Non-designated Markets - Radio AM / FM - Newfoundland and Labrador, Nova Scotia and Prince Edward Island

Radio - Financial Summary 2012-2016

Table of Contents

Reporting Units
2012 2013 Var % 2014 Var % 2015 Var % 2016 Var % CAGR (%)
Reporting Units 37 37 - 38 - 38 - 39 - -

Revenue ($)
2012 2013 Var % 2014 Var % 2015 Var % 2016 Var % CAGR (%)
Local Time Sales 30,138,195 28,840,137 -4.31 28,286,174 -1.92 27,597,656 -2.43 27,245,573 -1.28 -2.5
National Time Sales 6,162,511 7,132,685 15.74 7,245,230 1.58 6,699,599 -7.53 6,140,358 -8.35 -0.1
Syndication-Production 26,647 1,494 -94.39 10,763 620.41 4,228 -60.72 7,114 68.26 -28.1
Government/Corporate Grants 0 0 n/a 0 n/a 0 n/a 0 n/a n/a
Other Revenue 132,284 100,203 -24.25 67,110 -33.03 101,082 50.62 85,942 -14.98 -10.2
Total Revenue 36,459,637 36,074,519 -1.06 35,609,277 -1.29 34,402,565 -3.39 33,478,987 -2.68 -2.1

Expenses ($)
2012 2013 Var % 2014 Var % 2015 Var % 2016 Var % CAGR (%)
Programming and Production 8,249,710 8,279,827 0.37 8,376,833 1.17 8,087,033 -3.46 7,545,973 -6.69 -2.2
Technical 1,480,285 1,458,015 -1.50 1,477,221 1.32 1,399,465 -5.26 1,362,308 -2.66 -2.1
Sales and Promotion 6,642,082 6,424,015 -3.28 6,413,425 -0.16 6,308,449 -1.64 6,344,449 0.57 -1.1
Administration and General 10,788,080 10,420,256 -3.41 9,487,468 -8.95 8,722,772 -8.06 8,603,965 -1.36 -5.5
Total Expenses 27,160,157 26,582,113 -2.13 25,754,947 -3.11 24,517,719 -4.80 23,856,695 -2.70 -3.2

Performance ($)
2012 2013 Var % 2014 Var % 2015 Var % 2016 Var % CAGR (%)
Operating Income 9,299,480 9,492,406 - 9,854,330 - 9,884,846 - 9,622,292 - -
Depreciation 1,400,754 1,368,319 -2.32 1,514,397 10.68 1,604,290 5.94 1,345,574 -16.13 -1.0
P.B.I.T. 7,898,726 8,124,087 - 8,339,933 - 8,280,556 - 8,276,718 - -
Interest Expense 528,639 430,950 - 700,039 - 838,588 - 636,949 - -
Adjustments Gain(Loss) 291,713 -713,404 - 77,516 - 559,252 - 215,274 - -
Pre-tax Profit 7,661,800 6,979,733 - 7,717,410 - 8,001,220 - 7,855,043 - -

Programming and Production (%)
2012 2013 Var % 2014 Var % 2015 Var % 2016 Var % CAGR (%)
Prog-Prod Expense / Expense Total 30.4 31.1 - 32.5 - 33.0 - 31.6 - -
Prog-Prod Expense / Revenue Total 22.6 23.0 - 23.5 - 23.5 - 22.5 - -

Staff
2012 2013 Var % 2014 Var % 2015 Var % 2016 Var % CAGR (%)
Total Remuneration ($) 15,553,570 15,581,974 0.18 14,842,649 -4.74 13,767,049 -7.25 13,055,666 -5.17 -4.3
Total Staff Count 317.3 309.4 -2.49 315.9 2.10 296.0 -6.28 273.8 -7.53 -
Avg Remuneration ($) 49,023 50,367 2.74 46,988 -6.71 46,506 -1.03 47,692 2.55 -0.7
Avg Remuneration excl. Benefits ($) 44,197 45,433 2.80 42,011 -7.53 41,516 -1.18 42,578 2.56 -0.9

Profitability (%)
2012 2013 Var % 2014 Var % 2015 Var % 2016 Var % CAGR (%)
Operating Margin 25.5 26.3 - 27.7 - 28.7 - 28.7 - -
P.B.I.T. Margin 21.7 22.5 - 23.4 - 24.1 - 24.7 - -
Pre-tax Margin 21.0 19.3 - 21.7 - 23.3 - 23.5 - -

CAGR = Compound Annual Growth Rate

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

Var = Variation

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