Non-designated Markets - Radio FM - Manitoba

Radio - Financial Summary 2012-2016

Table of Contents

Reporting Units
2012 2013 Var % 2014 Var % 2015 Var % 2016 Var % CAGR (%)
Reporting Units 9 9 - 11 - 16 - 16 - -

Revenue ($)
2012 2013 Var % 2014 Var % 2015 Var % 2016 Var % CAGR (%)
Local Time Sales 5,606,206 5,608,590 0.04 6,338,757 13.02 8,361,678 31.91 8,601,300 2.87 11.3
National Time Sales 1,278,314 1,619,448 26.69 1,952,764 20.58 2,614,195 33.87 2,598,690 -0.59 19.4
Syndication-Production 119,135 126,404 6.10 129,490 2.44 126,570 -2.26 150,162 18.64 6.0
Government/Corporate Grants 0 0 n/a 0 n/a 0 n/a 0 n/a n/a
Other Revenue 126,668 291 -99.77 5,887 n/a 22,671 285.10 4,833 -78.68 -55.8
Total Revenue 7,130,323 7,354,733 3.15 8,426,898 14.58 11,125,114 32.02 11,354,985 2.07 12.3

Expenses ($)
2012 2013 Var % 2014 Var % 2015 Var % 2016 Var % CAGR (%)
Programming and Production 1,232,157 1,332,359 8.13 1,643,318 23.34 2,420,685 47.30 2,295,154 -5.19 16.8
Technical 195,470 216,427 10.72 173,008 -20.06 312,952 80.89 410,124 31.05 20.4
Sales and Promotion 1,787,628 1,754,953 -1.83 2,036,263 16.03 2,572,943 26.36 2,761,804 7.34 11.5
Administration and General 2,008,153 2,114,236 5.28 2,543,512 20.30 3,646,181 43.35 4,087,118 12.09 19.4
Total Expenses 5,223,408 5,417,975 3.72 6,396,101 18.05 8,952,761 39.97 9,554,200 6.72 16.3

Performance ($)
2012 2013 Var % 2014 Var % 2015 Var % 2016 Var % CAGR (%)
Operating Income 1,906,915 1,936,758 - 2,030,797 - 2,172,353 - 1,800,785 - -
Depreciation 169,141 110,485 -34.68 339,954 207.69 406,046 19.44 379,616 -6.51 22.4
P.B.I.T. 1,737,774 1,826,273 - 1,690,843 - 1,766,307 - 1,421,169 - -
Interest Expense 35,790 33,264 - 44,379 - 22,631 - 18,092 - -
Adjustments Gain(Loss) 44,727 -929,936 - -118,548 - -49,438 - -111,387 - -
Pre-tax Profit 1,746,711 863,073 - 1,527,916 - 1,694,238 - 1,291,690 - -

Programming and Production (%)
2012 2013 Var % 2014 Var % 2015 Var % 2016 Var % CAGR (%)
Prog-Prod Expense / Expense Total 23.6 24.6 - 25.7 - 27.0 - 24.0 - -
Prog-Prod Expense / Revenue Total 17.3 18.1 - 19.5 - 21.8 - 20.2 - -

Staff
2012 2013 Var % 2014 Var % 2015 Var % 2016 Var % CAGR (%)
Total Remuneration ($) 2,494,518 2,489,568 -0.20 2,826,339 13.53 4,426,226 56.61 5,823,867 31.58 23.6
Total Staff Count 51.8 57.0 10.14 66.0 15.79 97.9 48.32 95.5 -2.45 -
Avg Remuneration ($) 48,203 43,677 -9.39 42,823 -1.95 45,216 5.59 60,989 34.88 6.1
Avg Remuneration excl. Benefits ($) 42,765 38,607 -9.72 38,309 -0.77 40,987 6.99 56,112 36.90 7.0

Profitability (%)
2012 2013 Var % 2014 Var % 2015 Var % 2016 Var % CAGR (%)
Operating Margin 26.7 26.3 - 24.1 - 19.5 - 15.9 - -
P.B.I.T. Margin 24.4 24.8 - 20.1 - 15.9 - 12.5 - -
Pre-tax Margin 24.5 11.7 - 18.1 - 15.2 - 11.4 - -

CAGR = Compound Annual Growth Rate

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

Var = Variation

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