Designated Markets - Radio AM / FM - Vancouver

Radio - Financial Summary 2012-2016

Table of Contents

Reporting Units
2012 2013 Var % 2014 Var % 2015 Var % 2016 Var % CAGR (%)
Reporting Units 20 20 - 20 - 20 - 20 - -

Revenue ($)
2012 2013 Var % 2014 Var % 2015 Var % 2016 Var % CAGR (%)
Local Time Sales 87,288,730 86,762,377 -0.60 77,476,227 -10.70 76,970,096 -0.65 70,188,375 -8.81 -5.3
National Time Sales 35,248,808 34,463,065 -2.23 38,020,342 10.32 37,731,147 -0.76 37,852,732 0.32 1.8
Syndication-Production 89,866 35,182 -60.85 67,486 91.82 53,351 -20.95 735,163 n/a 69.1
Government/Corporate Grants 0 0 n/a 0 n/a 0 n/a 0 n/a n/a
Other Revenue 3,428,876 2,747,071 -19.88 3,263,488 18.80 3,049,517 -6.56 2,106,561 -30.92 -11.5
Total Revenue 126,056,280 124,007,695 -1.63 118,827,543 -4.18 117,804,111 -0.86 110,882,831 -5.88 -3.2

Expenses ($)
2012 2013 Var % 2014 Var % 2015 Var % 2016 Var % CAGR (%)
Programming and Production 41,006,651 40,855,146 -0.37 41,091,915 0.58 41,994,874 2.20 41,101,747 -2.13 0.1
Technical 2,991,942 3,166,293 5.83 3,517,350 11.09 3,703,881 5.30 3,312,049 -10.58 2.6
Sales and Promotion 28,588,283 26,766,602 -6.37 26,825,121 0.22 27,398,021 2.14 23,653,445 -13.67 -4.6
Administration and General 22,552,555 21,618,810 -4.14 22,147,890 2.45 19,803,842 -10.58 21,105,186 6.57 -1.6
Total Expenses 95,139,431 92,406,851 -2.87 93,582,276 1.27 92,900,618 -0.73 89,172,427 -4.01 -1.6

Performance ($)
2012 2013 Var % 2014 Var % 2015 Var % 2016 Var % CAGR (%)
Operating Income 30,916,849 31,600,844 - 25,245,267 - 24,903,493 - 21,710,404 - -
Depreciation 2,162,300 1,749,045 -19.11 1,930,089 10.35 1,907,041 -1.19 2,363,115 23.92 2.3
P.B.I.T. 28,754,549 29,851,799 - 23,315,178 - 22,996,452 - 19,347,289 - -
Interest Expense 601,471 216,475 - 656,657 - 1,014,138 - 618,918 - -
Adjustments Gain(Loss) 1,512,033 -10,291,691 - 5,832,843 - 5,325,292 - 45,131,825 - -
Pre-tax Profit 29,665,111 19,343,633 - 28,491,364 - 27,307,606 - 63,860,196 - -

Programming and Production (%)
2012 2013 Var % 2014 Var % 2015 Var % 2016 Var % CAGR (%)
Prog-Prod Expense / Expense Total 43.1 44.2 - 43.9 - 45.2 - 46.1 - -
Prog-Prod Expense / Revenue Total 32.5 32.9 - 34.6 - 35.6 - 37.1 - -

Staff
2012 2013 Var % 2014 Var % 2015 Var % 2016 Var % CAGR (%)
Total Remuneration ($) 48,331,150 48,076,060 -0.53 43,186,659 -10.17 44,970,190 4.13 41,558,035 -7.59 -3.7
Total Staff Count 572.5 588.5 2.81 545.1 -7.38 519.1 -4.77 480.0 -7.54 -
Avg Remuneration ($) 84,424 81,687 -3.24 79,226 -3.01 86,628 9.34 86,579 -0.06 0.6
Avg Remuneration excl. Benefits ($) 76,897 74,365 -3.29 72,162 -2.96 79,528 10.21 79,252 -0.35 0.8

Profitability (%)
2012 2013 Var % 2014 Var % 2015 Var % 2016 Var % CAGR (%)
Operating Margin 24.5 25.5 - 21.2 - 21.1 - 19.6 - -
P.B.I.T. Margin 22.8 24.1 - 19.6 - 19.5 - 17.4 - -
Pre-tax Margin 23.5 15.6 - 24.0 - 23.2 - 57.6 - -

CAGR = Compound Annual Growth Rate

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

Var = Variation

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