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Commercial Radio – Financial Summary 2010-2014

Table of Contents

Reporting Units ($)
2010 2011 Var % 2012 Var % 2013 Var % 2014 Var % CAGR (%)
Reporting Units 656 668   675   685   695    

Revenue ($)
2010 2011 Var % 2012 Var % 2013 Var % 2014 Var % CAGR (%)
Local Time Sales 1,108,231,825 1,134,124,513 2.34 1,131,169,871 -0.26 1,123,469,371 -0.68 1,091,388,375 -2.86 -0.4
National Time Sales 409,067,256 442,285,364 8.12 453,914,837 2.63 476,286,194 4.93 497,439,533 4.44 5.0
Network Payments 0 0 n/a 0 n/a 678,179 n/a 200 -99.97 n/a
Syndication-Production 4,456,855 5,855,058 31.37 3,854,099 -34.17 3,011,902 -21.85 6,139,226 103.83 8.3
Government Grants 79,641 108,256 35.93 93,019 -14.07 141,912 52.56 124,186 -12.49 11.7
Other 30,605,196 31,466,085 2.81 29,395,236 -6.58 19,070,863 -35.12 19,066,225 -0.02 -11.2
Total Revenue 1,552,440,773 1,613,839,276 3.95 1,618,427,062 0.28 1,622,658,421 0.26 1,614,157,745 -0.52 1.0

Expenses ($)
2010 2011 Var % 2012 Var % 2013 Var % 2014 Var % CAGR (%)
Programming and Production 461,644,170 479,919,149 3.96 486,670,959 1.41 498,838,720 2.50 507,560,567 1.75 2.4
Technical 54,425,517 55,875,445 2.66 58,979,620 5.56 58,662,955 -0.54 58,725,366 0.11 1.9
Sales and Promotion 382,471,572 396,122,676 3.57 387,292,724 -2.23 371,950,529 -3.96 374,906,815 0.79 -0.5
Administration and General 310,288,198 325,620,397 4.94 320,833,300 -1.47 322,458,594 0.51 329,421,728 2.16 1.5
Total Expenses 1,208,829,457 1,257,537,667 4.03 1,253,776,603 -0.30 1,251,910,798 -0.15 1,270,614,476 1.49 1.3

Performance ($)
2010 2011 Var % 2012 Var % 2013 Var % 2014 Var % CAGR (%)
Operating Income 343,611,316 356,301,609   364,650,459   370,747,623   343,543,269    
Depreciation 44,722,746 44,958,181   43,740,699   42,815,220   45,017,890    
P.B.I.T. 298,888,570 311,343,428   320,909,760   327,932,403   298,525,379    
Interest Expense 12,528,481 9,852,588   10,063,182   11,746,650   15,674,914    
Adjustments - Gain (Loss) -280,854,652 31,797,806   56,352,114   -49,641,800   2,028,383    
Pre-tax Profit 5,505,437 333,288,646   367,198,692   266,543,953   284,878,848    

Programming and Production (%)
2010 2011 Var % 2012 Var % 2013 Var % 2014 Var % CAGR (%)
Program and Production Expense/Total Expenses 38.2 38.2   38.8   39.8   39.9    
Program and Production Expense/Total Revenue 29.7 29.7   30.1   30.7   31.4    

Staff ($)
2010 2011 Var % 2012 Var % 2013 Var % 2014 Var % CAGR (%)
Total Remuneration ($) 640,708,457 677,396,384 5.73 681,023,518 0.54 680,065,169 -0.14 675,585,142 -0.66 1.3
Total Staff Count 10,058.2 10,517.2 4.56 10,185.1 -3.16 10,256.7 0.70 9,920.5 -3.28  
Avg Remuneration ($)  63,700 64,409 1.11 66,865 3.81 66,304 -0.84 68,100 2.71 1.7
Avg Remuneration excl. Benefits ($)  57,327 57,677 0.61 57,545 -0.23 59,002 2.53 61,308 3.91 1.7

Profitability (%)
2010 2011 Var % 2012 Var % 2013 Var % 2014 Var % CAGR (%)
Operating Margin 22.1 22.1   22.5   22.8   21.3    
P.B.I.T. Margin 19.3 19.3   19.8   20.2   18.5    
Pre-tax Margin 0.4 20.7   22.7   16.4   17.6    
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