Non-designated Markets - 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 37 39   42   43   44    

Revenue ($)
2011 2012 Var % 2013 Var % 2014 Var % 2015 Var % CAGR (%)
Local Time Sales 27,487,074 28,824,846 4.87 31,120,490 7.96 33,498,087 7.64 35,548,238 6.12 6.6
National Time Sales 8,667,690 9,829,460 13.40 11,523,625 17.24 11,320,818 -1.76 8,835,982 -21.95 0.5
Syndication-Production -9,751 3,220 -133.02 4,765 47.98 4,411 -7.43 6,673 51.28 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 4,561,992 4,580,563 0.41 4,115,652 -10.15 4,490,099 9.10 4,548,599 1.30 -0.1
Total Revenue 40,787,655 43,310,327 6.18 46,890,629 8.27 49,380,415 5.31 49,056,757 -0.66 4.7

Expenses ($)
2011 2012 Var % 2013 Var % 2014 Var % 2015 Var % CAGR (%)
Programming 9,300,586 10,232,814 10.02 10,725,077 4.81 11,636,970 8.50 11,385,153 -2.16 5.2
Technical 2,308,081 2,577,375 11.67 2,646,347 2.68 2,630,942 -0.58 2,690,618 2.27 3.9
Sales and Promotion 8,659,519 8,868,997 2.42 9,493,130 7.04 9,591,572 1.04 9,408,520 -1.91 2.1
Administration and General 10,511,958 12,284,768 16.86 12,940,374 5.34 13,339,520 3.08 12,823,917 -3.87 5.1
Total Expenses 30,780,144 33,963,954 10.34 35,804,928 5.42 37,199,004 3.89 36,308,208 -2.39 4.2

Performance ($)
2011 2012 Var % 2013 Var % 2014 Var % 2015 Var % CAGR (%)
Operating Income 10,007,511 9,346,373   11,085,701   12,181,411   12,748,549    
Depreciation 2,030,911 1,992,037 -1.91 2,576,411 29.34 2,656,502 3.11 2,552,567 -3.91 5.9
P.B.I.T. 7,976,600 7,354,336   8,509,290   9,524,909   10,195,982    
Interest Expense 814,616 801,289   1,111,081   1,254,194   1,170,936    
Adjustments Gain(Loss) -358,143 1,710,594   -294,328   -2,964,078   968,851    
Pre-tax Profit 6,803,841 8,263,641   7,103,881   5,306,637   9,993,897    

Programming Expense (%)
2011 2012 Var % 2013 Var % 2014 Var % 2015 Var % CAGR (%)
Programming Expense / Expense Total 30.2 30.1   30.0   31.3   31.4    
Programming Expense / Revenue Total 22.8 23.6   22.9   23.6   23.2    

Staff ($)
2011 2012 Var % 2013 Var % 2014 Var % 2015 Var % CAGR (%)
Total Remuneration ($) 16,380,990 17,745,557 8.33 18,714,433 5.46 19,869,271 6.17 19,678,813 -0.96 4.7
Avg Staff Count 359.1 347.6 -3.18 386.4 11.16 404.1 4.57 397.3 -1.69  
Avg Remuneration ($) 45,623 51,046 11.89 48,428 -5.13 49,169 1.53 49,536 0.75 2.1
Avg Remuneration excl. Benefits ($) 41,392 46,274 11.79 43,638 -5.70 44,364 1.66 45,154 1.78 2.2

Profitability (%)
2011 2012 Var % 2013 Var % 2014 Var % 2015 Var % CAGR (%)
Operating Margin 24.5 21.6   23.6   24.7   26.0    
P.B.I.T. Margin 19.6 17.0   18.1   19.3   20.8    
Pre-tax Margin 16.7 19.1   15.1   10.7   20.4    

CAGR = Compound Annual Growth Rate

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

Var = Variation

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