Non-designated Markets - Radio AM - Alberta

Radio - Financial Summary 2012-2016

Table of Contents

Reporting Units
2012 2013 Var % 2014 Var % 2015 Var % 2016 Var % CAGR (%)
Reporting Units 7 5 - 5 - 4 - 4 - -

Revenue ($)
2012 2013 Var % 2014 Var % 2015 Var % 2016 Var % CAGR (%)
Local Time Sales 3,062,731 2,738,280 -10.59 2,122,216 -22.50 2,522,773 18.87 2,248,302 -10.88 -7.4
National Time Sales 2,906,639 2,567,075 -11.68 2,277,736 -11.27 1,485,682 -34.77 1,341,086 -9.73 -17.6
Syndication-Production 6,650 6,765 1.73 3,060 -54.77 7,095 131.86 3,980 -43.90 -12.0
Government/Corporate Grants 0 0 n/a 0 n/a 0 n/a 0 n/a n/a
Other Revenue 5,467 47,374 766.54 9,371 -80.22 16,251 73.42 28,452 75.08 51.0
Total Revenue 5,981,487 5,359,494 -10.40 4,412,383 -17.67 4,031,801 -8.63 3,621,820 -10.17 -11.8

Expenses ($)
2012 2013 Var % 2014 Var % 2015 Var % 2016 Var % CAGR (%)
Programming and Production 1,547,100 1,441,698 -6.81 1,367,081 -5.18 1,262,930 -7.62 1,146,135 -9.25 -7.2
Technical 468,922 423,007 -9.79 371,696 -12.13 347,579 -6.49 204,586 -41.14 -18.7
Sales and Promotion 1,594,996 1,452,338 -8.94 1,300,502 -10.45 1,161,417 -10.69 997,994 -14.07 -11.1
Administration and General 1,987,055 1,625,171 -18.21 1,440,747 -11.35 1,395,827 -3.12 1,479,421 5.99 -7.1
Total Expenses 5,598,073 4,942,214 -11.72 4,480,026 -9.35 4,167,753 -6.97 3,828,136 -8.15 -9.1

Performance ($)
2012 2013 Var % 2014 Var % 2015 Var % 2016 Var % CAGR (%)
Operating Income 383,414 417,280 - -67,643 - -135,952 - -206,316 - -
Depreciation 225,044 175,436 -22.04 151,828 -13.46 141,665 -6.69 114,149 -19.42 -15.6
P.B.I.T. 158,370 241,844 - -219,471 - -277,617 - -320,465 - -
Interest Expense 225,938 214,029 - 253,399 - 278,980 - 275,720 - -
Adjustments Gain(Loss) 48,720 -64,065 - 23,127 - 44,022 - -87,768 - -
Pre-tax Profit -18,848 -36,250 - -449,743 - -512,575 - -683,953 - -

Programming and Production (%)
2012 2013 Var % 2014 Var % 2015 Var % 2016 Var % CAGR (%)
Prog-Prod Expense / Expense Total 27.6 29.2 - 30.5 - 30.3 - 29.9 - -
Prog-Prod Expense / Revenue Total 25.9 26.9 - 31.0 - 31.3 - 31.6 - -

Staff
2012 2013 Var % 2014 Var % 2015 Var % 2016 Var % CAGR (%)
Total Remuneration ($) 2,983,443 2,474,689 -17.05 2,095,234 -15.33 1,965,805 -6.18 2,332,521 18.65 -6.0
Total Staff Count 70.5 29.0 -58.87 48.0 65.52 40.3 -15.98 39.0 -3.30 -
Avg Remuneration ($) 42,318 85,334 101.65 43,651 -48.85 48,743 11.67 59,808 22.70 9.0
Avg Remuneration excl. Benefits ($) 39,856 80,400 101.73 38,956 -51.55 44,148 13.33 55,464 25.63 8.6

Profitability (%)
2012 2013 Var % 2014 Var % 2015 Var % 2016 Var % CAGR (%)
Operating Margin 6.4 7.8 - -1.5 - -3.4 - -5.7 - -
P.B.I.T. Margin 2.6 4.5 - -5.0 - -6.9 - -8.8 - -
Pre-tax Margin -0.3 -0.7 - -10.2 - -12.7 - -18.9 - -

CAGR = Compound Annual Growth Rate

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

Var = Variation

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