Non-designated Markets - AM - 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 14 12   12   12   12    

Revenue ($)
2011 2012 Var % 2013 Var % 2014 Var % 2015 Var % CAGR (%)
Local Time Sales 5,207,668 5,032,357 -3.37 5,249,478 4.31 5,202,764 -0.89 4,896,240 -5.89 -1.5
National Time Sales 1,657,301 1,387,010 -16.31 1,502,166 8.30 1,441,054 -4.07 1,272,924 -11.67 -6.4
Syndication-Production 144 4,860 n/a 66 -98.64 8,727 n/a 27 -99.69 -34.2
Government/Corporate Grants 0 0 n/a 0 n/a 0 n/a 0 n/a n/a
Other Revenue 39,545 52,162 31.91 5,000 -90.41 102,869 n/a 42,699 -58.49 1.9
Total Revenue 6,904,658 6,476,389 -6.20 6,756,710 4.33 6,755,414 -0.02 6,211,890 -8.05 -2.6

Expenses ($)
2011 2012 Var % 2013 Var % 2014 Var % 2015 Var % CAGR (%)
Programming 2,107,395 2,050,709 -2.69 2,208,528 7.70 2,412,500 9.24 2,494,532 3.40 4.3
Technical 462,928 357,608 -22.75 359,200 0.45 332,440 -7.45 407,307 22.52 -3.2
Sales and Promotion 1,502,574 1,418,370 -5.60 1,534,970 8.22 1,524,680 -0.67 1,498,481 -1.72 -0.1
Administration and General 2,274,354 2,235,816 -1.69 2,155,308 -3.60 2,098,314 -2.64 2,508,438 19.55 2.5
Total Expenses 6,347,251 6,062,503 -4.49 6,258,006 3.22 6,367,934 1.76 6,908,758 8.49 2.1

Performance ($)
2011 2012 Var % 2013 Var % 2014 Var % 2015 Var % CAGR (%)
Operating Income 557,407 413,886   498,704   387,480   -696,868    
Depreciation 301,952 237,843 -21.23 213,784 -10.12 250,661 17.25 235,211 -6.16 -6.1
P.B.I.T. 255,455 176,043   284,920   136,819   -932,079    
Interest Expense 62,985 74,145   103,614   118,924   106,355    
Adjustments Gain(Loss) -64,900 -177,481   -846,065   -1,414,814   49,024    
Pre-tax Profit 127,570 -75,583   -664,759   -1,396,919   -989,410    

Programming Expense (%)
2011 2012 Var % 2013 Var % 2014 Var % 2015 Var % CAGR (%)
Programming Expense / Expense Total 33.2 33.8   35.3   37.9   36.1    
Programming Expense / Revenue Total 30.5 31.7   32.7   35.7   40.2    

Staff ($)
2011 2012 Var % 2013 Var % 2014 Var % 2015 Var % CAGR (%)
Total Remuneration ($) 3,560,288 3,629,542 1.95 3,628,998 -0.01 3,830,934 5.56 3,838,444 0.20 1.9
Avg Staff Count 77.2 67.6 -12.52 72.8 7.74 71.7 -1.57 69.0 -3.68  
Avg Remuneration ($) 46,100 53,723 16.54 49,856 -7.20 53,467 7.24 55,622 4.03 4.8
Avg Remuneration excl. Benefits ($) 41,125 47,382 15.21 42,622 -10.05 45,445 6.62 48,208 6.08 4.1

Profitability (%)
2011 2012 Var % 2013 Var % 2014 Var % 2015 Var % CAGR (%)
Operating Margin 8.1 6.4   7.4   5.7   -11.2    
P.B.I.T. Margin 3.7 2.7   4.2   2.0   -15.0    
Pre-tax Margin 1.8 -1.2   -9.8   -20.7   -15.9    

CAGR = Compound Annual Growth Rate

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

Var = Variation

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