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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 418 434   444   454   466    

Revenue ($)
2010 2011 Var % 2012 Var % 2013 Var % 2014 Var % CAGR (%)
Local Time Sales 706,647,721 724,493,505 2.53 721,421,283 -0.42 717,828,495 -0.50 693,923,813 -3.33 -0.5
National Time Sales 265,748,375 294,460,142 10.80 301,453,365 2.37 324,784,481 7.74 336,237,013 3.53 6.1
Network Payments 0 0 n/a 0 n/a 0 n/a 0 n/a n/a
Syndication-Production 503,993 822,809 63.26 1,232,500 49.79 503,292 -59.16 856,565 70.19 14.2
Government Grants 71,624 82,105 14.63 72,959 -11.14 126,097 72.83 119,740 -5.04 13.7
Other 14,357,620 15,433,752 7.50 15,925,782 3.19 10,557,541 -33.71 11,544,768 9.35 -5.3
Total Revenue 987,329,333 1,035,292,313 4.86 1,040,105,889 0.46 1,053,799,906 1.32 1,042,681,899 -1.06 1.4

Expenses ($)
2010 2011 Var % 2012 Var % 2013 Var % 2014 Var % CAGR (%)
Programming and Production 267,031,096 275,731,536 3.26 275,889,414 0.06 284,871,067 3.26 286,718,628 0.65 1.8
Technical 31,970,057 33,074,678 3.46 34,634,755 4.72 35,553,064 2.65 36,041,640 1.37 3.0
Sales and Promotion 246,206,521 257,666,630 4.65 254,168,865 -1.36 240,498,729 -5.38 242,981,476 1.03 -0.3
Administration and General 191,500,792 200,772,846 4.84 201,983,012 0.60 203,112,722 0.56 209,180,843 2.99 2.2
Total Expenses 736,708,466 767,245,690 4.15 766,676,046 -0.07 764,035,582 -0.34 774,922,587 1.42 1.3

Performance ($)
2010 2011 Var % 2012 Var % 2013 Var % 2014 Var % CAGR (%)
Operating Income 250,620,867 268,046,623   273,429,843   289,764,324   267,759,312    
Depreciation 28,494,860 28,921,842   27,978,262   26,366,218   28,904,456    
P.B.I.T. 222,126,007 239,124,781   245,451,581   263,398,106   238,854,856    
Interest Expense 7,047,311 7,852,670   7,402,380   7,252,357   10,272,078    
Adjustments - Gain (Loss) -290,758,435 -18,514,578   15,204,534   -78,069,010   -20,178,893    
Pre-tax Profit -75,679,739 212,757,533   253,253,735   178,076,739   208,403,885    

Programming and Production (%)
2010 2011 Var % 2012 Var % 2013 Var % 2014 Var % CAGR (%)
Program and Production Expense/Total Expenses 36.2 35.9   36.0   37.3   37.0    
Program and Production Expense/Total Revenue 27.0 26.6   26.5   27.0   27.5    

Staff ($)
2010 2011 Var % 2012 Var % 2013 Var % 2014 Var % CAGR (%)
Total Remuneration ($) 378,923,222 395,086,546 4.27 401,275,697 1.57 398,614,305 -0.66 390,964,190 -1.92 0.8
Total Staff Count 5,839.5 6,025.0 3.18 5,893.9 -2.18 5,982.1 1.50 5,732.7 -4.17  
Avg Remuneration ($)  64,890 65,575 1.06 68,084 3.83 66,635 -2.13 68,199 2.35 1.3
Avg Remuneration excl. Benefits ($)  58,774 59,023 0.42 57,741 -2.17 59,595 3.21 61,472 3.15 1.1

Profitability (%)
2010 2011 Var % 2012 Var % 2013 Var % 2014 Var % CAGR (%)
Operating Margin 25.4 25.9   26.3   27.5   25.7    
P.B.I.T. Margin 22.5 23.1   23.6   25.0   22.9    
Pre-tax Margin -7.7 20.6   24.3   16.9   20.0    
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