Designated Markets - Radio AM / FM - Windsor-Chatham

Radio - Financial Summary 2012-2016

Table of Contents

Reporting Units
2012 2013 Var % 2014 Var % 2015 Var % 2016 Var % CAGR (%)
Reporting Units 9 10 - 10 - 10 - 10 - -

Revenue ($)
2012 2013 Var % 2014 Var % 2015 Var % 2016 Var % CAGR (%)
Local Time Sales 14,478,643 14,662,491 1.27 12,979,744 -11.48 11,979,293 -7.71 12,288,701 2.58 -4.0
National Time Sales 5,964,060 6,172,623 3.50 6,687,058 8.33 6,342,826 -5.15 7,288,288 14.91 5.1
Syndication-Production 0 0 n/a 0 n/a 25,158 n/a 533,264 n/a n/a
Government/Corporate Grants 0 0 n/a 0 n/a 0 n/a 0 n/a n/a
Other Revenue 348,191 305,421 -12.28 350,674 14.82 116,901 -66.66 90,543 -22.55 -28.6
Total Revenue 20,790,894 21,140,535 1.68 20,017,476 -5.31 18,464,178 -7.76 20,200,796 9.41 -0.7

Expenses ($)
2012 2013 Var % 2014 Var % 2015 Var % 2016 Var % CAGR (%)
Programming and Production 5,791,384 6,212,383 7.27 5,805,299 -6.55 5,985,277 3.10 5,797,790 -3.13 0.0
Technical 810,289 796,399 -1.71 702,204 -11.83 806,196 14.81 813,547 0.91 0.1
Sales and Promotion 7,049,329 6,445,825 -8.56 6,886,114 6.83 5,921,324 -14.01 6,084,301 2.75 -3.6
Administration and General 3,547,042 4,147,732 16.93 3,309,772 -20.20 3,286,827 -0.69 3,660,624 11.37 0.8
Total Expenses 17,198,044 17,602,339 2.35 16,703,389 -5.11 15,999,624 -4.21 16,356,262 2.23 -1.3

Performance ($)
2012 2013 Var % 2014 Var % 2015 Var % 2016 Var % CAGR (%)
Operating Income 3,592,850 3,538,196 - 3,314,087 - 2,464,554 - 3,844,534 - -
Depreciation 771,025 647,284 -16.05 476,394 -26.40 556,651 16.85 674,690 21.21 -3.3
P.B.I.T. 2,821,825 2,890,912 - 2,837,693 - 1,907,903 - 3,169,844 - -
Interest Expense 17,657 6,870 - 9,521 - 17,689 - 23,248 - -
Adjustments Gain(Loss) -618,740 -4,308,874 - 290,077 - -174,029 - -174,445 - -
Pre-tax Profit 2,185,428 -1,424,832 - 3,118,249 - 1,716,185 - 2,972,151 - -

Programming and Production (%)
2012 2013 Var % 2014 Var % 2015 Var % 2016 Var % CAGR (%)
Prog-Prod Expense / Expense Total 33.7 35.3 - 34.8 - 37.4 - 35.4 - -
Prog-Prod Expense / Revenue Total 27.9 29.4 - 29.0 - 32.4 - 28.7 - -

Staff
2012 2013 Var % 2014 Var % 2015 Var % 2016 Var % CAGR (%)
Total Remuneration ($) 9,524,701 8,808,616 -7.52 8,568,715 -2.72 8,555,600 -0.15 7,983,270 -6.69 -4.3
Total Staff Count 147.0 141.3 -3.87 138.6 -1.93 132.7 -4.26 119.3 -10.13 -
Avg Remuneration ($) 64,785 62,327 -3.79 61,823 -0.81 64,473 4.29 66,940 3.83 0.8
Avg Remuneration excl. Benefits ($) 58,341 56,646 -2.90 56,386 -0.46 58,374 3.53 60,566 3.76 0.9

Profitability (%)
2012 2013 Var % 2014 Var % 2015 Var % 2016 Var % CAGR (%)
Operating Margin 17.3 16.7 - 16.6 - 13.3 - 19.0 - -
P.B.I.T. Margin 13.6 13.7 - 14.2 - 10.3 - 15.7 - -
Pre-tax Margin 10.5 -6.7 - 15.6 - 9.3 - 14.7 - -

CAGR = Compound Annual Growth Rate

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

Var = Variation

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