Non-designated Markets - AM / FM - British Columbia & Territories

Commercial Radio - Financial Summary 2011-2015

Table of Contents

Reporting Units
2011 2012 Var % 2013 Var % 2014 Var % 2015 Var % CAGR (%)
Reporting Units 72 72   73   74   74    

Revenue ($)
2011 2012 Var % 2013 Var % 2014 Var % 2015 Var % CAGR (%)
Local Time Sales 44,552,831 43,797,077 -1.70 46,094,774 5.25 45,852,420 -0.53 45,315,711 -1.17 0.4
National Time Sales 14,469,513 13,172,292 -8.97 15,714,641 19.30 14,750,348 -6.14 14,490,671 -1.76 0.0
Syndication-Production 71,213 96,395 35.36 65,399 -32.16 82,417 26.02 72,235 -12.35 0.4
Government/Corporate Grants 0 0 n/a 0 n/a 0 n/a 0 n/a n/a
Other Revenue 397,495 505,282 27.12 155,701 -69.19 249,648 60.34 612,093 145.18 11.4
Total Revenue 59,491,052 57,571,046 -3.23 62,030,515 7.75 60,934,833 -1.77 60,490,710 -0.73 0.4

Expenses ($)
2011 2012 Var % 2013 Var % 2014 Var % 2015 Var % CAGR (%)
Programming 16,535,984 16,512,335 -0.14 17,958,357 8.76 18,780,812 4.58 18,702,243 -0.42 3.1
Technical 2,985,070 2,799,265 -6.22 2,995,104 7.00 2,838,771 -5.22 3,206,187 12.94 1.8
Sales and Promotion 15,166,094 15,653,219 3.21 16,315,965 4.23 15,824,269 -3.01 15,936,742 0.71 1.3
Administration and General 15,119,940 15,850,338 4.83 16,121,320 1.71 16,459,419 2.10 15,925,120 -3.25 1.3
Total Expenses 49,807,088 50,815,157 2.02 53,390,746 5.07 53,903,271 0.96 53,770,292 -0.25 1.9

Performance ($)
2011 2012 Var % 2013 Var % 2014 Var % 2015 Var % CAGR (%)
Operating Income 9,683,964 6,755,889   8,639,769   7,031,562   6,720,418    
Depreciation 1,917,064 1,696,659 -11.50 1,643,332 -3.14 1,885,820 14.76 1,721,485 -8.71 -2.7
P.B.I.T. 7,766,900 5,059,230   6,996,437   5,145,742   4,998,933    
Interest Expense 916,060 764,538   853,849   991,014   931,560    
Adjustments Gain(Loss) -1,458,038 -2,513,965   -6,793,468   -11,676,818   -1,563,690    
Pre-tax Profit 5,392,802 1,780,727   -650,880   -7,522,090   2,503,683    

Programming Expense (%)
2011 2012 Var % 2013 Var % 2014 Var % 2015 Var % CAGR (%)
Programming Expense / Expense Total 33.2 32.5   33.6   34.8   34.8    
Programming Expense / Revenue Total 27.8 28.7   29.0   30.8   30.9    

Staff ($)
2011 2012 Var % 2013 Var % 2014 Var % 2015 Var % CAGR (%)
Total Remuneration ($) 29,732,897 30,242,097 1.71 31,209,863 3.20 30,544,129 -2.13 29,852,229 -2.27 0.1
Avg Staff Count 580.0 568.5 -1.98 590.9 3.94 573.4 -2.96 567.0 -1.12  
Avg Remuneration ($) 51,266 53,195 3.76 52,815 -0.72 53,267 0.86 52,651 -1.16 0.7
Avg Remuneration excl. Benefits ($) 45,982 47,540 3.39 46,702 -1.76 47,450 1.60 47,484 0.07 0.8

Profitability (%)
2011 2012 Var % 2013 Var % 2014 Var % 2015 Var % CAGR (%)
Operating Margin 16.3 11.7   13.9   11.5   11.1    
P.B.I.T. Margin 13.1 8.8   11.3   8.4   8.3    
Pre-tax Margin 9.1 3.1   -1.0   -12.3   4.1    

CAGR = Compound Annual Growth Rate

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

Var = Variation

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