Non-designated Markets - 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 58 60   61   62   62    

Revenue ($)
2011 2012 Var % 2013 Var % 2014 Var % 2015 Var % CAGR (%)
Local Time Sales 39,345,163 38,764,720 -1.48 40,845,296 5.37 40,649,656 -0.48 40,419,471 -0.57 0.7
National Time Sales 12,812,212 11,785,282 -8.02 14,212,475 20.60 13,309,294 -6.35 13,217,747 -0.69 0.8
Syndication-Production 71,069 91,535 28.80 65,333 -28.63 73,690 12.79 72,208 -2.01 0.4
Government/Corporate Grants 0 0 n/a 0 n/a 0 n/a 0 n/a n/a
Other Revenue 357,950 453,120 26.59 150,701 -66.74 146,779 -2.60 569,394 287.93 12.3
Total Revenue 52,586,394 51,094,657 -2.84 55,273,805 8.18 54,179,419 -1.98 54,278,820 0.18 0.8

Expenses ($)
2011 2012 Var % 2013 Var % 2014 Var % 2015 Var % CAGR (%)
Programming 14,428,589 14,461,626 0.23 15,749,829 8.91 16,368,312 3.93 16,207,711 -0.98 3.0
Technical 2,522,142 2,441,657 -3.19 2,635,904 7.96 2,506,331 -4.92 2,798,880 11.67 2.6
Sales and Promotion 13,663,520 14,234,849 4.18 14,780,995 3.84 14,299,589 -3.26 14,438,261 0.97 1.4
Administration and General 12,845,586 13,614,522 5.99 13,966,012 2.58 14,361,105 2.83 13,416,682 -6.58 1.1
Total Expenses 43,459,837 44,752,654 2.97 47,132,740 5.32 47,535,337 0.85 46,861,534 -1.42 1.9

Performance ($)
2011 2012 Var % 2013 Var % 2014 Var % 2015 Var % CAGR (%)
Operating Income 9,126,557 6,342,003   8,141,065   6,644,082   7,417,286    
Depreciation 1,615,112 1,458,816 -9.68 1,429,548 -2.01 1,635,159 14.38 1,486,274 -9.11 -2.1
P.B.I.T. 7,511,445 4,883,187   6,711,517   5,008,923   5,931,012    
Interest Expense 853,075 690,393   750,235   872,090   825,205    
Adjustments Gain(Loss) -1,393,138 -2,336,484   -5,947,403   -10,262,004   -1,612,714    
Pre-tax Profit 5,265,232 1,856,310   13,879   -6,125,171   3,493,093    

Programming Expense (%)
2011 2012 Var % 2013 Var % 2014 Var % 2015 Var % CAGR (%)
Programming Expense / Expense Total 33.2 32.3   33.4   34.4   34.6    
Programming Expense / Revenue Total 27.4 28.3   28.5   30.2   29.9    

Staff ($)
2011 2012 Var % 2013 Var % 2014 Var % 2015 Var % CAGR (%)
Total Remuneration ($) 26,172,609 26,612,555 1.68 27,580,865 3.64 26,713,195 -3.15 26,013,785 -2.62 -0.2
Avg Staff Count 502.7 501.0 -0.36 518.1 3.43 501.8 -3.16 498.0 -0.76  
Avg Remuneration ($) 52,060 53,124 2.04 53,231 0.20 53,238 0.01 52,240 -1.88 0.1
Avg Remuneration excl. Benefits ($) 46,729 47,561 1.78 47,276 -0.60 47,736 0.97 47,384 -0.74 0.4

Profitability (%)
2011 2012 Var % 2013 Var % 2014 Var % 2015 Var % CAGR (%)
Operating Margin 17.4 12.4   14.7   12.3   13.7    
P.B.I.T. Margin 14.3 9.6   12.1   9.2   10.9    
Pre-tax Margin 10.0 3.6   0.0   -11.3   6.4    

CAGR = Compound Annual Growth Rate

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

Var = Variation

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