Designated Markets - Radio AM / FM - Vancouver - Ethnic

Radio - Financial Summary 2012-2016

Table of Contents

Reporting Units
2012 2013 Var % 2014 Var % 2015 Var % 2016 Var % CAGR (%)
Reporting Units 5 5 - 5 - 5 - 5 - -

Revenue ($)
2012 2013 Var % 2014 Var % 2015 Var % 2016 Var % CAGR (%)
Local Time Sales 12,320,798 12,430,094 0.89 12,227,254 -1.63 12,179,859 -0.39 12,879,822 5.75 1.1
National Time Sales 1,738,113 1,539,607 -11.42 1,300,119 -15.56 1,239,687 -4.65 1,137,952 -8.21 -10.1
Syndication-Production 53,363 34,920 -34.56 67,486 93.26 53,351 -20.95 61,473 15.22 3.6
Government/Corporate Grants 0 0 n/a 0 n/a 0 n/a 0 n/a n/a
Other Revenue 1,070,989 1,224,211 14.31 1,083,270 -11.51 1,099,478 1.50 1,217,540 10.74 3.3
Total Revenue 15,183,263 15,228,832 0.30 14,678,129 -3.62 14,572,375 -0.72 15,296,787 4.97 0.2

Expenses ($)
2012 2013 Var % 2014 Var % 2015 Var % 2016 Var % CAGR (%)
Programming and Production 5,802,026 5,893,569 1.58 5,613,150 -4.76 5,787,262 3.10 6,014,466 3.93 0.9
Technical 621,869 706,677 13.64 769,147 8.84 727,600 -5.40 654,775 -10.01 1.3
Sales and Promotion 2,716,381 2,793,947 2.86 2,236,690 -19.95 2,294,057 2.56 2,485,525 8.35 -2.2
Administration and General 3,550,696 3,908,349 10.07 3,922,704 0.37 3,651,536 -6.91 3,603,883 -1.31 0.4
Total Expenses 12,690,972 13,302,542 4.82 12,541,691 -5.72 12,460,455 -0.65 12,758,649 2.39 0.1

Performance ($)
2012 2013 Var % 2014 Var % 2015 Var % 2016 Var % CAGR (%)
Operating Income 2,492,291 1,926,290 - 2,136,438 - 2,111,920 - 2,538,138 - -
Depreciation 234,114 234,388 0.12 274,236 17.00 244,747 -10.75 227,421 -7.08 -0.7
P.B.I.T. 2,258,177 1,691,902 - 1,862,202 - 1,867,173 - 2,310,717 - -
Interest Expense 98,116 191,999 - 154,014 - 115,023 - 138,871 - -
Adjustments Gain(Loss) 60,409 48,558 - 72,828 - 256,302 - 146,009 - -
Pre-tax Profit 2,220,470 1,548,461 - 1,781,016 - 2,008,452 - 2,317,855 - -

Programming and Production (%)
2012 2013 Var % 2014 Var % 2015 Var % 2016 Var % CAGR (%)
Prog-Prod Expense / Expense Total 45.7 44.3 - 44.8 - 46.4 - 47.1 - -
Prog-Prod Expense / Revenue Total 38.2 38.7 - 38.2 - 39.7 - 39.3 - -

Staff
2012 2013 Var % 2014 Var % 2015 Var % 2016 Var % CAGR (%)
Total Remuneration ($) 5,939,324 6,232,446 4.94 5,816,753 -6.67 5,810,465 -0.11 6,139,406 5.66 0.8
Total Staff Count 182.0 184.0 1.10 181.0 -1.63 164.0 -9.39 167.0 1.83 -
Avg Remuneration ($) 32,634 33,872 3.79 32,137 -5.12 35,430 10.25 36,763 3.76 3.0
Avg Remuneration excl. Benefits ($) 30,606 31,800 3.90 29,602 -6.91 32,730 10.57 33,302 1.75 2.1

Profitability (%)
2012 2013 Var % 2014 Var % 2015 Var % 2016 Var % CAGR (%)
Operating Margin 16.4 12.6 - 14.6 - 14.5 - 16.6 - -
P.B.I.T. Margin 14.9 11.1 - 12.7 - 12.8 - 15.1 - -
Pre-tax Margin 14.6 10.2 - 12.1 - 13.8 - 15.2 - -

CAGR = Compound Annual Growth Rate

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

Var = Variation

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