Non-designated Markets - Alberta - Total

Radio - Financial Summary 2012-2016

Table of Contents

Reporting Units
2012 2013 Var % 2014 Var % 2015 Var % 2016 Var % CAGR (%)
Reporting Units 46 47 - 48 - 48 - 48 - -

Revenue ($)
2012 2013 Var % 2014 Var % 2015 Var % 2016 Var % CAGR (%)
Local Time Sales 31,887,577 33,858,770 6.18 35,620,303 5.20 38,071,011 6.88 32,486,870 -14.67 0.5
National Time Sales 12,736,099 14,090,700 10.64 13,598,554 -3.49 10,321,664 -24.10 8,670,963 -15.99 -9.2
Syndication-Production 9,870 11,530 16.82 7,471 -35.20 13,768 84.29 8,688 -36.90 -3.1
Government/Corporate Grants 72,238 126,097 74.56 67,000 -46.87 117,265 75.02 94,655 -19.28 n/a
Other Revenue 4,586,030 4,163,026 -9.22 4,499,470 8.08 4,564,850 1.45 4,469,502 -2.09 -0.6
Total Revenue 49,291,814 52,250,123 6.00 53,792,798 2.95 53,088,558 -1.31 45,730,678 -13.86 -1.9

Expenses ($)
2012 2013 Var % 2014 Var % 2015 Var % 2016 Var % CAGR (%)
Programming and Production 11,779,914 12,166,775 3.28 13,004,051 6.88 12,648,083 -2.74 11,742,071 -7.16 -0.1
Technical 3,046,297 3,069,354 0.76 3,002,638 -2.17 3,038,197 1.18 2,760,226 -9.15 -2.4
Sales and Promotion 10,463,993 10,945,468 4.60 10,892,074 -0.49 10,569,937 -2.96 10,574,823 0.05 0.3
Administration and General 14,271,823 14,565,545 2.06 14,780,267 1.47 14,219,744 -3.79 14,026,848 -1.36 -0.4
Total Expenses 39,562,027 40,747,142 3.00 41,679,030 2.29 40,475,961 -2.89 39,103,968 -3.39 -0.3

Performance ($)
2012 2013 Var % 2014 Var % 2015 Var % 2016 Var % CAGR (%)
Operating Income 9,729,787 11,502,981 - 12,113,768 - 12,612,597 - 6,626,710 - -
Depreciation 2,217,081 2,751,847 24.12 2,808,330 2.05 2,694,232 -4.06 2,489,606 -7.59 2.9
P.B.I.T. 7,512,706 8,751,134 - 9,305,438 - 9,918,365 - 4,137,104 - -
Interest Expense 1,027,227 1,325,110 - 1,507,593 - 1,449,916 - 1,375,286 - -
Adjustments Gain(Loss) 1,759,314 -358,393 - -2,940,951 - 1,012,873 - -50,037 - -
Pre-tax Profit 8,244,793 7,067,631 - 4,856,894 - 9,481,322 - 2,711,781 - -

Programming and Production (%)
2012 2013 Var % 2014 Var % 2015 Var % 2016 Var % CAGR (%)
Prog-Prod Expense / Expense Total 29.8 29.9 - 31.2 - 31.2 - 30.0 - -
Prog-Prod Expense / Revenue Total 23.9 23.3 - 24.2 - 23.8 - 25.7 - -

Staff
2012 2013 Var % 2014 Var % 2015 Var % 2016 Var % CAGR (%)
Total Remuneration ($) 20,729,000 21,189,122 2.22 21,964,505 3.66 21,644,618 -1.46 22,243,165 2.77 1.8
Total Staff Count 418.1 415.4 -0.65 452.1 8.82 437.6 -3.21 414.2 -5.34 -
Avg Remuneration ($) 49,574 51,004 2.88 48,583 -4.75 49,463 1.81 53,696 8.56 2.0
Avg Remuneration excl. Benefits ($) 45,192 46,204 2.24 43,790 -5.23 45,062 2.90 48,893 8.50 2.0

Profitability (%)
2012 2013 Var % 2014 Var % 2015 Var % 2016 Var % CAGR (%)
Operating Margin 19.7 22.0 - 22.5 - 23.8 - 14.5 - -
P.B.I.T. Margin 15.2 16.7 - 17.3 - 18.7 - 9.0 - -
Pre-tax Margin 16.7 13.5 - 9.0 - 17.9 - 5.9 - -

CAGR = Compound Annual Growth Rate

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

Var = Variation

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