Non-designated Markets - Manitoba - Total

Radio - Financial Summary 2012-2016

Table of Contents

Reporting Units
2012 2013 Var % 2014 Var % 2015 Var % 2016 Var % CAGR (%)
Reporting Units 19 19 - 20 - 22 - 22 - -

Revenue ($)
2012 2013 Var % 2014 Var % 2015 Var % 2016 Var % CAGR (%)
Local Time Sales 12,960,490 12,935,761 -0.19 12,984,421 0.38 13,216,380 1.79 13,422,155 1.56 0.9
National Time Sales 5,226,022 5,878,216 12.48 5,922,058 0.75 5,584,769 -5.70 5,428,447 -2.80 1.0
Syndication-Production 324,280 325,548 0.39 333,854 2.55 326,274 -2.27 345,435 5.87 1.6
Government/Corporate Grants 0 0 n/a 0 n/a 0 n/a 0 n/a n/a
Other Revenue 127,260 6,179 -95.14 13,940 125.60 29,456 111.31 9,662 -67.20 -47.5
Total Revenue 18,638,052 19,145,704 2.72 19,254,273 0.57 19,156,879 -0.51 19,205,699 0.25 0.8

Expenses ($)
2012 2013 Var % 2014 Var % 2015 Var % 2016 Var % CAGR (%)
Programming and Production 4,802,336 4,882,170 1.66 4,924,630 0.87 5,128,623 4.14 4,942,862 -3.62 0.7
Technical 403,575 470,592 16.61 425,418 -9.60 441,052 3.67 604,530 37.07 10.6
Sales and Promotion 4,030,465 4,233,003 5.03 4,179,161 -1.27 4,173,061 -0.15 4,357,429 4.42 2.0
Administration and General 7,155,240 7,445,987 4.06 7,205,825 -3.23 7,211,890 0.08 7,580,816 5.12 1.5
Total Expenses 16,391,616 17,031,752 3.91 16,735,034 -1.74 16,954,626 1.31 17,485,637 3.13 1.6

Performance ($)
2012 2013 Var % 2014 Var % 2015 Var % 2016 Var % CAGR (%)
Operating Income 2,246,436 2,113,952 - 2,519,239 - 2,202,253 - 1,720,062 - -
Depreciation 459,915 447,061 -2.79 614,828 37.53 589,847 -4.06 693,345 17.55 10.8
P.B.I.T. 1,786,521 1,666,891 - 1,904,411 - 1,612,406 - 1,026,717 - -
Interest Expense 35,901 33,769 - 45,761 - 22,631 - 18,357 - -
Adjustments Gain(Loss) 75,908 -883,679 - -56,663 - -3,998 - -100,555 - -
Pre-tax Profit 1,826,528 749,443 - 1,801,987 - 1,585,777 - 907,805 - -

Programming and Production (%)
2012 2013 Var % 2014 Var % 2015 Var % 2016 Var % CAGR (%)
Prog-Prod Expense / Expense Total 29.3 28.7 - 29.4 - 30.2 - 28.3 - -
Prog-Prod Expense / Revenue Total 25.8 25.5 - 25.6 - 26.8 - 25.7 - -

Staff
2012 2013 Var % 2014 Var % 2015 Var % 2016 Var % CAGR (%)
Total Remuneration ($) 8,316,724 8,478,436 1.94 8,318,726 -1.88 8,565,458 2.97 10,937,635 27.69 7.1
Total Staff Count 195.8 200.8 2.55 196.0 -2.37 205.3 4.75 198.5 -3.32 -
Avg Remuneration ($) 42,486 42,234 -0.59 42,442 0.49 41,720 -1.70 55,104 32.08 6.7
Avg Remuneration excl. Benefits ($) 37,508 37,293 -0.57 37,641 0.93 37,163 -1.27 50,347 35.48 7.6

Profitability (%)
2012 2013 Var % 2014 Var % 2015 Var % 2016 Var % CAGR (%)
Operating Margin 12.1 11.0 - 13.1 - 11.5 - 9.0 - -
P.B.I.T. Margin 9.6 8.7 - 9.9 - 8.4 - 5.3 - -
Pre-tax Margin 9.8 3.9 - 9.4 - 8.3 - 4.7 - -

CAGR = Compound Annual Growth Rate

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

Var = Variation

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