Non-designated Markets - Radio AM - Ontario

Radio - Financial Summary 2012-2016

Table of Contents

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

Revenue ($)
2012 2013 Var % 2014 Var % 2015 Var % 2016 Var % CAGR (%)
Local Time Sales 6,123,717 6,035,953 -1.43 6,360,196 5.37 6,230,016 -2.05 6,118,296 -1.79 0.0
National Time Sales 408,413 408,900 0.12 609,115 48.96 604,183 -0.81 693,776 14.83 14.2
Syndication-Production 0 0 n/a 0 n/a 0 n/a 0 n/a n/a
Government/Corporate Grants 0 0 n/a 0 n/a 0 n/a 0 n/a n/a
Other Revenue 21,474 24,920 16.05 70,652 183.52 167,664 137.31 177,628 5.94 69.6
Total Revenue 6,553,604 6,469,773 -1.28 7,039,963 8.81 7,001,863 -0.54 6,989,700 -0.17 1.6

Expenses ($)
2012 2013 Var % 2014 Var % 2015 Var % 2016 Var % CAGR (%)
Programming and Production 3,027,710 2,842,062 -6.13 2,845,852 0.13 2,788,021 -2.03 2,878,062 3.23 -1.3
Technical 524,179 541,807 3.36 626,276 15.59 625,309 -0.15 646,201 3.34 5.4
Sales and Promotion 2,083,834 2,040,965 -2.06 2,248,746 10.18 2,174,856 -3.29 2,065,989 -5.01 -0.2
Administration and General 1,964,894 1,803,921 -8.19 1,941,494 7.63 2,017,356 3.91 1,880,677 -6.78 -1.1
Total Expenses 7,600,617 7,228,755 -4.89 7,662,368 6.00 7,605,542 -0.74 7,470,929 -1.77 -0.4

Performance ($)
2012 2013 Var % 2014 Var % 2015 Var % 2016 Var % CAGR (%)
Operating Income -1,047,013 -758,982 - -622,405 - -603,679 - -481,229 - -
Depreciation 440,173 440,427 0.06 430,033 -2.36 445,127 3.51 445,781 0.15 0.3
P.B.I.T. -1,487,186 -1,199,409 - -1,052,438 - -1,048,806 - -927,010 - -
Interest Expense 86,026 67,307 - 65,375 - 45,727 - 60,617 - -
Adjustments Gain(Loss) -91,930 319,014 - -308,473 - 60,377 - 21,545 - -
Pre-tax Profit -1,665,142 -947,702 - -1,426,286 - -1,034,156 - -966,082 - -

Programming and Production (%)
2012 2013 Var % 2014 Var % 2015 Var % 2016 Var % CAGR (%)
Prog-Prod Expense / Expense Total 39.8 39.3 - 37.1 - 36.7 - 38.5 - -
Prog-Prod Expense / Revenue Total 46.2 43.9 - 40.4 - 39.8 - 41.2 - -

Staff
2012 2013 Var % 2014 Var % 2015 Var % 2016 Var % CAGR (%)
Total Remuneration ($) 4,858,537 4,740,947 -2.42 4,866,054 2.64 4,840,556 -0.52 4,759,464 -1.68 -0.5
Total Staff Count 110.0 90.9 -17.38 91.3 0.42 84.6 -7.33 79.5 -6.03 -
Avg Remuneration ($) 44,160 52,156 18.10 53,309 2.21 57,224 7.34 59,875 4.63 7.9
Avg Remuneration excl. Benefits ($) 39,758 46,987 18.18 47,998 2.15 51,732 7.78 54,182 4.74 8.1

Profitability (%)
2012 2013 Var % 2014 Var % 2015 Var % 2016 Var % CAGR (%)
Operating Margin -16.0 -11.7 - -8.8 - -8.6 - -6.9 - -
P.B.I.T. Margin -22.7 -18.5 - -14.9 - -15.0 - -13.3 - -
Pre-tax Margin -25.4 -14.6 - -20.3 - -14.8 - -13.8 - -

CAGR = Compound Annual Growth Rate

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

Var = Variation

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