Designated Markets - Radio AM / FM - Vancouver - English

Radio - Financial Summary 2012-2016

Table of Contents

Reporting Units
2012 2013 Var % 2014 Var % 2015 Var % 2016 Var % CAGR (%)
Reporting Units 15 15 - 15 - 15 - 15 - -

Revenue ($)
2012 2013 Var % 2014 Var % 2015 Var % 2016 Var % CAGR (%)
Local Time Sales 74,967,932 74,332,283 -0.85 65,248,973 -12.22 64,790,237 -0.70 57,308,553 -11.55 -6.5
National Time Sales 33,510,695 32,923,458 -1.75 36,720,223 11.53 36,491,460 -0.62 36,714,780 0.61 2.3
Syndication-Production 36,503 262 -99.28 0 n/a 0 n/a 673,690 n/a 107.3
Government/Corporate Grants 0 0 n/a 0 n/a 0 n/a 0 n/a n/a
Other Revenue 2,357,887 1,522,860 -35.41 2,180,218 43.17 1,950,039 -10.56 889,021 -54.41 -21.6
Total Revenue 110,873,017 108,778,863 -1.89 104,149,414 -4.26 103,231,736 -0.88 95,586,044 -7.41 -3.6

Expenses ($)
2012 2013 Var % 2014 Var % 2015 Var % 2016 Var % CAGR (%)
Programming and Production 35,204,625 34,961,577 -0.69 35,478,765 1.48 36,207,612 2.05 35,087,281 -3.09 -0.1
Technical 2,370,073 2,459,616 3.78 2,748,203 11.73 2,976,281 8.30 2,657,274 -10.72 2.9
Sales and Promotion 25,871,902 23,972,655 -7.34 24,588,431 2.57 25,103,964 2.10 21,167,920 -15.68 -4.9
Administration and General 19,001,859 17,710,461 -6.80 18,225,186 2.91 16,152,306 -11.37 17,501,303 8.35 -2.0
Total Expenses 82,448,459 79,104,309 -4.06 81,040,585 2.45 80,440,163 -0.74 76,413,778 -5.01 -1.9

Performance ($)
2012 2013 Var % 2014 Var % 2015 Var % 2016 Var % CAGR (%)
Operating Income 28,424,558 29,674,554 - 23,108,829 - 22,791,573 - 19,172,266 - -
Depreciation 1,928,186 1,514,657 -21.45 1,655,853 9.32 1,662,294 0.39 2,135,694 28.48 2.6
P.B.I.T. 26,496,372 28,159,897 - 21,452,976 - 21,129,279 - 17,036,572 - -
Interest Expense 503,355 24,476 - 502,643 - 899,115 - 480,047 - -
Adjustments Gain(Loss) 1,451,624 -10,340,249 - 5,760,015 - 5,068,990 - 44,985,816 - -
Pre-tax Profit 27,444,641 17,795,172 - 26,710,348 - 25,299,154 - 61,542,341 - -

Programming and Production (%)
2012 2013 Var % 2014 Var % 2015 Var % 2016 Var % CAGR (%)
Prog-Prod Expense / Expense Total 42.7 44.2 - 43.8 - 45.0 - 45.9 - -
Prog-Prod Expense / Revenue Total 31.8 32.1 - 34.1 - 35.1 - 36.7 - -

Staff
2012 2013 Var % 2014 Var % 2015 Var % 2016 Var % CAGR (%)
Total Remuneration ($) 42,391,826 41,843,614 -1.29 37,369,906 -10.69 39,159,725 4.79 35,418,629 -9.55 -4.4
Total Staff Count 390.5 404.5 3.60 364.1 -9.99 355.1 -2.47 313.0 -11.86 -
Avg Remuneration ($) 108,563 103,435 -4.72 102,634 -0.77 110,272 7.44 113,159 2.62 1.0
Avg Remuneration excl. Benefits ($) 98,473 93,726 -4.82 93,318 -0.43 101,140 8.38 103,768 2.60 1.3

Profitability (%)
2012 2013 Var % 2014 Var % 2015 Var % 2016 Var % CAGR (%)
Operating Margin 25.6 27.3 - 22.2 - 22.1 - 20.1 - -
P.B.I.T. Margin 23.9 25.9 - 20.6 - 20.5 - 17.8 - -
Pre-tax Margin 24.8 16.4 - 25.6 - 24.5 - 64.4 - -

CAGR = Compound Annual Growth Rate

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

Var = Variation

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