Designated Markets - Radio AM / FM - Calgary

Radio - Financial Summary 2012-2016

Table of Contents

Reporting Units
2012 2013 Var % 2014 Var % 2015 Var % 2016 Var % CAGR (%)
Reporting Units 17 18 - 19 - 20 - 20 - -

Revenue ($)
2012 2013 Var % 2014 Var % 2015 Var % 2016 Var % CAGR (%)
Local Time Sales 66,659,375 66,373,254 -0.43 65,562,723 -1.22 62,826,974 -4.17 55,378,555 -11.86 -4.5
National Time Sales 27,244,756 30,389,674 11.54 29,270,166 -3.68 34,753,701 18.73 32,348,576 -6.92 4.4
Syndication-Production 64,205 5,121 -92.02 38,313 648.15 10,903 -71.54 193,955 n/a 31.8
Government/Corporate Grants 0 0 n/a 0 n/a 0 n/a 0 n/a n/a
Other Revenue 1,821,189 1,014,600 -44.29 961,192 -5.26 1,058,738 10.15 679,331 -35.84 -21.9
Total Revenue 95,789,525 97,782,649 2.08 95,832,394 -1.99 98,650,316 2.94 88,600,417 -10.19 -1.9

Expenses ($)
2012 2013 Var % 2014 Var % 2015 Var % 2016 Var % CAGR (%)
Programming and Production 27,495,098 28,892,232 5.08 28,253,195 -2.21 28,631,075 1.34 29,013,049 1.33 1.4
Technical 2,724,153 2,769,579 1.67 2,939,076 6.12 2,772,681 -5.66 2,593,875 -6.45 -1.2
Sales and Promotion 24,613,317 22,262,011 -9.55 22,304,686 0.19 22,965,431 2.96 19,356,806 -15.71 -5.8
Administration and General 15,918,857 15,768,034 -0.95 17,395,383 10.32 17,576,033 1.04 17,328,310 -1.41 2.1
Total Expenses 70,751,425 69,691,856 -1.50 70,892,340 1.72 71,945,220 1.49 68,292,040 -5.08 -0.9

Performance ($)
2012 2013 Var % 2014 Var % 2015 Var % 2016 Var % CAGR (%)
Operating Income 25,038,100 28,090,793 - 24,940,054 - 26,705,096 - 20,308,377 - -
Depreciation 1,617,943 1,351,785 -16.45 1,908,932 41.22 2,476,371 29.73 2,730,063 10.24 14.0
P.B.I.T. 23,420,157 26,739,008 - 23,031,122 - 24,228,725 - 17,578,314 - -
Interest Expense 909,657 678,871 - 876,071 - 952,337 - 528,361 - -
Adjustments Gain(Loss) -315,929 -8,357,933 - -4,786,685 - 2,367,595 - -3,391,775 - -
Pre-tax Profit 22,194,571 17,702,204 - 17,368,366 - 25,643,983 - 13,658,178 - -

Programming and Production (%)
2012 2013 Var % 2014 Var % 2015 Var % 2016 Var % CAGR (%)
Prog-Prod Expense / Expense Total 38.9 41.5 - 39.9 - 39.8 - 42.5 - -
Prog-Prod Expense / Revenue Total 28.7 29.5 - 29.5 - 29.0 - 32.7 - -

Staff
2012 2013 Var % 2014 Var % 2015 Var % 2016 Var % CAGR (%)
Total Remuneration ($) 35,729,663 35,759,490 0.08 35,832,796 0.20 35,557,281 -0.77 32,100,469 -9.72 -2.6
Total Staff Count 390.4 411.1 5.31 432.6 5.22 413.5 -4.42 375.9 -9.09 -
Avg Remuneration ($) 91,518 86,976 -4.96 82,827 -4.77 85,991 3.82 85,392 -0.70 -1.7
Avg Remuneration excl. Benefits ($) 82,719 78,287 -5.36 75,059 -4.12 78,350 4.39 77,746 -0.77 -1.5

Profitability (%)
2012 2013 Var % 2014 Var % 2015 Var % 2016 Var % CAGR (%)
Operating Margin 26.1 28.7 - 26.0 - 27.1 - 22.9 - -
P.B.I.T. Margin 24.4 27.3 - 24.0 - 24.6 - 19.8 - -
Pre-tax Margin 23.2 18.1 - 18.1 - 26.0 - 15.4 - -

CAGR = Compound Annual Growth Rate

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

Var = Variation

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