Non-designated Markets - Radio FM - Alberta

Radio - Financial Summary 2012-2016

Table of Contents

Reporting Units
2012 2013 Var % 2014 Var % 2015 Var % 2016 Var % CAGR (%)
Reporting Units 39 42 - 43 - 44 - 44 - -

Revenue ($)
2012 2013 Var % 2014 Var % 2015 Var % 2016 Var % CAGR (%)
Local Time Sales 28,824,846 31,120,490 7.96 33,498,087 7.64 35,548,238 6.12 30,238,568 -14.94 1.2
National Time Sales 9,829,460 11,523,625 17.24 11,320,818 -1.76 8,835,982 -21.95 7,329,877 -17.05 -7.1
Syndication-Production 3,220 4,765 47.98 4,411 -7.43 6,673 51.28 4,708 -29.45 10.0
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 4,580,563 4,115,652 -10.15 4,490,099 9.10 4,548,599 1.30 4,441,050 -2.36 -0.8
Total Revenue 43,310,327 46,890,629 8.27 49,380,415 5.31 49,056,757 -0.66 42,108,858 -14.16 -0.7

Expenses ($)
2012 2013 Var % 2014 Var % 2015 Var % 2016 Var % CAGR (%)
Programming and Production 10,232,814 10,725,077 4.81 11,636,970 8.50 11,385,153 -2.16 10,595,936 -6.93 0.9
Technical 2,577,375 2,646,347 2.68 2,630,942 -0.58 2,690,618 2.27 2,555,640 -5.02 -0.2
Sales and Promotion 8,868,997 9,493,130 7.04 9,591,572 1.04 9,408,520 -1.91 9,576,829 1.79 1.9
Administration and General 12,284,768 12,940,374 5.34 13,339,520 3.08 12,823,917 -3.87 12,547,427 -2.16 0.5
Total Expenses 33,963,954 35,804,928 5.42 37,199,004 3.89 36,308,208 -2.39 35,275,832 -2.84 1.0

Performance ($)
2012 2013 Var % 2014 Var % 2015 Var % 2016 Var % CAGR (%)
Operating Income 9,346,373 11,085,701 - 12,181,411 - 12,748,549 - 6,833,026 - -
Depreciation 1,992,037 2,576,411 29.34 2,656,502 3.11 2,552,567 -3.91 2,375,457 -6.94 4.5
P.B.I.T. 7,354,336 8,509,290 - 9,524,909 - 10,195,982 - 4,457,569 - -
Interest Expense 801,289 1,111,081 - 1,254,194 - 1,170,936 - 1,099,566 - -
Adjustments Gain(Loss) 1,710,594 -294,328 - -2,964,078 - 968,851 - 37,731 - -
Pre-tax Profit 8,263,641 7,103,881 - 5,306,637 - 9,993,897 - 3,395,734 - -

Programming and Production (%)
2012 2013 Var % 2014 Var % 2015 Var % 2016 Var % CAGR (%)
Prog-Prod Expense / Expense Total 30.1 30.0 - 31.3 - 31.4 - 30.0 - -
Prog-Prod Expense / Revenue Total 23.6 22.9 - 23.6 - 23.2 - 25.2 - -

Staff
2012 2013 Var % 2014 Var % 2015 Var % 2016 Var % CAGR (%)
Total Remuneration ($) 17,745,557 18,714,433 5.46 19,869,271 6.17 19,678,813 -0.96 19,910,644 1.18 2.9
Total Staff Count 347.6 386.4 11.16 404.1 4.57 397.3 -1.69 375.2 -5.54 -
Avg Remuneration ($) 51,046 48,428 -5.13 49,169 1.53 49,536 0.75 53,061 7.12 1.0
Avg Remuneration excl. Benefits ($) 46,274 43,638 -5.70 44,364 1.66 45,154 1.78 48,210 6.77 1.0

Profitability (%)
2012 2013 Var % 2014 Var % 2015 Var % 2016 Var % CAGR (%)
Operating Margin 21.6 23.6 - 24.7 - 26.0 - 16.2 - -
P.B.I.T. Margin 17.0 18.1 - 19.3 - 20.8 - 10.6 - -
Pre-tax Margin 19.1 15.1 - 10.7 - 20.4 - 8.1 - -

CAGR = Compound Annual Growth Rate

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

Var = Variation

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