Designated Markets - Radio FM - Vancouver

Radio - Financial Summary 2012-2016

Table of Contents

Reporting Units
2012 2013 Var % 2014 Var % 2015 Var % 2016 Var % CAGR (%)
Reporting Units 11 11 - 11 - 11 - 11 - -

Revenue ($)
2012 2013 Var % 2014 Var % 2015 Var % 2016 Var % CAGR (%)
Local Time Sales 54,325,536 56,294,082 3.62 48,313,714 -14.18 48,774,514 0.95 45,033,599 -7.67 -4.6
National Time Sales 28,395,727 29,413,772 3.59 32,603,173 10.84 31,434,655 -3.58 31,027,518 -1.30 2.2
Syndication-Production 51,784 11,206 -78.36 12,895 15.07 13,331 3.38 395,366 n/a 66.2
Government/Corporate Grants 0 0 n/a 0 n/a 0 n/a 0 n/a n/a
Other Revenue 1,004,935 594,778 -40.81 932,980 56.86 821,687 -11.93 261,876 -68.13 -28.6
Total Revenue 83,777,982 86,313,838 3.03 81,862,762 -5.16 81,044,187 -1.00 76,718,359 -5.34 -2.2

Expenses ($)
2012 2013 Var % 2014 Var % 2015 Var % 2016 Var % CAGR (%)
Programming and Production 21,838,722 22,860,158 4.68 21,742,462 -4.89 22,689,246 4.35 21,957,552 -3.22 0.1
Technical 1,566,913 1,669,741 6.56 1,941,465 16.27 2,370,843 22.12 2,077,069 -12.39 7.3
Sales and Promotion 18,632,273 17,881,755 -4.03 18,204,401 1.80 18,700,908 2.73 16,453,132 -12.02 -3.1
Administration and General 13,833,635 13,506,080 -2.37 14,406,328 6.67 12,463,465 -13.49 13,544,393 8.67 -0.5
Total Expenses 55,871,543 55,917,734 0.08 56,294,656 0.67 56,224,462 -0.12 54,032,146 -3.90 -0.8

Performance ($)
2012 2013 Var % 2014 Var % 2015 Var % 2016 Var % CAGR (%)
Operating Income 27,906,439 30,396,104 - 25,568,106 - 24,819,725 - 22,686,213 - -
Depreciation 1,551,346 1,220,422 -21.33 1,384,700 13.46 1,318,526 -4.78 1,710,322 29.71 2.5
P.B.I.T. 26,355,093 29,175,682 - 24,183,406 - 23,501,199 - 20,975,891 - -
Interest Expense 585,761 24,061 - 439,452 - 819,150 - 480,546 - -
Adjustments Gain(Loss) -2,218,899 -11,670,519 - 1,114,611 - 2,443,633 - 24,047,275 - -
Pre-tax Profit 23,550,433 17,481,102 - 24,858,565 - 25,125,682 - 44,542,620 - -

Programming and Production (%)
2012 2013 Var % 2014 Var % 2015 Var % 2016 Var % CAGR (%)
Prog-Prod Expense / Expense Total 39.1 40.9 - 38.6 - 40.4 - 40.6 - -
Prog-Prod Expense / Revenue Total 26.1 26.5 - 26.6 - 28.0 - 28.6 - -

Staff
2012 2013 Var % 2014 Var % 2015 Var % 2016 Var % CAGR (%)
Total Remuneration ($) 27,324,773 27,435,856 0.41 23,529,158 -14.24 26,455,433 12.44 24,971,453 -5.61 -2.2
Total Staff Count 284.4 298.1 4.80 269.0 -9.76 267.2 -0.65 248.0 -7.20 -
Avg Remuneration ($) 96,079 92,051 -4.19 87,485 -4.96 99,006 13.17 100,699 1.71 1.2
Avg Remuneration excl. Benefits ($) 89,031 83,934 -5.73 79,689 -5.06 91,436 14.74 92,513 1.18 1.0

Profitability (%)
2012 2013 Var % 2014 Var % 2015 Var % 2016 Var % CAGR (%)
Operating Margin 33.3 35.2 - 31.2 - 30.6 - 29.6 - -
P.B.I.T. Margin 31.5 33.8 - 29.5 - 29.0 - 27.3 - -
Pre-tax Margin 28.1 20.3 - 30.4 - 31.0 - 58.1 - -

CAGR = Compound Annual Growth Rate

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

Var = Variation

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