Designated Markets - Radio FM - Ottawa-Gatineau - English/Ethnic

Radio - Financial Summary 2012-2016

Table of Contents

Reporting Units
2012 2013 Var % 2014 Var % 2015 Var % 2016 Var % CAGR (%)
Reporting Units 12 12 - 12 - 12 - 12 - -

Revenue ($)
2012 2013 Var % 2014 Var % 2015 Var % 2016 Var % CAGR (%)
Local Time Sales 35,161,820 36,172,695 2.87 36,746,751 1.59 34,861,451 -5.13 32,197,813 -7.64 -2.2
National Time Sales 13,809,128 13,745,725 -0.46 13,702,527 -0.31 14,113,439 3.00 15,142,052 7.29 2.3
Syndication-Production -15,585 -5,008 -67.87 19,064 -480.67 58,134 204.94 94,743 62.97 n/a
Government/Corporate Grants 0 0 n/a 0 n/a 0 n/a 0 n/a n/a
Other Revenue 754,363 579,079 -23.24 653,075 12.78 1,065,222 63.11 1,450,508 36.17 17.8
Total Revenue 49,709,726 50,492,491 1.57 51,121,417 1.25 50,098,246 -2.00 48,885,116 -2.42 -0.4

Expenses ($)
2012 2013 Var % 2014 Var % 2015 Var % 2016 Var % CAGR (%)
Programming and Production 13,148,354 12,978,098 -1.29 13,338,568 2.78 13,911,368 4.29 14,217,784 2.20 2.0
Technical 1,487,645 1,418,051 -4.68 1,578,904 11.34 1,477,211 -6.44 1,514,409 2.52 0.5
Sales and Promotion 13,331,600 11,424,264 -14.31 11,777,157 3.09 11,677,121 -0.85 11,092,845 -5.00 -4.5
Administration and General 9,094,587 9,565,962 5.18 10,323,143 7.92 10,355,493 0.31 9,580,591 -7.48 1.3
Total Expenses 37,062,186 35,386,375 -4.52 37,017,772 4.61 37,421,193 1.09 36,405,629 -2.71 -0.5

Performance ($)
2012 2013 Var % 2014 Var % 2015 Var % 2016 Var % CAGR (%)
Operating Income 12,647,540 15,106,116 - 14,103,645 - 12,677,053 - 12,479,487 - -
Depreciation 1,076,989 951,494 -11.65 821,824 -13.63 931,851 13.39 1,087,447 16.70 0.2
P.B.I.T. 11,570,551 14,154,622 - 13,281,821 - 11,745,202 - 11,392,040 - -
Interest Expense 416,381 293,687 - 1,083,098 - 1,620,642 - 1,589,065 - -
Adjustments Gain(Loss) 1,206,018 -1,720,003 - -1,569,313 - -3,474,839 - 137,954 - -
Pre-tax Profit 12,360,188 12,140,932 - 10,629,410 - 6,649,721 - 9,940,929 - -

Programming and Production (%)
2012 2013 Var % 2014 Var % 2015 Var % 2016 Var % CAGR (%)
Prog-Prod Expense / Expense Total 35.5 36.7 - 36.0 - 37.2 - 39.1 - -
Prog-Prod Expense / Revenue Total 26.5 25.7 - 26.1 - 27.8 - 29.1 - -

Staff
2012 2013 Var % 2014 Var % 2015 Var % 2016 Var % CAGR (%)
Total Remuneration ($) 19,168,375 17,853,048 -6.86 17,906,353 0.30 17,636,311 -1.51 17,309,471 -1.85 -2.5
Total Staff Count 230.7 211.9 -8.15 231.4 9.17 210.2 -9.16 197.8 -5.89 -
Avg Remuneration ($) 83,081 84,244 1.40 77,396 -8.13 83,915 8.42 87,514 4.29 1.3
Avg Remuneration excl. Benefits ($) 72,495 74,857 3.26 69,585 -7.04 75,730 8.83 78,970 4.28 2.2

Profitability (%)
2012 2013 Var % 2014 Var % 2015 Var % 2016 Var % CAGR (%)
Operating Margin 25.4 29.9 - 27.6 - 25.3 - 25.5 - -
P.B.I.T. Margin 23.3 28.0 - 26.0 - 23.4 - 23.3 - -
Pre-tax Margin 24.9 24.0 - 20.8 - 13.3 - 20.3 - -

CAGR = Compound Annual Growth Rate

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

Var = Variation

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