Designated Markets - Radio FM - Winnipeg

Radio - Financial Summary 2012-2016

Table of Contents

Reporting Units
2012 2013 Var % 2014 Var % 2015 Var % 2016 Var % CAGR (%)
Reporting Units 12 12 - 12 - 12 - 12 - -

Revenue ($)
2012 2013 Var % 2014 Var % 2015 Var % 2016 Var % CAGR (%)
Local Time Sales 22,860,172 21,925,398 -4.09 21,685,822 -1.09 22,813,112 5.20 21,182,929 -7.15 -1.9
National Time Sales 6,567,357 7,561,604 15.14 7,041,293 -6.88 7,165,804 1.77 6,366,031 -11.16 -0.8
Syndication-Production 26,723 0 n/a 27,870 n/a 115,544 314.58 179,902 55.70 61.1
Government/Corporate Grants 0 0 n/a 0 n/a 0 n/a 0 n/a n/a
Other Revenue 567,855 191,620 -66.26 311,885 62.76 432,103 38.55 420,940 -2.58 -7.2
Total Revenue 30,022,107 29,678,622 -1.14 29,066,870 -2.06 30,526,563 5.02 28,149,802 -7.79 -1.6

Expenses ($)
2012 2013 Var % 2014 Var % 2015 Var % 2016 Var % CAGR (%)
Programming and Production 7,969,453 8,675,055 8.85 9,265,275 6.80 9,368,453 1.11 9,375,467 0.07 4.2
Technical 981,576 976,094 -0.56 1,072,985 9.93 1,183,440 10.29 1,080,902 -8.66 2.4
Sales and Promotion 8,148,743 7,607,877 -6.64 6,750,195 -11.27 8,025,423 18.89 7,463,470 -7.00 -2.2
Administration and General 5,642,208 6,007,687 6.48 6,094,426 1.44 5,737,988 -5.85 5,613,162 -2.18 -0.1
Total Expenses 22,741,980 23,266,713 2.31 23,182,881 -0.36 24,315,304 4.88 23,533,001 -3.22 0.9

Performance ($)
2012 2013 Var % 2014 Var % 2015 Var % 2016 Var % CAGR (%)
Operating Income 7,280,127 6,411,909 - 5,883,989 - 6,211,259 - 4,616,801 - -
Depreciation 757,925 607,547 -19.84 808,070 33.01 698,825 -13.52 796,891 14.03 1.3
P.B.I.T. 6,522,202 5,804,362 - 5,075,919 - 5,512,434 - 3,819,910 - -
Interest Expense -3,791 19,415 - 139,764 - 81,802 - 9,286 - -
Adjustments Gain(Loss) 1,904,896 -1,541,708 - 2,079,390 - 733,250 - 5,759,305 - -
Pre-tax Profit 8,430,889 4,243,239 - 7,015,545 - 6,163,882 - 9,569,929 - -

Programming and Production (%)
2012 2013 Var % 2014 Var % 2015 Var % 2016 Var % CAGR (%)
Prog-Prod Expense / Expense Total 35.0 37.3 - 40.0 - 38.5 - 39.8 - -
Prog-Prod Expense / Revenue Total 26.5 29.2 - 31.9 - 30.7 - 33.3 - -

Staff
2012 2013 Var % 2014 Var % 2015 Var % 2016 Var % CAGR (%)
Total Remuneration ($) 12,380,561 12,508,477 1.03 11,935,917 -4.58 12,149,035 1.79 12,689,310 4.45 0.6
Total Staff Count 183.7 178.0 -3.11 182.8 2.67 189.7 3.82 167.1 -11.95 -
Avg Remuneration ($) 67,392 70,272 4.27 65,313 -7.06 64,033 -1.96 75,961 18.63 3.0
Avg Remuneration excl. Benefits ($) 59,784 62,226 4.09 59,572 -4.27 58,252 -2.22 69,363 19.07 3.8

Profitability (%)
2012 2013 Var % 2014 Var % 2015 Var % 2016 Var % CAGR (%)
Operating Margin 24.2 21.6 - 20.2 - 20.3 - 16.4 - -
P.B.I.T. Margin 21.7 19.6 - 17.5 - 18.1 - 13.6 - -
Pre-tax Margin 28.1 14.3 - 24.1 - 20.2 - 34.0 - -

CAGR = Compound Annual Growth Rate

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

Var = Variation

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