 2015 Var % CAGR (%)
Programming 1,822,524 1,547,100 -15.11 1,441,698 -6.81 1,367,081 -5.18 1,262,930 -7.62 -8.8
Technical 547,724 468,922 -14.39 423,007 -9.79 371,696 -12.13 347,579 -6.49 -10.8
Sales and Promotion 1,944,221 1,594,996 -17.96 1,452,338 -8.94 1,300,502 -10.45 1,161,417 -10.69 -12.1
Administration and General 2,339,295 1,987,055 -15.06 1,625,171 -18.21 1,440,747 -11.35 1,395,827 -3.12 -12.1
Total Expenses 6,653,764 5,598,073 -15.87 4,942,214 -11.72 4,480,026 -9.35 4,167,753 -6.97 -11.0

Performance ($)
2011 2012 Var % 2013 Var % 2014 Var % 2015 Var % CAGR (%)
Operating Income 577,351 383,414   417,280   -67,643   -135,952    
Depreciation 300,591 225,044 -25.13 175,436 -22.04 151,828 -13.46 141,665 -6.69 -17.1
P.B.I.T. 276,760 158,370   241,844   -219,471   -277,617    
Interest Expense 397,396 225,938   214,029   253,399   278,980    
Adjustments Gain(Loss) 67,656 48,720   -64,065   23,127   44,022    
Pre-tax Profit -52,980 -18,848   -36,250   -449,743   -512,575    

Programming Expense (%)
2011 2012 Var % 2013 Var % 2014 Var % 2015 Var % CAGR (%)
Programming Expense / Expense Total 27.4 27.6   29.2   30.5   30.3    
Programming Expense / Revenue Total 25.2 25.9   26.9   31.0   31.3    

Staff ($)
2011 2012 Var % 2013 Var % 2014 Var % 2015 Var % CAGR (%)
Total Remuneration ($) 3,710,559 2,983,443 -19.60 2,474,689 -17.05 2,095,234 -15.33 1,965,805 -6.18 -14.7
Avg Staff Count 89.0 70.5 -20.79 29.0 -58.87 48.0 65.52 40.3 -15.98  
Avg Remuneration ($) 41,692 42,318 1.50 85,334 101.65 43,651 -48.85 48,743 11.67 4.0
Avg Remuneration excl. Benefits ($) 37,708 39,856 5.69 80,400 101.73 38,956 -51.55 44,148 13.33 4.0

Profitability (%)
2011 2012 Var % 2013 Var % 2014 Var % 2015 Var % CAGR (%)
Operating Margin 8.0 6.4   7.8   -1.5   -3.4    
P.B.I.T. Margin 3.8 2.6   4.5   -5.0   -6.9    
Pre-tax Margin -0.7 -0.3   -0.7   -10.2   -12.7    

CAGR = Compound Annual Growth Rate

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

Var = Variation

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