Designated Markets - Radio AM / FM - Kelowna

Radio - Financial Summary 2012-2016

Table of Contents

Reporting Units
2012 2013 Var % 2014 Var % 2015 Var % 2016 Var % CAGR (%)
Reporting Units 7 7 - 7 - 7 - 7 - -

Revenue ($)
2012 2013 Var % 2014 Var % 2015 Var % 2016 Var % CAGR (%)
Local Time Sales 9,005,388 8,439,708 -6.28 7,778,396 -7.84 7,706,662 -0.92 7,293,345 -5.36 -5.1
National Time Sales 2,058,889 2,249,930 9.28 2,024,857 -10.00 1,901,478 -6.09 1,747,147 -8.12 -4.0
Syndication-Production 16,711 3,821 -77.13 2,851 -25.39 624 -78.11 121,881 n/a 64.3
Government/Corporate Grants 0 0 n/a 0 n/a 0 n/a 0 n/a n/a
Other Revenue 158,180 0 n/a -5 n/a 84,161 n/a 17,555 -79.14 -42.3
Total Revenue 11,239,168 10,693,459 -4.86 9,806,099 -8.30 9,692,925 -1.15 9,179,928 -5.29 -4.9

Expenses ($)
2012 2013 Var % 2014 Var % 2015 Var % 2016 Var % CAGR (%)
Programming and Production 3,879,292 3,516,382 -9.36 3,673,630 4.47 3,619,295 -1.48 3,296,635 -8.91 -4.0
Technical 566,934 348,101 -38.60 405,708 16.55 424,272 4.58 522,844 23.23 -2.0
Sales and Promotion 4,159,400 3,723,635 -10.48 3,512,698 -5.66 3,854,216 9.72 3,586,148 -6.96 -3.6
Administration and General 3,307,098 3,053,824 -7.66 2,932,104 -3.99 2,385,019 -18.66 2,501,521 4.88 -6.7
Total Expenses 11,912,724 10,641,942 -10.67 10,524,140 -1.11 10,282,802 -2.29 9,907,148 -3.65 -4.5

Performance ($)
2012 2013 Var % 2014 Var % 2015 Var % 2016 Var % CAGR (%)
Operating Income -673,556 51,517 - -718,041 - -589,877 - -727,220 - -
Depreciation 413,216 308,338 -25.38 427,120 38.52 374,115 -12.41 226,431 -39.48 -14.0
P.B.I.T. -1,086,772 -256,821 - -1,145,161 - -963,992 - -953,651 - -
Interest Expense 85,839 89,037 - 138,423 - 110,616 - 106,948 - -
Adjustments Gain(Loss) 143,753 -2,148,938 - -610,794 - -158,316 - -229,167 - -
Pre-tax Profit -1,028,858 -2,494,796 - -1,894,378 - -1,232,924 - -1,289,766 - -

Programming and Production (%)
2012 2013 Var % 2014 Var % 2015 Var % 2016 Var % CAGR (%)
Prog-Prod Expense / Expense Total 32.6 33.0 - 34.9 - 35.2 - 33.3 - -
Prog-Prod Expense / Revenue Total 34.5 32.9 - 37.5 - 37.3 - 35.9 - -

Staff
2012 2013 Var % 2014 Var % 2015 Var % 2016 Var % CAGR (%)
Total Remuneration ($) 7,446,828 6,408,535 -13.94 6,263,587 -2.26 5,895,517 -5.88 5,754,469 -2.39 -6.2
Total Staff Count 123.9 111.1 -10.29 95.3 -14.20 89.0 -6.62 86.3 -3.08 -
Avg Remuneration ($) 60,128 57,683 -4.07 65,711 13.92 66,234 0.80 66,703 0.71 2.6
Avg Remuneration excl. Benefits ($) 53,821 50,827 -5.56 57,861 13.84 57,717 -0.25 59,257 2.67 2.4

Profitability (%)
2012 2013 Var % 2014 Var % 2015 Var % 2016 Var % CAGR (%)
Operating Margin -6.0 0.5 - -7.3 - -6.1 - -7.9 - -
P.B.I.T. Margin -9.7 -2.4 - -11.7 - -9.9 - -10.4 - -
Pre-tax Margin -9.2 -23.3 - -19.3 - -12.7 - -14.0 - -

CAGR = Compound Annual Growth Rate

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

Var = Variation

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