Designated Markets - Radio FM - Ottawa-Gatineau

Radio - Financial Summary 2012-2016

Table of Contents

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

Revenue ($)
2012 2013 Var % 2014 Var % 2015 Var % 2016 Var % CAGR (%)
Local Time Sales 46,043,462 47,113,433 2.32 46,973,346 -0.30 45,111,408 -3.96 42,122,415 -6.63 -2.2
National Time Sales 18,735,984 18,686,844 -0.26 18,559,675 -0.68 18,777,546 1.17 19,948,073 6.23 1.6
Syndication-Production 19,924 7,939 -60.15 623,184 n/a 337,526 -45.84 454,100 34.54 118.5
Government/Corporate Grants 0 0 n/a 0 n/a 0 n/a 0 n/a n/a
Other Revenue 1,118,774 624,990 -44.14 666,848 6.70 1,065,130 59.73 1,482,630 39.20 7.3
Total Revenue 65,918,144 66,433,206 0.78 66,823,053 0.59 65,291,610 -2.29 64,007,218 -1.97 -0.7

Expenses ($)
2012 2013 Var % 2014 Var % 2015 Var % 2016 Var % CAGR (%)
Programming and Production 18,000,867 17,715,031 -1.59 18,045,603 1.87 18,601,154 3.08 18,957,444 1.92 1.3
Technical 2,263,375 2,025,437 -10.51 2,022,810 -0.13 1,936,016 -4.29 1,967,864 1.65 -3.4
Sales and Promotion 17,080,441 15,432,458 -9.65 15,531,442 0.64 15,769,016 1.53 14,639,906 -7.16 -3.8
Administration and General 12,093,491 12,917,507 6.81 13,734,422 6.32 13,195,675 -3.92 12,409,156 -5.96 0.7
Total Expenses 49,438,174 48,090,433 -2.73 49,334,277 2.59 49,501,861 0.34 47,974,370 -3.09 -0.8

Performance ($)
2012 2013 Var % 2014 Var % 2015 Var % 2016 Var % CAGR (%)
Operating Income 16,479,970 18,342,773 - 17,488,776 - 15,789,749 - 16,032,848 - -
Depreciation 1,662,646 1,643,267 -1.17 1,342,446 -18.31 1,402,438 4.47 1,486,877 6.02 -2.8
P.B.I.T. 14,817,324 16,699,506 - 16,146,330 - 14,387,311 - 14,545,971 - -
Interest Expense 443,343 407,289 - 1,197,719 - 1,764,056 - 1,699,309 - -
Adjustments Gain(Loss) 4,520,666 1,571,564 - -1,377,705 - -3,675,259 - -281,289 - -
Pre-tax Profit 18,894,647 17,863,781 - 13,570,906 - 8,947,996 - 12,565,373 - -

Programming and Production (%)
2012 2013 Var % 2014 Var % 2015 Var % 2016 Var % CAGR (%)
Prog-Prod Expense / Expense Total 36.4 36.8 - 36.6 - 37.6 - 39.5 - -
Prog-Prod Expense / Revenue Total 27.3 26.7 - 27.0 - 28.5 - 29.6 - -

Staff
2012 2013 Var % 2014 Var % 2015 Var % 2016 Var % CAGR (%)
Total Remuneration ($) 27,229,039 25,473,764 -6.45 24,989,146 -1.90 25,096,717 0.43 24,091,658 -4.00 -3.0
Total Staff Count 328.3 308.7 -5.97 325.2 5.34 301.2 -7.38 277.4 -7.88 -
Avg Remuneration ($) 82,942 82,525 -0.50 76,854 -6.87 83,336 8.43 86,845 4.21 1.2
Avg Remuneration excl. Benefits ($) 71,763 72,325 0.78 69,323 -4.15 75,380 8.74 78,178 3.71 2.2

Profitability (%)
2012 2013 Var % 2014 Var % 2015 Var % 2016 Var % CAGR (%)
Operating Margin 25.0 27.6 - 26.2 - 24.2 - 25.0 - -
P.B.I.T. Margin 22.5 25.1 - 24.2 - 22.0 - 22.7 - -
Pre-tax Margin 28.7 26.9 - 20.3 - 13.7 - 19.6 - -

CAGR = Compound Annual Growth Rate

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

Var = Variation

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