Non-designated Markets - Radio FM - New Brunswick

Radio - Financial Summary 2012-2016

Table of Contents

Reporting Units
2012 2013 Var % 2014 Var % 2015 Var % 2016 Var % CAGR (%)
Reporting Units 11 13 - 14 - 14 - 14 - -

Revenue ($)
2012 2013 Var % 2014 Var % 2015 Var % 2016 Var % CAGR (%)
Local Time Sales 10,355,244 9,888,855 -4.50 10,031,090 1.44 9,366,024 -6.63 9,622,479 2.74 -1.8
National Time Sales 2,358,361 2,869,658 21.68 2,911,456 1.46 2,890,041 -0.74 2,908,302 0.63 5.4
Syndication-Production 140,919 113,495 -19.46 56,762 -49.99 37,873 -33.28 53,569 41.44 -21.5
Government/Corporate Grants 0 0 n/a 2,135 n/a 1,281 -40.00 4,313 236.69 n/a
Other Revenue 235,064 3,916 -98.33 36,232 825.23 61,315 69.23 76,449 24.68 -24.5
Total Revenue 13,089,588 12,875,924 -1.63 13,037,675 1.26 12,356,534 -5.22 12,665,112 2.50 -0.8

Expenses ($)
2012 2013 Var % 2014 Var % 2015 Var % 2016 Var % CAGR (%)
Programming and Production 3,095,656 3,507,259 13.30 3,694,541 5.34 3,677,104 -0.47 3,339,345 -9.19 1.9
Technical 520,163 514,564 -1.08 452,607 -12.04 452,912 0.07 504,364 11.36 -0.8
Sales and Promotion 3,054,785 3,193,830 4.55 3,450,078 8.02 3,386,666 -1.84 3,564,478 5.25 3.9
Administration and General 3,172,796 3,445,157 8.58 3,451,448 0.18 3,283,971 -4.85 3,763,565 14.60 4.4
Total Expenses 9,843,400 10,660,810 8.30 11,048,674 3.64 10,800,653 -2.24 11,171,752 3.44 3.2

Performance ($)
2012 2013 Var % 2014 Var % 2015 Var % 2016 Var % CAGR (%)
Operating Income 3,246,188 2,215,114 - 1,989,001 - 1,555,881 - 1,493,360 - -
Depreciation 699,657 277,207 -60.38 755,216 172.44 604,552 -19.95 484,139 -19.92 -8.8
P.B.I.T. 2,546,531 1,937,907 - 1,233,785 - 951,329 - 1,009,221 - -
Interest Expense 89,669 141,057 - 260,032 - 247,623 - 176,761 - -
Adjustments Gain(Loss) 148,226 -2,864,022 - -290,267 - -151,732 - -321,689 - -
Pre-tax Profit 2,605,088 -1,067,172 - 683,486 - 551,974 - 510,771 - -

Programming and Production (%)
2012 2013 Var % 2014 Var % 2015 Var % 2016 Var % CAGR (%)
Prog-Prod Expense / Expense Total 31.4 32.9 - 33.4 - 34.0 - 29.9 - -
Prog-Prod Expense / Revenue Total 23.6 27.2 - 28.3 - 29.8 - 26.4 - -

Staff
2012 2013 Var % 2014 Var % 2015 Var % 2016 Var % CAGR (%)
Total Remuneration ($) 5,358,452 6,242,248 16.49 6,201,739 -0.65 6,107,405 -1.52 5,983,242 -2.03 2.8
Total Staff Count 119.4 130.7 9.46 131.0 0.25 111.8 -14.65 112.2 0.34 -
Avg Remuneration ($) 44,878 47,760 6.42 47,331 -0.90 54,613 15.39 53,322 -2.36 4.4
Avg Remuneration excl. Benefits ($) 40,312 40,760 1.11 42,008 3.06 48,038 14.36 46,957 -2.25 3.9

Profitability (%)
2012 2013 Var % 2014 Var % 2015 Var % 2016 Var % CAGR (%)
Operating Margin 24.8 17.2 - 15.3 - 12.6 - 11.8 - -
P.B.I.T. Margin 19.5 15.1 - 9.5 - 7.7 - 8.0 - -
Pre-tax Margin 19.9 -8.3 - 5.2 - 4.5 - 4.0 - -

CAGR = Compound Annual Growth Rate

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

Var = Variation

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