Designated Markets - Radio AM / FM - Kitchener/Waterloo

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 17,110,047 16,710,960 -2.33 16,466,976 -1.46 15,460,235 -6.11 14,032,399 -9.24 -4.8
National Time Sales 6,927,321 6,816,044 -1.61 6,812,140 -0.06 7,902,280 16.00 8,050,541 1.88 3.8
Syndication-Production 0 0 n/a 0 n/a 4,356 n/a 15,978 266.80 n/a
Government/Corporate Grants 0 0 n/a 0 n/a 0 n/a 0 n/a n/a
Other Revenue 184,634 153,250 -17.00 134,941 -11.95 98,265 -27.18 42,278 -56.98 -30.8
Total Revenue 24,222,002 23,680,254 -2.24 23,414,057 -1.12 23,465,136 0.22 22,141,196 -5.64 -2.2

Expenses ($)
2012 2013 Var % 2014 Var % 2015 Var % 2016 Var % CAGR (%)
Programming and Production 6,662,231 6,539,910 -1.84 6,618,126 1.20 6,635,734 0.27 7,292,284 9.89 2.3
Technical 720,091 775,437 7.69 656,630 -15.32 479,973 -26.90 520,584 8.46 -7.8
Sales and Promotion 5,015,553 4,580,668 -8.67 4,549,101 -0.69 4,310,389 -5.25 4,143,321 -3.88 -4.7
Administration and General 4,945,992 5,100,122 3.12 4,615,472 -9.50 4,770,365 3.36 4,146,857 -13.07 -4.3
Total Expenses 17,343,867 16,996,137 -2.00 16,439,329 -3.28 16,196,461 -1.48 16,103,046 -0.58 -1.8

Performance ($)
2012 2013 Var % 2014 Var % 2015 Var % 2016 Var % CAGR (%)
Operating Income 6,878,135 6,684,117 - 6,974,728 - 7,268,675 - 6,038,150 - -
Depreciation 684,400 607,006 -11.31 614,640 1.26 605,827 -1.43 575,319 -5.04 -4.3
P.B.I.T. 6,193,735 6,077,111 - 6,360,088 - 6,662,848 - 5,462,831 - -
Interest Expense 7,454 18,570 - 34,110 - 2,703 - -63,659 - -
Adjustments Gain(Loss) 1,551,993 189,683 - 3,184,965 - 1,883,200 - 11,254,428 - -
Pre-tax Profit 7,738,274 6,248,224 - 9,510,943 - 8,543,345 - 16,780,918 - -

Programming and Production (%)
2012 2013 Var % 2014 Var % 2015 Var % 2016 Var % CAGR (%)
Prog-Prod Expense / Expense Total 38.4 38.5 - 40.3 - 41.0 - 45.3 - -
Prog-Prod Expense / Revenue Total 27.5 27.6 - 28.3 - 28.3 - 32.9 - -

Staff
2012 2013 Var % 2014 Var % 2015 Var % 2016 Var % CAGR (%)
Total Remuneration ($) 9,323,568 9,148,350 -1.88 9,020,246 -1.40 8,117,269 -10.01 7,649,476 -5.76 -4.8
Total Staff Count 118.4 117.6 -0.64 104.3 -11.36 102.9 -1.30 90.3 -12.21 -
Avg Remuneration ($) 78,753 77,772 -1.25 86,509 11.23 78,877 -8.82 84,674 7.35 1.8
Avg Remuneration excl. Benefits ($) 68,735 67,648 -1.58 75,788 12.03 69,479 -8.32 74,735 7.57 2.1

Profitability (%)
2012 2013 Var % 2014 Var % 2015 Var % 2016 Var % CAGR (%)
Operating Margin 28.4 28.2 - 29.8 - 31.0 - 27.3 - -
P.B.I.T. Margin 25.6 25.7 - 27.2 - 28.4 - 24.7 - -
Pre-tax Margin 31.9 26.4 - 40.6 - 36.4 - 75.8 - -

CAGR = Compound Annual Growth Rate

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

Var = Variation

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