Non-designated Markets - Radio AM - Manitoba

Radio - Financial Summary 2012-2016

Table of Contents

Reporting Units
2012 2013 Var % 2014 Var % 2015 Var % 2016 Var % CAGR (%)
Reporting Units 10 10 - 9 - 6 - 6 - -

Revenue ($)
2012 2013 Var % 2014 Var % 2015 Var % 2016 Var % CAGR (%)
Local Time Sales 7,354,284 7,327,171 -0.37 6,645,664 -9.30 4,854,702 -26.95 4,820,855 -0.70 -10.0
National Time Sales 3,947,708 4,258,768 7.88 3,969,294 -6.80 2,970,574 -25.16 2,829,757 -4.74 -8.0
Syndication-Production 205,145 199,144 -2.93 204,364 2.62 199,704 -2.28 195,273 -2.22 -1.2
Government/Corporate Grants 0 0 n/a 0 n/a 0 n/a 0 n/a n/a
Other Revenue 592 5,888 894.59 8,053 36.77 6,785 -15.75 4,829 -28.83 69.0
Total Revenue 11,507,729 11,790,971 2.46 10,827,375 -8.17 8,031,765 -25.82 7,850,714 -2.25 -9.1

Expenses ($)
2012 2013 Var % 2014 Var % 2015 Var % 2016 Var % CAGR (%)
Programming and Production 3,570,179 3,549,811 -0.57 3,281,312 -7.56 2,707,938 -17.47 2,647,708 -2.22 -7.2
Technical 208,105 254,165 22.13 252,410 -0.69 128,100 -49.25 194,406 51.76 -1.7
Sales and Promotion 2,242,837 2,478,050 10.49 2,142,898 -13.52 1,600,118 -25.33 1,595,625 -0.28 -8.2
Administration and General 5,147,087 5,331,751 3.59 4,662,313 -12.56 3,565,709 -23.52 3,493,698 -2.02 -9.2
Total Expenses 11,168,208 11,613,777 3.99 10,338,933 -10.98 8,001,865 -22.60 7,931,437 -0.88 -8.2

Performance ($)
2012 2013 Var % 2014 Var % 2015 Var % 2016 Var % CAGR (%)
Operating Income 339,521 177,194 - 488,442 - 29,900 - -80,723 - -
Depreciation 290,774 336,576 15.75 274,874 -18.33 183,801 -33.13 313,729 70.69 1.9
P.B.I.T. 48,747 -159,382 - 213,568 - -153,901 - -394,452 - -
Interest Expense 111 505 - 1,382 - 0 - 265 - -
Adjustments Gain(Loss) 31,181 46,257 - 61,885 - 45,440 - 10,832 - -
Pre-tax Profit 79,817 -113,630 - 274,071 - -108,461 - -383,885 - -

Programming and Production (%)
2012 2013 Var % 2014 Var % 2015 Var % 2016 Var % CAGR (%)
Prog-Prod Expense / Expense Total 32.0 30.6 - 31.7 - 33.8 - 33.4 - -
Prog-Prod Expense / Revenue Total 31.0 30.1 - 30.3 - 33.7 - 33.7 - -

Staff
2012 2013 Var % 2014 Var % 2015 Var % 2016 Var % CAGR (%)
Total Remuneration ($) 5,822,206 5,988,868 2.86 5,492,387 -8.29 4,139,232 -24.64 5,113,768 23.54 -3.2
Total Staff Count 144.0 143.8 -0.17 130.0 -9.57 107.4 -17.37 103.0 -4.11 -
Avg Remuneration ($) 40,432 41,662 3.04 42,249 1.41 38,533 -8.80 49,648 28.85 5.3
Avg Remuneration excl. Benefits ($) 35,619 36,772 3.24 37,302 1.44 33,679 -9.71 45,003 33.63 6.0

Profitability (%)
2012 2013 Var % 2014 Var % 2015 Var % 2016 Var % CAGR (%)
Operating Margin 3.0 1.5 - 4.5 - 0.4 - -1.0 - -
P.B.I.T. Margin 0.4 -1.4 - 2.0 - -1.9 - -5.0 - -
Pre-tax Margin 0.7 -1.0 - 2.5 - -1.4 - -4.9 - -

CAGR = Compound Annual Growth Rate

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

Var = Variation

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