Designated Markets - Radio AM / FM - Halifax

Radio - Financial Summary 2012-2016

Table of Contents

Reporting Units
2012 2013 Var % 2014 Var % 2015 Var % 2016 Var % CAGR (%)
Reporting Units 10 10 - 10 - 10 - 11 - -

Revenue ($)
2012 2013 Var % 2014 Var % 2015 Var % 2016 Var % CAGR (%)
Local Time Sales 13,421,379 13,225,281 -1.46 12,938,959 -2.16 13,359,404 3.25 13,699,945 2.55 0.5
National Time Sales 8,117,934 8,023,089 -1.17 8,047,247 0.30 7,799,789 -3.08 6,762,500 -13.30 -4.5
Syndication-Production 0 0 n/a 0 n/a 0 n/a 53,811 n/a n/a
Government/Corporate Grants 0 0 n/a 0 n/a 0 n/a 0 n/a n/a
Other Revenue 161,285 141,368 -12.35 213,135 50.77 203,818 -4.37 119,421 -41.41 -7.2
Total Revenue 21,700,598 21,389,738 -1.43 21,199,341 -0.89 21,363,011 0.77 20,635,677 -3.40 -1.3

Expenses ($)
2012 2013 Var % 2014 Var % 2015 Var % 2016 Var % CAGR (%)
Programming and Production 6,715,217 6,683,984 -0.47 6,725,774 0.63 6,560,272 -2.46 6,610,731 0.77 -0.4
Technical 1,044,460 982,714 -5.91 1,038,421 5.67 904,067 -12.94 907,511 0.38 -3.5
Sales and Promotion 6,476,726 5,720,653 -11.67 6,172,587 7.90 5,716,521 -7.39 5,625,004 -1.60 -3.5
Administration and General 4,859,384 5,156,219 6.11 4,945,036 -4.10 4,406,638 -10.89 4,664,255 5.85 -1.0
Total Expenses 19,095,787 18,543,570 -2.89 18,881,818 1.82 17,587,498 -6.85 17,807,501 1.25 -1.7

Performance ($)
2012 2013 Var % 2014 Var % 2015 Var % 2016 Var % CAGR (%)
Operating Income 2,604,811 2,846,168 - 2,317,523 - 3,775,513 - 2,828,176 - -
Depreciation 1,321,347 896,025 -32.19 709,033 -20.87 689,939 -2.69 781,668 13.30 -12.3
P.B.I.T. 1,283,464 1,950,143 - 1,608,490 - 3,085,574 - 2,046,508 - -
Interest Expense 304,026 216,310 - 341,013 - 322,831 - 238,700 - -
Adjustments Gain(Loss) -1,288,226 -2,197,841 - 210,233 - -5,820,892 - -13,338 - -
Pre-tax Profit -308,788 -464,008 - 1,477,710 - -3,058,149 - 1,794,470 - -

Programming and Production (%)
2012 2013 Var % 2014 Var % 2015 Var % 2016 Var % CAGR (%)
Prog-Prod Expense / Expense Total 35.2 36.0 - 35.6 - 37.3 - 37.1 - -
Prog-Prod Expense / Revenue Total 30.9 31.2 - 31.7 - 30.7 - 32.0 - -

Staff
2012 2013 Var % 2014 Var % 2015 Var % 2016 Var % CAGR (%)
Total Remuneration ($) 9,874,819 9,542,993 -3.36 9,524,897 -0.19 8,843,071 -7.16 8,958,330 1.30 -2.4
Total Staff Count 178.2 163.6 -8.23 146.8 -10.23 129.0 -12.16 125.3 -2.81 -
Avg Remuneration ($) 55,408 58,349 5.31 64,875 11.18 68,572 5.70 71,478 4.24 6.6
Avg Remuneration excl. Benefits ($) 49,093 51,728 5.37 58,246 12.60 61,978 6.41 64,117 3.45 6.9

Profitability (%)
2012 2013 Var % 2014 Var % 2015 Var % 2016 Var % CAGR (%)
Operating Margin 12.0 13.3 - 10.9 - 17.7 - 13.7 - -
P.B.I.T. Margin 5.9 9.1 - 7.6 - 14.4 - 9.9 - -
Pre-tax Margin -1.4 -2.2 - 7.0 - -14.3 - 8.7 - -

CAGR = Compound Annual Growth Rate

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

Var = Variation

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