Designated Markets - Radio AM - Vancouver

Radio - Financial Summary 2012-2016

Table of Contents

Reporting Units
2012 2013 Var % 2014 Var % 2015 Var % 2016 Var % CAGR (%)
Reporting Units 9 9 - 9 - 9 - 9 - -

Revenue ($)
2012 2013 Var % 2014 Var % 2015 Var % 2016 Var % CAGR (%)
Local Time Sales 32,963,194 30,468,295 -7.57 29,162,513 -4.29 28,195,582 -3.32 25,154,776 -10.78 -6.5
National Time Sales 6,853,081 5,049,293 -26.32 5,417,169 7.29 6,296,492 16.23 6,825,214 8.40 -0.1
Syndication-Production 38,082 23,976 -37.04 54,591 127.69 40,020 -26.69 339,797 749.07 72.8
Government/Corporate Grants 0 0 n/a 0 n/a 0 n/a 0 n/a n/a
Other Revenue 2,423,941 2,152,293 -11.21 2,330,508 8.28 2,227,830 -4.41 1,844,685 -17.20 -6.6
Total Revenue 42,278,298 37,693,857 -10.84 36,964,781 -1.93 36,759,924 -0.55 34,164,472 -7.06 -5.2

Expenses ($)
2012 2013 Var % 2014 Var % 2015 Var % 2016 Var % CAGR (%)
Programming and Production 19,167,929 17,994,988 -6.12 19,349,453 7.53 19,305,628 -0.23 19,144,195 -0.84 0.0
Technical 1,425,029 1,496,552 5.02 1,575,885 5.30 1,333,038 -15.41 1,234,980 -7.36 -3.5
Sales and Promotion 9,956,010 8,884,847 -10.76 8,620,720 -2.97 8,697,113 0.89 7,200,313 -17.21 -7.8
Administration and General 8,718,920 8,112,730 -6.95 7,741,562 -4.58 7,340,377 -5.18 7,560,793 3.00 -3.5
Total Expenses 39,267,888 36,489,117 -7.08 37,287,620 2.19 36,676,156 -1.64 35,140,281 -4.19 -2.7

Performance ($)
2012 2013 Var % 2014 Var % 2015 Var % 2016 Var % CAGR (%)
Operating Income 3,010,410 1,204,740 - -322,839 - 83,768 - -975,809 - -
Depreciation 610,954 528,623 -13.48 545,389 3.17 588,515 7.91 652,793 10.92 1.7
P.B.I.T. 2,399,456 676,117 - -868,228 - -504,747 - -1,628,602 - -
Interest Expense 15,710 192,414 - 217,205 - 194,988 - 138,372 - -
Adjustments Gain(Loss) 3,730,932 1,378,828 - 4,718,232 - 2,881,659 - 21,084,550 - -
Pre-tax Profit 6,114,678 1,862,531 - 3,632,799 - 2,181,924 - 19,317,576 - -

Programming and Production (%)
2012 2013 Var % 2014 Var % 2015 Var % 2016 Var % CAGR (%)
Prog-Prod Expense / Expense Total 48.8 49.3 - 51.9 - 52.6 - 54.5 - -
Prog-Prod Expense / Revenue Total 45.3 47.7 - 52.3 - 52.5 - 56.0 - -

Staff
2012 2013 Var % 2014 Var % 2015 Var % 2016 Var % CAGR (%)
Total Remuneration ($) 21,006,377 20,640,204 -1.74 19,657,501 -4.76 18,514,757 -5.81 16,586,582 -10.41 -5.7
Total Staff Count 288.1 290.5 0.84 276.2 -4.93 251.9 -8.78 232.0 -7.90 -
Avg Remuneration ($) 72,919 71,053 -2.56 71,182 0.18 73,498 3.25 71,488 -2.73 -0.5
Avg Remuneration excl. Benefits ($) 64,918 64,548 -0.57 64,831 0.44 66,896 3.19 65,078 -2.72 0.1

Profitability (%)
2012 2013 Var % 2014 Var % 2015 Var % 2016 Var % CAGR (%)
Operating Margin 7.1 3.2 - -0.9 - 0.2 - -2.9 - -
P.B.I.T. Margin 5.7 1.8 - -2.3 - -1.4 - -4.8 - -
Pre-tax Margin 14.5 4.9 - 9.8 - 5.9 - 56.5 - -

CAGR = Compound Annual Growth Rate

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

Var = Variation

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